Telefonica SA announced that its net loss expanded in the fourth quarter of last year, partly due to asset impairments, but growth in its Spanish and Brazilian operations drove an increase in adjusted earnings.

The telecommunications group stated on Tuesday that its net loss amounted to €3.24 billion, compared with a loss of €1 billion in the same period a year earlier.

The results were partly influenced by approximately €255 million in impairments and losses related to asset disposals during the quarter, including non-cash goodwill impairments at Telefonica Tech and its Chilean subsidiary.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €3.2 billion from €3.13 billion. The corresponding margin increased to 34.9% from 34.4%.

Revenue grew to €9.17 billion from €9.11 billion, primarily reflecting growth in the Spanish and Brazilian markets.

According to a compiled analyst consensus, revenue had been forecast at €9.1 billion, with adjusted EBITDA expected to be €3.15 billion.

The board declared a dividend of €0.30 per share, unchanged from the previous year.

Telefonica anticipates that its revenue growth rate will range between 1.5% and 2.5% through 2026, with adjusted EBITDA growth also projected in the same range. The company expects free cash flow to be approximately €3 billion.