Telefonica S.A. Non-GAAP EPS of €0.09, revenue of €10.04B; on track to meet FY 2023 guidance
- Telefonica S.A. press release (NYSE:TEF): Q1 Non-GAAP EPS of €0.09.
- Revenue of €10.04B (+6.7% Y/Y).
- OIBDA margin in organic terms was down-1.2 p.p. y/y to 32.1% in Q123.
- Free cash flow amounted to €454M in Q1 (€513M in Q122), reflecting an improvement in y/y organic OIBDA-CapEx and higher dividends received, partially offset by higher working capital consumption, financial, tax and lease payments.
- OIBDA-CapEx totalled €2,073M in Q1 23 and increased by +2.1% y/y in organic terms.
- CapEx amounted to €1,049M in Q1 23. It was up 3.1% y/y mainly due to FX moves and higher spectrum (€20M in Q1 23-in Spain-vs €2M in Q1 22). In organic terms, it was down-0.7% y/y with CapEx/Revenue at 11.3%.
- Outlook: January-March 2023 Group results on track to meet FY2023 guidance, with performance in the first quarter fully in line with management expectations.
- Financial targets for 2023 are as follows (organic): Revenue +4.9% y/y organic in Q1 23 vs. 2023 target of "low single digit growth".
- OIBDA +1.1% y/y organic in Q1 23 vs. 2023 target of "low single digit growth".
- CapEx to sales ratio of 11.3% organic in Q1 23 vs. 2023 target of around 14%.