A. History and Development of the Company Overview Telefónica, S.A. is a corporation duly organized and existing under the laws of the Kingdom of Spain, incorporated on April 19, 1924. We: • are a diversified telecommunications group which provides a comprehensive range of services through one of the world’s largest and most modern telecommunications networks; • are focused on providing telecommunications services; and • operate principally in Europe and Latin America. The following significant events occurred in 2024: • On January 3, 2024, certain subsidiaries of Telefónica Spain endorsed the agreement reached on December 28, 2023 with the most representative trade unions to (i) sign the III Collective Bargaining Agreement, which runs until December 31, 2026 and can be extended for a further year; and (ii) execute a collective redundancies plan affecting up to a total of 3,420 employees (the "Collective Redundancies Plan"). Employees who turned 56 years or older in 2024 and with a seniority of more than 15 years could adhere to the Collective Redundancies Plan.