Solid market position in France as the second-largest mobile and fixed player. Significant product and customer diversity as it provides quadruple-play services to consumers and business customers as well as wholesale services to other telecom operators. Solid operating margins and scope for further efficiency improvement through restructuring. Intense mobile and fixed competition in the French market, including from the better capitalized incumbent. Very high capital intensity, fragmentation, and pricing pressures in the industry. Significant debt burden and leverage. Relatively weak free operating cash flow (FOCF) generation on high fiber and fourth-generation (4G) mobile technology investments. Ongoing shareholder distributions to support debt service at the group. The stable outlook on France-based telecoms operator SFR Group S.A. (SFR) mirrors the outlook on
