Telefónica to Delist from NYSE

TL;DR

TEF is ditching the NYSE, focusing on European listings.

AI Summary

Telefónica, S.A. announced on December 17, 2025, its intention to voluntarily delist its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE). This decision means Telefónica will cease to be a publicly traded company in the United States, though it will continue to be listed on the Spanish stock exchanges.

Why It Matters

This move signifies a shift in Telefónica's global listing strategy, potentially impacting US investors' access to its shares and altering trading dynamics.

Risk Assessment

Risk Level: medium — The delisting could affect liquidity for US-based investors and signal strategic changes within the company.

Key Players & Entities

• Telefónica, S.A. (company) — The company announcing its intention to delist.
• NYSE (company) — The stock exchange from which Telefónica intends to delist.
• December 17, 2025 (date) — The date of the announcement.

FAQ

Filing Documents

• tefdel.htm (6-K) — 24KB
• image_0.jpg (GRAPHIC) — 4KB
• 0000814052-25-000116.txt ( ) — 31KB

From the Filing

tefdel UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of December, 2025 Commission File Number 001-09531 Telefnica, S.A. (Translation of registrant's name into English) Distrito Telefnica, Ronda de la Comunicacin sn, 28050 Madrid, Spain +34 91-482 87 00 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F Form 20-F X Form 40-F Telefnica, S.A. TABLE OF CONTENTS Item Sequential Page Number 1. Telefnica announces intention to end listing on NYSE 2 Press Release Telefnica announces intention to end listing on NYSE Telefnica, S.A. (NYSE – TEF) ("Telefnica") announces today that it intends to start the procedure to voluntarily delist its American Depositary Shares ("ADSs"), each representing one ordinary share of Telefnica, evidenced by American Depositary Receipts ("ADRs"), from the New York Stock Exchange ("NYSE"). Telefnica has not arranged for listing, quotation andor registration of the ADSs on another U.S. securities exchange or quotation medium. Holders of ADSs will have the option to exchange their ADSs for ordinary shares traded on the Spanish Stock Exchanges. Further, Telefnica intends to convert its current ADR Program into a Level 1 ADR Program, which will give existing ADS holders the option to continue to hold ADSs, and facilitate trading on the U.S. over-the-counter market. In addition, Telefnica and Telefnica Emisiones, S.A.U. (a wholly-owned subsidiary of Telefnica) ("T. Emisiones") intend to start the procedure to voluntarily delist the following series of debt securities, each issued by T. Emisiones and guaranteed by Telefnica, from the NYSE Fixed Rate Senior Notes Due 2027 (TEF27), Fixed Rate Senior Notes Due 2036 (TEF36), Fixed Rate Senior Notes Due 2038 (TEF38), Fixed Rate Senior Notes Due 2047 (TEF47), Fixed Rate Senior Notes Due 2048 (TEF48) and Fixed Rate Senior Notes Due 2049 (TEF49) (collectively, the "Debt Securities"). Telefnica and T. Emisiones have not arranged for listing, quotation andor registration of the Debt Securities on another U.S. securities exchange or quotation medium but intend to apply to list them on Euronext Dublin. Telefnica and T. Emisiones intend to submit the relevant Form 25s with the U.S. Securities and Exchange Commission ("SEC") during the coming weeks, and expect delisting to become effective ten days after such submission, from which time Telefnica's ADSs and the Debt Securities will no longer be traded on the NYSE. Likewise, Telefnica also intends to initiate a procedure, subject to and in compliance with Peruvian law, to voluntarily delist its ADSs from the Lima Stock Exchange (LSE) and, consequently, from the public securities market registry ( Registro Pblico del Mercado de Valores ) administered by the Peruvian securities market regulator ( Superintendencia del Mercado de Valores (SMV)). Following the delisting from the NYSE, Telefnica, T. Emisiones and Telefnica Europe, B.V. (a wholly-owned subsidiary of Telefnica) ("T. Europe") intend to file a Form 15F with the SEC to apply for the deregistration of all of their respective classes of U.S. registered securities, including the ADSs, the Debt Securities and a series of debt securities issued by T. Europe and guaranteed by Telefnica, and the termination of their respective reporting obligations under the U.S. Securities Exchange Act of 1934, as amended. Subsequent to the delisting and deregistration in the United States, Telefnica will continue to prepare its consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS"). Telefnica's ordinary shares will remain listed on the Spanish Stock Exchanges where most of Telefnica's international and domestic investors currently trade Telefnica's ordinary shares. The decision to voluntarily delist from the NYSE and to deregister with the SEC was made after a detailed analysis by the relevant governing bodies, taking into account the administrative burden and costs associated with having securities listed on the NYSE. This decision is consistent with the Strategic Plan presented to investors in November 2025, which seeks to simplify Telefnica's operating model while continuing to uphold the highest standards of corporate governance and provide transparent financial reporting. This decision is not expected to have any impact on Telefnica's clients and partners or its commercial presence in the United States. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction or any advice or recommendation with respect to such securities. This press release may contain forward-looking statements which reflect the current view of Telefnica and T. Em

View Full Filing

View this 6-K filing on SEC EDGAR