TEF, US8793822086

Telefónica stock trades at EUR 3.38 as guidance holds

Published on 09/29/2026 at 14:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Telefónica stock was trading at EUR 3.38 on September 29, 2026. First-half revenue reached EUR 16.392 billion, while adjusted cash-flow guidance rose above 3 percent.

TEF, US8793822086, Illustration mit AI erstellt.

Telefónica (US8793822086) was trading at EUR 3.38 at Lang & Schwarz on September 29, 2026 at 2:32 p.m. CEST. The telecom group is entering the final quarter with higher cash-flow guidance, but weaker handset sales in Germany remain a counterweight.

Cash flow guidance moves higher

According to Yahoo Finance, Telefónica upgraded its 2026 adjusted operating cash flow after leases target on July 29, 2026, from growth above 2 percent to growth above 3 percent. First-half service revenue grew 1.0 percent year over year, while adjusted EBITDA and adjusted operating cash flow after leases rose 2.7 percent and 2.9 percent in the second quarter, respectively.

The cash-flow improvement has a concrete base. Free cash flow reached EUR 611 million in the second quarter, EUR 278 million higher than in the first quarter, while net financial debt stood at EUR 25.3 billion and leverage at 2.68 times EBITDA.

Revenue growth meets a German drag

TecnoNews reported on September 1, 2026, that first-half revenue reached EUR 16.392 billion, up 1.7 percent year over year, while adjusted EBITDA rose 3.8 percent to EUR 5.768 billion. The second-quarter revenue comparison was stronger at 3.0 percent, but the group expects to land at the low end of its revenue-growth range because of handset weakness, mainly in Germany.

Operational performance is uneven across the portfolio. Spain delivered 2.9 percent revenue growth in the second quarter, while B2B revenue increased 6.7 percent year over year; Germany revenue declined more than 11 percent, with handset sales down 26 percent.

Analysts remain divided

According to MarketBeat on September 15, 2026, six analysts held a combined Reduce rating, with three Sell and three Hold recommendations. BNP Paribas Exane raised its view to Neutral and set a USD 4.40 price target on September 9, 2026.

Telefónica lists January to September 2026 results for November 12, 2026, as a preliminary date on its investor calendar. That report should show whether Spain and Brazil can offset the German restructuring burden.

Telefónica stock stays data dependent

Telefónica stock was trading at EUR 3.38 at Lang & Schwarz on September 29, 2026 at 2:32 p.m. CEST. The market capitalization was EUR 19.0 billion as of September 29, 2026, while the stock's primary U.S. listing is on the NYSE.