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    Maurice Patrick

    Managing Director within European Telecom Services Equity Research at Barclays Capital

    Maurice Patrick is a Managing Director within European Telecom Services Equity Research at Barclays, leading the firm’s telecoms equity research efforts globally and specializing in the telecommunication sector. He covers major companies including BT Group, Gamma Communications, and Cellnex, maintaining a track record reflected on TipRanks with an average return of 2.1% per transaction and a 48% success rate, ranking him among the top 3,000 analysts out of nearly 8,000 tracked. Patrick began his equity research career in 2002, joined Barclays in 2009 after serving as Executive Director at JPMorgan and Bear Stearns, and previously held positions at BT and O2. He holds an MBA from Cranfield School of Management, an MSc in Telecommunications from the University of London, and a BSc in Physics and French from the University of Bristol.

    Maurice Patrick's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

    Maurice Patrick's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q1 2026

    Question

    Maurice Patrick from Barclays Capital questioned the slowdown in UK service revenue growth from 3% to 1%, seeking clarity on the impact of the Three UK consolidation, the cause of the 46,000 contract net losses, and the outlook for the rest of the year.

    Answer

    Group CFO Luka Mucic explained the slowdown was expected and driven by the loss of low-margin legacy B2B contracts and a slightly negative growth trend from the newly consolidated Three UK base. He anticipates slightly negative UK growth for a few quarters before merger synergies improve performance. Group CEO Margherita Della Valle attributed the net losses to B2B contract phasing and the Three brand's performance, but highlighted that network integration and improved customer experience are set to drive future growth and reduce churn.

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

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

    Question

    Maurice Patrick of Barclays requested a breakdown of net adds by brand and asked for details on the expected phasing of revenue and ARPU for the remainder of the year to bridge the gap between the Q1 decline and the full-year guidance.

    Answer

    Executive André Krause declined to provide a net add split by brand but confirmed the dynamic remains stable. He affirmed that 'most' of the recent price increase is expected to translate directly into revenue and ARPU. Executive Jany Fruytier detailed that revenue should improve as the Q1 hardware decline normalizes, the full effect of price hikes materializes, and negative right-pricing impacts diminish through the year.

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    Maurice Patrick's questions to TELENOR (TELNY) leadership

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

    Question

    Maurice Patrick asked for clarity on Telenor's core versus non-core assets, questioning the company's long-term commitment to Asia, the strategy for Amp, and the role of infrastructure and security services.

    Answer

    CEO Benedicte Fasmer emphasized delivering on the current strategy across four business areas, highlighting the Nordics as core and IoT/cybersecurity as focus areas in Amp. CFO Torbjorn Wist added that the primary focus for Asian associates is driving value and synergies, not immediate simplification, though they remain open to inorganic opportunities.

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

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

    Maurice Patrick's questions to Liberty Global (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 (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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    Maurice Patrick's questions to Liberty Global (LBTYA) leadership • Q1 2024

    Question

    Maurice Patrick of Barclays asked about the U.K. broadband market's net add trajectory, its potential for growth, and the increasing impact of altnets on Virgin Media O2's subscriber base.

    Answer

    Lutz Schüler, CEO of VMO2, noted the market was weaker and acknowledged a greater impact from altnets using aggressive promotions. He expressed confidence that VMO2's own nexfibre expansion will drive more net adds as its sales efforts ramp up. Michael Fries, CEO of Liberty Global, added that while altnets are active, they are not achieving the high penetration levels needed to sustain their business models long-term. Both executives suggested overall market growth is limited.

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    Maurice Patrick's questions to KKPNY leadership

    Maurice Patrick's questions to KKPNY leadership • Q2 2024

    Question

    Inquired if opportunistic fiber acquisitions, like the recent Glaspoort deal, could push KPN's total coverage beyond its 80% organic target. He also asked about the economic thinking behind buying existing fiber to avoid overbuild and whether the acquired 200,000 homes were already part of KPN's build plan.

    Answer

    Yes, such opportunistic deals could potentially expand the footprint beyond the 80% target. KPN views avoiding overbuild as a positive market development but is prepared to overbuild if necessary. The 200,000 homes acquired by Glaspoort were on KPN's long-term list for rollout but were not on the immediate construction plan and had no contractors committed.

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    Maurice Patrick's questions to KKPNY leadership • Q1 2024

    Question

    Sought clarification on wholesale subscriber losses, asking if they were occurring in both fiber and copper areas, and inquired about the Youfone acquisition's unconditional approval from competition authorities.

    Answer

    Wholesale losses are primarily on the copper network, where smaller resellers are struggling to compete. The Youfone acquisition was approved without remedies because regulators concluded it would not materially change market dynamics in either the retail or wholesale mobile markets, despite the nine-month review period.

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