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Telefonica Germany & Nokia Ink a 5-year RAN Deal to Advance 5G Rollout
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Key Takeaways
Telefonica Germany renewed a five-year Nokia deal to modernize its nationwide radio access network.
Nokia's AirScale RAN gear and IPAA antennas will boost coverage, indoor performance and 5G expansion.
The company will keep using Nokia's MantaRay NM to advance network automation toward level 4.
Telefonica, S.A. (TEF - Free Report) Germany has extended its partnership with Nokia through a new five-year agreement to modernize and enhance its nationwide radio access network through 2030. The deal supports TEF’s accelerated 5G rollout and its broader goals for sustainable digitalization across Germany, enabled by Nokia’s advanced Cloud RAN capabilities and AI-driven network intelligence.
Under the contract, Nokia will deliver its energy-efficient, AI-ready AirScale Radio Access Network (RAN) portfolio, featuring Habrok Massive MIMO radios for the n78 band, Pandion multi-band remote radio heads, AirScale small cells and the latest baseband solutions, to improve coverage, indoor performance and overall network reliability.
The rollout will also incorporate Nokia’s Interleaved Passive Active Antenna (IPAA+) antenna solution to streamline site deployment and speed up 5G expansion, alongside ongoing maintenance and optimization services.
TEF will continue leveraging Nokia’s MantaRay NM, an AI-powered network management platform that supports both Cloud RAN and traditional RAN across core, radio and transport domains. The initiative represents an important step toward the companies’ shared ambition of advancing network automation to level 4 through AI-driven orchestration.
Management highlighted that Nokia’s continued emphasis is on delivering superior customer experiences and supporting Germany’s connected and sustainable future.
Telefonica has switched on its 5G network in Spain, where the miMovistar portfolio continues to gain traction. The company’s 5G network provides nearly 94% of the population in Spain with advanced mobile Internet services, streamlining the entire communications infrastructure of the country. The company has launched 5G+ (5G SA) in Spain, Brazil, Germany and the U.K.
Also, the company has signed several long-term contracts that should add to the stability of its business. Telefonica inked a 16-year long-term agreement with DIGI for the mobile network in Spain, enhancing infrastructure quality and ensuring a stable revenue stream. It reached a definitive agreement with Anatel on the fixed voice concession for the authorization model migration. It signed a mobile network agreement with Vodafone, which extends beyond 2030. Movistar Chile has entered a long-term renewable energy deal with Acciona, while Telefonica Mexico has teamed up with BAS Corporation to obtain 40% of its energy from the Kaixo Solar park.
In Brazil, Telefonica is progressing toward a shift to the authorization regime, which is expected to yield both financial and commercial benefits. Meanwhile, Telefonica Deutschland is experiencing growth in its B2B segment through increased customer acquisitions and stronger partnerships, supported by steady ARPU and low churn in O2 contracts, helping ensure consistent revenue.
In November 2025, Telefonica, Nokia and the Polytechnic University of Valencia (“UPV”) advanced mobile communications with a pilot using the upper 6 GHz band (6.425–7.125 GHz, 3GPP n104). The partners view this spectrum as essential for Europe’s future mobile connectivity and for enabling upcoming next-generation digital services.
For 2025, Telefonica continues to expect year-over-year organic growth in revenues, EBITDA and EBITDAaL - CapEx. It aims to keep CapEx as a share of sales below 12.5%, maintain free cash flow at 2024 levels and reduce debt.
Other Key Picks From the Computer and Technology Space
Some other top-ranked stocks from the broader technology space are Lumen Technologies, Inc. (LUMN - Free Report) , Atmos Energy Corporation (ATO - Free Report) and Southwest Gas Holdings, Inc. (SWX - Free Report) . LUMN, ATO and SWX carry a Zacks Rank of 2.
LUMN’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 97.66%. In the last reported quarter, Lumen delivered an earnings surprise of 35.48%. Its shares have increased 9.8% in the past year.
ATO earnings beat the consensus estimate in three of the trailing four quarters while missing in one, with the average surprise being 2.56%. Atmos Energy’s long-term earnings growth rate is 8%. Its shares have jumped 16% in the past year.
Southwest Gas’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with the average surprise being 4.05%. SWX’s long-term earnings growth rate is 13.3%. Its shares have increased 5.2% in the past year.
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Telefonica Germany & Nokia Ink a 5-year RAN Deal to Advance 5G Rollout
Key Takeaways
Telefonica, S.A. (TEF - Free Report) Germany has extended its partnership with Nokia through a new five-year agreement to modernize and enhance its nationwide radio access network through 2030. The deal supports TEF’s accelerated 5G rollout and its broader goals for sustainable digitalization across Germany, enabled by Nokia’s advanced Cloud RAN capabilities and AI-driven network intelligence.
Under the contract, Nokia will deliver its energy-efficient, AI-ready AirScale Radio Access Network (RAN) portfolio, featuring Habrok Massive MIMO radios for the n78 band, Pandion multi-band remote radio heads, AirScale small cells and the latest baseband solutions, to improve coverage, indoor performance and overall network reliability.
The rollout will also incorporate Nokia’s Interleaved Passive Active Antenna (IPAA+) antenna solution to streamline site deployment and speed up 5G expansion, alongside ongoing maintenance and optimization services.
TEF will continue leveraging Nokia’s MantaRay NM, an AI-powered network management platform that supports both Cloud RAN and traditional RAN across core, radio and transport domains. The initiative represents an important step toward the companies’ shared ambition of advancing network automation to level 4 through AI-driven orchestration.
Management highlighted that Nokia’s continued emphasis is on delivering superior customer experiences and supporting Germany’s connected and sustainable future.
Telefonica SA Price and Consensus
Telefonica SA price-consensus-chart | Telefonica SA Quote
Telefonica has switched on its 5G network in Spain, where the miMovistar portfolio continues to gain traction. The company’s 5G network provides nearly 94% of the population in Spain with advanced mobile Internet services, streamlining the entire communications infrastructure of the country. The company has launched 5G+ (5G SA) in Spain, Brazil, Germany and the U.K.
Also, the company has signed several long-term contracts that should add to the stability of its business. Telefonica inked a 16-year long-term agreement with DIGI for the mobile network in Spain, enhancing infrastructure quality and ensuring a stable revenue stream. It reached a definitive agreement with Anatel on the fixed voice concession for the authorization model migration. It signed a mobile network agreement with Vodafone, which extends beyond 2030. Movistar Chile has entered a long-term renewable energy deal with Acciona, while Telefonica Mexico has teamed up with BAS Corporation to obtain 40% of its energy from the Kaixo Solar park.
In Brazil, Telefonica is progressing toward a shift to the authorization regime, which is expected to yield both financial and commercial benefits. Meanwhile, Telefonica Deutschland is experiencing growth in its B2B segment through increased customer acquisitions and stronger partnerships, supported by steady ARPU and low churn in O2 contracts, helping ensure consistent revenue.
In November 2025, Telefonica, Nokia and the Polytechnic University of Valencia (“UPV”) advanced mobile communications with a pilot using the upper 6 GHz band (6.425–7.125 GHz, 3GPP n104). The partners view this spectrum as essential for Europe’s future mobile connectivity and for enabling upcoming next-generation digital services.
For 2025, Telefonica continues to expect year-over-year organic growth in revenues, EBITDA and EBITDAaL - CapEx. It aims to keep CapEx as a share of sales below 12.5%, maintain free cash flow at 2024 levels and reduce debt.
TEF’s Zacks Rank & Stock Price Performance
Telefonica currently carries a Zacks Rank #2 (Buy). The stock has lost 5.7% over the past year against the Diversified Communication Services industry’s growth of 9.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Other Key Picks From the Computer and Technology Space
Some other top-ranked stocks from the broader technology space are Lumen Technologies, Inc. (LUMN - Free Report) , Atmos Energy Corporation (ATO - Free Report) and Southwest Gas Holdings, Inc. (SWX - Free Report) . LUMN, ATO and SWX carry a Zacks Rank of 2.
LUMN’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 97.66%. In the last reported quarter, Lumen delivered an earnings surprise of 35.48%. Its shares have increased 9.8% in the past year.
ATO earnings beat the consensus estimate in three of the trailing four quarters while missing in one, with the average surprise being 2.56%. Atmos Energy’s long-term earnings growth rate is 8%. Its shares have jumped 16% in the past year.
Southwest Gas’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with the average surprise being 4.05%. SWX’s long-term earnings growth rate is 13.3%. Its shares have increased 5.2% in the past year.