Telefónica S.A. announced an agreement for a new collective bargaining agreement lasting until December 31, 2026, while planning to execute collective redundancies impacting up to 3,421 employees, primarily those 56 and older with over 15 years of service. The estimated provision for this plan is around 1.3 billion euros, with projected annual savings of 285 million euros starting in 2025, positively impacting cash generation from 2024.