The capital reduction will be used to absorb losses of more than US$ 740 million accumulated during the year.

Telefónica del Perú (TdP) reported, through an important event, that by decision of its General Shareholders' Meeting it agreed to reduce its share capital by up to S/ 1,150 million (US$ 304.3 million) and delegated powers for the application of other sanitation measures.

In the execution of such agreements, the accumulated losses for 2024, amounting to S/2.8 billion (approximately US$741 million), will be covered by the issue premium of S/2.019 billion (US$534.3 million) and by the amount of the reduction in share capital of up to S/1.15 billion (US$304.3 million).

Through a statement, the telco stated that its financial results in recent years have been strongly impacted by the historical controversies with SUNAT, as well as the lack of legal predictability and high competition in the sector. In this context, Telefónica Hispanoamérica has provided financial support in 2024 and capitalized loans for S/2.8 billion during the year in order to achieve the financial cleanup of TdP. The current situation of the Company requires its management to analyze all possible alternatives to achieve the transformation and sustainability of its operations.