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    Maurice Patrick • Barclays

    Maurice Patrick's questions to Vodafone Group PLC (VOD) leadership

    Maurice Patrick's questions to Vodafone Group PLC (VOD) leadership • Q1 2026

    Question

    Maurice Patrick from Barclays questioned the slowdown in UK service revenue growth from 3% to 1%, asking about the impact of business project milestones and the inclusion of one month of Three UK's results. He also inquired about the driver of the 46,000 contract net losses.

    Answer

    Group CFO Luka Mucic clarified that the slowdown was expected and previously flagged, driven by the loss of low-margin legacy B2B contracts and a slightly negative growth trend from the newly consolidated Three UK. He anticipates slightly negative UK growth for the next few quarters before the merger benefits materialize. Group CEO Margherita Della Valle attributed the net losses to B2B contract phasing and the Three brand's performance. She emphasized that the integration will significantly improve the Three customer experience through network enhancements, better customer service, and access to Vodafone's fixed broadband, driving future revenue and net adds.

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    Maurice Patrick's questions to Sunrise Communications AG (SNRE) leadership

    Maurice Patrick's questions to Sunrise Communications AG (SNRE) leadership • Q1 2025

    Question

    Maurice Patrick from Barclays asked for a breakdown of net additions by brand and for more detail on the expected phasing of revenue and ARPU recovery throughout the year.

    Answer

    CEO André Krause stated the company does not disclose net adds by brand but confirmed the dynamic between main and flanker brands is stable. CFO Jany Fruytier explained that revenue recovery will be driven by the normalization of hardware sales, the full impact of price increases in subsequent quarters, and the tempering effect of right-pricing activities. Krause affirmed that most of the price increase is expected to flow through to revenue and the bottom line.

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    Maurice Patrick's questions to Telenor ASA (TELNY) leadership

    Maurice Patrick's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Maurice Patrick of Barclays asked for the new management's early thoughts on what is considered core versus non-core across Telenor's portfolio, specifically questioning the long-term commitment to Asia, the strategy for Amp and infrastructure assets, and the development of security services.

    Answer

    CEO Benedicte Fasmer emphasized the immediate priority is executing the current strategy across four distinct business areas. She defined the Nordics as core, while in Amp, the focus is on IoT and cybersecurity. For Asia, she described a long-term view of developing assets. CFO Torbjorn Wist added that for Asian associate companies, the primary focus is on driving value and synergies from the recent mergers to generate dividends, rather than pursuing simplification at any cost.

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    Maurice Patrick's questions to IHS Holding Ltd (IHS) leadership

    Maurice Patrick's questions to IHS Holding Ltd (IHS) leadership • Q3 2024

    Question

    Maurice Patrick from Barclays questioned the outlook for tenancy growth, which appears modest, and asked if recent reductions in cost of sales are sustainable. He also sought specifics on how CapEx per tower was reduced by 50% in Brazil.

    Answer

    CFO Steve Howden clarified that growth metrics must include both new tenants and lease amendments, which have been strong. He affirmed that cost reductions are intended to be sustainable, pointing to rising EBITDA margins. CEO Sam Darwish explained the Brazil CapEx reduction resulted from building lighter towers and optimizing material sourcing and assembly.

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    Maurice Patrick's questions to Liberty Global Ltd (LBTYA) leadership

    Maurice Patrick's questions to Liberty Global Ltd (LBTYA) leadership • Q3 2024

    Question

    Maurice Patrick from Barclays asked for a breakdown of the moving parts affecting the 2024 central cash balance and sought clarity on whether the CHF 8.2 billion consensus enterprise value for Sunrise accounts for items like TSAs and LTIPs.

    Answer

    Michael Fries, Executive, stated the CHF 8.2 billion EV is an average of analyst reports and that the TSA was well understood and embedded. An executive, likely CFO Charlie Bracken, added that post-spin liquidity will exceed $2 billion, or nearly $2.5 billion including liquid stakes, and that the Sunrise valuation is supported by its well-covered, tax-efficient dividend yield.

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    Maurice Patrick's questions to Liberty Global Ltd (LBTYA) leadership • Q2 2024

    Question

    Maurice Patrick asked about the drivers behind VMO2's 12,000 broadband subscriber loss, questioning the impact of altnets versus a soft market, and whether the cadence of net adds and ARPU would differ this year.

    Answer

    Executive Lutz Schüler clarified that performance in the legacy footprint was slightly better than in the prior year's price-rise quarter. He acknowledged increased altnet promotions but noted VMO2 successfully stabilized its base while increasing ARPU. He admitted nexfibre sales are behind ambition due to new product ramp-up challenges but are improving monthly and are expected to drive growth in 2025. He does not anticipate a significantly different phasing of net adds.

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