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    Akhil Dattani • JPMorgan Chase & Co.

    Akhil Dattani's questions to Telefonica SA (TEF) leadership

    Akhil Dattani's questions to Telefonica SA (TEF) leadership • Q2 2025

    Question

    Akhil Dattani from JPMorgan Chase & Co. asked for a philosophical view on Telefónica's balance sheet leverage and sought clarification on a comment about taking multiple 'bets'.

    Answer

    Chairman & CEO Marc Murtra Millar stated that while leverage is a constraint, it is not strategically limiting, and the company will not compromise its investment-grade rating. He clarified that 'placing bets' refers to taking calculated, limited-scope risks on new technologies, which could be scaled up if successful.

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    Akhil Dattani's questions to Telefonica SA (TEF) leadership • Q1 2025

    Question

    Akhil Dattani asked about the rationale behind recent organizational changes within Telefonica. He also sought to understand the philosophy of the ongoing strategic review, questioning whether it could result in transformational changes to capital allocation, such as a rights issue or dividend cut.

    Answer

    Chief Operating Officer Emilio Rodríguez stated that the recent organizational changes were made to ensure the execution of the current plan and budget, with any further changes dependent on the strategic review. Executive Laura de Baquedano noted it was too early to comment on specific outcomes of the review but confirmed it will include a thorough analysis of the capital structure to best support the new plan and maximize shareholder value, implying all options are being considered.

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    Akhil Dattani's questions to Vodafone Group PLC (VOD) leadership

    Akhil Dattani's questions to Vodafone Group PLC (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 with investments like in-country security operation centers. He identified public sector and defense as key verticals. Group CEO Margherita Della Valle added that digital services (IoT, cloud, cyber) are growing double-digits in Europe and that Vodafone, as a European company, is well-positioned to benefit. Regarding M&A, she suggested small, incremental "bolt-on" acquisitions for specific capabilities are possible.

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    Akhil Dattani's questions to Orange SA (FNCTF) leadership

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

    Question

    Akhil Dattani of JPMorgan Chase & Co. inquired about the competitive dynamics in France, particularly SFR's improved performance, the quantifiable revenue impact from the prior year's Olympics, and the strategic next steps for the MASORANGE joint venture, including the FiberCo deal timeline and potential IPO.

    Answer

    CEO Christel Heydemann stated that the competitive environment in France was in line with expectations and that Orange gained mobile portability customers from SFR in Q1. Executive Laurent Martinez quantified the Olympics comparison impact at approximately EUR 14 million in 'other revenues'. Regarding MASORANGE, Heydemann confirmed the FiberCo deal closing is expected around summer 2025, with a potential IPO trigger from April 2026, while emphasizing the immediate focus is on delivering synergies.

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