Solid market position as New Zealand's largest internet service provider and one of only three major mobile network operators Growth in mobile subscriber base supporting overall mobile revenue growth, which is offsetting structurally declining fixed-line voice revenues Strong competition across both mobile and fixed-line broadband Execution risks associated with new products and technologies Commitment to conservative capital structure and S&P Global Ratings' single 'A band' credit rating Limited financial headroom at the 'A-' rating level Shareholder-friendly capital management and dividend policies Capital expenditure internally funded by strong cash flow generation The stable outlook reflects our expectation that Spark New Zealand Ltd.'s solid market position in the New Zealand telecommunications market and commitment to maintaining a conservative capital structure and S&P
