Telefonica has revealed that it will slash its Capex-to-sales ratio (capital expenditure) in 2023 to 14 percent as compared with 14.8 percent in 2022 and 15 percent in 2021.
Telefonica said its revenues rose 1.8 percent to €39.993 billion in 2022, with growth in all markets.

Telefonica closed 2022 with a free cash flow of €4,566 million, 72.5 percent higher than the previous year. Free cash flow per share reached €0.80 and comfortably covers the annual dividend of €0.30per share.

The company continues to take steps to manage the current challenging macroeconomic environment and rising interest rates. More than 80 percent of the debt is at a fixed rate and maturities for the next three years are covered.

“In 2023 we will maintain our financial discipline and continue to prioritize investment in connectivity projects,” said Jose Maria Alvarez-Pallete, Chairman and CEO of Telefonica.