ScottSilver-SpecialistSales-EuropeanTMTAC(44-20)7134-0412EuropeSpecialistSalesJPMORGAN

scott.silver@

J.P.MorganSecuritiesplc21May2025

QuickSilver:FiresideChatwithSwisscomCFO(EUTMTConfDay1)

ScottSilver

+442071340412

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?Corporate:EugenStermetz,GroupChiefFinancialOfficer

?J.P.MorganModerator:AjaySoni,EuropeanTelecomsEquityResearch

FiresideSummary:Themeetingfocusedoncurrentrevenuetrends,particularlystructuraldeclinesinB2CwirelineandARPU

dilutioninwireless,drivenbybrandstrategy,pricing,anddiscountofferings.TheB2Bsegmentremainsstable,withongoing

effortstorealizesynergiesfromFastwebintegrationanddisengagementfromlegacyagreements.Branddifferentiationand

customerloyaltyarekeypriorities,withcautiouspriceadjustmentsbeingimplementedandcommunicationstrategiesrefined

basedonpastexperiences.Marketconsolidationisofinterestbutisnotexpectedtohaveanimmediateimpactduetoregulatory

andstructuralcomplexities.Dividendpolicyremainstiedtofreecashflow.Thecompanycontinuestoadapttoevolvingcableand

fibermarketdynamics,withalong-termfocusonfiberandregulatorycompliance.

KeyTakes:

BusinessSegmentTrends

?OntheB2Cside,thereisa**structuraldecline**inthewirelinesegment,particularlyinVoigtland,withanticipatedannual

decreasesofaround10units,expectedtocontinuethroughtheendoftheyear.

?TheB2Cwirelinesegmentalsofacesaslightdecline,whichisconsideredanegativetrend,thoughsomeoutput

improvementshavebeenobservedduetopriceadjustments.

?OntheB2Cwirelessfront,customeradditionsareongoing,withmodestgrowth.However,**ARPUdilution**remainsa

concern,primarilyduetoincreasedpenetrationoftheWingobranda