For the month of April, 2024

Commission File Number: 001-09531

(Translation of registrant's name into English)

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

TELEFÓNICA, S.A. (hereinafter, Telefónica), in compliance with the Securities Market legislation, hereby communicates the following:

Further to the communication made on 20 March 2024 regarding the commencement of the acceptance period of the public delisting acquisition offer with the aim to acquire the shares in Telefónica Deutschland Holding AG (“Telefónica Deutschland”) not directly or indirectly held by Telefónica (the “Delisting Offer”) launched by Telefónica —through Telefónica Local Services GmbH—, we hereby inform you that Telefónica has reached approximately 96.85% of Telefónica Deutschland’s share capital and voting rights, after giving effect to the acquisition at settlement of the number of shares for which the Delisting Offer has been accepted, and considering the number of Telefónica Deutschland shares held directly or indirectly by Telefónica at the close of the last trading day of the acceptance period, which corresponds to 2,880,817,453 shares of Telefónica Deutschland.

The total number of shares for which the Delisting Offer has been accepted, along with the number of Telefónica Deutschland shares acquired from the announcement of the Delisting Offer until the close of the last trading day of the acceptance period, collectively amount to 74,338,954 shares, representing approximately 2.50% of Telefónica Deutschland’s share capital and voting rights, for a total consideration of approximately EUR 175 million, funded entirely with cash.

In accordance with the procedure set out in the relevant offer document, the Delisting Offer is expected to be settled on 29 April 2024.

Lastly, we hereby inform you that the management board of the Frankfurt Stock Exchange has resolved upon the delisting of the shares of Telefónica Deutschland which became effective as of 18 April 2024.

In Madrid, on 23 April 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.