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    Mathieu Robilliard

    Senior Analyst at Barclays PLC

    Mathieu Robilliard is a Senior Analyst at Barclays, specializing in the technology and telecommunications sectors with coverage spanning companies such as AST SpaceMobile, TIM S.A., Telefônica Brasil, Iridium Communications, Millicom International Cellular, Viasat, Liberty Latin America, and Telefónica. Over his Barclays tenure, Robilliard has built a track record with approximately a 55% success rate and average returns near 2% per rating, highlighted by standout calls like a 233% return on AST SpaceMobile. He began his career at Exane before joining Barclays, where he has developed extensive expertise in both US and European markets including France, Germany, Italy, Spain, and the UK. Robilliard is recognized for his analytical rigor and industry insight, with professional registrations reflective of regulatory compliance in investment research.

    Mathieu Robilliard's questions to Iridium Communications (IRDM) leadership

    Mathieu Robilliard's questions to Iridium Communications (IRDM) leadership • Q2 2025

    Question

    Mathieu Robilliard of Barclays asked for confirmation on the 2025 outlook for R&D and SG&A expenses. He also questioned the revenue model for GMDSS and sought clarification on whether the 'richer experience' of the next-generation network implied services beyond messaging, such as broadband.

    Answer

    CFO Vincent O’Neill confirmed that R&D would decline in 2025 as guided, while SG&A is expected to be flat to low single-digit growth. CEO Matthew Desch clarified that GMDSS is a free, mandated service, but the value is in the combined terminal that offers other revenue-generating services. He confirmed the next-gen network vision extends beyond messaging, aiming to provide a richer, 5G/6G standards-based data experience, potentially including broadband to mobile devices.

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    Mathieu Robilliard's questions to Iridium Communications (IRDM) leadership • Q1 2025

    Question

    Mathieu Robilliard from Barclays asked when the negative revenue impact in the maritime segment from Starlink competition is expected to stabilize and sought clarification on the statement that competing D2D services would only add 10-15% coverage, questioning why it wasn't a larger extension.

    Answer

    CEO Matt Desch expressed hope for maritime stabilization but couldn't forecast a precise end, expecting normalization in 2026 as more Iridium Certus GMDSS terminals become available. He clarified his coverage comment, stating that terrestrial cellular currently covers 10-15% of the globe. Competing D2D services, which use terrestrial cellular frequencies, will face significant regulatory and interference issues, limiting their operation to specific countries and preventing true global coverage, unlike Iridium's L-band service.

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    Mathieu Robilliard's questions to Iridium Communications (IRDM) leadership • Q4 2024

    Question

    Mathieu Robilliard of Barclays asked about Iridium's view on its spectrum assets in light of recent L-band transactions and whether its current holdings are a constraint. He also questioned if the unique competitive advantages of L-band could be eroded over time by innovation in other satellite bands.

    Answer

    CEO Matt Desch affirmed the high value of Iridium's global L-band spectrum, stating they have ample capacity for their mission-critical and safety-focused strategy and do not need to acquire more. He expressed confidence in L-band's durable competitive moat for regulated safety services, noting it is unlikely that shared bands like Ka/Ku will be approved for such applications due to fundamental regulatory and technical differences.

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    Mathieu Robilliard's questions to TELEFONICA S A (TEF) leadership

    Mathieu Robilliard's questions to TELEFONICA S A (TEF) leadership • Q1 2025

    Question

    Mathieu Robilliard questioned the free cash flow guidance, which now excludes discontinued operations, asking if 'similar' means flattish and why the 2024 base was adjusted. He also asked for an update on 1&1's efforts to obtain low-band spectrum in Germany.

    Answer

    Executive Laura de Baquedano confirmed the free cash flow guidance remains stable or 'flattish' for 2025 on a continuing operations basis. She explained the 2024 base improved because the negative contribution from Peru, which included tax-related payments, was removed. Executive Markus Haas addressed the Germany question, stating that while Telefonica will meet its spectrum obligations, 1&1 should first approach its national roaming host, Vodafone, for low-band spectrum.

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    Mathieu Robilliard's questions to ORANGE (FNCTF) leadership

    Mathieu Robilliard's questions to ORANGE (FNCTF) leadership • Q1 2025

    Question

    Mathieu Robilliard asked about the wholesale revenue trajectory in France, questioning if Orange could perform better than its guidance of a EUR 1 billion decline, and sought to understand the net free cash flow impact of the new cost-cutting plan.

    Answer

    CEO Christel Heydemann confirmed that while the Q1 wholesale decline was moderate, a stronger decline is expected in H2 due to base effects, keeping the company in line with its forecast and offering no upside. CFO Laurent Martinez explained that the cost-cutting plan will have a slight positive cash flow impact starting in 2026 and across the program's implementation, eventually increasing as restructuring payments phase out.

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    Mathieu Robilliard's questions to Liberty Latin America (LILA) leadership

    Mathieu Robilliard's questions to Liberty Latin America (LILA) leadership • Q3 2024

    Question

    Mathieu Robilliard of Barclays followed up on the Puerto Rico segment's performance, questioning the path to EBITDA recovery given flat revenues and asking about the upcoming integration of Echostar subscribers in light of the difficult AT&T migration.

    Answer

    CEO Balan Nair outlined a multi-faceted recovery plan for Puerto Rico involving further cost-cutting, investing in sales growth with a focus on B2B, and leveraging the new 'Liberty Loop' converged offer. Regarding the Echostar deal, he explained the integration will be much smoother because LLA now has its own operational mobile network and IT stack, and the incoming subscribers are prepaid, which is less complex than the postpaid migration from AT&T.

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    Mathieu Robilliard's questions to BOUYY leadership

    Mathieu Robilliard's questions to BOUYY leadership • Q1 2024

    Question

    Asked about the expected slowdown in Equans' revenue growth, the reason for the slight dip in Colas's French backlog, and the drivers behind the strong fixed ABPU growth in the telco segment.

    Answer

    The executive explained that Equans is prioritizing profitability over top-line growth. For Colas, the backlog is stable and Q1 orders in France were strong. The fixed telco ABPU growth is driven by a market shift to higher-end FTTH, Bouygues catching up to competitor pricing, and market share gains in potentially higher-ABPU rural areas.

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