Overview Key strengths Key risks Premium positioning and pricing compared with alternative fixed and mobile telecommunications players, which supports solid profit margins. Mature, highly penetrated, market and ongoing fiber deployment will further limit network and speed differentiation. Advantage over competitors as the network is fully upgraded to gigabit speed, and further expansion opportunities through fiber rollout. Cash flow conversion will remain limited for the next few years by investments toward 5G and fiber to the home (FTTH) but will somewhat improve due to reduced network investments. Merger cost synergies that could further improve profit margins. Aggressive financial policy that is likely to limit deleveraging. We project revenue will increase 1%-2% in 2022 and 2023, considering the slow recovery across all
