In H1 2026, Telefónica reported revenue of €16,392 million, adjusted EBITDA of €5,768 million, adjusted net income from continuing operations of €954 million, and free cash flow from continuing operations of €944 million. This performance was driven by accelerated growth in revenue, adjusted EBITDA and adjusted operating cash flow after leases (adjusted OpCFaL) in Spain and Brazil during the second quarter. During this period, adjusted OpCFaL rose to €1,279 million, up 6.7 per cent at real exchange rates (2.9 per cent at constant exchange rates). In the first half of the financial year, it reached €2,654 million, up 4.0% at real exchange rates (2.7% up at constant exchange rates). The same trend was seen in adjusted EBITDA, which reached €1,168 million after growing by 21.6 per cent at real exchange rates (11.3 per cent at constant exchange rates).