Telefónica, S.A. (TEF)

Telefónica, S.A. is a Spanish telecommunications group headquartered in Madrid. It was founded in 1924 as Compañía Telefónica Nacional de España and long operated as the dominant fixed-line operator in Spain. Over the following decades it grew into one of the largest telecommunications companies in the world, providing mobile, fixed, broadband, television and digital services under brands including Movistar, O2 and Vivo.

During the 1990s and 2000s the company expanded across Latin America and later into Europe, including through its acquisition of O2 in the United Kingdom and Germany. Its American depositary shares were listed on the New York Stock Exchange under the symbol TEF, with each ADS representing one ordinary share. The ordinary shares are listed on the Spanish stock exchanges. At its peak the group had operations in many countries across Europe and the Americas.

In recent years Telefónica reorganized its portfolio to concentrate on a smaller number of core markets. It sold or exited a number of its Latin American operations, including those in Argentina, Peru, Colombia, Ecuador and Uruguay, and focused on Spain, Germany, the United Kingdom and Brazil. In November 2025 it presented a new strategic plan to investors with the aim of simplifying the group's operating model.

On December 17, 2025, Telefónica announced its intention to end its listing on the New York Stock Exchange. The company said the decision followed a detailed review by its governing bodies, and weighed the administrative burden and costs of the listing against its benefits, in line with the strategic plan. It stated that it expected no impact on customers, partners or its commercial presence in the United States.

Telefónica planned to file a Form 25 with the SEC, with the delisting taking effect ten days after the filing, and then to deregister with the SEC through a Form 15F. It did not arrange a listing on another U.S. exchange. ADS holders could exchange their ADSs for ordinary shares traded in Spain, or keep them under a Level 1 ADR program that trades on the over-the-counter market. The company also planned to delist its ADSs in Lima.

Six series of notes issued by Telefónica Emisiones, S.A.U. and guaranteed by Telefónica were also to leave the NYSE, and the company planned to list them on Euronext Dublin. The Form 25 was filed with the SEC on January 8, 2026. The ordinary shares remain listed on the Spanish stock exchanges, so the company itself continues as a listed business in Spain.