Telefonica raised its 2026 adjusted operating cash flow after leases outlook to growth of more than 3%, up from a prior target of more than 2%, citing stronger operating leverage and momentum in Spain and Brazil. Chairman and CEO Marc Murtra said the company is on track to meet all other 2026 guidance metrics, though revenue growth is expected at the low end of the range due to weaker handset sales, particularly in Germany. Second-quarter group service revenue rose 0.9%, adjusted EBITDA increased 2.7%, and free cash flow reached €611 million. Spain and Brazil led the improvement, with Brazil's adjusted EBITDA and operating cash flow after leases rising 11% and 18% respectively, while Telefónica Deutschland plans to cut about 1,100 jobs and close 60 stores, and Virgin Media O2 continues to target deleveraging from roughly 5.8 times leverage.
Telefónica S.Araised 2026 cash flow outlook and reported strong Q2 results
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