Telefónica, S.A. (NYSE:TEF) Q3 2024 Earnings Conference Call November 7, 2024 4:00 AM ET
Company Participants
Adrian Zunzunegui - Global Director, Investor Relations
Jose Maria - Chairman & CEO
Angel Vila - COO
Laura Abasolo - CFO
Markus Haas - CEO, Telefónica Deutschland
Conference Call Participants
Ondrej Cabejsek - UBS
Mathieu Robilliard - Barclays
Luigi Minerva - HSBC
Fernando Cordero - Banco Santander
Keval Khiroya - Deutsche Bank
James Ratzer - New Street Research
Joshua Mills - BNP Exane
Operator
Good morning. Thank you for standing by, and welcome to Telefonica's January-September 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 Telefonica's conference call to discuss January-September 2024 results. I'm 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 Telefonica Group. These statements may include financial or operating forecasts and estimates or statements regarding plans, objectives and expectations regarding different matters. All forward-looking statements involve risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such statements.
We encourage you to review our publicly available disclosure 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 Telefonica's Investor Relations team in Madrid or London.
Now let me turn the call over to our Chief Operating Officer, Mr. Angel Vila.
Angel Vila
Tech, in the last 12 months, reached EUR 2 billion revenues, at 12% annual increase. Both bookings show an even higher growth rate than revenue, which gives us a very good visibility of the future business. Q3 bookings increased 40% year-on-year, mostly driven by large contracts from the private sector awarded from financial, health care and manufacturing customers.
Solid commercial activity is increasing the backlog of higher-value contracts, which will bring more recurring services and revenue flows in the future, enhancing the sustainability of the business. The ongoing improvement is not only evident in the visibility of the tech business, but also in our revenue mix with a stronger contribution from managed and professional services and on platforms and a higher weight of hard currency revenue, already 87% of revenue in 9 months of 2024. With all these positive developments, we remain optimistic for the future.