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Equity (Tables)

12 Months Ended

Dec. 31, 2024

Share Capital, Reserves And Other Equity Interest [Abstract]

Schedule of Proposed Distribution of Profit

The Company’s Board of Directors will submit the following proposed distribution of 2024 results for approval at the Shareholders’ Meeting:

			Millions of euros
Legal reserve			—
Unrestricted reserves			563
Total			563

Schedule of Subordinated Securities

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):

Issue date			Annual  Fix			Variable			Exercisable by issuer			12/31/2023			Tender Offer			Amount repurchased			Redemption			12/31/2024
09/18/2024 (1)			6.750		%	from 09/07/31 rate SWAP + spread incremental			2031															200
03/15/2024 (1)			5.752		%	from 04/15/32 rate SWAP + spread incremental			2032															1,100
09/7/2023 (1)			6.750		%	from 09/07/31 rate SWAP + spread incremental			2031			750												750
02/2/2023 (1)			6.135		%	from 05/03/30 rate SWAP + spread incremental			2030			1,000												1,000
11/23/2022 (1)			7.125		%	from 11/23/28 rate SWAP + spread incremental			2028			750												750
11/24/2021 (2)			2.880		%	from 05/24/28 rate SWAP + spread incremental			2028			750												750
02/12/2021 (2)			2.376		%	from 05/12/29 rate SWAP + spread incremental			2029			1,000												1,000
02/05/2020 (1)			2.502		%	from 05/05/27 rate SWAP + spread incremental			2027			500												500
09/24/2019			2.875		%	from 09/24/27 rate SWAP + spread incremental			2027			500												500
03/14/2019			4.375		%	from 03/14/25 rate SWAP + spread incremental			2025			1,300			1,300			(1,097)			(203)			—
03/22/2018			3.875		%	from 09/22/26 rate SWAP + spread incremental			2026			1,000												1,000
												7,550												7,550

(1) Green undated deeply subordinated securities (see Note 29.d)

(2) Sustainable undated deeply subordinated securities (see Note 29.d)

Schedule of Breakdown of Accumulated Contribution of Translation Differences

The breakdown of the accumulated contribution of translation differences attributable to equity holders of the parent at December 31 is as follows:

Millions of euros			2024			2023			2022
Brazilian real			(15,786)			(13,612)			(14,031)
Pound sterling			309			(97)			(322)
Venezuelan bolivar			(3,253)			(3,686)			(3,734)
Argentine peso			(1,112)			(2,011)			(1,364)
Other currencies			(1,437)			(1,280)			(1,272)
Total Group			(21,279)			(20,686)			(20,723)

Schedule of Treasury Share Instruments

Telefónica, S.A. held the following treasury shares at December 31, 2024, 2023 and 2022:

						Euros per share
			Number of shares			Acquisition price			Trading price			Market value (*)			%
Treasury shares at 12/31/2024			26,874,751			3.97			3.94			106			0.474		%
Treasury shares at 12/31/2023			111,099,480			3.87			3.53			393			1.932		%
Treasury shares at 12/31/2022			85,217,621			4.00			3.39			288			1.476		%

(*) Millions of euros.

The following transactions involving treasury shares were carried out in 2024, 2023 and 2022:

			Number of shares
Treasury shares at 12/31/2021			139,329,370
Acquisitions			90,403,530
Scrip dividend			563,415
Employee share option plan			(5,391,956)
Capital reduction			(139,275,057)
Sales			(411,681)
Treasury shares at 12/31/2022			85,217,621
Acquisitions			60,070,274
Employee share option plan			(8,845,558)
Capital reduction			(24,779,409)
Sales			(563,448)
Treasury shares at 12/31/2023			111,099,480
Acquisitions			36,525,204
Employee share option plan			(19,909,898)
Capital reduction			(80,296,591)
Sales			(20,543,444)
Treasury shares at 12/31/2024			26,874,751

Schedule of Equity Attributable to Non-Controlling Interests

“Equity attributable to non-controlling interests” 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:

Millions of euros			Balance at 12/31/23			Sales of non-controlling interests and inclusion of companies			Acquisitions of non-controlling interests and exclusion of companies			Dividends paid			Profit/(loss) for the year			Change in translation differences			Other movements			Balance at 12/31/24
Telefônica Brasil, S.A.			3,546			—			(346)			(125)			226			(481)			14			2,834
Telefónica Deutschland Holding, A.G.			1,286			—			(1,057)			(17)			10			—			2			224
Colombia Telecomunicaciones, S.A., ESP BIC			362			—			—			—			(25)			(32)			(8)			297
Other			50			—			(47)			(3)			47			7			(7)			47
Total			5,244			—			(1,450)			(145)			258			(506)			1			3,402

Millions of euros			Balance at 12/31/22			Sales of non-controlling interests and inclusion of companies			Acquisitions of non-controlling interests and exclusion of companies			Dividends paid			Profit/(loss) for the year			Change in translation differences			Other movements			Balance at 12/31/23
Telefônica Brasil, S.A.			3,399			—			(111)			(158)			238			182			(4)			3,546
Telefónica Deutschland Holding, A.G.			2,237			—			(866)			(157)			71			—			1			1,286
Colombia Telecomunicaciones, S.A., ESP BIC			344			—			—			—			(44)			70			(8)			362
Telxius Telecom, S.A.			599			—			(585)			(28)			22			(19)			11			—
Other			41			—			(17)			(2)			31			—			(3)			50
Total			6,620			—			(1,579)			(345)			318			233			(3)			5,244

Millions of euros			Balance at 12/31/21			Sales of non-controlling interests and inclusion of companies			Acquisitions of non-controlling interests and exclusion of companies			Dividends paid			Profit/(loss) for the year			Change in translation differences			Other movements			Balance at 12/31/22
Telefônica Brasil, S.A.			3,106			—			(86)			(241)			198			425			(3)			3,399
Telefónica Deutschland Holding, A.G.			2,353			—			(48)			(161)			68			—			25			2,237
Colombia Telecomunicaciones, S.A., ESP BIC			409			—			—			(7)			(4)			(47)			(7)			344
Telxius Telecom, S.A.			546			—			—			—			50			13			(10)			599
Other			63			23			(44)			(2)			(4)			2			3			41
Total			6,477			23			(178)			(411)			308			393			8			6,620

Schedule of Condensed Financial Statements of Non-controlling Interests

The detail of these figures for Colombia Telecomunicaciones is as follows:

Millions of euros
Colombia Telecomunicaciones			2024			2023			2022
Revenues			1,449			1,497			1,517
Operating results before depreciation and amortization			391			359			569
Depreciation and amortization			(236)			(295)			(308)
Operating income			155			64			261
Capital Expenditure			201			125			261
Fixed Assets			1,215			1,234			1,116
Total allocated assets			2,921			2,936			2,696
Total allocated liabilities			2,395			2,258			2,001

Schedule of Subsidiary Cash Flows

The statements of cash flows of these companies are as follows:

Millions of euros
Telefónica Brazil			2024			2023			2022
Net cash flow provided by operating activities			3,644			3,710			3,678
Net cash flow used in investing activities			(1,529)			(1,477)			(2,741)
Net cash flow used in financing activities			(1,557)			(1,709)			(1,674)

Millions of euros
Telefónica Germany			2024			2023			2022
Net cash flow provided by operating activities			2,774			2,684			2,732
Net cash flow used in investing activities			(1,334)			(1,337)			(1,608)
Net cash flow used in financing activities			(1,586)			(1,498)			(1,339)

Millions of euros
Colombia Telecomunicaciones			2024			2023			2022
Net cash flow provided by operating activities			219			206			180
Net cash flow provided by (used in) investing activities			(101)			(144)			30
Net cash flow used in financing activities			(58)			(80)			(225)

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