tef-presres1q24

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Q1 24 Summary Mr. Ángel Vilá COO

Solid start to the year, clear opportunities ahead 2 Accelerating revenue and EBITDA growth Sustained momentum; consistent growth in core markets Spain, Brazil and Germany Record low churn levels in Spain and Brazil, reflecting superior value proposition. Germany at 1%. Enhancing customer experience through state-of-the-art networks turns into increased satisfaction Reiterating 2024 outlook Q1 highlights Near-term opportunities • New long-term mobile network agreement with DIGI; NB MOU signed • Negotiation underway on potential Concession to Authorisation regime migration • Spectrum extension expected scenario • UK NetCo carve-out advisors appointed, accelerating fibre build and receiving strong interest from infra investors

Stronger Telefonica, Q1 main achievements Next Generation NETWORKS Enhanced CUSTOMER experience focus Leaner OPERATIONS • Fibre growth, +9m FTTH PPs y-o-y to 77m • T. Infra FTTH PPs, +7m y-o-y to 22m • More 5G, 63% coverage core markets • Al Centre of Excellence in all OBs • More softwarisation, 1st core function in public cloud (GER) • Growing customers, +5m y-o-y to 388m • Higher satisfaction, 31 NPS score • Lowest ever churn in Spain and Brazil, Germany at 1% • AI for automation, 650 use cases • Evolving revenue mix, more digital services and connectivity • Scaling B2C digital ecosystem • Spain copper switch-off (4,272 COs closed since 2014) • T. DE delisting (96.85% stake) • Higher efficiencies to come from Q2 (costs savings in Spain) 3

Telefonica Group: solid Q1 results • High quality accesses (FTTH +12%, mobile contract +3%) • Top-line ramping up, +1.4 p.p. q-o-q • Service revenue +3.1 p.p. q-o-q • Accelerating EBITDA; +0.4 p.p. q-o-q mainly on BZ & GER • EBITDAaL-CapEx margin stable y-o-y • Higher efficiencies to come from Q2 • FCF generation well on track to FY guidance • Progress on ESG pillars • Leading the sector towards a deregulated environment 1.Adjusted for a €75m positive extraordinary received in Brazil’s WC in Q1 23. Sustainability Profitability Growth +2.3% y-o-y €9.1bn Service Revenue +2.8% y-o-y €2.2bn B2B Revenue +0.8% y-o-y €6.2bn B2C Revenue +0.9% y-o-y €10.1bn Revenue +0.3 p.p. 31.6% EBITDA Margin +0.2 p.p. 10.4% CapEx/ Sales +€43m y-o-y1 -€41m FCF +1.9% y-o-y €3.2bn EBITDA 4

Q1 24 Geographies & Units Mr. Ángel Vilá COO

Convergent KPIs Churn (%)ARPU (€) Margins • Growth in main accesses for 3 straight Qs • Convergent churn at all-time lows, gross adds up y-o-y (1st time since Q2 21) • Continued revenue growth: solid B2B, stable B2C • Redundancy savings to fuel higher EBITDA growth from Q2 (savings accounted since 1st of March) • C. 450k FTTH PPs under contained CapEx (10.8% of revenue) • New long-term mobile network agreement with DIGI: NB MOU signed Spain: Solid trading and efficiencies to further accelerate EBITDA growth 92.6 91.5 90.6 91.2 92.2 0.9% 0.9% 0.9% 0.9% 0.9% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 36% 36% 36% 37% 36% 22% 18% 19% 19% 20% EBITDAaL-CapExEBITDA 0.3% 0.3% 1.0% 3.3% 1.0%1.7% 1.9% 2.4% 2.7% 1.6% (1.7%) (1.0%) (0.5%) 0.1% 0.2% Revenue EBITDARetail Rev. Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 5 Highlights 21 24 28 7 1223 43 69 62 12 (5) (7) 3 3 3 (49) (60) 1 8 7 Net adds (k) Postpaid ConvergentFBB Pay TV Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Revenue & EBITDA growth (y-o-y)

Highlights Brazil: Strong operating performance leading growth • Outstanding growth • Lowest ever contract churn (0.97%); ARPU +9.4% • FTTH accesses +12% y-o-y; ARPU +6% • 1.5m Vivo Total (FTTH+mobile offer): +111% • Building digital ecosystem: OTT subscriptions +14% • Contract revenue +16% on commercials & price rises • OpEx growth < revenue despite digital services’ costs • Benchmark EBITDAaL-CapEx margin at 17.7% 24.7 25.1 26.2 26.8 29 Accesses growth (y-o-y) FTTH Premises passed (m) 15% 3% 4% 4% 6% 17% 15% 14% 13% 12% FTTHContract Mar-23 Jun-23 Sep-23 Dec-24E Mobile contract m.s. 43.5% 43.7% 43.6% Dec-23 43.4% 43.3% Mar-24 Jun-23 Sep-23 Dec-23 Mar-24 17.5% 4.7% 6.8% 7.5% 10.4% 14.8% 7.8% 10.8% 9.5% 10.7% Revenue EBITDA 40% 42% 44% 44% 41% 18% 14% 16% 18% 18% EBITDAaL-CapExEBITDA Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Margins 6 Revenue & EBITDA growth (y-o-y)

30% 31% 32% 31% 31% 10% 11% 9% 8% 11% Fixed BB net adds (k) Revenue EBITDA EBITDAaL-CapExEBITDA Postpay net adds (k) 368 302 396 284 157 1 25 22 31 13 3 8.0% 4.4% 2.2% 4.6% (0.1%) 1.7% 2.8% 3.6% 3.7% 5.0% Q2 23 Q4 23 Q1 24Q1 23 Q3 23Q2 23 Q4 23Q1 23 Q3 23 Q1 24 Q2 23 Q4 23Q1 23 Q3 23 Q1 24 Q2 23 Q4 23 Q1 24Q1 23 Q3 23 (1) Excludes 3rd party MNO-accesses Germany: Ongoing operational and EBITDA momentum • Solid start into the year • >95% 5G pop coverage • Strong own brand performance (O2 contract churn 1.0%) • Sustained MSR momentum (+2.3% y-o-y ex MTR) • Better operating leverage; EBITDA +5.0%, EBITDAaL- CapEx +14.3% • Improved energy consumption, -83% (from 2015) 7 Highlights Margins Revenue & EBITDA growth (y-o-y)

36% 37% 37% 39% 36% 15% 15% 16% 21% 13% 108 175 251 299 194 1.0% 0.9% 1.0% 1.2% 1.2% (1.4%) 3.6% 6.7% 3.9% 2.6% (4.0%) 1.0% 5.8% 10.8% 3.3% Fixed network build (k PPs) Mobile contract churn (%) Revenue EBITDA EBITDAaL-CapExEBITDA UBB PPs 17.2m Q3 23 Q1 24Q1 23 Q2 23 Q4 23 Q3 23 Q1 24Q1 23 Q2 23 Q4 23 Q3 23 Q1 24Q1 23 Q2 23 Q4 23 Q3 23 Q1 24Q1 23 Q2 23 Q4 23 Virgin Media O2: setting up for 2024 execution with focused investments • Ramping up fibre, 80% increase in build pace y-o-y • Targeted launch of 5G standalone in 14 cities • Stabilisation of fixed customer ARPU • Contract churn remains at low levels of 1.2% • Improved service revenue growth across mobile and consumer fixed • Handset revenue decline as primary driver of revenue pressure • O2 Recycle initiative expanded its scope to new devices 8 Highlights Margins Revenue & EBITDA growth (y-o-y)

T. Tech, double-digit growth while reinforcing capabilities and credentials Revenue (€m) 429 476 Q1 23 Q1 24 +11.0% y-o-y Double-digit growth to further improve as from Q2 on strong backlog Well balanced revenue mix (value added services and currency) Strong commercial activity • Bookings growth driven by Private sector (Financial, Healthcare, Manufacturing) • Large relevant deals closed in Q1 to support customers’ critical processes • Commercial Funnel growing at double digit, more revenue visibility New recognitions Leader: Magic Quadrant Managed IoT Connectivity Services (for 10th consecutive year) Very Strong: Managed Security Services in the Competitive Landscape Assessment Differential profile Bookings >30% growth Gaining relevance in higher-growth markets, proven skills • GSL expanding capabilities across markets • NextDefense (Cybersecurity) launch in UK and first contract closed • 6.3k professionals (80% Europe) >85% in delivery & sales; ~4k certifications Q1 y-o-y 9

Critical digital infrastructure 1 Included in the total Group’s FTTH PPs. Mar 24 and 2026E includes Pangea PPs. T. Infra, a global connectivity platform to lead change Opening of a new route connecting the Dominican Republic Consistent solid profitability Sustained positive traffic growth 50.8% EBITDA margin Q1 24 +12% y-o-y Accelerating FTTH deployment 15 Mar-23 Mar-24 2026E ~30 22 ~+60% Total FTTH Premises Passed1 (m) ̴30% of 23-26 of TEF’s FTTH rollout Increasing network differentiation and capabilities Pangea Co 10

Q1 24 T. Hispam, financials, ESG Mrs. Laura Abasolo CFCO & Head of T. Hispam

17.6 18.6 19.5 19.5 20.9 FTTH & Cable PPs (m) 4% 3% 3% 1% 1% 18% 16% 12% 8% 6% FTTH & CableContract Accesses growth (y-o-y) 17.2m FTTH Leading the market Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 4.1% (5.2%) (10.8%) (21.4%) (8.2%) (5.1%) (19.8%) (24.3%) (4.0%) (14.9%) Revenue EBITDA 19% 18% 18% 27% 18% 8% 5% 4% 4% 7% EBITDAaL-CapExEBITDA Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Hispam: Helping to build a more rational ecosystem • Pushing towards healthier competition • Softer mobile commercial activity (rationality focus) • ONNET Chile agreement with VTR/Claro & Entel • Leading B2B NPS on better value proposition • € reported financials hit by FX • Underlying trends unchanged • Better trends expected in H2 24 on revenue improvement in Chile and Peru and efficiencies • Invested capital -32% vs. Dec-19 • COL and MEX growing y-o-y in Revenue & EBITDA Highlights 11 Margins Revenue & EBITDA growth (y-o-y)

FCF phasing fully aligned with expectations; 2024 guidance reaffirmed FCF to improve throughout the year; 2024 guidance reaffirmed € million FCF 2024E >10% growth FCF 2023 €2,308m FCF CAGR 23-26 >10% growth Q1 FY (9) 2,308 (41) • Q1 24 affected by usual EBITDAaL seasonality and working capital consumption • Q1 23 working capital included +€75m in Brazil from tax assets monetisation • Q1 fully in-line with expectations and 2024 guidance reaffirmed 20242023 12 +€43m y-o-y adj. by BZ one-off in Q1 23

Net Financial Debt € million 27,349 69 178 Solid balance sheet reflects T. DE shares acquisition ND/EBITDAaL 2.71x Dec-23 FCF including spectrum Mar-24 FX & Others Net financial investments Shareholder Remuneration 28,482882 4 Financing Activity 5.4 1.8 1.1 0.2 0.2 1.3 0.9 2024 YTD (€bn) Green senior Bond Senior Bonds VMO2 Bank Financing Hispam Bank Financing TSA Total Green Hybrid Term Loan P (TLA) VMO2 Contained interest payment cost 3.51% Mar-24 3.80% Dec- 23 ND/EBITDAaL 2.60x 13

ESG key to realising our GPS targets Environmental • Scope 3 efficiencies Included on CDP Supplier Engagement Leaderboard for 5th consecutive year • Growth via eco-solutions Eco Smart, our portfolio for B2B customers, named Champion Project by ITU Social • Talent management via diversity 33.1% women executives; +858 persons with disabilities vs. Q1 23 • Protecting customers from Cyber attacks Blocked ~320m cybersecurity threats for SMEs and retail customers in Spain Governance • Shareholder confidence All BoD proposed resolutions approved at AGM • Facilitating access to financing Issuance of a two tranche-senior green bond and a green hybrid 14 AI governance; building on AI principles since 2018

Key takeaways Mr. Ángel Vilá COO

Guidance 2024: accelerate FCF delivery even after better 2023 2024 Guidance On Track to Deliver 2023-26 CAGR Revenue y-o-y reported ~1% ✓ ~1% B2C ~1.5%; B2B ~5% EBITDA y-o-y reported 1% to 2% ✓ ~2% EBITDAaL - CapEx y-o-y reported 1% to 2% ✓ 5% CapEx / Sales Up to 13% ✓ <12% FCF y-o-y reported >10% ✓ >10% Cash Dividend €0.3/share 2 tranches €0.15;Dec-24, Jun-25 ✓ €0.3/share floor Leverage Reduced ✓ 2.2-2.5x (2026) 15

Delivered solid Q1 results, firmly on track for 2024 guidance and 2023-2026 plan (FCF CAGR >10%) Robust commercial performance, Spain EBITDA improvement, maintaining strength in Brazil & Germany Investing in next-generation networks to elevate customer experience and drive growth Streamlining operations through digitalisation, efficiencies, hyper automation and legacy network shutdowns Disciplined capital allocation: deleveraging towards targets, sustainable dividend, focused growth CapEx Strong start to the year, near term catalysts 1 2 3 4 5 6 Positive near-term catalysts in all core markets Spain: NB MOU signed with DIGI for a new long-term mobile network agreement Brazil: Negotiating potential regime migration from Concession to Authorisation Germany: spectrum extension as expected scenario UK: NetCo carve-out advisors appointed, fibre build accelerating, strong interest from investors 16

Results presentation and Q&A Session Telefónica’s management will host a webcast on 9 May at 10:00 AM (CEST), 9:00 AM (BST), and 4:00 AM (EDT) Participants from Telefónica • To access the webcast: click here • The webcast replay will be available on Telefónica IR’s website after the event • To participate in the Q&A session, please register using the following link to receive the dial in and PIN details: click here • Ángel Vilá l COO • Laura Abasolo l CFCO & Head T. Hispam • Markus Haas l CEO Telefónica Deutschland • Lutz Schüler l CEO Virgin Media O2 • Eduardo Navarro l Chief Corporate Affairs & Sustainability Officer • Adrián Zunzunegui l Global Director of Investor Relations Webcast Q&A Session

For further information, please contact: Investor Relations Adrián Zunzunegui (adrian.zunzunegui@telefonica.com) Isabel Beltrán (i.beltran@telefonica.com) Torsten Achtmann (torsten.achtmann@telefonica.com) Tel. +34 91 482 87 00 ir@telefonica.com www.telefonica.com/investors FOLLOW US: Climate A List 2023 Bloomberg GEI 2023 1st company worldwide in 2023 Digital Inclusion Benchmark 1st in sector 2022 Member of DJSI Europe


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1.	Telefónica Group: Presentation on quarterly results January-March 2024	2