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Nick Lyall

Managing Director and Senior Equity Analyst at Berenberg Bank

Nick Lyall is a Managing Director and Senior Equity Analyst at Berenberg Bank, specializing in European telecommunications services with a focus on major companies such as Tele2, Telefónica, and Liberty Global. He regularly publishes research and recommendations on these firms and has established himself as a leading voice in the sector, providing actionable insights highlighted by his work on analyst consensus panels and target price recommendations. Lyall began his career covering brewing and leisure companies at SG before holding senior telecom research roles at Morgan Stanley and UBS from 2000 to 2014; he joined Berenberg Bank thereafter, building on a track record recognized by top-three Institutional Investor team rankings. He holds a BSc in Mathematics from the University of Edinburgh and is known for his rigorous analytical approach, though public professional credential details such as securities licenses are not disclosed.

Nick Lyall's questions to TELEFONICA S A (TEF) leadership

Question · Q2 2025

Nick Lyall from Berenberg Bank asked for the underlying ARPU movement for Telefónica Deutschland's remaining contract subscribers, excluding migrating wholesale customers. He also requested details on cost savings realized from the copper network shutdown in Spain.

Answer

Telefónica Deutschland CEO Markus Haas explained that the underlying O2 postpaid ARPU is 'broadly stable,' with the reported figure impacted by the technical effect of wholesale customer migration. COO & Executive Director Emilio Gayo Rodríguez detailed that the copper shutdown in Spain contributed over one percentage point to the 2024 EBITDA margin, with an additional 0.5 point expected over the next three years.

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