Telefonica (Sell, €2.6, -28%) Brazil is trying to save the day – but ...

Q4 results were solid and the new 2026 guidance is marginally ahead of consensus, albeit all the medium-term CMD targets remain intact.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/24/2026

TELEFÓNICA: 4Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'25 vs. 4Q'24 Results Sales: € 9.174 Bn (-14.3% vs. -15.5% BS(e) and -15.0% consensus); EBITDA: € 3.198 Bn (+88.0% vs. +82.8% BS(e) and +85.3% consensus); EBIT: € -1.775 Bn (€ -511.0 M in FY2024 vs. € -1.300 Bn BS(e) and € -1.203 Bn consensus); Net Profit: € -3.239 Bn (€ -1.003 Bn in FY2024 vs. € -1.201 Bn BS(e) and € -1.425 Bn consensus); FY2025 vs. FY2024 Results Sales: € 36.145 Bn (-12.1% vs. -12.4% BS(e) and -12.3% consensus); EBITDA: € 12.164 Bn (+9.9% vs. +9.1% BS(e) and +9.5% consensus)...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 24/02/2026

Telefonica : Small 2026 FCF guidance upgrade

Telefonica : Small 2026 FCF guidance upgrade

TELEFÓNICA: RDOS. 4T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'25 vs 4T'24: Ventas: 9.174 M euros (-14,3% vs -15,5% BS(e) y -15,0% consenso); EBITDA: 3.198 M euros (+88,0% vs +82,8% BS(e) y +85,3% consenso); EBIT: -1.775,0 M euros (-511,0 M euros en 2024 vs -1.300,0 M euros BS(e) y -1.203,0 M euros consenso); BDI: -3.239,0 M euros (-1.003,0 M euros en 2024 vs -1.201,0 M euros BS(e) y -1.425,0 M euros consenso). Rdos. 2025 vs 2024: Ventas: 36.145 M euros (-12,1% vs -12,4% BS(e) y -12,3% consenso); EBITDA: 12.164 M euros (+9,9% vs +9,1% BS(e) y +9,5%...

INFORME DIARIO 24 FEBRERO + RDOS. ESPAÑA Y EUROPA. IDEAS DESTACADAS Y ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, ENCE, ENDESA, METROVACESA, TELEFÓNICA. EUROPA: N/A. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex se desmarca en positivo Los índices europeos mostraron una reacción mixta a las nuevas amenazas proteccionistas de Trump (mejor p...

IBERIAN DAILY 24 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: CAF, ENCE, ENDESA, METROVACESA, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. IBEX the one positive note European stock markets showed a mixed reaction to Trump’s new protectionist measures (the periphery outperformed core countries), while companies exposed to the disruption from AI continu...

Coffee, Croissants & Credit/Orange, VodafoneZiggo, Virgin Media O2, Te...

Orange reports solid FY25 results / Liberty Global announced the intention to list VodafoneZiggo in 2027 / Liberty Global, Telefonica and InfraVie to acquire Substantial Group / Equinix upgrade by Moody's to Baa1 / Covivio FY25 results: portfolio rotation continues to deliver

INFORME DIARIO 13 FEBRERO + RDOS. ESPAÑA. IDEAS DESTACADAS Y PREVIEWS ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: REPSOL, TELEFÓNICA. EUROPA: HERMÈS INT., L’ORÉAL, SAFRAN. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Siguen las dudas sobre la rentabilidad de la IA Las bolsas europeas revertieron las ganancias en el tramo final de la sesión, presionadas...

IBERIAN DAILY 13 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: REPSOL, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Doubts on AI profitability continue European stock markets reversed the gains at the end of the session, pressured by the uncertainty surrounding margins in the US tech sector (the Nasdaq fell -2.0%) and by sales in commodities and crypto...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/12/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/02/2026

Commerzbank : Solid Q4/ 2025 ... further strengthening of the group's ...

Commerzbank : T4/FY 25 solide … crédibilité encore renforcée du groupe...

Commerzbank AG: 7 directors

Seven Directors at Commerzbank AG bought 32,402 shares at between 33.520EUR and 35.837EUR. The significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...

Credit Morning 02/11/2026

Imerys: French State is investing in the Emili Lithium Project|Downgrade from BB-/negative CW to B/negative outlook by Fitch|

Morning Crédit 11/02/2026

Imerys : l’Etat entre au capital du projet EMILI (lithium)|Downgrade de la note de 'BB-' CW négatif à B/outlook négatif par Fitch|

Coffee, Croissants & Credit/Alphabet, Telefonica, Gecina, WP Carey

Alphabet goes with CHF and GBP – but Reverse Yankee supply is still set to rise / Telefonica has agreed to sell Telefonica Chile / Gecina FY25: solid results, notes momentum continues to build in Paris prime offices / WP Carey 4Q25: beats consensus and increases 2026 guidance