Overview Key strengths Key risks Leading telecommunications operator in Austria, with a market share of around 55% for fixed-line broadband revenue Intense competition in the domestic mobile business from Hutchison Drei, T-Mobile, and mobile virtual network operators (MVNOs), as well as in several Central and Eastern Europe (CEE) markets. Favorable domestic frequency holdings, with about half of the total spectrum available in Austria. Substantial capital expenditure (capex) needed to scale up the fixed-network rollout in Austria, given the relatively low coverage for high-speed broadband. Supportive and prudent financial policy, which we expect will lead to S&P Global Ratings-adjusted leverage comfortably below 2.0x. Limited scale compared with peers that have greater diversification, such as Deutsche Telekom, Orange, and Vodafone. Diversification and
