New Street Research - Liquid Intelligent Technologies (High Yield) – Q4 25: Decent quarter, still making progress on the second equity tranche and asset sale; call feedback included

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New Street Research

Chris Hoare

EUR 8673.00 For Business Accounts Only

Liquid Intelligent Technologies (High Yield) – Q4 25: Decent quarter, still making progress on the second equity tranche and asset sale; call feedback included

Liquid has reported a decent set of Q4 results with underlying revenue trends improving and decent cash generation.

19/06/2025 1 EN

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New Street Research

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Chris Hoare

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Liquid Intelligent Technologies (High Yield) – Q4 25: Decent quarter, still making progress on the second equity tranche and asset sale; call feedback included

Eutelsat French bail out agreed, but guidance falls short

Orange (Buy, TP: €14.9, +16%) Bouygues (Buy, TP: €53, +39%) Altice France (Overweight) Iliad (Equal Weight) French ARPU: New pre-pay plans and thoughts following call with ex SFR B2C Chief sales office

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