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Appendix I: Scope of Consolidation (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Consolidations [Abstract]

Schedule of Main Companies of the Telefonica Group

The table below lists the main companies comprising the Telefónica Group at December 31, 2024 and the main investments consolidated using the equity method.

Included for each company are the company name, corporate purpose, country, functional currency, share capital (in millions of functional currency units), the Telefónica Group’s effective shareholding and the company or companies through which the Group holds a stake.

Parent Company

Telefónica,S.A.

Name and corporate purpose

Country

Currency

Capital

%Telefónica Group

Holding Company

Telefónica Spain

Telefónica de España, S.A.U. Telecommunications service provider

Spain

EUR

1,024

100

%

Telefónica, S.A.

Telefónica Móviles España, S.A.U. Wireless communications services provider

Spain

EUR

209

100

%

Telefónica, S.A.

Teleinformática y Comunicaciones, S.A.U. (Telyco) Promotion, marketing and distribution of telephone and telematic equipment and services

Spain

EUR

8

100

%

Telefónica España Filiales, S.A.U.

Telefónica Soluciones de Informática y Com. de España S.A.U. Telecommunications systems, networks and infrastructure engineering

Spain

EUR

2

100

%

Telefónica de España, S.A.U.

Telefónica Soluciones de Outsourcing, S.A.U. Promotion and networks management

Spain

EUR

1

100

%

Telefónica España Filiales, S.A.U.

Telefónica Servicios Integrales de Distribución S.A.U. Logistic service provider

Spain

EUR

2

100

%

Telefónica de España, S.A.U.

Telefónica España Filiales, S.A.U. Organization and operation of multimedia service-related business

Spain

EUR

226

100

%

Telefónica, S.A.

Telefónica Servicios Audiovisuales, S.A.U. Provision of all type of audiovisual telecommunications services

Spain

EUR

6

100

%

Telefónica España Filiales, S.A.U.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Telefónica Spain (cont.)
Telefónica Broadcast Services, S.L.U. DSNG-based transmission and operation services			Spain			EUR			—			100		%	Telefónica España Filiales, S.A.U.
Telefónica Audiovisual Digital, S.L.U. Provision of all type of audiovisual telecommunications services			Spain			EUR			46			100		%	Telefónica España Filiales, S.A.U.
Telefónica Global Technology, S.A.U. Global management and operation of IT systems			Spain			EUR			16			100		%	Telefónica España Filiales, S.A.U.
Telefónica Educación Digital, S.L.U. Vertical e-learning portal			Spain			EUR			1			100		%	Telefónica España Filiales, S.A.U.
Bluevia Fibra, S.L. Operations and exploitation of FTTH network and other connectivity services.			Spain			EUR			68			55		%	Telefónica España Filiales, S.A.U. (30%) Telefónica Infra, S.L.U. (25%)
Solar360 Soluciones de Instalacion y Mantenimiento S.L. Marketing and management in the installation, sale and maintenance of photovoltaic equipment			Spain			EUR			—			51		%	Telefónica de España, S.A.U.
Telefónica Ingeniería de Seguridad, S.A.U. Security services and systems			Spain			EUR			5			100		%	Telefónica España Filiales, S.A.U.
Compañía Mayorista de Fibra S.L. Provision of telecommunications services through FTTH network operation			Spain			EUR			—			100		%	Telefónica España Filiales, S.A.U.
Telefónica Germany
Telefónica Deutschland Holding A.G Holding company			Germany			EUR			2,975			96.85		%	Telefónica Germany Holdings Limited (69.22%) Telefónica Local Services GmbH (27.63%)
Telefónica Germany GmbH & Co. OHG Wireless communications services operator			Germany			EUR			51			96.85		%	Telefónica Deutschland Holding A.G (96.84%) T. Germany Management, GmbH (0.01%)
E-Plus Service GmbH Wireless communications services operator			Germany			EUR			—			96.85		%	Telefónica Germany GmbH & Co. OHG
Telefónica Germany Business Sales GmbH Technological and consulting services in Big Data provider			Germany			EUR			—			96.85		%	Telefónica Germany GmbH & Co. OHG
O2 Telefónica Deutschland Finanzierungs GmbH Integrated cash management, consulting and financial support for Group companies			Germany			EUR			—			96.85		%	Telefónica Germany GmbH & Co. OHG
Telefónica Germany 1. Beteiligungsgesellschaft mbH Holding company			Germany			EUR			5			96.85		%	Telefónica Germany GmbH & Co. OHG
Ortel Mobile GmbH Provision of international mobile communications services			Germany			EUR			—			96.85		%	Telefónica Germany GmbH & Co. OHG
Telefónica Germany Retail GmbH Office machinery, computers, peripheral equipment and software			Germany			EUR			—			96.85		%	Telefónica Germany GmbH & Co. OHG
AY YILDIZ Communications GmbH Telecommunications service provider			Germany			EUR			—			96.85		%	Telefónica Germany GmbH & Co. OHG
TCHIBO Mobilfunk GmbH & Co. Marketing and sales of mobile services			Germany			EUR			7			48.42		%	Telefónica Germany GmbH & Co. OHG
Telefónica Brazil
Telefônica Brasil, S.A. Wireline telephony operator			Brazil			BRL			62,071			76.49		%	Telefónica Latinoamérica Holding, S.L.U. (37.34%) Telefónica, S.A. (38.90%) Telefónica Chile, S.A. (0.06%)
Terra Networks Brasil, Ltda. ISP and portal			Brazil			BRL			317			76.49		%	Telefônica Brasil, S.A.
Telefônica Infraestructura e Segurança Ltda. Security services and systems			Brazil			BRL			321			76.49		%	Terra Networks Brasil, Ltda.
Vivo ventures fundo de investimento em participacoes multiestrategia. Investment funds			Brazil			BRL			145			76.96		%	Telefônica Brasil, S.A. (74.96%) Telefonica Open Innovation S.L.U. (2.00%)

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Telefónica Brazil (cont.)
Vale Saúde, Administradora de Cartões Ltda. Provision of health services			Brazil			BRL			7			76.49		%	POP Internet Ltda.
Telefônica Cloud e Tecnologia do Brasil S.A. Cybersecurity, electronic information security and IT consultancy			Brazil			BRL			104			88.24		%	Telefônica Brasil, S.A. (44.13%) Telefónica Cybersecurity & Cloud Tech S.L. (44.11%)
IPNET Serviços em Nuvem e Desenvolvimento de Sistemas Ltda Software and systems resale, professional services and project management			Brazil			BRL			31			88.24		%	Telefônica Cloud e Tecnologia do Brasil S.A.
IPNET USA, LLC Software and systems resale, professional services and project management			USA			USD			1			88.24		%	Telefônica Cloud e Tecnologia do Brasil S.A.
Telefónica Hispam
Telefónica Hispanoamérica, S.A.U. Holding company			Spain			EUR			108			100		%	Telefónica, S.A.
TLH Holdco, S.L.U. Holding company			Spain			EUR			87			100		%	Telefónica, S.A.
Telefónica Venezolana, C.A. Wireless communications operator			Venezuela			VED			1,905			100		%	Telefónica Hispanoamérica, S.A.U. (97.13%) Comtel Comunicaciones Telefónicas, S.A. (2.87%)
Colombia Telecomunicaciones S.A. ESP BIC Communications services operator			Colombia			COP			3,410			67.5		%	Telefónica Hispanoamérica, S.A.U.
Operaciones Tecnológicas y Comerciales S.A.S Communications services operator			Colombia			COP			3,330			67.5		%	Colombia Telecomunicaciones S.A. ESP BIC
Unired Colombia S.A.S Service provider related to telecommunications			Colombia			COP			12,826			33.75		%	Colombia Telecomunicaciones S.A. ESP BIC
Pegaso Pcs S.A. de C.V. Communications services operator			Mexico			MXN			3,241			100		%	Telefónica Hispanoamérica, S.A.U. (99.98%) Celular de Telefonía S.A. de CV. (0.02%)
Celular de Telefonía S.A. de CV. Consulting services			Mexico			MXN			2,650			100		%	Pegaso Pcs S.A. de CV. (67.65%) Telefónica Hispanoamérica, S.A.(32.35%)
Terra Networks México, S.A. de C.V. ISP, portal and real-time financial information services			Mexico			MXN			305			100		%	Telefónica Hispanoamérica, S.A.U.
Fisatel México, S.A. de C.V. SOFOM E.N.R. Integrated cash mangement, consulting and financial support for Group companies			Mexico			MXN			1,805			100		%	Telefónica Hispanoamérica, S.A.U. (99.99%) Pegaso Pcs S.A. de CV. (0.01%)
Otecel, S.A. Wireless communications services provider			Ecuador			USD			183			100		%	Telefónica Hispanoamérica, S.A.U.
Telefónica Móviles Argentina, S.A. Telecommunications service provider			Argentina			ARS			188,019			100		%	TLH Holdco, S.L.U.
Telefónica Móviles Chile, S.A. Wireless communications services operator			Chile			CLP			1,631,069			100		%	Inversiones Telefónica Internacional Holding SpA. (99.14%) Telefónica Hispanoamérica, S.A.U. (0.86%)
Telefónica Chile, S.A. Local and international long distance telephony services provider			Chile			CLP			874,773			99.39		%	Telefónica Móviles Chile, S.A.
Telefónica Chile Holdings, S.L.U. Holding Company			Spain			EUR			—			100		%	Telefónica Hispanoamérica, S.A.U.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Telefónica Hispam (cont.)
Telefónica Empresas Chile S.A. Provision of voice and data telephone communications services			Chile			CLP			103,756			99.39		%	Telefónica Chile, S.A.
Telefónica Chile Servicios Corporativos Limitada HUB service provider			Chile			CLP			3			99.69		%	Telefónica Chile, S.A. (49.54%) Telefónica Empresas Chile S.A. (1.30%) Telefónica Móviles Chile, S.A. (48.85%)
Inversiones Telefónica Internacional Holding, SpA. Holding Company			Chile			CLP			511			100		%	Telefónica Chile Holdings S.L.
Telefónica del Perú, S.A.A. Local, domestic and international long distance telephone service provider			Peru			PEN			831			99.32		%	Telefónica Hispanoamérica, S.A.
Media Networks Latin America, S.A.C Telecommunications research activities and proyects			Peru			PEN			158			100		%	Telefónica Latinoamérica Holding, S.L.U.
Pangeaco, S.A.C Fibre rollout and capacity service provision			Peru			PEN			4			100		%	Telefónica Hispanoamérica, S.A.U. (99.99%) Telefónica Latinoamérica Holding, S.L.U. (0.01%)
Telefónica Móviles del Uruguay, S.A. Wireless communications and services operator			Uruguay			UYU			1,107			100		%	Telefónica Hispanoamérica, S.A.U.
Other companies
Telefónica Infra, S.L.U. Holding company			Spain			EUR			12			100		%	Telefónica , S.A.
Telefónica Infra Germany GmbH Broadband telecommunications operator			Germany			EUR			—			100		%	Telefónica Infra, S.L.U.
Telefónica O2 Holdings Ltd. Holding company			United Kingdom			GBP			9			100		%	Telefónica, S.A. (99.99%) Telefónica Capital S.A.U. (0.01%)
MmO2 Ltd. Holding company			United Kingdom			GBP			—			100		%	Telefónica O2 Holding Ltd.
Telefónica Germany Holdings Ltd. Holding company			United Kingdom			EUR			3,463			100		%	O2 (Europe) Ltd.
O2 (Europe) Ltd. Holding company			United Kingdom			EUR			6,895			100		%	Telefónica, S.A.
Telefónica International Holding, B.V Holding company			Netherlands			EUR			—			100		%	Telefónica Latinoamérica Holding, S.L.
Telefónica Latinoamérica Holding, S.L.U. Holding company			Spain			EUR			291			100		%	Telefónica, S.A.
Telefónica Global Solutions, S.L.U. International service provider			Spain			EUR			1			100		%	Telefónica, S.A
Telefonica Global Solutions USA, Inc. Provision of telecommunications services			USA			USD			202			100		%	Telefónica Global Solutions, S.L.U.
Telefónica Global Solutions Germany GmbH. International service provider			Germany			EUR			—			100		%	Telefónica Global Solutions, S.L.U.
Telefónica Global Solutions México, S.A. de C.V. Carrying out research activities and projects in the field of telecommunications			Mexico			MXN			67			100		%	Telefónica Global Solutions, S.L.U.
Telefónica Innovación Digital, S.L.U. Carrying out research activities and services in the field of telecommunications. Holding company			Spain			EUR			28			100		%	Telefónica, S.A
Telefónica Digital Ltd. Developer Telco Services			United Kingdom			GBP			45			100		%	Telefónica Innovación Digital, S.L.U.
Telefonica Open Innovation S.L.U. Talent identification and development in ICT.			Spain			EUR			2			100		%	Telefónica Innovación Digital, S.L.U.
Wayra Chile Tecnología e Innovación SpA Technological innovation based business project development			Chile			CLP			29,899			100		%	Telefonica Open Innovation S.L.U.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Other companies (cont.)
Wayra Brasil Desenvolvedora e Apoiadora de Projetos Ltda Technological innovation based business project development			Brazil			BRL			52			100		%	Telefonica Open Innovation S.L.U. (99.99%) Telefónica Innovación Digital, S.L.U. (0.01%)
WY Telecom, S.A. de C.V. Talent identification and development in ICT			Mexico			MXN			134			100		%	Telefonica Open Innovation S.L.U. (99.99%) Telefónica Innovación Digital, S.L.U. (0.01%)
Wayra Argentina, S.A. Talent identification and development in ICT			Argentina			ARS			7,607			100		%	Telefonica Open Innovation S.L.U. (95%) Telefónica, S.A. (5%)
Wayra Colombia, S.A.S. Technological innovation based business project development			Colombia			COP			2,304			100		%	Telefonica Open Innovation S.L.U.
Proyecto Wayra, C.A. Commercial, industrial and mercantile activities			Venezuela			VED			13			100		%	Telefónica Venezolana, C.A.
Wayra Perú Aceleradora de Proyectos, S.A.C. Technological innovation based business project development			Peru			PEN			28			100		%	Telefonica Open Innovation S.L.U.
Wayra UK Ltd. Technological innovation based business project development			United Kingdom			GBP			—			100		%	Telefonica Open Innovation S.L.U.
Terra Networks Argentina, S.A. ISP and portal			Argentina			ARS			287			100		%	Telefónica Latinoamérica Holding, S.L. (99.99%) Telefónica International Holding, B.V. (0.01%)
Telfisa Global, B.V. Integrated cash management, consulting and financial support for Group companies			Netherlands			EUR			—			100		%	Telefónica, S.A.
Telefónica Global Activities Holding, B.V. Holding Company			Netherlands			EUR			—			100		%	Telfisa Global, B.V.
Telefónica Global Services, GmbH Purchasing services			Germany			EUR			—			100		%	Group 3G UMTS Holding, GmbH
Telefónica Global Roaming, GmbH Optimization of network traffic			Germany			EUR			—			100		%	Telefónica Global Services, GmbH
Group 3G UMTS Holding GmbH Holding Company			Germany			EUR			250			100		%	Telefónica Global Activities Holdings, B.V
QUAM GmbH. IT facilities management activities			Germany			EUR			250			100		%	Group 3G UMTS Holding GmbH
Telefónica Compras Electrónicas, S.L.U. Development and provision of information Society services			Spain			EUR			—			100		%	Telefónica Global Services, GmbH
Telefonica Iot & Big Data Tech S.A.U. Provision of telemarketing services			Spain			EUR			1			100		%	Telefónica Tech S.L.U.
Geprom Software Engineering S.L.U. Technical engineering services and other consultancy activities			Spain			EUR			—			100		%	Telefonica Iot & Big Data Tech S.A.U.
Geprom Software Engineering S.A. de C.V. Technical engineering services and other consultancy activities			Mexico			MXN			—			100		%	Geprom Software Engineering S.L.U.
TIS Hispanoamérica, S.L.U. Security services and systems			Spain			EUR			1			100		%	Telefónica, S.A.
Telefónica Capital, S.A.U. Finance company			Spain			EUR			7			100		%	Telefónica, S.A.
Lotca Servicios Integrales, S.L.U. Aircraft ownership and operation			Spain			EUR			18			100		%	Telefónica, S.A.
Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A Administration of pension funds			Spain			EUR			16			70		%	Telefónica Capital, S.A.U.
Fonditel Gestión, Soc. Gestora de Instituciones de Inversión Colectiva, S.A.U. Administration and representation of collective investment schemes			Spain			EUR			2			100		%	Telefónica Capital, S.A.U.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Other companies (cont.)
Telefónica Luxembourg Holding, S.à.r.L. Holding company			Luxembourg			EUR			3			100		%	Telefónica, S.A.
Nova Casiopea RE S.A. Reinsurance			Luxembourg			EUR			15			100		%	Telefónica Luxembourg Holding, S.à.r.L.
Telefónica Seguros y Reaseguros Compañía Aseguradora, S.A.U. Conducting direct insurance business			Spain			EUR			24			100		%	Telefónica Luxembourg Holding, S.à.r.L.
Telefónica Finanzas, S.A.U. Integrated cash management, consulting and financial support for Group companies			Spain			EUR			3			100		%	Telefónica, S.A.
Telefónica Correduría de Seguros y Reaseguros Compañía de Mediación, S.A. Distribution, promotion or preparation of insurance contracts			Spain			EUR			—			100		%	Telefónica Finanzas, S.A.U. (TELFISA) (83.33%) Telefónica, S.A. (16.67%)
Telefónica Europe, B.V. Fund raising in capital markets			Netherlands			EUR			—			100		%	Telefónica, S.A.
Telefónica Participaciones, S.A.U. Financial debt instrument issuer			Spain			EUR			—			100		%	Telefónica, S.A.
Telefónica Emisiones, S.A.U. Financial debt instrument issuer			Spain			EUR			—			100		%	Telefónica, S.A.
Aliança Atlântica Holding B.V. Holding company			Netherlands			EUR			40			88.24		%	Telefónica, S.A. (50%) Telefônica Brasil, S.A. (38.24%)
Telefónica Serviços Empresariais do BRASIL, Ltda. Management and administrative services rendered			Brazil			BRL			63			100		%	Telefónica Servicios Globales, S.L.U.
Telefónica Gestión Integral de Edificios y Servicios S.L.U. Management and administrative services rendered			Spain			EUR			—			100		%	Telefónica Servicios Globales, S.L.U.
O2 Worldwide Limited Wireless telecommunications activities			United Kingdom			GBP			—			100		%	Telefónica, S.A.
Telefónica Servicios Globales, S.L.U. Holding company			Spain			EUR			1			100		%	Telefónica, S.A.
Telefónica Holding Atticus, B.V. Holding company			Netherlands			EUR			—			100		%	Telefónica Latinoamérica Holding, S.L.U.
Telefónica Soluciones de Criptografía, S.A.U. Engineering, research and development			Spain			EUR			1			100		%	Telefónica, S.A.
Cryptography & Security Systems S.L.U. Software programming activities			Spain			EUR			—			100		%	Telefónica Soluciones de Criptografía, S.A.U.
Telefónica Centroamérica Inversiones ,S.L. Communications services provider			Spain			EUR			—			60		%	Telefónica, S.A.
Telefónica Tech S.L.U. Holding company			Spain			EUR			67			100		%	Telefónica, S.A.
Telefónica Cybersecurity & Cloud Tech S.L.U. Cybersecurity, electronic information security and IT consultancy			Spain			EUR			34			100		%	Telefónica Tech S.L.U.
Telefónica Cybersecurity & Cloud Tech Chile SpA. Cybersecurity, electronic information security and IT consulting			Chile			CLP			20,540			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Telefónica Tech Inc. Cybersecurity, electronic information security and IT consulting			USA			USD			7			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Audertis Audit Services S.L.U. Provision of audit services in the areas of security, privacy and data protection			Spain			EUR			—			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Govertis Advisory Services S.L.U. Cybersecurity, electronic information security and IT consulting			Spain			EUR			—			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Telefonica Tech Colombia, SAS Cybersecurity, electronic information security and IT consulting			Colombia			COP			406			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Other companies (cont.)
Telefonica Cybersecurity Tech Mexico, S.A de C.V. Cybersecurity, electronic information security and IT consulting			Mexico			MXN			80			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U. (60.47%) Telefonica Iot & Big Data Tech S.A. (39.53%)
Telefônica Cibersegurança e Tecnología do Brasil Ltda Cybersecurity, electronic information security and IT consulting			Brazil			BRL			26			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Telefónica Tech Perú S.A.C. Cybersecurity, electronic information security and IT consulting			Peru			PEN			30			100		%	Telefónica Tech S.L.U.
Telefónica Cybersecurity & Cloud Tech Deutschland GmbH Cybersecurity, electronic information security and IT consulting			Germany			EUR			—			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Acens Technologies, S.L.U. Holding housing and telecommunications solutions Service provider			Spain			EUR			2			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Altostratus Solutions, S.L.U. Provision of IT services			Spain			EUR			—			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Telefónica Tech UK & Ireland, Limited Holding company			United Kingdom			GBP			14			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
Telefónica Tech UK Holdings Limited Holding company			United Kingdom			GBP			—			100		%	Telefónica Tech UK & Ireland, Limited
Telefónica Tech UK TOG Limited Headquarters activities			United Kingdom			GBP			—			100		%	Telefónica Tech UK Holdings Limited
Telefónica Tech UK Managed Services Limited Information technology, management and IT services consultancy			United Kingdom			GBP			—			100		%	Telefónica Tech UK TOG Limited
Telefónica Tech UK Limited Information technology, management and IT services consultancy			United Kingdom			GBP			—			100		%	Telefónica Tech UK TOG Limited
Telefónica Tech Northern Ireland Holdings Limited Other computer service activities			United Kingdom			GBP			—			100		%	Telefónica Tech UK & Ireland, Limited
Telefónica Tech Communication & Collaboration Limited Other computer service activities			United Kingdom			GBP			—			100		%	Telefónica Tech Northern Ireland Holdings Limited
Telefónica Tech Northern Ireland Limited Other computer service activities			United Kingdom			GBP			—			100		%	Telefónica Tech Northern Ireland Holdings Limited
Telefónica Tech Ireland Limited Provision of IT services			Ireland			EUR			—			100		%	Telefónica Tech Northern Ireland Holdings Limited
Telefónica Tech Ocean Limited Holding company			United Kingdom			GBP			—			100		%	Telefónica Tech UK & Ireland, Limited.
Perpetual Topco Limited Holding company			United Kingdom			GBP			4			100		%	Telefónica Tech UK & Ireland Limited
Perpetual Midco Limited Holding company			United Kingdom			GBP			4			100		%	Perpetual Topco Limited
Perpetual Bidco Limited Holding company			United Kingdom			GBP			3			100		%	Perpetual Midco Limited
Incremental Group Holdings Limited Holding company			United Kingdom			GBP			1			100		%	Perpetual Bidco Limited
Redspire Limited Software development and information technology consultancy activities			United Kingdom			GBP			—			100		%	Incremental Group Holdings Limited
Telefónica Tech UK Business Applications Limited Information technology consultancy activities and other services			United Kingdom			GBP			—			100		%	Incremental Group Holdings Limited
Adatis Group Limited Holding company			United Kingdom			GBP			—			100		%	Incremental Group Holdings Limited
Telefónica Tech UK Data & AI Limited Information technology consultancy activities			United Kingdom			GBP			—			100		%	Adatis Group Limited

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Other companies (cont.)
Telefónica Tech Bulgaria Limited Information technology consultancy activities			Bulgaria			BGN			—			100		%	Telefónica Tech UK Data & AI Limited
Telefónica Tech India Private Limited Information technology consultancy activities			India			INR			—			100		%	Telefónica Tech UK & Ireland, Limited (99.99%) Telefónica Tech UK Limited (0.01%)
Telefónica Tech UK Data & AI MS Limited Information technology consultancy activities			United Kingdom			GBP			—			100		%	Adatis Group Limited
BE-terna Enhancement GmbH Holding company and provision of marketing, consultancy, implementation and commercialisation services for software and IT technologies			Germany			EUR			—			100		%	Telefónica Cybersecurity & Cloud Tech S.L.U.
BE-terna Germany GmbH Holding company			Germany			EUR			—			100		%	BE-terna Enhancement GmbH
BE-terna AB (Sweden) Technology services			Sweden			SEK			—			100		%	BE-terna Enhancement GmbH
BE-terna Automation AG Technology services			Switzerland			CHF			—			100		%	BE-terna Enhancement GmbH
BE-terna ApS Computer programming activities			Denmark			DKK			—			100		%	BE-terna Enhancement GmbH
BE-terna B.V. (Netherlands) Technology services			Netherlands			EUR			—			100		%	BE-terna ApS
BE-terna GmbH (Leipzig) Software production, electronic data processing, consultancy, services and project management			Germany			EUR			—			100		%	BE-terna Germany GmbH
BE-terna Austria GmbH Holding company			Austria			EUR			—			100		%	BE-terna Enhancement GmbH
BE-terna GmbH (Innsbruck) Services in automatic data processing and information technology			Austria			EUR			—			100		%	BE-terna Austria GmbH
Pipol A/S Conduct business with international implementation of business-oriented software solutions			Denmark			DKK			1			100		%	BE-terna Enhancement GmbH
BE-terna A/S (Norway) Computer programming activities			Norway			NOK			—			100		%	BE-terna Enhancement GmbH
BE-terna Business Solutions GmbH Software development and consulting, distribution of corresponding products, systems and processes			Germany			EUR			—			100		%	BE-terna GmbH (Innsbruck)
BE-terna Industry Solutions GmbH Sales, implementation and maintenance of international ERP products			Germany			EUR			—			100		%	BE-terna GmbH (Innsbruck)
BE-terna AG (Switzerland) Service provision, analysis and optimisation of business processes, selection of business software and implementation of ERP solutions			Switzerland			CHF			—			100		%	BE-terna GmbH (Innsbruck)
BE-terna SRL Services in automatic data processing and information technology			Italy			EUR			—			100		%	BE-terna GmbH (Innsbruck)
BE-terna Adriatic d.o.o Holding company			Slovenia			EUR			—			100		%	BE-terna Austria GmbH
BE-terna d.o.o. (Serbia) Technology services			Serbia			RSD			14			100		%	BE-terna Adriatic d.o.o
BE-terna d.o.o (Slovenia) Technology services			Slovenia			EUR			—			100		%	BE-terna Adriatic d.o.o
BE-terna d.o.o (Croatia) Technology services			Croatia			EUR			2			100		%	BE-terna Adriatic d.o.o
Telxius Telecom, S.A. Telecommunications service provider			Spain			EUR			260			70		%	Telefónica, S.A.
Telxius Cable América, S.A. Provision of high bandwidth communications services			Uruguay			USD			291			70		%	Telxius Telecom, S.A.
Telxius Cable España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network			Spain			EUR			5			70		%	Telxius Telecom, S.A.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Other companies (cont.)
Telxius Cable República Dominicana, S.A.S. Telecommunications service provider			Dominican Republic			USD			6			70		%	Telxius Cable América, S.A. (69.30%) Telxius Cable España, S.L.U. (0.70%)
Telxius Cable Argentina, S.A. Operation and deployment of telecommunications infraestructure			Argentina			USD			78			70		%	Telxius Cable América, S.A. (66.50%) Telxius Cable España, S.L.U. (3.50%)
Telxius Cable Panamá, S.A. Installation and operation of telecommunications networks for wholesalers			Panama			USD			10			70		%	Telxius Cable América, S.A.
Telxius Cable Puerto Rico, Inc. High capacity optical fibre network communications services			Puerto Rico			USD			14			70		%	Telxius Cable América, S.A.
Telxius Cable USA, Inc. High bandwidth communications services			USA			USD			58			70		%	Telxius Telecom, S.A.
Telxius Cable Ecuador, S.A. Sale of usage of data transmission capacity via an underwater optical fibre network			Ecuador			USD			5			70		%	Telxius Cable América, S.A.
Telxius Cable Chile, S.A. Involvement in businesses related to public or private telecommunications services			Chile			USD			26			70		%	Telxius Cable América, S.A.
Other companies (cont.)
Telxius Cable Guatemala, S.A. Installation and operation of telecommunications networks for wholesalers			Guatemala			USD			20			70		%	Telxius Cable América, S.A.
Telxius Cable Perú, S.A.C. Involvement in the operation and deployment of international telecommunications services via underwater cables and others means			Peru			USD			20			70		%	Telxius Cable América, S.A.
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system			Colombia			USD			4			70		%	Telxius Cable América, S.A. (66.49%) Telxius Cable Chile, S.A. (1.17%) Telxius Cable Perú, S.A.C. (1.17%) Telxius Cable Guatemala, S.A. (1.16%) Telxius Cable Argentina, S.A. (0.01%)
Telxius Cable Brasil Participaçoes, Ltda. Holding company			Brazil			USD			62			70		%	Telxius Cable América, S.A.
Telxius Cable Brasil, Ltda. Operation and deployment of telecommunications infrastructures			Brazil			USD			74			70		%	Telxius Cable Brasil Participaçoes, Ltda.
Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network			Bolivia			USD			2			70		%	Telxius Cable América, S.A. (68.9%) Telxius Cable España, S.L.U. (0.55%) Telxius Cable Argentina, S.A. (0.55%)
Telxius México, S.R.L. DE C.V Establishment and operation of any kind of communications infrastructure and/or network			Mexico			USD			—			70		%	Telxius Cable América, S.A. (69.98%) Telxius Cable España, S.L.U. (0.02%)
Telefónica Local Services GmbH Holding company			Germany			EUR			—			100		%	Telefónica, S.A.
Companies accounted for using the equity method
VMED O2 UK Limited Integrated provider of fixed and mobile services			United Kingdom			GBP			—			50		%	Telefónica O2 Holdings Limited
FiBrasil Infraestrutura e Fibra Ótica S.A. Fibre wholesale supplier			Brazil			BRL			189			44.12		%	Telefônica Brasil, S.A. (19.12%) Telefónica Infra S.L.U. (25%)
VivaE Educação Digital S.A. Training for professional and management development			Brazil			BRL			33			38.24		%	Telefônica Brasil, S.A.

Name and corporate purpose			Country			Currency			Capital			%Telefónica Group			Holding Company
Companies accounted for using the equity method (cont.)
Gud Comercializadora de Energia S.A. Energy trading company			Brazil			BRL			21			38.24		%	Telefônica Brasil, S.A.
HoldCo InfraCo SpA Investment in money and/or securities			Chile			CLP			135,534			39.76		%	Telefónica Chile, S.A.
Infraco SpA. Operation of physical fibre optic infrastructure			Chile			CLP			246,002			39.76		%	HoldCo InfraCo SpA
Telefónica Factoring España, S.A. Factoring services provider			Spain			EUR			5			50		%	Telefónica, S.A.
Telefónica Factoring Do Brasil, Ltda. Factoring services provider			Brazil			BRL			5			50		%	Telefónica, S.A. (40%) Telefónica Factoring España, S.A. (10%)
Telefónica Factoring Mexico, S.A. de C.V. SOFOM ENR Factoring services provider			Mexico			MXN			—			50		%	Telefónica, S.A. (40.50%) Telefónica Factoring España, S.A. (9.50%)
Telefónica Factoring Perú, S.A.C. Factoring services provider			Peru			PEN			6			50		%	Telefónica, S.A. (40.50%) Telefónica Factoring España, S.A. (9.50%)
Telefónica Factoring Colombia, S.A. Factoring services provider			Colombia			COP			4,000			50		%	Telefónica, S.A. (40.50%) Telefónica Factoring España, S.A. (9.50%)
Telefónica Factoring Chile, SpA. Factoring services provider			Chile			CLP			547			50		%	Telefónica Factoring España, S.A.
Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. Specialised credit institution			Spain			EUR			5			50		%	Telefónica, S.A.
Movistar Consumer Finance Colombia SAS. Specialised credit institution			Colombia			COP			6,000			50		%	Telefónica Innovación Digital, S.L.U.
Alamo Holdco S.L. Holding company			Spain			EUR			—			27		%	Colombia Telecomunicaciones S.A. ESP BIC
ONNET Fibra Colombia S.A.S. Fibre wholesale supplier			Colombia			COP			56,307			27		%	Alamo Holdco S.L.
Internet para todos S.A.C Telecommunications service provider			Peru			PEN			364			54.30		%	Telefónica del Perú, S.A.A.
Movistar Prosegur Alarmas, S.L. Private security services			Spain			EUR			—			50		%	Telefónica España Filiales, S.A.U.
Prosegur Soluciones S.A.U. Private security services			Spain			EUR			—			50		%	Movistar Prosegur Alarmas, S.L.
Buendía Estudios, S.L. Service provision related to film and video production activities			Spain			EUR			—			50		%	Telefónica Audiovisual Digital, S.L.U.
Buendía Estudios Uno, S.L.U. Service provision related to film and video production activities			Spain			EUR			—			50		%	Buendía Estudios, S.L.
Buendía Estudios Dos, S.L.U. Service provision related to film and video production activities			Spain			EUR			—			50		%	Buendía Estudios, S.L.
Buendía Estudios Canarias, S.L.U Service provision related to film and video production activities			Spain			EUR			—			50		%	Buendía Estudios, S.L.
Buendía Estudios Bizkaia, S.L.U. Service provision related to film and video production activities			Spain			EUR			—			50		%	Buendía Estudios, S.L.
Solar360 de Repsol y Movistar S.L. Development and marketing of photovoltaic self-consumption products and/or services			Spain			EUR			—			50		%	Telefónica de España, S.A.U.
UGG TopCo/HoldCo General Partner GmbH. Holding company			Germany			EUR			—			49.68		%	Telefónica Infra Germany GmbH. (40%) Telefónica Germany 1. Beteiligungsgesellschaft mbH. (9.68%)
UGG TopCo GmbH & Co KG Holding company			Germany			EUR			—			49.68		%	Telefónica Infra Germany GmbH. (40%) Telefónica Germany 1. Beteiligungsgesellschaft mbH. (9.68%)

Name and corporate purpose

Country

Currency

Capital

%Telefónica Group

Holding Company

Companies accounted for using the equity method (cont.)

UGG HoldCo GmbH& Co KG Holding company

Germany

EUR

—

49.68

%

UGG TopCo GmbH & Co KG

UGG General Partner GmbH Holding company

Germany

EUR

—

49.68

%

UGG HoldCo GmbH& Co KG

Unsere Grüne Glasfaser GmbH & Co KG Broadband telecommunications operator

Germany

EUR

—

49.68

%

UGG HoldCo GmbH& Co KG

Infrafibre Germany GmbH B2B technology industry

Germany

EUR

2

49.68

%

Unsere Grüne Glasfaser GmbH & Co KG

Daytona Midco S.L. Securities transactions

Spain

EUR

—

20

%

Telefónica Infra, S.L.U.

Digital Data Centre BidCo, SLU. Management and administration of equity securities

Spain

EUR

4

20

%

Daytona Midco S.L.

Telefónica Renting, S.A. Purchase, sale and leasing of all kinds of movable property and provision of services ancillary to the leasing thereof

Spain

EUR

1

50

%

Telefónica, S.A.

Opal Holdco Limited Holding company

United Kingdom

GBP

2

50

%

Telefónica Infra, S.L.U.

Opal Jvco Limited Holding company

United Kingdom

GBP

4

25

%

Opal Holdco Limited

Utiq, S.A. Technology solutions for digital advertising

Belgium

EUR

22

25

%

Telefónica Innovación Digital, S.L.U.

Main changes in the scope of consolidation for the year 2024

Acquisition of new companies

Companies/Segment/Subsidiaries			Country			Date of inclusion			% Acquisition
Telefónica Brazil
IPNET Serviços em Nuvem e Desenvolvimento de Sistemas Ltda Software and systems resale, professional services and project management			Brazil			06/30/2024			88.24		%
IPNET USA, LLC Software and systems resale, professional services and project management			USA			06/30/2024			88.24		%
Companies accounted for using the equity method
Infrafibre Germany GmbH B2B technology industry			Germany			12/31/2024			49.68		%

Incorporation of companies    

Companies/Segment/Subsidiaries			Country			Date of incorporation			% Acquisition
Telefónica Spain
Compañía Mayorista de Fibra S.L. Provision of telecommunications services through FTTH network operation			Spain			10/31/2024			100		%
Telefónica Hispam
Unired Colombia S.A.S Service provider related to telecommunications			Colombia			08/31/2024			33.75		%
Companies accounted for using the equity method
Gud Comercializadora de Energia S.A. Energy trading company			Brazil			02/29/2024			38.24		%

Merged companies

Companies/Segment/Subsidiaries			Country			Date			Surviving company
Telefónica Hispam
Telefónica de Argentina, S.A. Telecommunications service provider			Argentina			03/31/2024			Telefónica Móviles Argentina, S.A.
Other companies
BE-terna Acceleration GmbH Holding company			Germany			08/31/2024			BE-terna Enhancement GmbH (before BE-terna Acceleration Holding GmbH)
BE-terna Enhancement GmbH Holding company			Germany			08/31/2024			BE-terna Enhancement GmbH (before BE-terna Acceleration Holding GmbH)

Liquidated companies

Companies/Segment/Subsidiaries			Country			Deconsolidation date			% Shareholding
Telefónica Spain
TBSC Barcelona Producciones, S.L.U. Provision of audiovisual telecommunications services			Spain			12/31/2024			100		%
Other companies
O2 International Holdings Ltd. Holding company			United Kingdom			07/31/2024			100		%
Terra Networks Perú, S.A. ISP and portal			Peru			10/31/2024			100		%
Companies accounted for using the equity method
Mobile Financial Services Holding SPRL Financial services			Belgium			06/30/2024			50		%

Divestment companies

Companies/Segment/Subsidiaries			Country			Deconsolidation date			% Sold
Companies accounted for using the equity method
Cornerstone Telecommunications Infrastructure Limited Mobile phone towers			United Kingdom			12/31/2024			4.17		%

Main changes in the scope of consolidation for the year 2023

Acquisition of new companies

Companies/Segment/Subsidiaries			Country			Date of inclusion			% Acquisition
Telefónica Brazil
Vale Saúde, Administradora de Cartões Ltda. Provision of health services			Brazil			03/31/2023			75.29		%
Other companies
Telxius Telecom, S.A. Telecommunications service provider			Spain			01/31/2023			40		%
Cryptography & Security Systems S.L.U. Software programming activities			Spain			01/31/2023			100		%
Telefónica Local Services GmbH Holding company			Germany			10/31/2023			100		%

Incorporation of companies    

Companies/Segment/Subsidiaries			Country			Date of incorporation			% Acquisition
Other companies
BE-terna SRL Services in automatic data processing and information technology			Italy			04/30/2023			100		%
Telxius México, S.R.L. DE C.V Establishment and operation of any kind of communications infrastructure and/or network			Mexico			11/30/2023			70		%
Companies accounted for using the equity method
Utiq, S.A. Technology solutions for digital advertising			Belgium			03/31/2023			25		%

Merged companies

Companies/Segment/Subsidiaries			Country			Date			Surviving company
Telefónica Brazil
Garliava RJ Infraestrutura e Redes de Telecomunicacoes S.A. Wireline telephony operator			Brazil			02/28/2023			Telefônica Brasil, S.A.
Vita IT Comércio e Serviços de Soluções em TI Ltda. Technical support, maintenance and other IT services			Brazil			11/30/2023			Telefônica Infraestructura e Segurança Ltda.
Other companies
Pontel Participaciones, S.L. Holding company			Spain			03/31/2023			Telxius Telecom, S.A.
Tempotel, Empresa de Trabajo Temporal, S.A.U. Temporary employment agency			Spain			10/31/2023			Telefónica Gestión Integral de Edificios y Servicios S.L.U.
Telefónica Investigación y Desarrollo, S.A.U. Telecommunications research activities and projects			Spain			10/31/2023			Telefónica Innovación Digital, S.L.U.
Companies accounted for using the equity method
Buendía Producción, S.L. Service provision related to film and video production activities			Spain			10/31/2023			Buendía Estudios, S.L.

Divestment companies

Companies/Segment/Subsidiaries			Country			Deconsolidation date			% Sold
Other companies
Pontel Participaciones, S.L. Holding company			Spain			01/31/2023			13.35		%
Companies accounted for using the equity method
The Smart Steps Data Technology Company Big data services in China			China			05/31/2023			33.75		%
Cornerstone Telecommunications Infrastructure Limited Mobile phone towers			United Kingdom			11/30/2023			8.33		%

Liquidated companies

Companies/Segment/Subsidiaries			Country			Deconsolidation date			% Shareholding
Other companies
Kumo Analytics Limited Information technology consultancy activities			United Kingdom			01/31/2023			100		%
iHackLabs Ltd. Cybersecurity, electronic information security and IT consulting			United Kingdom			09/30/2023			100		%
O2 (Netherlands ) Holdings BV. Holding company			Netherlands			11/30/2023			100		%
Telfin Ireland DAC. Intragroup financing			Ireland			11/30/2023			100		%

X

- Definition

The disclosure of subsidiaries. [Refer: Total for all subsidiaries [member]]

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B4
-Subparagraph a
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-URIDate 2024-03-27

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- Definition

Disclosure Of Consolidations [Abstract]

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