Telefonica booked an increase in Q2 profit and bumped its forecast for the year, as chairman and CEO Jose Maria Alvarez-Pallete teased a forthcoming strategic plan designed to drive further growth and push its sustainability agenda.
It booked net income of €462 million, up 44.5 per cent year-on-year, on flat revenue of €10.1 billion.
Alvarez-Pallete stated the results reflected momentum at the company and the strength of the business, meaning Telefonica could up its financial guidance for the year, with revenue and operating income expected to be higher than initially forecast.
The company highlighted continued progress in developing 5G and fibre coverage, alongside advancing sustainability projects during Q2.
By end-June, Telefonica’s 5G network in Spain covered 86 per cent of the population, with its equivalent statistic in Germany up to 90 per cent.
Alvarez-Pallete revealed the operator is in the process of preparing a strategic plan renewing an “ambition to move towards a new vision for the company.” Its objectives will cover the years to 2026 and will be presented at an investor event on 8 November.
The executive added Telefonica is in “an advantageous position to capture all the growth opportunities of the digital era” and was “not content to simply adapt to the future but has decided to shape it with a radical evolution”.