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    Ulrich Rathe

    Senior Analyst at Sanford C. Bernstein & Co., LLC

    Ulrich Rathe is a Senior Analyst at Sanford C. Bernstein & Co., LLC, specializing in European Telecom Services and covering major companies such as Nokia, Deutsche Telekom, and Telefonaktiebolaget LM Ericsson. With a track record of covering 18 stocks, Rathe has achieved a 55% success rate and an average return per transaction of 1.6% as ranked by TipRanks, reflecting strong analytical performance in equity research. He began his analyst career over 20 years ago, holding notable positions at Jefferies International, Dresdner Kleinwort, UBS, Societe Generale, and started as a management consultant at Boston Consulting Group before joining Bernstein. Rathe holds a PhD in Theoretical Physics from the University of Munich, an MBA from INSEAD, is a CFA charterholder, and maintains relevant securities industry accreditations.

    Ulrich Rathe's questions to NOKIA (NOK) leadership

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

    Question

    Requested details on the assumptions behind the EUR 20-30 million tariff impact and asked for an update on the divisional outlook provided in the previous quarter.

    Answer

    The tariff impact is a Q2 cost estimate based on the current dynamic situation, with mitigation efforts underway utilizing Nokia's global manufacturing network, including five U.S. facilities. The divisional outlook from Q4 is reiterated: strong growth in Network Infrastructure, stable development in Mobile Networks, good growth in Cloud & Network Services, and a ~EUR 1.1B operating profit assumption for Nokia Technologies.

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    Ulrich Rathe's questions to NOKIA (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 ERICSSON LM TELEPHONE (ERIC) leadership

    Ulrich Rathe's questions to ERICSSON LM TELEPHONE (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 ERICSSON LM TELEPHONE (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 (TELNY) leadership

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

    Question

    Ulrich Rathe asked CEO Benedicte Fasmer about her vision for change at Telenor beyond M&A after her first 100 days. He also requested a quantification of the change in cost allocation that impacted corporate costs.

    Answer

    CEO Benedicte Fasmer stated her immediate focus is delivering on the 2025 strategy to build trust, with a new strategic direction to be unveiled in November. She highlighted potential in mission-critical services and a focus on customer orientation. CFO Torbjorn Wist quantified the cost allocation shift at around NOK 100 million.

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

    Question

    Ulrich Rathe questioned the pricing potential in the Nordics amid lower inflation and asked why Telenor is cutting CapEx while competitors are increasing investment in Norwegian cable networks.

    Answer

    CEO Benedicte Fasmer said she expects continued service revenue growth driven by value-added services, not just inflation-led pricing. CFO Torbjorn Wist explained that Telenor continues to invest in fixed infrastructure but does so strategically to avoid overbuild, while also closely monitoring the regulatory debate on open access.

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

    Ulrich Rathe's questions to Liberty Global (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 (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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    Ulrich Rathe's questions to Liberty Global (LBTYA) leadership • Q1 2024

    Question

    Ulrich Rathe of Bernstein Societe Generale Group questioned the specific value creation levers of the planned U.K. NetCo and sought clarification on VodafoneZiggo's cash distribution outlook.

    Answer

    Michael Fries, CEO of Liberty Global, detailed that the U.K. NetCo creates value by attracting infrastructure capital, providing financial flexibility to accelerate fiber builds, and opening wholesale revenue opportunities. Regarding the Netherlands, Charles Bracken, CFO of Liberty Global, and Ritchy Drost, CFO of VodafoneZiggo, clarified that the 'up to $300 million' guidance is maintained to provide flexibility for potential non-recurring investments like spectrum auctions.

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