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    Ulrich Rathe • Bernstein

    Ulrich Rathe's questions to Nokia Oyj (NOK) leadership

    Ulrich Rathe's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Ulrich Rathe of Bernstein questioned the rationale for maintaining a wide €500 million guidance range halfway through the year and why the company lowered the entire range instead of just guiding towards the lower end of the previous one.

    Answer

    President & CEO Justin Hotard explained that after highlighting challenges at the top end of the range in Q1, the significant currency headwind and the full-year tariff impact made it prudent to lower the entire range. CFO Marco Wirén added that uncertainty around the final tariff impact also justifies keeping the range wider to maintain flexibility.

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    Ulrich Rathe's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Ulrich Rathe from Bernstein questioned the rationale for maintaining a wide €500 million guidance range halfway through the year and why the company lowered the entire range instead of just guiding to the low end.

    Answer

    President & CEO Justin Hotard explained that it was prudent to lower the range due to significant currency headwinds and tariff impacts, which were largely outside of their control. He noted the business is heavily back-end loaded. CFO Marco Wirén added that uncertainty around tariffs necessitates a wider range for flexibility.

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    Ulrich Rathe's questions to Nokia Oyj (NOK) leadership • Q1 2025

    Question

    Ulrich Rathe requested details on the EUR 20-30 million tariff impact assumptions for Q2 and asked if the divisional outlook provided in Q4 2024 remains in place.

    Answer

    President and CEO Justin Hotard explained the tariff impact is a Q2 cost estimate, not assuming any price changes, and that the team is actively working on mitigation using its global manufacturing network. CFO Marco Wiren reiterated the full-year divisional outlook: strong growth in Network Infrastructure, stable development in Mobile Networks, good growth in Cloud and Network Services, and an operating profit of approximately EUR 1.1 billion for Nokia Technologies.

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    Ulrich Rathe's questions to Nokia Oyj (NOK) leadership • Q4 2024

    Question

    Ulrich Rathe asked about the potential impact of a new U.S. administration's approach to China on Nokia's competitive situation, focusing specifically on the technological competitiveness of Chinese products given potential sanctions.

    Answer

    CEO Pekka Lundmark stated that while the share of Chinese suppliers in the U.S. is already minimal, their competitiveness elsewhere is a key issue. He acknowledged that the technological competitiveness of Chinese vendors depends on their access to the latest silicon and internal R&D, but framed the future of U.S. policy and potential sanctions as a political question that is too early for Nokia to speculate on.

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    Ulrich Rathe's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Ulrich Rathe's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2025

    Question

    Ulrich Rathe from Sanford C. Bernstein & Co., LLC asked for details on concrete measures being taken to mitigate tariffs and whether the company is actively realigning its supply chain or waiting for more certainty.

    Answer

    CFO Lars Sandström stated that while Ericsson is preparing for various scenarios, no major investment decisions on supply chain realignment have been made due to ongoing uncertainty. CEO Börje Ekholm added that the U.S. factory, built around 2020, already provides significant flexibility to manage the current situation.

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    Ulrich Rathe's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q1 2025

    Question

    Ulrich Rathe requested more detail on tariffs, asking what the 1% impact for Q2 reflects given recent news, and for more color on the company's 'resilience,' such as the share of U.S. sales produced domestically and available manufacturing capacity.

    Answer

    CFO Lars Sandstrom clarified the 1% impact was their best estimate based on the information available as of the previous Friday. While confirming a U.S. production site, he did not disclose specific volumes, but noted they can shift production globally. CEO Börje Ekholm added that the core issue is the component and material supply chain, emphasizing the long-term goal of building a 'Western ecosystem' to enhance resilience.

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    Ulrich Rathe's questions to Telenor ASA (TELNY) leadership

    Ulrich Rathe's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Ulrich Rathe of Bernstein asked CEO Benedicte Fasmer about her key priorities for change at Telenor after her first 100 days, beyond M&A. He also requested a quantification of the recent cost allocation change.

    Answer

    CEO Benedicte Fasmer stated her immediate focus is delivering on the current 2025 strategy, with a new strategic direction to be unveiled in November. She highlighted priorities such as pursuing growth in mission-critical services, enhancing customer orientation, and leveraging internal talent. CFO Torbjorn Wist quantified the cost allocation shift as being in the tens of millions, around NOK 100 million.

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    Ulrich Rathe's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Ulrich Rathe of Bernstein asked about the pricing potential in Nordic markets as inflation recedes, and questioned Telenor's decision to cut CapEx while competitors are investing more in Norwegian cable infrastructure to compete with fiber.

    Answer

    CEO Benedicte Fasmer explained that future service revenue growth will come from adding value-added services via their 'more-for-more' strategy, rather than relying on inflation-led price hikes. CFO Torbjorn Wist addressed the network investment, stating Telenor continues to invest strategically in fiber but must be mindful of avoiding overbuild. He noted they are closely watching the regulatory debate on open access for fixed infrastructure.

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    Ulrich Rathe's questions to Liberty Global Ltd (LBTYA) leadership

    Ulrich Rathe's questions to Liberty Global Ltd (LBTYA) leadership • Q3 2024

    Question

    Ulrich Rathe of Bernstein Societe Generale Group asked about broadband net adds in Switzerland and the Netherlands, specifically questioning the flanker brand's performance in Switzerland and why UEFA rights had not yet provided a larger boost in the Netherlands.

    Answer

    André Krause, Executive, explained that Swiss flanker brand churn was a minor factor related to a young customer base reaching contract end dates. An executive, likely Stephen van Rooyen, addressed the Netherlands, stating the UEFA impact was minimal due to timing, as the games only started late in the quarter, and the full effect has yet to materialize.

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    Ulrich Rathe's questions to Liberty Global Ltd (LBTYA) leadership • Q2 2024

    Question

    Ulrich Rathe sought clarification on the Belgian memorandum of understanding with Proximus, asking if the mutual wholesale access is at the passive or active level and if the terms will be different for partners versus other takers.

    Answer

    Executive Michael Fries confirmed the agreement is currently under regulatory review. Executive John Malone specified that it is a reciprocal passive deal covering approximately 2 million homes, with Telenet building 60% and Proximus 40%. He emphasized that the principle of an open, non-discriminatory wholesale regime is already public and will be part of the final agreement.

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