Telefónica, S.A. (NYSE:TEF) Q2 2024 Earnings Conference Call July 31, 2024 4:00 AM ET

Company Participants

Adrian Zunzunegui - Global Director, Investor Relations
Jose Maria - Chairman and CEO
Angel Vila - COO
Laura Abasolo - CFO
Markus Haas - CEO, Telefónica Deutschland
Lutz Schüler - CEO, Virgin Media O2

Conference Call Participants

Andrew Lee - Goldman Sachs
Mathieu Robilliard - Barclays
David Wright - Bank of America Merrill Lynch
James Ratzer - New Street Research

Operator

Good morning. Thank you for standing by, and welcome to Telefónica's January-June 2024 Results Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded.

I would now like to turn the call over to Mr. Adrian Zunzunegui, Global Director of Investor Relations. Please go ahead, sir.

Adrian Zunzunegui

Good morning, and welcome to Telefónica's conference call to discuss January-June 2024 results. I am Adrian Zunzunegui from Investor Relations.

Before proceeding, let me mention that the financial information contained in this document has been prepared under international financial reporting standards as adopted by the European Union. This financial information is unaudited. This conference call and webcast, including the Q&A session, may contain forward-looking statements and information relating to the group. These statements may include financial or operating forces, and estimates or statements regarding plans, objectives and expectations regarding different matters.

All forward-looking statements involve risks and uncertainties that cause final developments and risks to materially differ from those expressed or implied by such statements. We encourage you to review our publicly available documents filed with the relevant securities market regulators. If you don't have a copy of the relevant press release and the slides, please contact Telefónica's Investor Relations team in Madrid or London.

Now let me turn the call over to our Chairman and CEO, Mr. Jose Maria Álvarez-Pallete.

Jose Maria

Thank you, Adrián. Good morning, and welcome to Telefónica's second quarter conference call. With me today are Ángel Vilá, Laura Abasolo, Markus Haas, Lutz Schüler and Eduardo Navaro. As usual, we will first walk you through the slides, and we'll then be happy to take any questions.

We are pleased to report solid Q2 results that demonstrate the continued success of our strategy. Our top line growth has accelerated, with revenue up 1.2% year-on-year, driven by sequential improvements in both our B2B and B2C segments. Notably, all our main markets are growing revenue. Our key markets are showing positive commercial momentum. In Spain, we are achieving annual growth across all main customer segments, Germany is expanding in all main access categories and Brazil is hitting record customer levels. This confirms our commitment to putting customers first.