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    Keval Khiroya • Deutsche Bank AG

    Keval Khiroya's questions to Telefonica SA (TEF) leadership

    Keval Khiroya's questions to Telefonica SA (TEF) leadership • Q2 2025

    Question

    Keval Khiroya from Deutsche Bank questioned the 2025 'broadly stable' EBITDA outlook for Germany given the H1 decline and asked about the strategic importance of fully owning infrastructure.

    Answer

    Markus Haas, CEO of Telefónica Deutschland, expressed confidence in the outlook, explaining the EBITDA decline faced tough comps and that the migration impact is a two-year journey. Chairman & CEO Marc Murtra Millar affirmed that as an industrial operator, core infrastructures are better run in a simplified way, closely integrated with the business.

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    Keval Khiroya's questions to Telefonica SA (TEF) leadership • Q1 2025

    Question

    Keval Khiroya asked whether management sees benefits from mobile in-market consolidation in Germany. He also inquired how Telefonica Spain plans to sustain EBITDA growth acceleration after the cost benefits from the recent headcount reduction plan diminish.

    Answer

    Chief Operating Officer Emilio Rodríguez stated that while the priority in Germany is organic growth, he believes in-market consolidation is necessary for a strong European telecom sector. Regarding Spain, he explained that EBITDA growth will be sustained by continued retail revenue growth, further efficiencies from technological transformation like the copper network shutdown, process simplification, and the application of AI and automation.

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    Keval Khiroya's questions to Telefonica SA (TEF) leadership • Q1 2024

    Question

    Keval Khiroya questioned the sustainability of Germany's strong 5% EBITDA growth, asking about potential OpEx phasing impacts. He also inquired about Germany's strategy following the loss of the 1&1 contract, asking if the focus is solely on retail or if other wholesale partners or network JVs are being considered.

    Answer

    An executive, likely Telefónica Deutschland CEO Markus Haas, attributed the strong Q1 profitability to a mix of levers including gross margin contribution, lower subscriber acquisition costs, and early efficiency gains, expressing confidence in the full-year plan. He explained that future growth will come from a mix of retail, B2B, and leveraging existing partnerships, giving them flexibility to adapt to market conditions.

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    Keval Khiroya's questions to Telenor ASA (TELNY) leadership

    Keval Khiroya's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Keval Khiroya of Deutsche Bank asked for more detail on the weaker subscriber KPIs in Norway and Finland during Q1 and inquired about the strategy to improve these trends.

    Answer

    CEO Benedicte Fasmer attributed the higher churn in Norway to back-book price adjustments and noted tougher competition in Finland. She emphasized that despite the subscriber dip, the top-line revenue remains strong. CFO Torbjorn Wist added that Q1 is a seasonally softer quarter following holiday campaigns. They also confirmed an increase in sales and marketing costs year-over-year.

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    Keval Khiroya's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Keval Khiroya of Deutsche Bank inquired about the new management's initial impressions on the potential for continued operating expense (OpEx) and capital expenditure (CapEx) reductions in the Nordics beyond the 2025 guidance.

    Answer

    CEO Benedicte Fasmer stated that maintaining cost and efficiency focus will be crucial beyond 2025 to keep Telenor 'future fit.' CFO Torbjorn Wist noted that while the company is coming off a peak CapEx cycle, he would refrain from providing specific guidance beyond 2025 until the strategy is fully evolved and presented at the Capital Markets Day later in the year.

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    Keval Khiroya's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Keval Khiroya asked how the new network agreement with ICE would impact the mobile competitive environment in Norway. He also inquired about the outlook for Nordic price increases in 2025 compared to 2024, given lower inflation.

    Answer

    Acting CFO Kasper Kaarboe stated the ICE agreement is expected to generate approximately NOK 1 billion in high-margin wholesale revenue over three years, though the net impact on market dynamics is hard to predict. CEO Sigve Brekke added that the deal is clearly positive for the next three years. On pricing, management expressed confidence in continuing low-to-mid-single-digit revenue growth, supported by a rational market and a "more-for-more" strategy that adds value for customers.

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