Telefónica is seeking to revitalize its German subsidiary, one of its four main markets, after first-half revenue fell by nearly double digits and EBITDA by almost 8%, according to ABC España. A complex market, the loss of a large wholesale contract and commercial weakness weighed on the unit's numbers.
“Deep modernization is needed,” said Santiago Argelich, CEO of Telefónica Alemania, who is aware of the company's problems in the country.
The group, chaired by Marc Murtra, has set a new growth strategy as one of its objectives and is doing so amid merger rumors. The ABC España headline quotes a call that “every opportunity must be explored.”