For the month of February, 2025

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:

TELEFÓNICA, S.A. (“Telefónica” or the “Company”), in compliance with the Securities Market legislation, hereby communicates the following

Telefónica's subsidiary TLH Holdco, S.L.U., a company 100% owned by Telefonica, has sold today all the shares that it holds in Telefónica Móviles Argentina, S.A. representing the 99.999625% of its share capital and of the entire share capital of its operation in Argentina to Telecom Argentina S.A.

The total price for the 100% of the shares transferred amounts 1,245 million U.S. dollars (approximately 1,189 million euros at the current exchange rate).

The signing and closing of the transaction took place simultaneously today.

This transaction is part of the Telefónica Group ’s asset portfolio management policy and is aligned with its strategy of gradually reduce exposure to Hispanoamerica.

Madrid, February 24, 2025

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.