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Murtra delivered the message at a public event in Barcelona. He argued that the greatest risk for large operators was drift: too many moving pieces, not enough focus and too slow a pace to keep up with the US and Chinese tech titans who are shaping the rules of digital economy.
What Telefónica says the money will target
It is the foundations, the unsung heroes, that are the key to everything else: networks, fiber, data, cybersecurity and tools for efficiency improvement, such as AI. Murtra argues that Europe’s Telecoms Industry is too fragmented to compete effectively.
In practice, this strategy also reinforces Telefónica’s long-running pivot away from parts of Latin America, prioritising its largest and most profitable markets such as Spain, Germany, the UK, and Brazil.
Why this is important for Spain
For Spain, Telefónica’s investment rhythm is more than a corporate story. The company is still a key player in national connectivity, digitalisation of business, and infrastructure for the public sector. A higher spending cycle can lead to faster network upgrades and more resilient capacity when demand is high. It also puts fresh investment pressure on the competition.
The report also comes at a time when the Spanish political scene is more vocal about cyber risks, platform responsibility and protecting minors online. In this environment, telecoms argue that secure networks and identity tools are not optional.
The future of European telecoms
The headline figure is striking, but the detail will matter: how much goes to network build versus software and security, whether Telefónica pursues further asset sales to fund priorities, and how far Murtra can push a “simpler” group without losing growth options.
If Murtra’s message of consolidation is taken up in Brussels and the national capitals then 2026 might also be a year that sees a new debate on cross-border mergers, as well the future of the European telecoms industry.
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