Telefonica's Germany Business Stays Weak Despite Strong Third Quarter
Telefonica's third-quarter revenue, Ebitda and cash flow beat consensus, but its German trends remain weak, according to Market Talk.
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what happened
According to Market Talk, Telefonica's third-quarter revenue, Ebitda and cash flow came in above market forecasts. Still, analysts Nick Lyall and Paul Sidney of Berenberg point to weakness in the German business. Service revenue in the country improved from the previous three months, but the drop in Ebitda deepened.
Berenberg expects service revenue to get better in the fourth quarter and Ebitda to rise from 2027, when cost-saving measures should start to take effect. Following the report, the company's shares are down 2.5%.
why it matters
For investors, the key question is whether savings in Germany can offset the weak trend there. The strong group-level figures for the quarter are not yet easing pressure on the stock, since the company's largest market is still struggling.
market impact
Telefonica: strong group figures against weak Germany keep the shares under pressure
- Telefonica shares mixed — revenue and Ebitda beat consensus, but weakness in Germany weighs on the stock
tags
instruments
sources
- Telefonica's Performance in Germany Remains Difficult — Market Talk, 12 November 2026 at 10:40 UTC
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