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    Akhil Dattani

    Research Analyst at JPMorgan Chase & Co.

    Akhil Dattani is Head of Telecoms at JPMorgan Securities Plc, specializing in coverage of major European telecommunications companies such as Vodafone, Telefonica, Orange, Liberty Global, and Truecaller. Dattani consistently ranks as a leading analyst, placing in the top 20% of Wall Street analysts, with a career success rate of approximately 55% across more than 570 stock ratings and an average return per rating of 5%. Since joining JPMorgan in 2005, he has issued numerous high-profile stock recommendations with notable single-coverage returns such as +157.90% on Truecaller and rapidly achieved price targets including Telefonica. His professional credentials include a longstanding sector leadership role and a strong track record in both buy- and sell-side research, focusing on the UK, German, Spanish, French, Italian, and US telecom markets.

    Akhil Dattani's questions to TELEFONICA S A (TEF) leadership

    Akhil Dattani's questions to TELEFONICA S A (TEF) leadership • Q2 2025

    Question

    Akhil Dattani of JPMorgan Chase & Co. posed a philosophical question about the company's balance sheet, asking if its high leverage is a constraint. He also sought clarification on a press comment about 'placing a lot of bets to make sure that a few succeed.'

    Answer

    Chairman & CEO Marc Murtra Millar affirmed that while leverage is a relevant constraint, it is not strategically limiting for good opportunities, and the company will not compromise its investment-grade rating. He clarified the 'bets' comment refers to taking more calculated, limited-scope risks in technology to drive returns, enabled by gaining larger scale.

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    Akhil Dattani's questions to TELEFONICA S A (TEF) leadership • Q1 2025

    Question

    Akhil Dattani inquired about the rationale behind recent organizational changes and the philosophy of the upcoming strategic review, asking if transformational moves like a rights issue or dividend cut were being considered.

    Answer

    COO Emilio Rodríguez stated that recent organizational changes were made to ensure execution of the current plan, with any further changes dependent on the strategic review. Executive Laura de Baquedano noted it was too early to comment on specific capital structure changes but emphasized that the review will determine the most suitable structure to maximize shareholder value. She added that the new, more focused group could potentially support higher leverage.

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    Akhil Dattani's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

    Akhil Dattani's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q1 2026

    Question

    Akhil Dattani from JPMorgan Chase & Co. inquired about Vodafone's B2B strategy concerning the growing European focus on data sovereignty, asking about relevant verticals and whether M&A would be necessary to enhance capabilities.

    Answer

    Group CFO Luka Mucic confirmed data sovereignty is an increasingly important topic, and Vodafone is responding by investing in capabilities like in-country security operation centers. Group CEO Margherita Della Valle added that digital services (IoT, cloud, cyber) are already growing double-digits and that while small, capability-driven "bolt-on" acquisitions are possible, the primary focus is on organic investment.

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    Akhil Dattani's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q2 2024

    Question

    Asked for context on Net Promoter Score (NPS) improvements, questioning the size of the gap to competitors. He also questioned the timing of pursuing consolidation in Spain and Italy before the regulatory outcome of the Orange/MASMOVIL merger is known.

    Answer

    Margherita Della Valle explained the Spain deal was the best option for value and certainty, as the market will remain challenging regardless of the Orange/MASMOVIL outcome. On NPS, she stated that while absolute numbers are sensitive, they are focused on the trend and have reduced the gap to the best competitor by 20% in the last year, highlighting a significant internal focus on customer experience.

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    Akhil Dattani's questions to ORANGE (FNCTF) leadership

    Akhil Dattani's questions to ORANGE (FNCTF) leadership • Q1 2025

    Question

    Akhil Dattani inquired about the competitive dynamics in France, particularly SFR's improved performance, the quantifiable impact of the Olympics on Q1 revenue comparisons, and the timeline for the MASORANGE FiberCo deal and potential IPO.

    Answer

    CEO Christel Heydemann acknowledged the more aggressive competition from SFR at the low end of the market, which was anticipated. Executive Jean-François Fallacher added that despite SFR's moves, Orange gained mobile portability customers from them in Q1. Regarding MASORANGE, Heydemann confirmed the FiberCo closing is expected around summer and an IPO could be triggered from April 2026, though other scenarios are possible. CFO Laurent Martinez clarified that the year-over-year decline in 'other revenues' in France of EUR 14 million was broadly the impact from the 2024 Olympics comparison.

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