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Telia Q1 Revenue Slightly Soft; Leverage Slightly Higher – Not A Spread Mover

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  • Q1 slightly soft (-3% vs. consensus) on revenue (-1.3% L4L YoY) while adj-EBITDA was broadly in line (+4.6% L4L YoY). For the telco operations specifically, revenue and adj-EBITDA were +2.7% and +2.1% respectively (L4L).
  • Leverage of 2.43 up QoQ from 2.32x with the increase attributed to dividends. Structural OFCF of 413mn decreased from the EUR 612mn in Q123 on the back of higher interest costs and a pension refund rephrasing. Capex of EUR 3.1bn was down from EUR 3.5bn in Q123.
  • Noting that the Danish exit proceeds were received quarter end.
  • FY guidance affirmed. EUR spreads flat so far.
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  • Q1 slightly soft (-3% vs. consensus) on revenue (-1.3% L4L YoY) while adj-EBITDA was broadly in line (+4.6% L4L YoY). For the telco operations specifically, revenue and adj-EBITDA were +2.7% and +2.1% respectively (L4L).
  • Leverage of 2.43 up QoQ from 2.32x with the increase attributed to dividends. Structural OFCF of 413mn decreased from the EUR 612mn in Q123 on the back of higher interest costs and a pension refund rephrasing. Capex of EUR 3.1bn was down from EUR 3.5bn in Q123.
  • Noting that the Danish exit proceeds were received quarter end.
  • FY guidance affirmed. EUR spreads flat so far.