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    Ondrej Cabejšek • UBS

    Ondrej Cabejšek's questions to Orange SA (FNCTF) leadership

    Ondrej Cabejšek's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Ondrej Cabejšek from UBS asked about mobile retention in France, noting that churn was decreasing despite falling mobile-only ARPU. He also inquired about the competitive importance and CapEx implications of launching new Wi-Fi 7 boxes.

    Answer

    CEO Christel Heydemann clarified that the mobile ARPU decline is a result of the market mix at the low end, not aggressive retention activities. On the new boxes, she emphasized their importance for innovation and value but stated the associated CapEx is limited and managed within the company's disciplined spending framework, supported by a circular economy model for hardware.

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    Ondrej Cabejšek's questions to Telenor ASA (TELNY) leadership

    Ondrej Cabejšek's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Ondrej Cabejšek asked for clarification on the key building blocks of the 2025 free cash flow guidance, specifically questioning the expected cash contribution from Asia versus the previous NOK 5 billion target and the anticipated impact from working capital.

    Answer

    CFO Torbjorn Wist explained that the year-over-year impact from working capital is expected to be negative in 2025 due to the significant structural improvements already achieved in 2024. Head of IR Frank Maaø confirmed the NOK 5 billion ambition for Asia's cash contribution still stands. CEO Benedicte Fasmer added that they expect dividends from True in Thailand to commence in H2 2025.

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