Movistar Plus, Telefónica’s pay-TV platform, has extended its recovery into a new phase of sustained growth, recording its strongest quarterly subscriber gain since the turnaround began in 2023, even as parent company Telefónica continued to grapple with losses linked to its LatAm restructuring.

At the close of the first quarter of 2026, Movistar Plus reached 3.88 million subscribers, up from 3.79 million at the end of 2025. The addition of 86,000 net customers in just three months marks the platform’s eleventh consecutive quarter of growth and its highest subscriber base since 2021.

The figures underline the extent of the recovery for Telefónica’s TV business in Spain, which had endured several years of customer losses before stabilising in 2023.

The operator has now added almost 300,000 subscribers over the past twelve months alone. Movistar Plus had reported 3.58 million subscribers in the first quarter of 2025, meaning the platform has gained 299,000 net additions year-on-year and is once again approaching the symbolic threshold of four million customers.

The latest performance also places the service at its strongest level since the second quarter of 2021, before the sharp contraction suffered during the following two years. From its recent low point of 3.41 million subscribers in the second quarter of 2023, Movistar Plus has recovered close to 468,000 customers.

Subscriber numbers climbed steadily throughout 2024 and 2025, rising from 3.52 million at the end of 2024 to 3.675 million by June 2025, 3.74 million in September and 3.79 million by year-end before the latest quarterly jump.

Telefónica also noted that residential ARPU in Spain improved to €91.5 during the quarter, compared with €89.7 at the end of 2025, supported by tariff increases and a stronger convergent customer base.

The solid performance in Spanish television comes as Telefónica itself reported a mixed start to 2026. The group increased first-quarter revenues by 0.4 per cent to €8.127 billion and reduced its net losses by 68.5 per cent year-on-year to €411 million, largely reflecting the impact of disposals and accounting adjustments tied to its shrinking footprint in Hispanic America.

On an organic basis, excluding extraordinary items and divestments, Telefónica would have posted a net profit of €482 million.

Adjusted EBITDA rose 1.8 per cent to €2.836 billion, while operating cash flow improved 2.4 per cent to €1.375 billion. The company also reduced net debt by €1.5 billion during the quarter to €25.342 billion, aided by the sale of operations in Colombia and Chile.

Spain and Brazil remained Telefónica’s principal growth engines. The Spanish business delivered 2 per cent increases in both revenues and EBITDA, supported by historically low churn rates, continued fibre expansion and stronger commercial momentum. Brazil also posted robust growth, with adjusted revenues rising 7.4 per cent and EBITDA up 8.75 per cent.

Despite the losses, Telefónica reiterated its full-year guidance, forecasting revenue and adjusted EBITDA growth of between 1.5 per cent and 2.5 per cent alongside further deleveraging and free cash flow generation of around €3 billion.

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Categories: Articles, Business, Results

Tags: Movistar, spain, telefonica