The parent company of Movistar Plus+ earned €15.7 million in 2025, a 77.6% decrease compared to the previous year, weighed down by a provision of €65.9 million for the collective dismissal of 245 employees. Revenues remained stable at €1,950.5 million.
Telefónica Audiovisual Digital (TAD), the company that encompasses Movistar Plus+, closed 2025 with a net profit of €15.7 million, 77.6% lower than the €70.2 million from the previous year. The drop is almost exclusively due to the cost of the Employment Regulation File (ERE) signed in December, which necessitated a provision of €65.9 million.
Operating profit fell by 76.8% to €19.2 million, while revenues remained virtually flat at €1,950.5 million, according to the accounts filed with the Commercial Registry. The company explained that the revenue figure mainly comes from the sale and distribution of content for Movistar Plus+ within the group.
Subscribers grow, revenues do not
Despite the drop in profit, the platform's customer base increased by 7.9% in 2025, reaching 3.8 million subscribers. However, this growth did not translate into higher revenues, reflecting price pressure and competition in the audiovisual sector.
Advertising was a positive point: revenues from this source rose from €67.3 million to €75.9 million, a 12.8% increase. Nevertheless, the increase did not offset the additional labour costs arising from the ERE.
The cost of the ERE: €65.9 million provision
On December 22, 2025, Telefónica reached an agreement with the unions for a collective dismissal of up to 245 workers. This agreement required registering a provision of €65.9 million, which was fully reflected in the income statement for the year.
Total operating expenses amounted to €1,951 million, a 3% increase compared to 2024, primarily due to the rise in personnel costs from the exit plan. The average workforce remained stable, with 831 employees compared to 834 the previous year, although the ERE will be executed in 2026.
The average payment period to suppliers was 50 days, within legal deadlines.
Outlook for 2026: premium content and more integration
Looking ahead to this year, TAD aims to continue offering the best available premium content, with the best broadcasting and production technology, as well as optimising its advertising spaces. The company is confident in the renewal of sports rights, a commitment to in-house production, the integration of other operators, and positioning Movistar Plus+ to establish an optimistic commercial framework.
The audiovisual subsidiary has also signed the II Collective Agreement, valid until 2030, to move towards a more digital, flexible organisation prepared for future challenges in a highly competitive and transformative context.
Financially, TAD relies on currency hedging instruments for the acquisition of audiovisual rights, although as of the end of 2025, there were no active hedges due to the lack of optimal market conditions.
For readers interested in the sector, the drop in Telefónica Audiovisual's profit reflects the direct impact of labour adjustments on the accounts of major telecoms. The evolution of subscribers and advertising will be key to seeing if the company can reverse the trend in 2026. Full accounts are available in the Commercial Registry.
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