<SEC-DOCUMENT>0000814052-25-000048.txt : 20250306
<SEC-HEADER>0000814052-25-000048.hdr.sgml : 20250306
<ACCEPTANCE-DATETIME>20250306081227
ACCESSION NUMBER:		0000814052-25-000048
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250306
FILED AS OF DATE:		20250306
DATE AS OF CHANGE:		20250306

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09531
		FILM NUMBER:		25713678

	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>6-K
<SEQUENCE>1
<FILENAME>teforgchng.htm
<DESCRIPTION>6-K
<TEXT>
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<div id="icf8a8ec0eebe4633a8c3d5a4812e0f80_1"></div><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Form 6-K</font></div><div style="text-align:center"><font><br></font></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:120%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For the month of March, 2025</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Commission File Number&#58; 001-09531</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:16pt;font-weight:700;line-height:120%">Telef&#243;nica, S.A.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Translation of registrant's name into English)</font></div><div style="text-align:center"><font><br></font></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:120%">Distrito Telef&#243;nica, Ronda de la Comunicaci&#243;n s&#47;n,</font></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:120%">28050 Madrid, Spain</font></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:120%">+34 91-482 87 00</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Address of principal executive offices)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F&#58;</font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:-2.63pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Form 20-F</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:-2.63pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Form 40-F</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></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 style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Telef&#243;nica, S.A.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">TABLE OF CONTENTS</font></div><div><font><br></font></div><div><font><br></font></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:8.409%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:76.814%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.477%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Item</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Sequential Page Number</font></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="padding-right:-2.63pt"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</font></div><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telef&#243;nica&#58; Changes in the organizational structure of the Telef&#243;nica Group</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2</font></td></tr></table></div><div style="margin-bottom:8pt;text-align:center"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><img alt="image_0a.jpg" src="image_0a.jpg" style="height:47px;margin-bottom:5pt;vertical-align:text-bottom;width:177px"></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:0.25pt"><font><br></font></div><div style="margin-bottom:5.75pt;padding-right:92.3pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:15.00pt">TELEF&#211;NICA, S.A. (&#8220;Telef&#243;nica&#8221; or the &#8220;Company&#8221;), in compliance with the Securities Market legislation, hereby communicates the following </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:15.00pt">OTHER RELEVANT INFORMATION</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:15.00pt">Please see attached a press release in relation to the organizational structure of the Telef&#243;nica Group.</font></div><div style="margin-bottom:0.25pt;padding-right:92.3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:0.25pt;padding-right:92.3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:0.25pt;padding-right:92.3pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In Madrid, March 6, 2025 </font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always">
<div id="ifbbf3f5bfa384819a591702189575f74_1"></div><div style="min-height:84.96pt;width:100%"><div><font><br></font></div></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Press release</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#0066ff;font-family:'Arial',sans-serif;font-size:24pt;font-weight:400;line-height:120%">Emilio Gayo, new Chief Operating Officer of Telef&#243;nica</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:63.8pt;padding-right:14.15pt;text-indent:-18pt"><font style="color:#6e7893;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">Gayo joins the company's Board of Directors, replacing current Chief Operating Officer, &#193;ngel Vil&#225;. </font></div><div style="padding-left:63.8pt;padding-right:14.15pt;text-indent:-18pt"><font style="color:#6e7893;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">The Board also approved the appointment of Borja Ochoa as the new CEO of Telef&#243;nica Spain, in addition to other important changes in the company's Executive Committee. </font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Madrid, 6 March 2025</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- The Board of Directors of Telef&#243;nica has approved today, following the favourable recommendation of the Nomination Committee, Remuneration and Good Governance at the proposal of its Executive Chairman, Marc Murtra, the following changes&#58;</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Board has decided to approve the appointment by co-optation of </font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Emilio Gayo </font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">as Executive Director of Telef&#243;nica and has also appointed him as Chief Operating Officer of the Telef&#243;nica Group. </font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Gayo holds a degree in Telecommunications Engineering and an MBA from IESE. He has a solid executive trajectory of more than 30 years, in which he has led transformation strategies for large teams and built alliances with other important technology partners. In 2004 he joined the Telef&#243;nica Group as General Maanger of International Operations at Telef&#243;nica M&#243;viles. In 2010 he was appointed Director of Business Development, Strategy and Regulation at Telef&#243;nica Latam&#59; In 2011 he assumed the responsibility of the General Public Management in Telef&#243;nica Espa&#241;a, adding to his responsibilities two years later the Marketing and Business units. Since 2018 he has been CEO of Telef&#243;nica Spain.</font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The businesses in Spain, Brazil, Germany, and the United Kingdom will remain under the new Chief Operating Officer, as well as the B2B, Telef&#243;nica Tech, Telef&#243;nica Infra and gCTIO units. In addition, the Hispam business unit will also report to the Chief Operating Officer consolidating the management of all geographies under his responsibility.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Board of Directors expressed its gratitude to &#193;ngel Vil&#225; for his extraordinary career of more than 25 years at Telef&#243;nica and, in particular, for his last stage as COO. Vila has been at the helm of some of the most important corporate operations in the history of Telef&#243;nica. The Board highlighted his contribution in positioning the company to face future challenges, first in the areas of Finance, Strategy and Corporate Development and, </font></div><div style="height:115.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-left:28.35pt;padding-right:18pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:18pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica, S.A.</font></div><div style="padding-left:28.35pt;padding-right:21.25pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Corporate Communications Management</font></div><div style="padding-left:28.35pt;padding-right:21.25pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Email&#58; prensatelefonica&#64;telefonica.com</font></div><div><font style="color:#0066ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">          telefonica.com&#47;es&#47;sala-comunicacion&#47;</font></div><div style="text-align:right"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1        </font></div><div style="text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:84.96pt;width:100%"><div><font><br></font></div></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">subsequently, as COO. During this period, he has accomplished great achievements for the company.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#193;ngel Vil&#225; has stepped down as a Director of Telef&#243;nica, but will continue to be a member of the Board of Virgin-Media O2 and will also be proposed to be part of the Board of Telef&#243;nica Germany, and will continue to be linked to the company as an advisor to the Executive Chairman, Marc Murtra. </font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Borja Ochoa</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> assumes the role of CEO of Telef&#243;nica Spain held by Emilio Gayo. Ochoa, until now General Director of Defence and Security at Indra, has previously been General Manager at Minsait and CEO of Minsait Payments. He holds a degree in Business Administration from the University of Lincoln, an MBA from ESEUNE and a Postgraduate degree in E-Commerce and Technology from the University of California, Berkeley. He has more than 18 years of experience in business transformation processes, technology, and innovation, with a special focus on the financial area, and stands out for his ability to scale businesses and generate value.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Sof&#237;a Collado</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> will assume the responsibility of leading Telef&#243;nica Tech. Collado, until now CHRO at Indra, has extensive experience in the management of units of consulting in technological environments and international markets and has more 25 years of experience, mainly in areas of Human Capital. She holds a degree with an Extraordinary Award in Business Administration and Management from the Universidad Pontificia Comillas-ICADE and an MBA from IESE.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Board of Directors of Telef&#243;nica thanked Jos&#233; Cerd&#225;n, CEO of Telef&#243;nica Tech and global head of the B2B segment for the last five years, for his significant contribution to consolidating Telef&#243;nica Tech as a key unit in terms of revenue growth in the business segment, hand in hand with operating businesses. Cerd&#225;n will continue to be linked to the Group, accompanying Sof&#237;a Collado to focus on the new challenges of this business unit and supporting the company in its announced strategic reflection. </font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Sebas Muriel</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> rejoins Telef&#243;nica assuming the position of Chief Digital Officer. Muriel, who for the past three years has been CEO of GroupM Spain, is a Telecommunications Engineer and MBA from IESE and has extensive experience in business management and digital transformation. He also has extensive knowledge of Telef&#243;nica's operations and the telecommunications industry and stands out for his ability to promote marketing programs transformation.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Board of Directors thanked Chema Alonso, to date Chief Digital Officer, for his great drive to Telef&#243;nica's digital transformation over the last 13 years, as well as his leadership in the execution of the company's Data-Centric platforms and the creation of the new ecosystem of relations with the industry and OpenGateway in its last stage. Chema  Alonso will support Sebas Muriel in the transition with his technological advice.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="height:115.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-left:28.35pt;padding-right:18pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:18pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica, S.A.</font></div><div style="padding-left:28.35pt;padding-right:21.25pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Corporate Communications Management</font></div><div style="padding-left:28.35pt;padding-right:21.25pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Email&#58; prensatelefonica&#64;telefonica.com</font></div><div><font style="color:#0066ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">          telefonica.com&#47;es&#47;sala-comunicacion&#47;</font></div><div style="text-align:right"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2        </font></div><div style="text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:84.96pt;width:100%"><div><font><br></font></div></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telef&#243;nica's Executive Committee keeps intact its purpose of generating value for all its stakeholders and the commitment to meet the financial and operational objectives of the company.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The executive chairman of Telef&#243;nica, Marc Murtra, wanted to personally thank the directors who leave the Executive Committee, &#193;ngelVil&#225;, Chema Alonso and Jos&#233; Cerd&#225;n for their contribution wishing them the greatest success in their new professional stage. He also welcomed Borja Ochoa, Sebas Muriel and Sof&#237;a Collado as members of the Committee Executive.</font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Board of Directors of Telef&#243;nica has also approved changes in the Telef&#243;nica of</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telef&#243;nica Executive Committee&#58;</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt;text-indent:-18pt"><font style="color:#6e7893;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">The structure is simplified by eliminating the position of CEO held by Sergio Osl&#233;, whom the company thanks for his contribution to achieving the return to growth of Telef&#243;nica Spain and his contribution to promoting the opportunities offered by the digital world, accelerating the transformation and consolidating the wholesale business. Osl&#233; will advise Borja Ochoa with his experience in the transition to the new organization. </font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt;text-indent:-18pt"><font style="color:#6e7893;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.8pt">Daniel Domenj&#243;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> assumes the position of CEO of Movistar+. Domenj&#243; was until CEO and co-founder of Satisfaction Iberia and has a degree in journalism from the Pompeu Fabra University and a Master's Degree in Techniques Published by the University of Barcelona. Entrepreneurial spirit, he has 25 years of experience in the audiovisual industry and has worked for the most renowned Spanish and Portuguese companies&#58; TVE, Atresmedia, Mediaset, Movistar+, RTP (Portugal), Discovery, TV3, Canal Sur or EITB, among others.</font></div><div style="padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt;text-indent:-18pt"><font style="color:#6e7893;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.8pt">Cristina Burzako</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, until now CEO of Movistar+, will continue as a member of the Board of Telef&#243;nica Audiovisual Digital and will assume new responsibilities withi the Group. </font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt;text-indent:-18pt"><font style="color:#6e7893;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">Likewise, Telef&#243;nica Director </font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Javier de Paz</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> assumes the presidency of Telef&#243;nica Audiovisual Digital (Movistar Plus+) replacing Sergio Osl&#233;.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In addition, the following appointments has been approved in the corporate units&#58;</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Ana Porto</font><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> assumes the position of Global Communications Director, reporting to Eduardo Navarro. Until now she has been Deputy Director of Communication and Public Relations of Atresmedia. She holds a degree in Journalism from the Complutense University of Madrid and has a solid track record in media in which he has established himself as a trusted person in front of key stakeholders and interlocutors.</font></div><div style="padding-left:28.35pt;padding-right:14.15pt"><font><br></font></div><div style="height:115.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-left:28.35pt;padding-right:18pt"><font><br></font></div><div style="padding-left:28.35pt;padding-right:18pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica, S.A.</font></div><div style="padding-left:28.35pt;padding-right:21.25pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Corporate Communications Management</font></div><div style="padding-left:28.35pt;padding-right:21.25pt"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Email&#58; prensatelefonica&#64;telefonica.com</font></div><div><font style="color:#0066ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">          telefonica.com&#47;es&#47;sala-comunicacion&#47;</font></div><div style="text-align:right"><font style="color:#6e7893;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3        </font></div><div style="text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always">
<div id="i7e2d9e472da84ed68e512069de66ab3b_1"></div><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </font></div><div style="margin-bottom:10pt;text-indent:18pt"><font><br></font></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:6.362%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.019%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.407%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:20pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Telef&#243;nica, S.A.</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">March 6, 2025</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; Pablo de Carvajal Gonz&#225;lez</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="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Name&#58;</font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pablo de Carvajal Gonz&#225;lez</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 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Secretary to the Board of Directors</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:8pt;text-align:center"><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 style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
