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    Adam Fox-Rumley

    Vice President and Senior Analyst at HSBC Holdings plc

    Adam Fox-Rumley is a Vice President and Senior Analyst at HSBC Holdings plc, specializing in insurance sector equity research with deep coverage of major companies including Prudential plc., Aviva, and Direct Line Group. Throughout his career, he has consistently delivered actionable investment insights, earning industry recognition for robust analysis and maintaining a strong success rate on published recommendations. Fox-Rumley joined HSBC in 2021 after spending several years as an equity analyst at firms including Macquarie Group and Jefferies, and he holds both CFA and IMC certifications. His expertise is reinforced by regulatory registrations and successful track records highlighted by above-average returns and favorable ranks on analyst performance platforms.

    Adam Fox-Rumley's questions to TELENOR (TELNY) leadership

    Adam Fox-Rumley's questions to TELENOR (TELNY) leadership • Q1 2025

    Question

    Adam Fox-Rumley asked how Telenor can specifically drive performance improvements at its CelcomDigi joint venture. He also questioned the appetite for increased investment in new areas like AI and defense, and if this could raise overall CapEx.

    Answer

    CEO Benedicte Fasmer explained they influence CelcomDigi through board representation and by providing operational expertise. CFO Torbjorn Wist stated that Telenor is past its peak core network investment cycle and will pursue targeted, high-return investments in new areas prudently, without signaling a massive increase in overall spend.

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    Adam Fox-Rumley's questions to TELENOR (TELNY) leadership • Q4 2024

    Question

    Adam Fox-Rumley asked about the leading indicators for an expected improvement in Bangladesh in the second half of the year and sought an explanation for the low return on capital in Finland.

    Answer

    CEO Benedicte Fasmer noted that while the situation in Bangladesh is vulnerable, they are hopeful for improvement and a more predictable framework following potential elections. CFO Torbjorn Wist added they monitor daily performance. Head of IR Frank Maaø explained that Finland's lower return on capital is primarily due to the goodwill carried on the balance sheet from the 2019 DNA acquisition.

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    Adam Fox-Rumley's questions to TELENOR (TELNY) leadership • Q3 2024

    Question

    Adam Fox-Rumley asked if any organizational or oversight changes were being considered to mitigate the loss of CEO Sigve Brekke's extensive experience, given the newness of the senior team and Board. He also requested specifics on the CapEx underspend in Norway and what remains to be done.

    Answer

    CEO Sigve Brekke expressed confidence in the continuity of strategy, stating the Board, though relatively new, fully embraces the current plan and that the broader organization is geared for execution. Acting CFO Kasper Kaarboe explained the Q3 CapEx underspend in Norway was related to timing on both fiber and mobile network projects. He noted it's not unusual to have back-end loaded spending and that the company has a clear ambition to catch up on most of it in Q4.

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