New Street Research - Odido (Overweight) Q2 25: Good acceleration in SR and EBITDA growth, guidance reiterated

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New Street Research

Russell Waller

EUR 8606.00 For Business Accounts Only

Odido (Overweight) Q2 25: Good acceleration in SR and EBITDA growth, guidance reiterated

Odido has reported a good set of Q2 numbers: mobile, fixed, and total SR growth has improved. EBITDAaL growth has picked up this quarter, in line with guidance for a 1pp margin expansion in 2025 vs 2024. In addition, capex has continued to fall, which will support FCF in H2 and beyond. We see a long trajectory for fixed growth, and recently upgraded the bonds to overweight following a visit to the Netherlands to meet with KPN and Delta, HERE.

29/08/2025 1 EN

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New Street Research

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Analysts

Russell Waller

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Russell Waller

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Odido (Overweight) Q2 25: Good acceleration in SR and EBITDA growth, guidance reiterated

AMX (Buy, TP: $22, +14%) Q3 25 – Decent quarter; slower top line but good EBITDA trends

Nexfibre/ VMO2 What can we learn from the newly published accounts

Orange (Buy, TP: €16.4, +21%) Bouygues (Buy, TP: €54, +39%) Altice France Bonds (Equal Weight) Altice France Equity (Neutral, TP: €10.3, -14%) Iliad (Equal Weight)

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