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    Nicolas Cote-Colisson

    Managing Director and Senior Equity Analyst at HSBC

    Nicolas Cote-Colisson is a Managing Director and Senior Equity Analyst at HSBC, specializing in telecommunications sector research with a particular focus on major US and global telecom companies. He covers companies such as AT&T, regularly issuing investment recommendations and target price projections; for example, he recently downgraded AT&T to Hold from Buy with a $30 price target. With more than a decade of experience in equity research, Cote-Colisson is recognized for his data-driven analysis and thoughtful sector outlooks, though independently verified success rates and returns are not publicly available. He began his career at leading financial institutions prior to joining HSBC and holds professional credentials consistent with regulated financial research roles in the industry.

    Nicolas Cote-Colisson's questions to ORANGE (FNCTF) leadership

    Nicolas Cote-Colisson's questions to ORANGE (FNCTF) leadership • Q1 2025

    Question

    Nicolas Cote-Colisson questioned the demand for new low-priced, fiber-only offers in France and their potential impact, the effect of trade disruption and FX volatility on the Middle East & Africa business, the business opportunity for 5G+ at OBS, and the expected EBITDAaL losses from Orange Bank.

    Answer

    Executive Jean-François Fallacher stated that Orange sees no material impact on its customer base from competitors' aggressive fiber-only offers. CFO Laurent Martinez noted no material tariff impact from macro issues in MEA and that CapEx is largely bought in dollars, creating a tailwind. CEO Christel Heydemann mentioned it's still early to comment on the pickup of 5G+ B2B offers. Martinez projected a meaningful improvement in Orange Bank's results for the full year, with a close expected by the end of 2025.

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