Dividend Policy

Telefónica establishes the shareholder remuneration policy taking into account the Group’s earnings, cash generation, solvency, liquidity, flexibility to make strategic investments, and shareholders and investors’ expectations.

In the last years, Telefónica has combined different types of remuneration to the shareholders, such as dividend in cash, “scrip dividend”, or share buyback program and amortization of treasury stock, payable in different tranches each year.

As of March 2017, the Board of Directors of Telefónica, S.A. defined the payment period for the annual dividend, so that the dividend payment in the second quarter takes place in June, and the dividend payment in the fourth quarter takes place in December, in both cases on or before the third Friday of the corresponding month.

Company’s shareholder remuneration for 2021 consisted of paying a dividend of 0.30 euros per share payable in two tranches in scrip dividend, “Telefónica Dividendo Flexible”.

In May 2021, the share capital reduction in the amount of 82,896,466 euros by means of the cancellation of 82,896,466 own shares was executed.

In February 2022, the shareholder remuneration for 2022 was announced, which consists of paying a dividend of €0.30 per share in cash, the first tranche was paid on December 15, 2022 (€0.15 per share) and the second tranche is expected to be paid on June 15, 2023 (€0.15 per share).

In April 2022, the share capital reduction in the amount of 139,275,057 euros by means of the cancellation of 139,275,057 own shares was executed.

In February 2023, the shareholder remuneration for 2023 was announced, and consisted of a dividend in cash of €0.30 per share, payable on December 14, 2023 (€0.15 per share) and on June 2024 (€0.15 per share).  The Annual General Shareholders’ Meeting held on March 31, 2023, agreed the distribution of a dividend in cash charged to unrestricted reserves, by means of a payment of a fixed gross amount of 0.30 euros during 2023 payable in two tranches:

  • The first payment in cash of a gross amount of 0.15 euros per share on June 15, 2023.
  • The second payment in cash of a gross amount of 0.15 euros per share on December 14, 2023.

In April 2023, the share capital reduction in the amount of 24,779,409 euros by means of the cancellation of 24,779,409 own shares was executed.

In November 2023, the commitment to a 0.30 euros annual dividend per share as a floor during the 2023-2026 period was announced. For this, the adoption of the corresponding corporate resolutions will be proposed in due course. In addition, DPS growth/SBB will be considered as we regain financial flexibility.

In February 2024, the shareholder remuneration for 2024 was announced, and consisted of a dividend in cash of €0.30 per share, payable on December 2024 (€0.15 per share) and on June 2025 (€0.15 per share).

In addition, it will be proposed to the next Annual General Meeting to cancel shares representing 1.4% of the share capital held as treasury stock (June 30th, 2023).