Editorial: La Vanguardia

• Telefónica, the leading Spanish technology company is facing significant future challenges.
• Its aspiration is to become a technology leader in Europe, open to integrating with other sector companies.
• The consolidation of the European telecommunications market is a critical need to avoid inefficient investments and technology dependency.
• The 2026-2030 strategic plan does not specify concrete merger or purchase opportunities, but the company claims to be ready for potential future mergers.
• A possible consolidation in key markets could generate synergies valued at 18,000 to 22,000 million euros.
• The dividend for shareholders will be cut in half in 2026, marking a break with the company's high dividend payout policy.
• The strategic plan is based on six strategic pillars including delivering a top-tier customer experience, expanding the offering for residential customers, and boosting the technological capabilities.

Conclusion: Telefónica's strategic plan is based on growth and investment to become a technology leader in Europe. The consolidation of the European market is critical to the success of this plan.

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