Table of Contents As filed with the Securities and Exchange Commission on February 25, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February, 2022 Commission File Number: 001-09531 Telefónica, S.A. (Translation of registrant's name into English) Distrito Telefónica, Ronda de la Comunicación s/n, 28050 Madrid, Spain 3491-482 87 00 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file an ...

Telefónica, S.A. (NYSE:TEF) Q4 2021 Earnings Conference Call February 24, 2022 4:00 AM ET Company Participants Adrian Zunzunegui – Global Director-Investor Relations Jose Maria Alvarez-Pallete – Chairman and Chief Executive Officer Angel Vila – Chief Operating Officer Laura Abasolo – Chief Financial and Control Officer, and Head-T. Hispam Conference Call Participants Georgios Ierodiaconou – Citi David Wright – Bank of America Luigi Minerva – HSBC Pilar Vico – Credit Suisse Fernando Cordero – Banco Santande ...

Telefónica, S.A. (NYSE:TEF) Q3 2021 Earnings Conference Call November 4, 2021 5:00 AM ET Company Participants Adrián Zunzunegui - Investor Relations Angel Vila - Chief Operating Officer Laura Abasolo - Chief Financial and Control Officer Eduardo Navarro - Chief Commercial Digital Officer Lutz Schuler - CEO, Virgin Media Conference Call Participants David Wright - Bank of America Fernando Cordero - Banco Santander Carl Murdock-Smith - Berenberg Nawar Cristini - Morgan Stanley Jakob Bluestone - Credit Suisse ...

Financial Data and Key Metrics Changes - The second quarter reported figures showed a year-on-year decline narrowed by 3.6% to EUR 10 billion, with organic growth of 3.4%, accelerating by 4.8 percentage points compared to the first quarter [8] - Net income reached EUR 7.7 billion, with earnings per share (EPS) at EUR 1.37 [8] - Free cash flow amounted to EUR 877 million in the second quarter, exceeding EUR 1.6 billion when excluding spectrum payments, representing a 31% increase year-on-year [9] - Net financial debt was reduced by EUR 11 billion year-on-year to EUR 26.2 billion, which is half of the June 2016 net debt position [9][36] Business Line Data and Key Metrics Changes - The Spanish operation showed annual revenue growth for the first time since late 2019, with improved trends in service and handset revenue [17] - In Germany, revenue and OIBDA improved year-on-year by 5.7% and 10.3%, respectively, with CapEx growing by 6.9% [20] - In Brazil, revenue growth accelerated to 3.2% year-on-year in Q2, with OIBDA returning to positive growth at 3% year-on-year [26] - Telefonica Tech revenue growth accelerated to 26.6% year-on-year, with B2B revenues growing by 4.5% [30] Market Data and Key Metrics Changes - In Spain, the competitive environment is rationalizing, leading to improved customer satisfaction and reduced churn [18] - The U.K. market saw the completion of the Virgin Media O2 JV, with a total base of EUR 54.6 million, up 7% year-on-year [21] - In Hispam, the company reported simultaneous year-on-year revenue and OIBDA growth for the first time in 15 quarters [34] Company Strategy and Development Direction - The company is transitioning to sustainable profitable growth, with a focus on digitalization and ESG initiatives [5][7] - The strategic focus includes reinforcing positions in core markets, such as the U.K. and Brazil, while modulating exposure to Hispam [6][10] - The company aims to upgrade its U.K. network to full fiber to the premise by 2028, leveraging its existing infrastructure [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting ARPU improvements and a return to OIBDA margins above 39% [9][10] - The company anticipates continued operational momentum in Brazil and Germany, with a positive outlook for revenue and OIBDA stabilization [10] - Management highlighted the importance of rational market behavior in Spain, which is expected to support ARPU recovery [56] Other Important Information - The company has launched an industry-wide eco-rating scheme for mobile phones and has been recognized as a climate leader by the Financial Times [12] - The company is committed to diversity and inclusion, aiming for at least 33% of women in management positions by the end of 2024 [13] Q&A Session Summary Question: Thoughts on the U.K. business moving from cable to fiber - Management confirmed the decision to upgrade to fiber is driven by the unique position of having a deep fiber network, allowing for low-cost upgrades and better competitive positioning [42][43] Question: Impact of football season on ARPU in Spain - Management explained that the end of the football season led to temporary downgrades, but expects ARPU to improve in the second half as promotions decrease and new portfolio offerings take effect [44][46] Question: Outlook for EBITDA in Spain - Management indicated that while Q2 EBITDA improved slightly, the comparison was tough due to nonrecurring factors from the previous year, but expects a return to close to 40% margins in the second half [65][67] Question: Potential for further inorganic options in LATAM - Management stated the focus is on profitability and efficiencies rather than pursuing deals, but sees opportunities for growth through fiber initiatives [71][74] Question: Future of the voluntary scrip option - Management noted that the scrip option provides flexibility during uncertain times, but aims to mitigate dilution impacts through excess free cash flow [92]

| --- | --- | --- | --- | |------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RESULTS | | | | | January - June | | | | | | | | | | 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Disclaimer This document and any related conference call or webcast (including any related Q&A session) may contain forward-looking statements and information (hereinafter, the "Statements") relating to the Telefó ...

Telefonica SA (NYSE:TEF) Q1 2021 Earnings Conference Call May 13, 2021 3:30 AM ET Company Participants Adrian Cincinnati – Global Director of Investor Relations Angel Vila – Chief Operating Officer Laura Abasolo – Chief Financial and Control Officer Conference Call Participants Mathieu Robilliard – Barclays David Wright – Bank of America Keval Khiroya – Deutsche Bank Mandeep Singh – Redburn Michael Bishop – Goldman Sachs Jakob Bluestone – Credit Suisse Luigi Minerva – HSBC Adrian Cincinnati Good morning and ...

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Summary of Telefonica SA Full Year 2020 Earnings Conference Call Company Overview - **Company**: Telefonica SA (NYSE:TEF) - **Date of Call**: February 25, 2021 - **Focus**: Discussion of financial results for the year 2020 Key Points Industry and Market Position - Telefonica operates in four core markets: Spain, Germany, UK, and Brazil, with significant improvements in fiber infrastructure, reaching over 25 million premises passed in Spain and 15 million in Brazil [5][6] - The company is progressing with the O2 and Virgin Media merger in the UK and has won a joint bid for Oi mobile in Brazil, enhancing market position [6] Financial Performance - **Revenue**: Reported revenue declined by 11% year-on-year, primarily due to unfavorable foreign exchange impacts [10] - **OIBDA**: Declined by 12.7% year-on-year on a reported basis, or 5.7% organically [11] - **Earnings Per Share**: Increased to €0.24, a growth of 54.3% year-on-year [9] - **Free Cash Flow**: Improved significantly, reaching €4.8 billion for the year, with a free cash flow per share of €0.88 [36] Operational Highlights - **Digitalization**: 79% of processes are digitalized, with digital sales growing by 12% year-on-year, now accounting for 31% of total sales [8][9] - **Cost Efficiency**: Organic OpEx decreased by 2.2% year-on-year in Q4 2020, contributing to improved margins [9] - **Debt Reduction**: Net financial debt reduced by €2.5 billion to €35.2 billion, with expectations of further reduction by €9 billion from announced transactions [10][36] Strategic Initiatives - **Fiber Expansion**: The company is focusing on fiber-to-the-home networks, with a target of reaching over 5.5 million premises passed in Brazil through a new neutral wholesale network [30][25] - **ESG Commitment**: Telefonica aims for net zero emissions by 2025 in its main markets, with significant reductions in energy consumption and increased use of renewable energy [16][22] Market Trends and Future Outlook - **Spain**: The company is implementing a "More for More" strategy to stabilize pricing competition, leading to improved churn rates and ARPU [18][61] - **Germany**: Strong performance with O2 Free portfolio and low churn rates, supported by network quality improvements [20][21] - **UK**: Despite COVID-19 impacts, the company maintained a strong customer base and improved OIBDA margins [22][23] - **Brazil**: Continued leadership in mobile with a market share of 33.6%, and significant fiber expansion efforts [24][25] Guidance and Expectations - **2021 Outlook**: Anticipated recovery and normalization in revenue trends, with a dividend of €0.3 per share announced for 2021 [39][69] - **Strategic Focus**: Continued emphasis on cash flow generation, operational efficiency, and strategic investments in growth areas [56][69] Additional Insights - **ESG Performance**: The company has made significant contributions to GDP and job creation, with a strong reputation during the pandemic [16][17] - **Market Adaptation**: Telefonica is adapting to competitive pressures by reducing promotional activities and focusing on high-value subscribers [58][60] This summary encapsulates the key points discussed during the Telefonica SA earnings conference call, highlighting the company's financial performance, strategic initiatives, and market outlook for 2021.

Table of Contents As filed with the Securities and Exchange Commission on February 25, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 20-F (Mark One) OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...