Revenue will expand by 1%-3% in 2025 owing to modest increase in the mobile segment and the fixed segment returning to growth, by our estimates. Increased marketing and commercial activities, along with the rollout of full fiber, should translate into growth in broadband subscribers, especially within the Nexfibre footprint. Mobile service revenue should see a modest increase owing to net additions in postpaid subscriber base. We expect margins to remain broadly flat in 2025 as easing inflationary pressures should be offset by continued investment in marketing to drive commercial momentum, especially in the Nexfibre network. As such, we expect S&P Global Ratings-adjusted EBITDA growth of around 1%-3% in 2025. Free operating cash flow (FOCF) to debt would remain under 5%
