...September 4, 2023 Telenet's fully converged presence across Belgium and expanding footprint in Luxembourg strengthens its positioning against incumbent Proximus, and Orange. Telenet has both a fixed and mobile presence in Flanders and Brussels, but only mobile in Wallonia. However, through an agreement with Orange, it has gained access to Voo's cable network in Wallonia. Telenet will also be able to generate additional wholesale revenue by sharing its FTTH buildout, initially starting with Flanders. Through its acquisition of Eltrona in January 2023, Telenet now also has exposure in Luxembourg, a further increase to scale. We anticipate stable top-line organic growth of 1%-2% over the next two-three years, while EBITDA margins will reduce in 2023, and remain between 43%-44% in 2024-2025. In our view, the company will benefit from a growing fixed-mobile convergent customer base. While the second quarter was softer, with rebased revenue up 0.9% versus 2.9% growth in first-quarter 2023 on...
