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    Andrew Lee • Goldman Sachs

    Andrew Lee's questions to Telefonica SA (TEF) leadership

    Andrew Lee's questions to Telefonica SA (TEF) leadership • Q2 2025

    Question

    Andrew Lee from Goldman Sachs questioned the low organic growth in Spain despite strong KPIs and asked about VMO2's financial capacity for UK fiber consolidation.

    Answer

    COO & Executive Director Emilio Gayo Rodríguez projected higher year-over-year revenue and EBITDA growth for Spain in 2025, driven by B2C and B2B momentum. Chairman & CEO Marc Murtra Millar remained non-specific on UK M&A to maintain flexibility but acknowledged the opportunities.

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    Andrew Lee's questions to Telefonica SA (TEF) leadership • Q1 2025

    Question

    Andrew Lee asked about the decision to pause the NetCo process for Virgin Media O2 in the U.K. and its effect on the company's fiber expansion and altnet acquisition strategy. He also inquired about the potential for inorganic consolidation in Spain and whether it would be limited to the fixed-line market.

    Answer

    Chief Operating Officer Emilio Rodríguez stated that Telefonica's priority in Spain is organic growth but acknowledged that in-market consolidation is a necessary precursor to any broader European consolidation. Executive Lutz Schüler clarified that while the NetCo process is paused pending Telefonica's strategic review, VMO2's fiber network expansion and conversations with altnets for potential consolidation are continuing independently. Mr. Rodríguez added that Telefonica sees significant value in developing fiber in the U.K.

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    Andrew Lee's questions to Telefonica SA (TEF) leadership • Q1 2024

    Question

    Andrew Lee inquired about the significant increase in lease costs in Spain, asking for the key drivers and future outlook. He also questioned the negative fixed broadband net additions at VMO2 in the U.K., seeking reassurance on recovery prospects and any potential risk to the VMO2 dividend.

    Answer

    Chief Operating Officer Ángel Vilá Boix explained that the Q1 increase in Spanish lease costs was anticipated due to the timing of workforce savings and phasing of 5G-related costs, reaffirming full-year guidance. Chief Financial Officer Laura de Baquedano added that lease trends should normalize over the long term. Regarding VMO2, CEO Lutz Schüler attributed lower net adds to a smaller market and competitor actions but noted that fixed ARPU is now growing, making him confident in the fixed-line P&L and the dividend.

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    Andrew Lee's questions to Vodafone Group PLC (VOD) leadership

    Andrew Lee's questions to Vodafone Group PLC (VOD) leadership • Q1 2026

    Question

    Andrew Lee from Goldman Sachs inquired about German market consolidation, asking if Vodafone could actively lead such a move or would more likely be an indirect beneficiary, especially given the reliance on the 1&1 deal for top-line growth.

    Answer

    Group CEO Margherita Della Valle responded that Vodafone's primary focus in Germany is on completing its operational turnaround and driving organic growth through improved customer experience and brand strength. Regarding consolidation, she emphasized that while it's important for Europe, Vodafone's efforts are centered on operational excellence. She stated their focus with 1&1 is on completing the transition to their nationwide network.

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    Andrew Lee's questions to Sunrise Communications AG (SNRE) leadership

    Andrew Lee's questions to Sunrise Communications AG (SNRE) leadership • Q1 2025

    Question

    Andrew Lee of Goldman Sachs inquired about the competitive landscape in residential mobile and fixed, and the rationale behind reduced promotional spending in Q1.

    Answer

    CEO André Krause described the mobile market as fragile but rationalizing, with competitors following recent price increases, while the fixed market's promotional intensity remains stable. CFO Jany Fruytier explained that promotional spending was intentionally lowered to support the price rise messaging, with about half of the Q1 reduction expected to phase back into spending throughout the year.

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    Andrew Lee's questions to Telenor ASA (TELNY) leadership

    Andrew Lee's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Andrew Lee questioned Telenor's decision to reiterate its mid-single-digit Nordic EBITDA growth guidance despite a strong 7.5% underlying Q1 result, and asked about the potential for in-market consolidation in the Nordics.

    Answer

    CEO Benedicte Fasmer addressed consolidation, noting that the fragmented European market needs scale and that recent deals suggest a more positive regulatory climate for such moves. CFO Torbjorn Wist explained that it is still early in the year to adjust guidance and clarified that higher corporate costs were due to a reallocation from the business areas, which is a structural change for the year.

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    Andrew Lee's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Andrew Lee of Goldman Sachs followed up on M&A, asking if management will actively pursue portfolio simplification in Asia to address the valuation discount and whether they see opportunities for in-market consolidation in Europe.

    Answer

    CFO Torbjorn Wist emphasized that in Asia, the focus is on creating value within the merged entities and securing dividends, not pursuing simplification through 'bad deals.' CEO Benedicte Fasmer stated that they hope for a more favorable regulatory environment that would permit in-market consolidation, highlighting Sweden and Denmark as particularly relevant markets for such opportunities.

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    Andrew Lee's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Andrew Lee asked for CEO Sigve Brekke's reflections on the sustainability of the strong 5-6% EBITDA growth in the Nordics. He also sought clarification on whether the raised free cash flow guidance was primarily due to delayed payments in Bangladesh.

    Answer

    CEO Sigve Brekke expressed high confidence in the sustainability of Nordic growth, attributing it to well-controlled transformation programs, Nordic-level efficiencies, and a rational pricing environment. Acting CFO Kasper Kaarboe clarified that the free cash flow guidance was tightened due to strong operational performance and momentum, not the delayed Bangladesh payment, which was already excluded from the guided figures.

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    Andrew Lee's questions to Orange SA (FNCTF) leadership

    Andrew Lee's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Andrew Lee from Goldman Sachs inquired about the potential for market consolidation in France, asking if there were any new signs of movement. He also asked if Orange would ever consider acquiring competitor XpFibre.

    Answer

    CEO Christel Heydemann reiterated her belief in the need for European consolidation and stated that Orange, as the #1 player in France, is carefully monitoring the situation. Regarding XpFibre, she was clear that Orange has invested heavily in its own fiber network, owning over 50% of the infrastructure, and therefore does not need to acquire XpFibre, though it will watch its valuation.

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