Murtra

Marc Murtra has been at the helm of Telefónica for a year and has done something that his predecessor did not achieve in a decade: slimming down the company

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Marc Murtra wears just over a year at the head of Telefónica and the 2025 numbers begin to validate its thesis: concentrate on four markets (Spain, Brazil, Germany and the United Kingdom) and avoid the rest. Group income have grown by 1.5%, up to 35,120 million eurosand the adjusted profit reaches 2,122 million. On paper, it works. Why is it important. Telefónica has done in two years what it was not able to do in a decade: get rid of Latin American ballasts (Argentina, Peru, Uruguay, Ecuador…) and redraw its perimeter. The result is a smaller, but more predictable company. And in Spain, where it has not grown since 2008, it has once again shown signs of life: +1.7% in revenue, up to 13,012 million. The backdrop. The Álvarez-Pallete stage cut the debt of the Alierta stage by halfbut it was still a brutal debt and the company had a geographical dispersion that consumed a lot of management energy without a return that was far from proportional. Murtra has opted for surgery: sell assets, continue reducing debt (337 million less in 2025, it is already at 26,824 million) and bet on markets where Telefónica has real muscle. The logic is clear. And the execution, reasonably clean. Between the lines. Brazil is now the financial heart of the group, and that has implications that go beyond quarterly results. Vivo, Telefónica’s local brand in the country, has earned more than 1,000 million euros net in 2025, 11.2% morewith an Ebitda of 41.7% that would make any European telecom company blush. Its 5G network already covers two-thirds of the Brazilian population and leads the market by number of customers. Brazil should no longer be considered an emerging market with potential: right now it is the most mature and profitable asset that Telefónica has. There is also a background reading that the results do not make explicit but that the context does suggest: the demand for data in Latin America is accelerating precisely now due to the pull of AI: more consumption in the cloud, more traffic, more need for infrastructure. Telefónica has sold its Latin American subsidiaries just when that market may be entering a new phase of growth. It is the big question that presumably no one at Telefónica wants to answer openly. Main winner? Brazil, without a doubt, but also Spain. The domestic business has broken a curse of almost two decades and is beginning to generate cash in a stable manner. That debt goes down, albeit slowly, while income goes up, is the combination that the market has been waiting for for years. Main loser? The United Kingdom. Virgin Media O2 (VMO2), the joint venture in which Telefónica has 50%, has registered net losses of 1,852 million euros in 2025 (up from £19m the previous year) following a goodwill impairment charge of more than £1bn. Its income has fallen 5.3%. And by 2026, the company itself expects service revenue to drop between 3% and 5% more, dragged down by integration with Daisy Group in May 2025. The British telecommunications market is in a price war that has no easy winners, and VMO2 has been sailing against the tide for some time. The big question. Murtra has shown the ability to clean up the balance and simplify the map. What has not yet been demonstrated is that Telefónica can grow organically and sustainably in its four key markets. Spain and Brazil are making progress, but Germany continues to be a story of pending consolidation and the United Kingdom is getting complicated. The plan is well designed. Now it’s time to execute it. In Xataka | We need more and more data centers. And Telefónica is building them in its old telephone exchanges Featured image | Telephone

Telefónica will have its “day D” in November. The Teleco plays its future with Murtra behind the wheel

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Almost nine months Murtra as president of Telefónica. What lasts a pregnancy, which lasts a course. On November 4 will be born its strategic plan and Marc will have its final exam. That day will present the master lines that will define the direction of the centenary telecus for the coming years. The date is not accidental, it coincides with the results of the third quarter. Perfect occasion to combine the figures of the present with the promises of the future. And after that staging there is a company that is played much more than its next investment cycle. The scenario of the arrival to power of Murtra is, above all, a paradox: He inherited a financially sanitized telephone: Pallete reduced debt in half. But also a telephone punished by the market: the action lost 57% of its value in the previous era. The balance says the company is better. The stock market says that investors do not believe it. The market seeks growth stories, not survival. This contradiction defines the challenge of the Catalan engineer: it is not enough to be right in the accounts, we must convince those who move the silver. Speaking of silverMurtra’s great movement in his first months is the execution of The fastest exit of Latin America In the history of Telefónica. Argentina, sold. Peru, liquidated –not to say-. Colombia, more of the same. Mexico, with the “sell” poster. And at the same time, he has placed Europe at the center of his board with An aggressive discourse on consolidation. He talks about creating a “European champion” while he has in the spotlight, says the Rumore Rumoreto Vodafone Spain. With 1 & 1 in Germany in the bedroom. Is The commitment of who understands that there is no middle ground: o Telefónica grows based on acquisitions, or becomes a prey to more ambitious ones. And it has lost more than 80% of its value from its historical maximums, so it is no longer so inaccessible by price. On November 4 he will say if this strategy has a financial muscle behind or stays in speech. Local operators They have already raised the voice Against its concentration plan, Brussels has begun to leave behind its historical misgivings on mergers although the verdict remains an unknown, and the market expects to see concrete figures on where the billions that will cost these operations will come out. Murtra faces The question that defines all the great executives: Is it a visionary or a volunteer? In two months we will know. In Xataka | 100 years after his birth, Telefónica faces the greatest existential dilemma in its history: what wants to be older Outstanding image | Telefónica

Marc Murtra and his 180º turn compared to Álvarez-Pallete

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Telefónica’s price It has just reached 4.5 eurosits highest level in three years. Just when the new executive president, Marc Murtra, turns his first hundred days at the helm of the Teleco. Why is it important. From the appointment of Murtra in January, the revaluation of Telefónica exceeds 16%. A stock market resurrection that confirms market confidence in the strategic review designed by the former president of Indra to save a telecus whose value 57% had collapsed during Álvarez-Pallete’s mandate. The Catalan engineer has achieved in three months what Telefónica had been trying for years: to recover the favor of investors. And he has done so by executing a very different vision than his predecessor. The panoramic. Murtra has identified two existential problems for Telefónica: Latin American ruin and the ballast of being perceived as a traditional telecus in a technological world. In Latin America, the subsidiaries have weighed the results with millionaire losses: 1,327 million in Argentina, 872 million in Peru (which entered into the bankruptcy of creditors) and 437 million in Chile. The rhythm of divestment has accelerated brutally: Argentina sold for 1,190 million to the Clarín group, Colombia on sale to Millicom for 370 million, and Peru practically given away for 900,000 euros to Integra Tec. The turning point. While leaving the continent that became a financial bleeding for the company – Brazil on the margin -, Murtra has positioned Telefónica as the protagonist in the European consolidation of the sector, raising the debate from the business to the geopolitical. His Inaugural speech at the Mobile World Congress From Barcelona he went straight to the heart of Brussels: “It is time for large European telecommunications companies to consolidate and grow to create technological capacity.” Between the lines. The strategy has two pillars: End the Latin American expansion (except Brazil, which is still profitable) and focus efforts on European markets with greater profitability and legal certainty. Transform Telefónica from a traditional telecus to a technological company, taking advantage of the fact that almost half of its business income (43%) They already come from non -traditional services. With Emilio Gayo as CEO, the duo is creating a balance between operational execution (Gayo) and strategic vision (Murtra) that is working. It is no accident that Gayo has achieved Telefónica España growing in income, Ebitda and customers For the first time since 2018. And now what. Analysts expect Telefónica to reduce their investments in fiber infrastructure to focus more on technological aspects, freeing Indra from this mission so that focus on the defense and aerospace sector. Meanwhile, the market expects important operations, with Vodafone Spain and Digi as possible acquisition objectives to strengthen its position in Spain first … and in Europe later. The turn. The exceptional thing about this change is that Telefónica is about to give Sorpasso to herself: Become a technology services company above Teleco. This turning point where more than half of its business turnover will proceed with technological services, not voice or data, is close. His new narrative as a European tractor is being well received by a market that had been waiting for a pragmatic, clear and decisive turn. The times of the global expansion without control have been left behind. For retailers who have been seeing their heritage for years, this change of course is the arrival of spring. One that can reverde the laurels, even if it is a bit, of the old Matildes. In Xataka | The EU has spent years fiercely fighting monopolies. Teresa Ribera has other plans for telecos Outstanding image | Telefónica

Murtra accelerates sales while the continent bleeds 1.7 billion

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Telefónica is running an accelerated output of Latin America under the command of Its new president, Marc Murtrawho has intensified the sale of assets in the region just two months after taking office. The Spanish Telec He has commissioned JP Morgan and White & Case The divestment of its subsidiary in Mexico, while progressing in parallel the sales of its operations in Argentina and Colombia. The money trail. Latin American subsidiar Group’s resultswhich closed 2024 with losses of 49 million euros after provisioning more than 2,000 million for the deterioration of assets in the region. And now what? Murtra, considered close to the Spanish government (remember The entrance of the State into the operator through the SEPI), seeks to specify The sale from Colombia to Millicom (Tigo) for about 370 million euros After many months of negotiations. At the same time, look for a buyer to The remains of your business in Mexico (He returned all his frequencies three years ago) and Evaluate options for other markets such as Uruguaywhere the competition has cornered him. What has happened. Telefónica had already classified in 2019 all Latin American markets, except Brazil, as “non -priority” and grouped them under the Hispam subsidiary. At that time, Álvarez-Pallete tried to sell those assets as a unit, but the process failed. Now, the plan has changed to disinversions country to country, accelerated since the arrival of Murtra, who considers them urgent. The contrast. While Hispam bleeds, Brazil remains a strategic and profitable market for Telefónica, contributing one in four euros in sales and almost a third of the profitability of the entire group. The growth of Brazil, where Telefónica invests more than in Spaincontrasts with the depreciation of currencies such as the Argentine and Chilean weight, as well as with the fierce competition suffered in markets such as Peru and Chile. Yes, but. Latin American markets (without Brazil) barely represent 20% of income and 11% of the group’s profitability, with a negative trend that is aggravated by political instability, devaluations and regulatory conflicts. Hispam’s billing fell 8.2%, while profitability collapsed 14.9%. The deterioration goes to forced marches and Murtra has already taken the scissors. Outstanding image | Telefónica In Xataka | 100 years after his birth, Telefónica faces the greatest existential dilemma in its history: what wants to be older

Marc Murtra and Emilio Gayo, the pair that seeks to create a European champion

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The movement was a matter of time. Just a month and a half after The fulminant dismissal of José María Álvarez-Pallete, Marc Murtra has activated the total reorganization of Telefónica. Emilio Gayo’s choice as a new CEO is not just a change of names in the organization chart. It is the first visible piece of a deep transformation that goes far beyond daily management. We are facing a first order turn in the company’s strategy. And the game is played three bands. The Spanish government, represented by the SEPI with Its strategic 10%. Saudi STC, with another 10% that activated all alarms. And Criteria-La Caixa, the third actor of this new hard-acting hard nucleus. Murtra has understood that the telecommunications sector is in total transformation and has placed this vision in the center of its strategy. “It’s time for the large European telecommunications companies to consolidate and grow to create technological capacity,” The new president at the MWC of Barcelona cried out. The message was not subtle or wanted to be. Europe cannot continue with a fragmented telecos market while competing against US and Chinese giants operating in oligopolic conditions. The battle for technological sovereignty is underway, and Telefónica wants to play in First. Gayo does not arrive by chance. Its results in Telefónica España – Revenue Failure, in Ebitda and in Clients For the first time since 2018– They are your presentation letter. An effective manager profile, knowledgeable about the entrails of the Teleco since 2004, which contrasts with the most visionary style and pallete transformer. The new Telefónica bets on a balance between Gayo’s operational execution (the good results support him) and the strategic vision of Murtra (his Europeanist speech confirms it). The next movements will also be a message. Each file that moves hides an intention. It is being created a trust ecosystem around Murtra, While emblematic figures of the previous era like Chema Alonso are on the tightrope. So much Adslzone First as The economist Then, each with their respective sources, have anticipated their imminent departure from Telefónica. The European telecommunications industry carries years suffering a paralyzing contradiction. You need scale to compete globally, but it’s subject to fragmented national regulations that prevent great mergers. If Murtra and Gayo achieve their goal, we could be before the first phase of an important reconfiguration of the sector. Telefónica seeks to position itself as a central piece of that puzzle, as The nucleus of a hypothetical European champion Able to stand up to the American and Chinese giants. In business jargon, a “European champion “ It is a company with the scale, influence and technological capacity to lead its sector in Europe and compete globally against US and Chinese giants. Internal changes are just the prelude. The truth game will be played in Brussels, where Teresa Ribera, a new competition curator, will have a lot to say about the future of mergers in the sector. It is no accident that Murtra has decided to make European consolidation its flag precisely now. The new Murtra-Gayo duo should not only manage a telecommunications company. Has to Lead a reconfiguration of an entire sector to compete in a global market dominated by large technology companies with the threat of telecos from both sides of the Pacific. The challenge is immense. And the pieces have only begun to move. In Xataka | Telecos counteratacan: Telefónica’s plan to convert their networks into platforms against large technological ones Outstanding image | Telefónica, Xataka

Marc Murtra launches an ultimatum to the EU in his debut as president of Telefónica

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Marc Murtra has been clear and direct in his first major public appearance as executive president of Telefónica. Just a month after Take the reins of the Spanish operator And a few days since its first presentation of financial results, the Catalan engineer has taken advantage of the opening session of the Mobile World Congress in Barcelona to launch a resounding message to the European authorities: it is time for the old continent to change its rules to allow the consolidation of the telecommunications sector. This inaugural speech is not any intervention. All the eyes of the telecommunications sector are put in Murtra, an executive who arrives in Telefónica with the explicit mandate of transforming it into a critical moment for the industry and for herself. Your choice of message in this first MWC As president is A strategic statement of intentions marked by the company’s new road map and shows their priorities for European regulators. We are facing the first public movement of a new chess game. The idea comes from very far. Telefónica stand at the MWC 2025. Image: Xataka. “It is time for the large European telecommunications companies to consolidate and grow to create technological capacity,” Murtra said in a speech that marks a clearly different tone from his predecessor, José María Álvarez-Pallete. Where the previous president cultivated a media profile focused on digital transformation and collaboration, Murtra has opted for structural forcefulness: Europe needs giants in telecommunications capable of competing with American and Asian giants. The message is not accidental. Murtra arrives at the presidency with the support of the three major shareholders of Telefónica (SEPI, Criteriacaixa and STC) and with the mission of repositioning the teleco after Years of stock market stagnation. Its diagnosis is devastating: “We must be aware that the excessive fragmentation of European TMT, excess regulation and insufficient profitability of the sector have weighed to Europe, which has been technologically lagging behind.” This position reflects a strategic reading of the global scenario. Murtra draws a technological power map dominated by “titanic technology companies” that work “as dominant actors in almost monopolistic markets” and that “have their headquarters in the United States and China.” Its conclusion is clear: Europe is being left out for its own regulatory restrictions. Murtra’s speech connects with the current context of the sector. European operators carry years claiming a regulatory change that allows national mergers to gain efficiency and investment capacity. His argument is that Each European country has too many operators competingwhich erodes margins and limits the ability to invest in advanced networks. Meanwhile, giants like AT&T O Verizon in the US, or the big Chinese operators, enjoy much more advantageous positions in their domestic markets. Mutra during his speech. Image: Xataka. “Europe’s position in the world will continue to diminish and will not have the capacity to decide its future autonomously,” Murtra warned, raising the debate From the merely business to the geopolitical. The tone seeks to connect with the concerns that Brussels now have about European technological sovereignty. Murtra’s presence in the MWC goes far beyond this message. Telefónica has deployed an imposing 960 square meters where it shows its advances in Quantum computingdigital security and drones connected by 5g. Under the motto “Leading Change, Inspiring Progress“, The operator is intending to exhibit a vision that combines toe technology with a humanistic approach, focused on social impact. However, It is the message about consolidation that marks the pattern of the new course of Telefónica. He discreet engineer He has shown that his strategy does not go through shyness, but by forcefulness. Murtra will not only administer the inherited, but it seems willing to push a structural transformation of the sector. Another issue is how far it is capable of arriving. Time will say if this commitment to concentration finds an answer in Brussels, where The European Commission has accustomed us to suspicion compared to mergers that reduce the number of operators in national markets. But Murtra has made it clear that the battle for the future of European telecommunications has just begun. And in that game, Telefónica wants to play a leading role. In Xataka | Pallete’s impossible equation: he reduced Telefónica’s debt in half … while its stock value collapsed Outstanding image | Xataka

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