MORGAN STANLEY PLC/CALL/TELEFÓNICA/5.25/1/20.06.25 Share Price

Telefonica S.A. is Spain's leading telecommunications operator. The group's activity is organized around 3 areas: - mobile telephony services: 292.2 million subscribers at the end of 2022; - fixed telecommunications services: fixed telephony (27.9 million telephone lines installed at the end of 2022), Internet access (26.3 million ADSL lines), pay-TV (10.6 million subscribers), etc. ; - business telecommunications services: mobile telephony (22.3 million customers by the end of 2022) and fixed-line telecommunications (3.7 million lines installed). Net sales are distributed geographically as follows: Spain (31.2%), Brazil (22.2%), Latin America (22.8%), Germany (20.6%) and other (3.2%).