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    Joshua Mills • BNP Paribas Exane

    Joshua Mills's questions to Telefonica SA (TEF) leadership

    Joshua Mills's questions to Telefonica SA (TEF) leadership • Q2 2025

    Question

    Joshua Mills from BNP Paribas sought insight into Telefónica's strategy for tech and cybersecurity and questioned the drivers for VMO2's expected revenue acceleration.

    Answer

    Chairman & CEO Marc Murtra Millar cited Europe's push for strategic autonomy and defense investments as key differentiators for current cybersecurity opportunities. Lutz Schüler, CEO of Virgin Media O2, explained that while the fixed market is competitive, an encouraging B2B funnel is expected to drive revenue growth in the second half of the year.

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    Joshua Mills's questions to Vodafone Group PLC (VOD) leadership

    Joshua Mills's questions to Vodafone Group PLC (VOD) leadership • Q1 2026

    Question

    Joshua Mills from BNP Paribas Exane returned to the German strategy, asking how important it is to grow the broadband subscriber base, which is now declining, versus focusing on value. He also inquired about the potential for introducing back-book price increases.

    Answer

    Group CEO Margherita Della Valle stated that in a stable market, the target is to maintain a stable broadband base. Value is then driven by managing front-book pricing, upselling the existing base, and reducing churn. She reiterated satisfaction with the current investment levels and quality position in Germany. Regarding back-book price rises, she acknowledged it's been done in the past but said while the company is always mindful of inflation, it's too early to specify what shape any future pricing interventions might take.

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    Joshua Mills's questions to Telenor ASA (TELNY) leadership

    Joshua Mills's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Joshua Mills from Exane BNP Paribas requested more insight into the defense contracts Telenor has secured, asking about their potential revenue contribution, margins, and the competitive landscape.

    Answer

    CEO Benedicte Fasmer stated it was too early to quantify the full impact but highlighted Telenor's significant existing relationships with armed forces. CFO Torbjorn Wist added that the KNL subsidiary is a high-margin business whose revenue tripled to NOK 60 million last year, seeing it as an exciting area with expansion potential within NATO amid the current geopolitical climate.

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    Joshua Mills's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Joshua Mills of BNP Paribas Exane questioned the slowdown in service revenue growth in Sweden during Q4, asking for color on its expected normalization in 2025 and the current pricing environment.

    Answer

    CFO Torbjorn Wist attributed the Q4 slowdown in Sweden to a tough year-over-year comparison, strong promotional activity, and a one-off VAT case impact, stating it was not representative of the underlying trend. He expressed comfort with the 2025 outlook, pointing to strong postpaid net additions in the quarter as a sign of competitive health. Head of IR Frank Maaø added that adjusting for one-offs, the underlying Nordic service revenue growth was closer to 3%.

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    Joshua Mills's questions to Liberty Global Ltd (LBTYA) leadership

    Joshua Mills's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2025

    Question

    Joshua Mills from BNP Paribas asked for an update on conversations with partner Telefonica regarding VMO2's strategy and whether Liberty Global would consider deals with AltNets in the Netherlands despite its DOCSIS 4 plan.

    Answer

    Executive Chairman Michael Fries stated that he respects Telefonica's new leadership needing time for a strategic review, with updates expected in H2. He stressed that VMO2 remains opportunistic in the U.K. market. For the Netherlands, he confirmed DOCSIS 4 is the core plan but that the company will 'always remain opportunistic' regarding other network strategies that could create value.

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    Joshua Mills's questions to Liberty Global Ltd (LBTYA) leadership • Q3 2024

    Question

    Joshua Mills of BNP Paribas questioned Stephen van Rooyen on the strategy for VodafoneZiggo, asking what is needed to stabilize its subscriber base and how the company can drive value as price increases moderate.

    Answer

    An executive, presumably Stephen van Rooyen, stated his short-term focus is on managing churn in a promotion-driven market. He expressed confidence in the DOCSIS network roadmap, the value of the broader portfolio including UEFA rights and the TV platform, and using the Hollandsnieuwe flanker brand to compete on price.

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    Joshua Mills's questions to Liberty Global Ltd (LBTYA) leadership • Q2 2024

    Question

    Joshua Mills asked about the cable versus fiber strategy, inquiring about DOCSIS 4.0 testing, the benefits of speed upgrades in Switzerland, and if wholesaling on cable in Belgium could serve as a model for other markets.

    Answer

    Executive Michael Fries explained that the network strategy is market-specific. In the U.K., the similar cost of DOCSIS 4.0 and fiber upgrades—combined with a wholesale market shifting to fiber—makes a full-fiber strategy logical. In contrast, Belgium has a history of successful HFC wholesaling. In Switzerland, the company employs a flexible, multi-technology approach using its 2.5-gig HFC network, third-party fiber, and its own fiber builds to serve customers most effectively.

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    Joshua Mills's questions to Orange SA (FNCTF) leadership

    Joshua Mills's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Joshua Mills from BNP Paribas Exane requested more detail on the cost-cutting plan, specifically the expected phasing of savings from the new union agreement and whether other cost-saving opportunities are being explored.

    Answer

    CEO Christel Heydemann explained that the financial impact of the new part-time seniority agreement will begin in H2 2025 but will be most significant in 2026. She confirmed that while the company is pursuing other efficiencies in procurement and AI, there are no further headcount-related plans in France beyond the current scheme, which she is confident will be successful based on past programs.

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