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    David Wright • Bank of America

    David Wright's questions to Telefonica SA (TEF) leadership

    David Wright's questions to Telefonica SA (TEF) leadership • Q2 2025

    Question

    David Wright from Bank of America asked about the 'mounting consumer reluctance to spend' in Germany and whether it poses a barrier to future price increases.

    Answer

    Markus Haas, CEO of Telefónica Deutschland, clarified that they see a willingness to pay more for more data if the proposition is right, citing the success of their 'unlimited on demand' plans. He noted that every unlimited customer is ARPU accretive, indicating value-up opportunities still exist.

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    David Wright's questions to Telefonica SA (TEF) leadership • Q1 2024

    Question

    David Wright asked about the market dynamics in Germany, specifically regarding momentum in the family SIM segment and the strategy for its fighter brand. He also sought further clarification on the Digi deal in Spain, asking if 'sharing' could involve Digi's spectrum or shared infrastructure, and requested a revenue estimate for the contract.

    Answer

    Telefónica Deutschland CEO Markus Haas described the German market as rational, confirming solid momentum from family offers aimed at capturing more household budget. For the Digi deal, Chief Operating Officer Ángel Vilá Boix reiterated that it is a structural, long-term solution beyond pure roaming but declined to share specific terms or revenue figures, noting only that the MVNO wholesale business line grew in Q1.

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    David Wright's questions to Vodafone Group PLC (VOD) leadership

    David Wright's questions to Vodafone Group PLC (VOD) leadership • Q1 2026

    Question

    David Wright from Bank of America Merrill Lynch asked for commentary on a recent letter Vodafone sent regarding the regulation of fixed wholesale access, questioning if it was a move to protect its position against incumbents as they invest more heavily in fiber.

    Answer

    Group CEO Margherita Della Valle clarified that while Vodafone supports simplifying telecom regulation, there must be a "red line" against the remonopolization of fixed networks. She argued that where a single infrastructure creates a natural monopoly, ex-ante regulation and fair access must be maintained for the benefit of all European customers. She stated this is a simple principle and not about protecting Vodafone's own infrastructure strategy, as they continue to invest in both their cable network and new fiber builds.

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    David Wright's questions to Liberty Global Ltd (LBTYA) leadership

    David Wright's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2025

    Question

    David Wright from Bank of America questioned how comfortable Liberty Global is with waiting on its U.K. NetCo plan given the need for market consolidation, and asked about the departure of the McLaren team from Formula E.

    Answer

    Executive Chairman Michael Fries stated that the NetCo pause does not prevent strategic dialogue on consolidation, noting they will remain opportunistic. Regarding Formula E, he acknowledged McLaren's departure as a loss but expressed confidence in filling the slot with other compelling team owners, highlighting that McLaren was a team owner, not a manufacturer in the series.

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    David Wright's questions to Liberty Global Ltd (LBTYA) leadership • Q2 2024

    Question

    David Wright inquired about U.K. consolidation, asking if altnets' focus on loading networks creates M&A hurdles and whether regulators might view a potential acquisition of a distressed asset like TalkTalk differently.

    Answer

    Executive Michael Fries declined to comment on TalkTalk specifically but acknowledged the trend of altnets slowing build activity as capital becomes scarce. He outlined M&A evaluation criteria (overbuild, network quality, customer base), noting an existing subscriber base doesn't fundamentally alter the analysis. Executive Andrea Salvato added that a reset of valuation expectations is needed in the market before significant consolidation can occur.

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