Telefónica estimates that the Labor Regulation File (ERE) which will affect seven companies of the group and in which, according to the company’s calculations around 5,500 people will leavewill cost around 2.5 billion euros … for telecommunications, as reported by the National Securities Market Commission (CNMV).
“The current value of expenses linked to exit plans in all the companies concerned is estimated at a total provision of around 2.5 billion euros, before taxes,” he detailed.
More specifically, for Telefónica España and Movistar Plus+, the provision will be around 2.3 billion euros, while for corporate units, around 200 million euros.
“The average annual savings on direct group expenses are estimated at almost 600 million euros from 2028. In broken down terms, the annual savings will be around 500 million euros for Telefónica España and Movistar Plus+ and around 60 million euros for the corporate units,” the company said.
However, the impact on the cash generation of the ERE, signed this Monday with the unions, will be positive from 2026, as well as the capture of savings, knowing that employee departures should take place from the first quarter of 2026.
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