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Menu</span></button></nav></div></header><main id="primary" class="site-main tpl-page"><article id="post-20203" class="post-20203 page type-page status-publish"><nav aria-label="Breadcrumb" class="breadcrumb"><ol class="breadcrumb__list" itemscope itemtype="https://schema.org/BreadcrumbList"><li class="breadcrumb__item" itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"> <a class="breadcrumb__link" itemprop="item" href="https://www.telefonica.com/en/"> <span itemprop="name">Home</span> </a><meta itemprop="position" content="1" /></li><li class="breadcrumb__item" itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"> <a class="breadcrumb__link" itemprop="item" href="https://www.telefonica.com/en/shareholders-investors/"> <span itemprop="name">Shareholders & Investors</span> </a><meta itemprop="position" content="2" /></li><li class="breadcrumb__item" itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"> <a class="breadcrumb__link" itemprop="item" href="https://www.telefonica.com/en/shareholders-investors/share/"> <span itemprop="name">Share</span> </a><meta itemprop="position" content="3" /></li></ol></nav><header class="entry-header"><h1 class="entry-title">Reasons to invest in Telefónica</h2></header><div class="entry-content"><div class="tlf-spaces mb--70 "></div><h2 class="wp-block-heading heading-3" id="h-a-stronger-company-with-a-higher-ambition">A Stronger Company with a Higher Ambition</h2><div class="block-shadow block-shadow--light block-shadow--left block-67b8b0f18a86f"><div class="block-shadow__content"><p class="text--intro"><strong>Telefónica is a Company with a higher ambition</strong>. After the operational transformation process that we started in 2016, we are clearly seeing the benefits this transformation has brought to Telefonica.</p><p>And now we are <strong>ready to increase our ambition</strong>. We are a <strong>stronger company</strong> based on <strong>Growth</strong>, <strong>Profitability</strong> and in a more <strong>Sustainable</strong> manner.</p></div><div class="block-shadow__media"> <img fetchpriority="high" decoding="async" width="560" height="308" src="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/05/razones-invertir-jga-2023.jpg?w=560" class="block-shadow__img" alt="Reasons to invest" srcset="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/05/razones-invertir-jga-2023.jpg 560w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/05/razones-invertir-jga-2023.jpg?resize=300,165 300w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/05/razones-invertir-jga-2023.jpg?resize=375,206 375w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/05/razones-invertir-jga-2023.jpg?resize=150,83 150w" sizes="(max-width: 560px) 100vw, 560px" /><div class="block-shadow__desc"></div></div></div><div class="tlf-spaces mb--35 "></div><div class="stats stats--big "><div class="stats__row"><div class="stats__message"> <span class="stats__title heading-2">FCF >10%</span> <span class="stats__text heading-6">CAGR 23-26</span></div><div class="stats__message"> <span class="stats__title heading-2">2.2-2.5x</span> <span class="stats__text heading-6">ND / EBITDAaL 26</span></div><div class="stats__message"> <span class="stats__title heading-2">€0.30 floor</span> <span class="stats__text heading-6">DPS 23-26</span></div></div><div class="stats__row"><div class="stats__message"> <span class="stats__title heading-2"></span> <span class="stats__text heading-6">Improved returns</span></div><div class="stats__message"> <span class="stats__title heading-2"></span> <span class="stats__text heading-6">Leverage reduction</span></div><div class="stats__message"> <span class="stats__title heading-2"></span> <span class="stats__text heading-6">Value creation</span></div></div></div><style type="text/css">.stats__text { text-transform: none!important; }</style><div class="tlf-spaces mb--35 "></div><p>We enable our GPS framework with <strong>a strict and disciplined capital allocation.</strong></p><p>During the next 3 years we aim:</p><ul class="wp-block-list list list--dots"><li>To <strong><strong>grow reported revenue by around 1%, and EBITDA by around 2%</strong>.</strong></li><li>This will result into average <strong>growth of EBITDAaL-CapEx of around 5%,</strong> which as a result of our improved operating leverage will drive <strong>FCF growth of more than 10%.</strong></li><li>This will help to create <strong>significant shareholder value</strong> and allow us to <strong>reduce leverage of net debt over EBITDAaL to between 2.2 and 2.5 times</strong>. We are committing to an <strong>attractive dividend of at least €0.30 per share</strong>, with <strong>improved dividend coverage</strong> throughout the plan.</li><li>All this will come from organic sources of capital. Excess FCF from inorganic sources of capital could be used to accelerate the leverage reduction, feed potential share buy backs or could be used for M&A in the period.</li></ul><div class="tlf-spaces mb--70 "></div><h2 class="wp-block-heading heading-3" id="h-2023-26-guidance">2023-26 guidance</h2><figure class="wp-block-image size-large"><img decoding="async" width="1920" height="864" src="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg?w=640" alt="" class="wp-image-53557" srcset="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg 1920w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg?resize=300,135 300w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg?resize=768,346 768w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg?resize=1024,461 1024w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg?resize=1536,691 1536w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.jpg?resize=150,68 150w" sizes="(max-width: 1920px) 100vw, 1920px" /></figure><div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex"><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"><div class="download " id="downloads-20203"><ul class="download__list"><li class="download__item"><a class="GAevent download__link" target="_blank" href="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/guidance-2023-26-Reasons-Invest.pdf" onclick="dataLayer.push({'event': 'gaEvent', 'eventCategory': 'descarga', 'eventAction' : 'PDF', 'eventLabel' : '202326 guidance'});" data-vars-event-category='descarga' data-vars-event-action='PDF' data-vars-event-label='202326 guidance' download=""><div class="download__title"> <svg class="icon download__icon"> <use xlink:href="/wp-content/themes/telefonica-theme/img/svg/symbol/sprite.svg#download"></use> </svg>2023-26 guidance</div><div class="download__info"> PDF | 196 KB</div></a></li></ul></div></div><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"></div></div><p>We have confirmed guidance for 2023-26 and we are also <strong>on track to achieve our 2024 targets</strong>. Our 3-year growth is starting in year one.</p><ul class="wp-block-list list list--dots"><li><strong>Revenue ~1% growth y-o-y</strong></li><li><strong>EBITDA 1% to 2% growth y-o-y</strong></li><li><strong>EBITDAal-CapEx 1% to 2% growth y-o-y</strong></li><li><strong>CapEx over revenue up to 13%</strong></li><li><strong>FCF >10% growth y-o-y</strong></li><li><strong>Dividend €0.3/share (€0.15 Dec-24; €0.15 Jun-25)</strong></li></ul><div class="tlf-spaces mb--70 "></div><h2 class="wp-block-heading heading-3" id="h-we-keep-commiting">We keep commiting</h2><figure class="wp-block-image size-large"><img decoding="async" width="1920" height="836" src="https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg?w=640" alt="We keep commiting" class="wp-image-57230" srcset="https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg 1920w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg?resize=300,131 300w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg?resize=768,334 768w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg?resize=1024,446 1024w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg?resize=1536,669 1536w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.jpg?resize=150,65 150w" sizes="(max-width: 1920px) 100vw, 1920px" /></figure><div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-2 wp-block-columns-is-layout-flex"><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"><div class="download " id="downloads-20203"><ul class="download__list"><li class="download__item"><a class="GAevent download__link" target="_blank" href="https://www.telefonica.com/en/wp-content/uploads/sites/5/2024/02/we-keep-commiting-2024-Reasons-Invest.pdf" onclick="dataLayer.push({'event': 'gaEvent', 'eventCategory': 'descarga', 'eventAction' : 'PDF', 'eventLabel' : 'We keep commiting'});" data-vars-event-category='descarga' data-vars-event-action='PDF' data-vars-event-label='We keep commiting' download=""><div class="download__title"> <svg class="icon download__icon"> <use xlink:href="/wp-content/themes/telefonica-theme/img/svg/symbol/sprite.svg#download"></use> </svg>We keep commiting</div><div class="download__info"> PDF | 168 KB</div></a></li></ul></div></div><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"></div></div><div id="block_c36de101db21510333c47601be35be38" class="tf-accordion no-border"><ul class="tf-accordion-group"><li class="tf-accordion-pestana"><div class="tf-accordion-header tf-accordion-title" id="massive-transformation-and-an-exciting-vision-telefonica-is-ready"><h2 class="heading-3"><a class="tf-accordion__link"><span>Massive transformation and an exciting vision. Telefónica is ready.</span></a></h2></div><div class="tf-accordion-content"><p>To become more digital intelligent and future proof, with an enlarging addressable market beyond connectivity. We are ready to upgrade the connection with our customers, create a new generation of API-based services, double down efficiencies and capital allocation, and towards a higher sustainability.  </p><p>During the next three years:</p><ul class="wp-block-list list list--dots"><li>We will be benefitting from massive legacy switch-off, streamlining our business model.</li><li>We will be realizing the advantages of our proactive investments in platforms and AI, which will manifest as highly automated operations and content management, autonomous network management, and cutting-edge customer engagement strategies.</li><li>We will have rolled out a fully programmable network infrastructure that will reduce operating costs and introduce a new wave of personalized and real-time services to our customers.</li></ul><p>All this makes our service faster and more efficient whilst open up new markets for revenue growth. Ensuring more sustainable growth in the long term.</p><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1920" height="828" src="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg?w=640" alt="" class="wp-image-53553" srcset="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg 1920w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg?resize=300,129 300w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg?resize=768,331 768w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg?resize=1024,442 1024w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg?resize=1536,662 1536w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.jpg?resize=150,65 150w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /></figure><div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex"><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"><div class="download " id="downloads-20203"><ul class="download__list"><li class="download__item"><a class="GAevent download__link" target="_blank" href="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/solid-foundations-enlarging-addressable-market-Reasons-Invest.pdf" onclick="dataLayer.push({'event': 'gaEvent', 'eventCategory': 'descarga', 'eventAction' : 'PDF', 'eventLabel' : 'Revenue growth'});" data-vars-event-category='descarga' data-vars-event-action='PDF' data-vars-event-label='Revenue growth' download=""><div class="download__title"> <svg class="icon download__icon"> <use xlink:href="/wp-content/themes/telefonica-theme/img/svg/symbol/sprite.svg#download"></use> </svg>Revenue growth</div><div class="download__info"> PDF | 169 KB</div></a></li></ul></div></div><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"></div></div></div></li><li class="tf-accordion-pestana"><div class="tf-accordion-header tf-accordion-title" id="accelerate-growth-profitability-and-sustainability"><h2 class="heading-3"><a class="tf-accordion__link"><span>Accelerate Growth, Profitability and Sustainability.</span></a></h2></div><div class="tf-accordion-content"><p>The GPS program is built on 5 lines of action:</p><ol class="wp-block-list list list--zero"><li><strong>Sustain B2C revenue growth.</strong><br>On the back of our most valuable telco brands, best network quality and customer experience, with attractive products and bundled services. We are generating the highest customer satisfaction, achieving the highest NPS scores. With our digital B2C ecosystems we are growing customer engagement.<strong> We expect to grow B2C revenue by ~1.5% CAGR 2023-26.</strong></li><li><strong>Keep above-industry B2B momentum.</strong><br>We transformed B2B and with the help of T. Tech (our specialist provider of advanced digital B2B solutions in the cloud, cybersecurity, IoT and Big Data fields) have created a fast-growing segment. Our aim is to reach €3bn T. Tech sales by 2026, +18% (CAGR Sep-23 (LTM) – 2026 (EOY)). We have a leading position in growing market. Our evolved revenue base and our combination of traditional B2B together with T. Tech gives us the confidence to expect <strong>B2B revenue to grow by ~5% CAGR 2023-26.</strong></li><li><strong><strong>Evolve wholesale and others’ revenues.</strong></strong><br>A valuable revenue stream that improves network utilisation, gives access to different customer segments and helps boost returns on the significant investment in our networks. Traditional wholesale has become more competitive, and beyond it, we are adding new services and are entering fast growing markets. <strong>We expect a low to-mid-single digit decline in 2023-26 offset gradually by new revenues.</strong></li><li><strong>Drive efficiencies to reduce OpEx.</strong><br>The huge technological transformation is making our business more efficient<strong>.</strong><ul class="wp-block-list list list--dots"><li>Network efficiencies: shut down (copper in Spain in 2024, 2G and 3G), sharing and optimised rollouts, hyper automation (massive AI initiatives, Zero touch management, Open and cloud-based, API-fication), scale and efficiencies (lease optimisation, freed up spectrum capacity, energy cost reduction, right-sizing the organisation).</li><li>Transformation program to reduce indirect costs, neutralise inflation effects and prepare for the future.</li><li>The combination of revenue growth and efficiency initiatives will drive EBITDA growth.<strong> We expect an EBITDA CAGR of ~2% in 2023-26.</strong><br><br><strong><strong>TEF 2023-26 EBITDA evolution</strong></strong><br><img loading="lazy" decoding="async" width="1920" height="769" class="wp-image-53555" style="width: 1920px;" src="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg" alt="" srcset="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg 1920w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg?resize=300,120 300w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg?resize=768,308 768w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg?resize=1024,410 1024w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg?resize=1536,615 1536w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/evolution-2023-26-EBITDA.jpg?resize=150,60 150w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /></li></ul></li><li><strong><strong>Sustain differentiation while reducing CapEx.</strong></strong><br><ul class="wp-block-list list list--dots"><li>We started early to invest in Fibre and 5G.</li><li>We will sustain network differentiation while reducing CapEx.</li><li>T. Infra, the most developed international connectivity network, delivering value.</li><li>Transformation investments made in software, technology and AI.</li><li><strong><strong>We expect CapEx intensity to fall from ~14% 2023 guidance to <12% in 2026.</strong></strong></li><li>In <strong>Spain</strong> where we will shut down our copper network in 2024, we will reach a <strong>benchmark 10% Capex/Sales in 2026</strong>.</li></ul></li></ol></div></li><li class="tf-accordion-pestana"><div class="tf-accordion-header tf-accordion-title" id="all-obs-in-a-stronger-position-and-expected-to-grow-over-the-3-year-period"><h2 class="heading-3"><a class="tf-accordion__link"><span>All OBs in a stronger position and expected to grow over the 3-year period.</span></a></h2></div><div class="tf-accordion-content"><h3 class="wp-block-heading heading-4" id="h-nbsp-core-obs"> Core OBs:</h3><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1920" height="764" src="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg?w=640" alt="" class="wp-image-53554" srcset="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg 1920w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg?resize=300,119 300w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg?resize=768,306 768w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg?resize=1024,407 1024w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg?resize=1536,611 1536w, https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.jpg?resize=150,60 150w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /></figure><div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-4 wp-block-columns-is-layout-flex"><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"><div class="download " id="downloads-20203"><ul class="download__list"><li class="download__item"><a class="GAevent download__link" target="_blank" href="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/12/core-OBs-Reasons-Invest.pdf" onclick="dataLayer.push({'event': 'gaEvent', 'eventCategory': 'descarga', 'eventAction' : 'PDF', 'eventLabel' : 'Core OBs'});" data-vars-event-category='descarga' data-vars-event-action='PDF' data-vars-event-label='Core OBs' download=""><div class="download__title"> <svg class="icon download__icon"> <use xlink:href="/wp-content/themes/telefonica-theme/img/svg/symbol/sprite.svg#download"></use> </svg> Core OBs</div><div class="download__info"> PDF | 176 KB</div></a></li></ul></div></div><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"></div></div><ul class="wp-block-list list list--dots"><li><strong>Spain</strong>, best positioned, best asset, benchmark low churn and healthy ARPU. Goal to continue growing in consumer revenue and accelerate B2B. Room to reduce costs and opportunities for further efficiencies. CapEx/Sales falling to 10% by 2026. Continued revenue growth and EBITDA growing, starting in 2024. EBITDAaL- CapEx growing faster than revenue and EBITDA.</li><li><strong>Brazil, </strong>premium position in a growing market with a complete portfolio of digital services for B2C & B2B. We expect strong growth in all segments, growing our customer base, increasing our share of wallet with expansion in margins, and deploying a fibre network at pace. We expect revenue and EBITDA to continue to grow and EBITDAaL-CapEx to grow faster than EBITDA.</li><li><strong>Germany, </strong>growing strongly on network quality improvements and attractive commercial propositions. Goal to maintain B2C growth, accelerate momentum in B2B, and plans in place to mitigate 1&1 wholesale contract loss. Capex/Sales will decline over the next 3 years. We expect revenue, EBITDA and EBITDAaL-CapEx to grow, through the execution of the recovery and growth plan.</li><li><strong>UK, </strong>an attractive market with potential consolidation. VMO2 with a loyal customer base, continue to target B2C growth through fixed mobile convergence, digitalisation and AI, with further scope for synergies. We expect to continue delivering strong FCF.</li></ul><p><strong>Non-core Hispam</strong>: a self-sustained region with reduced capital intensity and risk. Focus on FCF growth by optimising costs and capital intensity. Positioned for full optionality and to reduce exposure further through potential divestments and in-market consolidation. Target to increase EBITDAaL-CapEx by ~5% 2023-26 CAGR and continue reducing invested capital by ~15%.</p></div></li><li class="tf-accordion-pestana"><div class="tf-accordion-header tf-accordion-title" id="strong-returns-for-shareholders-and-improved-capital-structure"><h2 class="heading-3"><a class="tf-accordion__link"><span>Strong returns for shareholders and improved capital structure.</span></a></h2></div><div class="tf-accordion-content"><h3 class="wp-block-heading heading-4">Strict and segmented capital allocation.</h3><div class="tlf-spaces mb--35 "></div><p>Organic cash flow to fund business sustainability. We have lower CapEx intensity, hence more capacity to reduce leverage whilst growing our dividend coverage. Inorganic optionality and other sources to speed up deleveraging, improve shareholder remuneration and look for growth opportunities.</p><h3 class="wp-block-heading heading-4">Solid Balance Sheet with leverage target.</h3><div class="tlf-spaces mb--35 "></div><ul class="wp-block-list list list--dots"><li>Managing our balance sheet prudently and proactively. We have a comfortable liquidity position, smooth maturity profile, and contained interest payment cost. We are protected against FX volatility, with balance sheet limited exposure and FCF FX management.</li><li>Reinforced balance sheet with a deleverage commitment and target of<strong> 2.2-2.5x </strong>(ND/EBITDAaL)<strong> in 2026.</strong></li></ul><h3 class="wp-block-heading heading-4">Clear focus on Growing FCF (>10% CAGR 2023-26).</h3><div class="tlf-spaces mb--35 "></div><ul class="wp-block-list list list--dots"><li>Improving dividend coverage and deleverage ability.</li><li>Previous definition: ~€4bn in 2023 and ~€5bn in 2026.</li><li>New definition (excluding spectrum & UK recaps, including hybrids & commitments): ~€2.1bn in 2023, >10% 23-26 CAGR, targeting ~€3bn in 2026.</li><li>With a growing FCF we support our commitment to our shareholders.</li></ul><p class="text--intro"><a href="https://www.telefonica.com/en/shareholders-investors/share/dividend-policy/">Dividend Policy</a></p></div></li><li class="tf-accordion-pestana"><div class="tf-accordion-header tf-accordion-title" id="our-mission-make-our-world-more-human-connecting-peoples-lives"><h2 class="heading-3"><a class="tf-accordion__link"><span>Our Mission: Make our world more human connecting people’s lives.</span></a></h2></div><div class="tf-accordion-content"><ul class="wp-block-list list list--dots"><li class="text--intro"><a href="https://www.telefonica.com/en/about-us/mission/"></a><a href="https://www.telefonica.com/en/about-us/mission/">Mission and Values</a></li></ul></div></li></ul></div><div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-5 wp-block-columns-is-layout-flex"><div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"><h2 class="wp-block-heading heading-3" id="h-capital-markets-day-2023">Capital Markets Day 2023</h2><div class="download " id="downloads-20203"><ul class="download__list"><li class="download__item"><a class="GAevent download__link" target="_blank" href="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/11/Capital-Markets-Day-presentation-20231108.pdf" onclick="dataLayer.push({'event': 'gaEvent', 'eventCategory': 'descarga', 'eventAction' : 'PDF', 'eventLabel' : 'Presentation'});" data-vars-event-category='descarga' data-vars-event-action='PDF' data-vars-event-label='Presentation' download=""><div class="download__title"> <svg class="icon download__icon"> <use xlink:href="/wp-content/themes/telefonica-theme/img/svg/symbol/sprite.svg#download"></use> </svg>Presentation</div><div class="download__info"> PDF | 8 MB</div></a></li><li class="download__item"><a class="GAevent download__link" target="_blank" href="https://www.telefonica.com/en/wp-content/uploads/sites/5/2023/11/inside-information-CMD-20231108.pdf" onclick="dataLayer.push({'event': 'gaEvent', 'eventCategory': 'descarga', 'eventAction' : 'PDF', 'eventLabel' : 'Inside Information'});" data-vars-event-category='descarga' data-vars-event-action='PDF' 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MB</div></a></li></ul></div></div></div><div class="tlf-spaces mb--100 "></div><div class="interest"><div class="interest__header"> <svg class="icon"> <use xlink:href="/wp-content/themes/telefonica-theme/img/svg/symbol/sprite.svg#library"></use> </svg> <span class="interest__title heading-6">might interest you</span></div><ul class="list list--dots"><li class="list__item"><a class="link" href="https://www.telefonica.com/en/shareholders-investors/share/">Share</a></li><li class="list__item"><a class="link" href="https://www.telefonica.com/en/shareholders-investors/share/telefonica-on-the-stock-exchanges/">Telefónica on the Stock Exchanges</a></li><li class="list__item"><a class="link" href="https://www.telefonica.com/en/shareholders-investors/share/investment-calculator/">Investment calculator</a></li><li class="list__item"><a class="link" href="https://www.telefonica.com/en/shareholders-investors/share/historic-share-price-data/">Historic share price data</a></li><li 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