We increased our revenues by 11.1% in the first half of 2024, reaching 984 million euros

Telefónica Tech has presented its financial results for the first half of 2024, with revenues of 984 million euros and double-digit growth of 11.1%.

The recorded commercial strength and sales flow of Telefónica Tech allow for a positive revenue generation outlook for the rest of the year.

This result is part of the context of the results announced today by Telefónica, which achieved a 29% increase in revenues compared to the same period last year, registering a net profit of 979 million euros.

This positive business evolution allows the company to confirm all its financial targets set for 2024 and continue accelerating revenue growth, profitability, and sustainability, in line with the three pillars of the GPS strategic plan.

This solid revenue growth in the first half of the year accelerated in the second quarter, with revenues increasing by 1.2%, reaching 10,255 million euros. For the entire semester, the business figure grew by 1.1% and stood at 20,395 million euros.

The operating result before depreciation and amortization (EBITDA) for the second quarter increased in all geographies and stood at 3,219 million euros (+1.8%). In the first six months, it grew by 1.9%, totaling 6,424 million euros.

Our ESG Commitment

Telefónica has continued to progress across all ESG pillars. It has been included by TIME magazine in the Top 10 most sustainable companies in the world and, once again, recognized as the sector leader in the FTSE4Good Index Series.

• In the environmental sphere, the Board of Directors has approved the 2024 Climate Action Plan, which includes updated targets to achieve a 90% reduction in global operational emissions (Scopes 1 and 2) by 2030.
• In the social sphere, Telefónica has been designated the best company in the ICT sector by the World Benchmarking Alliance in the Social Benchmark, which evaluates contributions to human rights, decent work, and ethical behavior.
• Regarding governance, this quarter the company updated its AI ethical principles to incorporate the commitment to promote AI as a tool to address environmental challenges and to ensure traceability of decisions across the value chain.