Telefónica has agreed a voluntary redundancy programme covering around 5,500 roles in Spain, alongside new labour agreements that run through to the end of 2030 and include its pay-TV business Movistar Plus+.
In a filing to Spain’s securities regulator CNMV, Telefónica said its Spanish operating companies, Movistar Plus+ and a number of corporate units have reached agreements with the most representative trade unions to implement “exit plans” estimated at around 5,500 employees. Staff who meet the eligibility requirements will be able to opt in.
Telefónica put the present value of the estimated cost at around €2.5 billion before tax, with provisions of approximately €2.3 billion assigned to Telefónica España and Movistar Plus+, and around €200 million for corporate units.
The operator expects the programme to deliver average annual direct cost savings of about €600 million from 2028, split between roughly €500 million in Telefónica España and Movistar Plus+ and around €60 million in corporate units. It said the impact on cash generation will be positive from 2026, with employee exits expected to begin as early as Q1 2026.
The agreements sit within Telefónica’s Transform & Grow Plan 2026–2030, which the company says is intended to make the group “more digital” and “more flexible” as it simplifies its operating model. The filing also confirms collective bargaining extensions for Telefónica España and corporate units, and a new collective bargaining agreement at Movistar Plus+, with all agreements running until 31 December 2030.
The restructuring has been closely watched in Spain after unions said earlier proposals included significant reductions at Movistar+, with talks focused on keeping departures voluntary.
