Debt evolution
(1) Including spectrum payments.
(2) Including the deconsolidation of T. Colombian net debt.
Net financial debt and commitments
Unaudited figures (Euros in millions)
| December 2024 | March 2025 | |
|---|---|---|
| Non-current financial liabilities | 33,192 | 32,865 |
| Current financial liabilities | 5,590 | 4,826 |
| Gross Financial Debt | 38,782 | 37,691 |
| Cash and cash equivalents | (8,062) | (7,059) |
| Current financial assets | (1,789) | (3,080) |
| Non-current financial assets | (3,698) | (3,484) |
| Mark-to-market derivatives adjustment (1) | 383 | 723 |
| Other current assets and liabilities | (262) | (282) |
| Other non-current assets and liabilities | 1,807 | 2,540 |
| Net Financial Debt | 27,161 | 27,049 |
| Lease Liabilities | 8,275 | 8,010 |
| Net Financial Debt including Lease liabilities | 35,436 | 35,059 |
Notes:
(1) Includes the market value of cash flow hedges related to debt instruments and the market value of economic hedges associated with gross employee benefit commitments.
Financing activity
In Q1 25, Telefónica Group raised long term financing by €6,780m and VMO2 raised €485m equivalent.
Financing activities in Q1 25 included:
- In Jan-25, Telefónica completed the refinancing of its main syndicated facility of €5,500m and extended its maturity to 5 years, with two annual extension option, up to a maximum maturity of 7 years (Jan-32). In addition, Telefónica successfully placed a senior bond for an amount of €1bn with a 9-year maturity, annual coupon of 3.724%, and signed a €125m bilateral loan with maturity in Jan-35
- In Feb-25, T. Chile signed a €58m bilateral loan with maturity in Feb-28, and in Mar-25, Colombia Telecomunicaciones signed a $100m bilateral loan with maturity in Apr-26
Telefónica financing activity allowed to maintain a solid liquidity position of €20,413m (€10,274m of undrawn committed credit lines; €9,487m maturing over 12M). As of Mar-25, the Group has covered debt maturities over the next three years and the average debt life stood at 11.5 years.
Telefónica and its holding companies continued their issuance activity under the Promissory Notes and Commercial Paper Programmes (Domestic and European), maintaining an outstanding notional balance of €1,500m as of Mar-25.
Financial debt
Total Financial Liabilities Breakdown
Unaudited figures (Euros in millions)
| March 2025 | |||
|---|---|---|---|
| Bonds and commercial paper | Debt with financial institutions | Other financial debt (including governments) and net derivatives | |
| Total financial liabilities (1) | 82% | 8% | 10% |
(1) Includes positive value of derivatives and other financial debt
Net financial debt plus Lease Liabilities structure by currency
Unaudited figures (Euros in millions)
| March 2025 | ||||
|---|---|---|---|---|
| EUR | BRL | HISPAM | OTHER | |
| Net financial debt plus Lease Liabilities structure by currency | 79% | 12% | 10% | -2% |
Financial expenses
Interest payments were up 12.7% y-o-y to €498m mainly due to a different calendarisation (higher concentration of payments in Europe in Q1 25 vs. Q1 24). The effective cost of debt related interest payments (L12M) decreased to 3.49% as of Mar-25 (3.64% in Mar-24).
Note: For further information, please access the January – March 2025 Results Report.