Tele Columbus - comment

Whilst the 23Q2 results were in line with our model, the real focus is the looming equity injection/restructuring. Management has already highlighted a funding gap from December 23, so time is not on the company’s side. Advisors have now been appointed, and the next step will be to negotiate how much cash is available for injection and what it will cost creditors. It is unlikely that much will be revealed today, as each side is feeling the other out. We are expecting a plan and a lock up next month to give time to execute - whatever the deal - before year-end. Tele Columbus has a €2bn capex programme over the next nine years, and it also will need to roll out fibre to the pavement and the home. This morning, there were technical issues with downloading the presentation and getting the dial-in for the investor call. We will update you as soon as we can.