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.

Company’s shareholder remuneration for 2019 consisted of paying a dividend of 0.40 euros per share, which was paid in December 2019 (€0.20 per share in cash), and in June 2020 (€0.20 per share in scrip dividend).

Company’s shareholder remuneration for 2020 consisted of paying a dividend of 0.40 euros per share in scrip dividend, which was paid in December 2020, (€0.20 per share in scrip dividend), and in June 2021 (€0.20 per share in scrip dividend).

Shareholder remuneration for 2021, consists of the payment of a dividend of €0.30 per share, in two tranches, under the terms of scrip dividend. The first tranche was paid in December 2021 (€0.15 per share in scrip dividend), and the second tranche was paid in June 2022 (€0.15 per share in scrip dividend).

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. (those shares represented 1.5% of the share capital on that moment).

In February 2022, the Board of Directors of the Company announced the shareholder remuneration for 2022, which will consist of:

  • Payment of a cash dividend of €0.30 per share, payable in December 2022 (€0.15 per share) and June 2023 (€0.15 per share) (*)
  • Cancellation of 2.41% of the Company’s share capital, held as treasury stock (as of 31/12/2021), executed in April 2022, by means of the cancellation of 139,275,057 own shares was executed.

(*) For such purposes, the adoption of the corresponding corporate resolutions will be proposed, announcing the corresponding date of payment.