Letter from the
CEO

2024 has been a year of great changes and challenges, marked by significant milestones in the telecommunications industry. We have played a leading role in this evolution, adapting to new dynamics and laying the foundations for the transformation of the sector in the coming years. More than ever, this year has shown the impact and relevance of our industry in people’s lives.

Despite macroeconomic, regulatory and climate challenges, Telefónica Movistar Colombia closed the year with solid results in a highly competitive environment. Our purpose of making our world more human by connecting people’s lives continues to be our greatest inspiration. We are committed to inclusive and sustainable connectivity, contributing to reduce gaps and generating well-being through technology.

As a Collective Benefit and Interest Company (BIC), we integrate responsible practices, ensuring a business model aligned with governance, environmental protection, human rights, labor equity and community and business development. We are committed to sustainable growth, supported by technology and certified processes that endorse our commitment to the digital, social and economic development of the country.

None of this would be possible without the talent, passion and commitment of our 5,422 direct employees and more than 17,000 indirect employees. Thanks to their dedication, we have achieved our goals, benefiting more than 24.4 million customers, including 22.83 million people and 2 million companies.

This success has been driven by a strategy that integrates sustainability and digital transformation, generating excellent economic, operational, and financial results. In 2024, we made investments of approximately COP 503 billion, mainly in our mobile network, single network and customer service. As a result, we achieved operating revenues of around COP 6.67 trillion, an EBITDA of COP 1.54 trillion. In addition, we reaffirmed our commitment to sustainability by managing to negotiate close to COP 1.6 trillion in debt under a credit financing model linked to sustainability indicators such as women’s leadership, cybersecurity training, energy efficiency and emissions reduction.

In our bet on digital inclusion, we reaffirmed our commitment to connect the country more and better, consolidating our position as the first operator to deploy the 5G network, providing a key opportunity to strengthen the digital infrastructure that the country needs for its development and we continue to be the number one operator in Fiber Optics in Colombia; we closed 2024 with almost 1.5 million homes and companies connected and more than 5.9 million homes passed in 92 municipalities. In addition, for the sixth consecutive time, we were recognized with the Ookla Speedtest Award as the operator with the fastest fixed Internet in the country, reaffirming our commitment to quality connectivity. This technology is not only more efficient and sustainable, but has also been key to driving our employability and equity agenda. Thanks to its deployment and operation, we have generated opportunities for more than 3,460 people, including more than 620 women who are now part of Mujeres en Red (Connected Women).

This year we celebrated one of the most important milestones in the sector: the closing of the transaction that allowed the creation of Unired Colombia SAS, a joint effort between Telefónica Movistar Colombia and Tigo – Colombia Móvil for the implementation of a single mobile access network. This progress will allow us to expand coverage, improve speed and capacity, and offer our Movistar users a superior browsing and call quality experience.

As a Telco, it is linked to our Core in the way we do things, and in our commitment to being a responsible business, we have set goals that drive our environmental, social and governance agenda.

On the environmental front, we are making progress on our sustainability goals. Our objective is clear: to achieve zero net emissions by 2040. In 2024, we achieved a 73 % reduction in our CO₂ emissions compared to 2015, which is equivalent to more than 39 thousand fewer tons of carbon in the environment. We also reaffirmed our leadership in sustainability by participating in key events such as COP16, strengthening our commitment to biodiversity and long-term environmental strategies.

We are proud to be pioneers in digital solutions with the Eco Smart Seal, helping more than 67 thousand companies to reduce their carbon footprint and efficiently manage their resources.

The promotion of the circular economy has been key: in 2024, we refurbished equipment, optimized maintenance and managed copper scraps, recovering this material for commercialization. Thanks to these initiatives, we recycled 99.7 % of our waste, minimizing disposal and promoting sustainable practices.
Social impact has also been a key pillar. Through the Telefónica Movistar Colombia Foundation, we have benefited more than 1.7 million people by means of Digital Education, Employability and Digital Entrepreneurship, Knowledge and Digital Culture programs, and the Corporate Volunteer Program.

We also maintain our commitment to the development of local suppliers and allies, expanding our commercial relationships in the country; today, 74 % of our suppliers are Colombian and have been awarded 90 % of the value of our purchases, in addition to promoting sustainability in our supply chain.

This report presents our progress in 2024, in line with the Sustainable Development Goals (SDGs), the United Nations Global Compact Principles and our sustainability commitments. Through these actions, we reaffirm our purpose of contributing to the sustainable development of Colombia and the world, promoting connectivity, diversity, inclusion and respect for human rights, while enhancing the digital and sustainable transformation of the country.

I invite you to read this report and to continue collaborating to build, together, a more connected, sustainable and inclusive future.