Telefónica reported positive results for 2025, marking the first full-year performance under the leadership of President Marc Murtra. Murtra, along with CEO Emilio Gallo and newly appointed Chief Financial and Corporate Development Officer Juan Azcue, emphasized the company’s achievement of its stated objectives for the year.
According to Murtra, the results demonstrate the initial impact of the “Transform & Grow” strategy. “The objective is being met in 2025, we have grown in revenues, improved profitability and exceeded the objectives of cash generation,” he stated. He attributed these outcomes to “disciplined execution and strategic decisions” made over the past year.
Telefónica has reaffirmed its 2026 targets, particularly concerning its leverage ratio, which is projected to reach 2.5 times its earnings before interest, taxes, depreciation and amortization (EBITDA) by 2028. The company has also increased its free cash flow generation target to €3 billion based on the 2025 performance.
Murtra affirmed a continued commitment to financial discipline, stating, “The policy of iron financial discipline will not change and we will not change the commitments we have made.” This includes plans to divest its subsidiaries in Venezuela and Mexico, though Murtra did not specify a timeline for these sales.
The departure of José María Abril, a BBVA advisor and vice president of Telefónica, was attributed by Murtra to recent changes in the company’s shareholder structure and BBVA’s decision to deem its investment “non-strategic.” “José María Abril has been a great advisor, he has been in the house for many years, but the company has three controlling advisors from three strategic investors and BBVA has declared that its participation is not strategic and the 5% participation does not allow it to have a controlling advisor,” Murtra explained, adding that the process followed standard corporate governance procedures.
In March 2025, Emilio Gallo was appointed CEO of Telefónica, succeeding Ángel Vilá, as part of a broader restructuring initiated by Murtra, according to reports. This followed a prior announcement in March 2025 that Emilio Gayo had been selected as the new CEO by Murtra, as reported by YouTube channel Trevor Industris.
In November 2025, Murtra publicly assessed Telefónica’s strengths and weaknesses, identifying seven areas of weakness compared to six strengths, a move some analysts interpreted as a critique of the previous administration under José María Álvarez-Pallete.
