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    Ondrej Cabejšek • UBS Group AG

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

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

    Question

    Ondrej Cabejšek of UBS asked for clarification on two key components of the free cash flow guidance: the expected 2025 cash flow contribution from Asia relative to the previous NOK 5 billion goal, and the anticipated negative impact from net working capital after a strong positive contribution in 2024.

    Answer

    CFO Torbjorn Wist explained that while structural working capital improvements will continue, the year-over-year delta is expected to be negative in 2025 due to the large gains already realized in 2024. Head of IR Frank Maaø confirmed the NOK 5 billion ambition for cash flow from Asia in 2025 still stands. CEO Benedicte Fasmer added that the expected start of dividend payments from True in Thailand during the second half of the year is a key component of this.

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    Ondrej Cabejšek's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Ondrej Cabejšek asked about the impact of the recent turmoil in Bangladesh on Telenor's 2025 guidance, the specific mitigating factors being employed, and the expected timeline for recovery. He also followed up on the status of the NOK 5 billion dividend ambition from Asia.

    Answer

    CEO Sigve Brekke stated that while it could take up to a year for a full recovery in Bangladesh, early signs in October are positive, suggesting a gradual improvement. He emphasized that the company will protect cash flow through OpEx and CapEx discipline. Acting CFO Kasper Kaarboe added that prior network investments provide spare capacity, allowing for lower CapEx, and that the group's cash flow impact is mitigated by a 45% minority interest and a 40% tax shield. Sigve Brekke confirmed the NOK 5 billion dividend ambition from Asia for 2025 remains intact.

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    Ondrej Cabejšek's questions to Telefonica SA (TEF) leadership

    Ondrej Cabejšek's questions to Telefonica SA (TEF) leadership • Q1 2024

    Question

    Ondrej Cabejšek asked for conceptual details on the new mobile network agreement with Digi in Spain, questioning how its fundamentals might differ from the previous deal given the new market landscape. He also inquired about the outlook for wholesale fiber costs in Spain and the potential for pressure to prevent overbuilding.

    Answer

    Chief Operating Officer Ángel Vilá Boix clarified that the new MoU with Digi is a long-term agreement that extends beyond simple roaming to include network sharing. He stated that the expected revenue flow would be at least equivalent to the current contract. On wholesale fiber, he noted that Telefonica is open to 'win-win' conversations with MásOrange and Zegona/Vodafone to optimize infrastructure use.

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