The primary beneficiaries include major shareholders:
- SEPI (Spanish Government holding): Will receive around €85.05 million for its 10% stake.
- STC (Saudi company): Will receive approximately €84.8 million for its 9.969% stake.
- CriteriaCaixa: Will receive around €84.2 million for its 9.9% stake. Combined, these three shareholders will collect roughly €254 million.
Future Dividend Adjustments:
Under its new strategic plan and aimed at improving its balance sheet with strict financial discipline, Telefónica will halve its dividend for the 2026 financial year to €0.15 per share. Moving forward, shareholder remuneration for 2027 and 2028 will be tied directly to performance, capped at between 40% and 60% of the company's free cash flow.