Bouygues Sa · EURONEXT:EN
Bouygues Sa — Bouygues Telecom — Investor Day (January 2021)
67 slides from Bouygues Sa's investor day presentation, Jan 15, 2021
Slide 1: Capital Markets Day Bouygues Telecom
CAPITAL MARKETS DAY BOUYGUES TELECOM 15 JANUARY 2021
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar s
Slide 3: Speakers
Speakers RICHARD VIEL BENOÎT TORLOTING CHRISTIAN LECOQ CEO Deputy CEO CFO 3
Slide 4: Capital Markets Day - 15 January 2021
Capital Markets Day - 15 January 2021 01 Bouygues Telecom 25 Years Innovating to become a Star Performer 02 French Telecoms Market A New Growth Era 03 Ambition 2026 Becoming #2 in Mobile and a major player in fiber 04 Business Proven levers and new initiatives Delivering Profitable and sustainable G
Slide 5: Bouygues Telecom, 25 Years Innovating to become a Star Performer
01 Bouygues Telecom, 25 Years Innovating to become a Star Performer 5
Slide 6: 1996-2021: 25 years innovating for our customers' benefit
BOUYGUES TELECOM, 25 YEARS INNOVATING TO BECOME A STAR PERFORMER 1996-2021: 25 years innovating for our customers’ benefit 2020+ 2010-2019 Superior experience 1996-2010 Popularize connectivity 1996 Make mobile accessible to everyone Launch 1st Smart TV virtual 1st mobile SOWO box contract 1st mobile
Slide 7: Successful strategy: delivering growth in a stagnating market
BOUYGUES TELECOM, 25 YEARS INNOVATING TO BECOME A STAR PERFORMER Successful strategy: delivering growth in a stagnating market Bouygues Telecom sales versus French telecom market Base 100 in 2015, total sales Change 2015-20 145 +43pts 140 135 130 125 120 115 +13pts 110 Market 105 +2pts 100 +0pt 95 9
Slide 8: Successful strategy: doubling EBITDAAL in 5 years
BOUYGUES TELECOM, 25 YEARS INNOVATING TO BECOME A STAR PERFORMER Successful strategy: doubling EBITDAAL1 in 5 years EBITDAAL and EBITDAAL margin in % of sales from services, in billion Euros 30.7% ~ 31% 29.7% 26.9% 23.0% Exceeding 2017 21.0% target of 25% ~€1.5bn 19.7% announced in 2015 19.6% 17.9%
Slide 9: Successful strategy: +1.6m of Fixed Broadband customers
BOUYGUES TELECOM, 25 YEARS INNOVATING TO BECOME A STAR PERFORMER Successful strategy: +1.6m of Fixed Broadband customers Bouygues Telecom Fixed Broadband customers cumulated net growth Net Adds since end 2014 in thousands customers +1,626 +1,014 Exceeding the +1M target announced in 2015 +360 2015 2
Slide 10: Successful strategy: delivering on the 2015 promise to change quadrant
BOUYGUES TELECOM, 25 YEARS INNOVATING TO BECOME A STAR PERFORMER Successful strategy: delivering on the 2015 promise to change quadrant Sales and EBITDAAL growth of selected telecom operators1 2019 vs. 2015, Cumulated growth over 4 years Sales growth (%) 70 60 50 40 TNET 30 Bouygues BT Elisa Telecom
Slide 11: "Ambition 2026", a strategic plan to accelerate growth
BOUYGUES TELECOM, 25 YEARS INNOVATING TO BECOME A STAR PERFORMER “Ambition 2026”, a strategic plan to accelerate growth accelerate growth Ambition 2026 French Telecoms Market New Era for Our New Plan to Growth Accelerate Growth 11
Slide 12: French Telecoms Market: A New Growth Era
02 FRENCH TELECOMS MARKET: A New Growth Era 12
Slide 13: Increasing Needs for Connectivity that became vital since 2020
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Increasing Needs for Connectivity that became vital since 2020 80% 41% of French people owned a smartphone of French Homes connected to very in 2020 (58% in 2015) high-speed internet in 2020 (20% in 2017) 10.2GB 96% monthly data consumption per user of French
Slide 14: Connectivity is critical for B2C and B2B
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Connectivity is critical for B2C and B2B Smart Health Industry 4.0 Augmented Virtual Discovery Telepresence Augmented communication Environment Automated Living Agriculture 4.0 Smart Cities 14
Slide 15: COVID is accelerating technology adoption
FRENCH TELECOMS MARKET: A NEW GROWTH ERA COVID is accelerating technology adoption +40% FTTH Net Adds in France + 1h per day spent on the Internet x1000 On average, France +40% +1 hour 2 185 3h 1 557 2h 9M 2019 9M 2020 April 2019 April 2020 COVID national lockdown SOURCES: ARCEP, MEDIAMETRIE, ARTHUR
Slide 16: Telecoms contributing to environmental challenges
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Telecoms contributing to environmental challenges DIRECT: CONTROL OF CARBON FOOTPRINT USAGE Fixed Data Traffic 2015-19 x2 Mobile Data Traffic 2015-19 x10 SOURCES: GSMA, ARCEP, CISCO VNI, ERICSSON, ARTHUR D. LITTLE ANALYSIS 16
Slide 17: Telecoms contributing to environmental challenges
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Telecoms contributing to environmental challenges DIRECT: CONTROL OF CARBON FOOTPRINT NEW USAGE TECHNOLOGIES Fixed Data Traffic FTTH vs. ADSL 2015-19 kWh/line/year + x2 <1/3 4G vs 3G Mobile Data Traffic & 5G vs 4G 2015-19 kWh/GB + x10 <1/3 SOURCES: GSMA, ARCE
Slide 18: Telecoms contributing to environmental challenges
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Telecoms contributing to environmental challenges DIRECT: CONTROL OF CARBON FOOTPRINT NEW CARBON USAGE TECHNOLOGIES FOOTPRINT Fixed Data Traffic FTTH vs. ADSL 2015-19 kWh/line/year + French Telco Carbon x2 <1/3 Footprint 2015-19 Mobile Data Traffic 4G vs 3G =
Slide 19: Telecoms contributing to environmental challenges
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Telecoms contributing to environmental challenges DIRECT: INDIRECT: CONTROL OF CARBON FOOTPRINT CO2 REDUCTION IN THE ECONOMY NEW CARBON USAGE TECHNOLOGIES FOOTPRINT Fixed Data Traffic FTTH vs. ADSL 2015-19 kWh/line/year + French Telco Carbon 1g of CO2 eq in T
Slide 20: French Telcos massively investing
FRENCH TELECOMS MARKET: A NEW GROWTH ERA French Telcos massively investing A record level of investment in Telecom infrastructure in France In billion euros, 2010-19, excluding spectrum costs 10.4 9.6 9.8 8.9 2.6 Mobile 7.8 3.0 2.8 7.3 7.4 7.3 7.1 2.7 networks 6.5 2.3 2.1 2.3 2.5 2.6 2.4 ~4-5bn for
Slide 21: France accelerating FTTH roll-out and soon N°1 in Europe
FRENCH TELECOMS MARKET: A NEW GROWTH ERA France accelerating FTTH roll-out and soon N°1 in Europe Additional FTTH roll-out in 2020 Q4 2019- Q4 2020(e), in millions of additional homes passed 4.7 4.0 1.9 1.8 0.5 Total Homes Passed / Households 70% 46% 14% 21% 85% SOURCES: FTTH COUNCIL OF EUROPE, ARTH
Slide 22: FTTH opening opportunities for gaining market share
FRENCH TELECOMS MARKET: A NEW GROWTH ERA FTTH opening opportunities for gaining market share The FTTH Era The DSL Era The PSTN Era Fixed market shares In % of Households in France Others ByTel Others ByTel Others ByTel Others Orange 3.8% 10.4% 13.4% Alice France 3% Orange 4% 10% 9% Orange France Fra
Slide 23: Favorable conditions for 5G in France
FRENCH TELECOMS MARKET: A NEW GROWTH ERA Favorable conditions for 5G in France Fair 5G spectrum prices 5G Progressive Benefits 3500Mhz license Price in Euros/MHz/Population 0.36 Full 5G (B2B) 5G over 4G 5G Pilot ✓ 5G Core 0.17 0.13 0.13 ✓ 5G over 4G ✓ 5G 3500MHz deployed ✓ Tests ✓ National ✓ 5G ‘B2B
Slide 24: 4G-5G creating opportunities to reshuffle market share
FRENCH TELECOMS MARKET: A NEW GROWTH ERA 4G-5G creating opportunities to reshuffle market share The 5G Era The 4G Era The 2G/3G Era Mobile market shares1 In % of subscribers in Mainland France, B2C & B2B, Pre & Postpaid, excluding M2M MVNO MVNO MVNO (incl. EIT) ByTel ByTel ByTel ByTel Orange 18% 16.
Slide 25: French telecom market back to growth
FRENCH TELECOMS MARKET: A NEW GROWTH ERA French telecom market back to growth Market sales from services growth Annual Growth in %, France Actuals Forecasts Reported sales from services Based on ARCEP data ~ 3.9% /year ~ 3.5% /year ~ 1.5% /year -1.8% Analyst 11 Analyst 2 Analyst 3 /year 2015-19 2020
Slide 26: Ambition 2026: Becoming #2 in Mobile and a major player in fiber
03 Ambition 2026: Becoming #2 in Mobile and a major player in fiber 26
Slide 27: Ambition 2026: >€7bn Sales from services, ~€2.5bn EBITDAAL, ~€600m FCF
AMBITION 2026: BECOMING #2 IN MOBILE AND A MAJOR PLAYER IN FIBER MOBILE FIXED B2C FIXED B2B Becoming #2 +3m FTTH B2C Clients Double B2B Fixed on Mobile Market Share Best-in-class in Customer Experience High-Speed Network: Co leader in Employee commitment Coverage, Capacity and Quality Undisputed Bes
Slide 28: Ambition to accelerate in Mobile and Fixed
AMBITION 2026: BECOMING #2 IN MOBILE AND A MAJOR PLAYER IN FIBER Ambition to accelerate in Mobile and Fixed MOBILE +4m Clients FIXED B2C +3m FTTH Clients FIXED B2B +5pts Market share Value 28
Slide 29: Ambition to accelerate - Financials
AMBITION 2026: BECOMING #2 IN MOBILE AND A MAJOR PLAYER IN FIBER Ambition to accelerate - Financials SALES FROM SERVICES +€2bn EBITDAAL +€1bn FREE CASH FLOW +€350m 29
Slide 30: Business: Proven levers and new initiatives
04 BUSINESS: Proven levers and new initiatives Replicate Accelerate 30
Slide 31: Our levers to become #2 in Mobile
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Our levers to become #2 in Mobile #2 in Mobile REPLICATE ACCELERATE Our Track record 2015-20 New Initiatives ‘MORE FOR MORE’ NETWORK BRAND LEVERAGE EIT QUALITY POSITIONING 31
Slide 32: Bouygues Telecom, a solid #2 in Mobile QoS for 7 years in a row
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Bouygues Telecom, a solid #2 in Mobile QoS for 7 years in a row #2 in 2020 on Mobile Quality of Service measured by ARCEP # of 1st and 2nd ranking on ARCEP QoS criteria MORE FOR MORE NETWORK QUALITY 218 BRAND POSITIONING 138 74 LEVERAGE EIT 24 SOURCE: ARCE
Slide 33: Maintain a high-quality network
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Maintain a high-quality network MOBILE COVERAGE THROUGHPUT MOBILE CAPACITY +67% sites within 6 years Spectrum x1.92 with K sites1 EOY 5G licenses3 MORE FOR MORE Highest 5G spectrum hit ratio4 +14k sites Hz in 3.5GHz band per mobile sub. ~ 35 NETWORK 5.7 QU
Slide 34: Benefit from Premium Brand re-positioning
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Benefit from Premium Brand re-positioning MORE FOR MORE NETWORK QUALITY TEAM UP CARE BE UNDERTAKE HELP HONEST GROW BRAND POSITIONING OBJECTIVE FIRST RESULTS #2 in prospect consideration +4.5pts in consideration, from Bouygues Telecom prospects LEVERAGE EIT
Slide 35: Leverage EIT to consolidate our ranking on Mobile
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Leverage EIT to consolidate our ranking on Mobile A SOLID #3 IN MOBILE TODAY Mobile market shares in subscribers1, in %, Q3 2020 estimated, France MORE FOR MORE 30.3% +2m clients ❑ Develop EIT 24.0% + NETWORK ❑ Provide additional 19.1% QUALITY 18.0% 16.4%
Slide 36: Our levers to be a major player in fiber – B2C
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Our levers to be a major player in fiber – B2C +3m FTTH B2C Clients REPLICATE ACCELERATE Our Track record 2015-20 New Initiatives VALUE FOR MONEY BEST END-USER PREMIUM DOUBLE FTTH & ‘MORE FOR EQUIPMENT1 CUSTOMER COVERAGE2 MORE’ EXPERIENCE NOTES: (1) SET-TO
Slide 37: More for More to increase ABPU while offering value for money
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES More for More to increase ABPU while offering value for money Fixed B2C ABPU evolution ILLUSTRATIVE In Euros / subscriber / month VALUE FOR MONEY & MORE Market Delta ~ +€2 FOR MORE 35 Bouygues Telecom ~ € 34.8 Bouygues Telecom € 32.8 BEST EQUIPMENT 30 25 C
Slide 38: Leverage our superior end-user equipment
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Leverage our superior end-user equipment Best Wi-Fi Modem Router 1st Virtual Set-Top Box VALUE FOR MONEY & MORE FOR MORE BEST EQUIPMENT Smart TV 4K CUSTOMER EXPERIENCE Best Wi-Fi Box Best design 2020 2020 1st 3P service via a Smart TV application FTTH COVE
Slide 39: Doubling FTTH network coverage
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Doubling FTTH network coverage FTTH COVERAGE In million homes VALUE FOR MONEY & MORE x2 FOR MORE 35.5 35.0 31.5 27.0 BEST EQUIPMENT 22.7 Market 17.0 Bytel CUSTOMER EXPERIENCE 2020e 2022e 2026e FTTH COVERAGE SOURCE: INTERNAL 39
Slide 40: Our levers to be a major player in fiber – B2B
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Our levers to be a major player in fiber – B2B Double B2B Fixed Market Share REPLICATE ACCELERATE Our Track record 2015-20 New Initiatives PREMIUM ENRICHED SERVICE MULTI-CHANNEL NETWORK CUSTOMER PARTNERSHIPS SME DISTRIBUTION COVERAGE SERVICE1 MONETIZATION
Slide 41: Develop enriched services through Strategic Partnerships
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Develop enriched services through Strategic Partnerships CUSTOMER UNIFIED COMS. MANAGED SERVICES SERVICE PARTNERSHIPS ENRICHED SERVICES CYBERSECURITY INTERNATIONAL SME DISTRIBUTION NETWORK 5G USE CASES MONETISATION 41
Slide 42: Leverage on multiple channels to accelerate growth on SMEs
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Leverage on multiple channels to accelerate growth on SMEs CUSTOMER SERVICE PARTNERSHIPS SME DISTRIBUTION Bouygues Telecom Industrialized and Sales force dedicated to Preferred banks of SoHos dedicated SME sales digitalized sales, matching Hosting Solution
Slide 43: Accelerate network coverage monetization with Fixed Wholesale
BUSINESS: PROVEN LEVERS AND NEW INITIATIVES Accelerate network coverage monetization with Fixed Wholesale WHOLESALE: REPLICATE SUCCESS ON WHOLESALE MOBILE & M2M ON FIXED CUSTOMER A €1.2bn Wholesale market with Leverage on Bouygues Telecom know-how SERVICE growth on Fixed In million Euros, 2019, Fran
Slide 44: Financials: Delivering Profitable and sustainable Growth & Doubling Free Cash Flow
05 FINANCIALS: Delivering Profitable and sustainable Growth & Doubling Free Cash Flow 44
Slide 45: 2021-26, a solid profitable growth outlook
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW 2021-26, a solid profitable growth outlook Sales from services EBITDAAL Free Cash-Flow In billion Euros In billion Euros In million Euros x2.4 ~ 600 >7 ~ 2.5 ~5 ~ 1.5 250 2020e20201 Consensus 2026e 2020e20201 Consensu
Slide 46: Our levers to reach our financial ambition
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW Our levers to reach our financial ambition >€7bn Sales from services | ~€2.5bn EBITDAAL | ~€600m FCF EBITDAAL GROWTH CAPEX SALES FROM SERVICES MARGIN Infrastructure related Client +€2bn from 31% to 35% Capex related C
Slide 47: 2020-26, €2bn of growth in sales from services
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW 2020-26, €2bn of growth in sales from services ILLUSTRATIVE Incremental sales1 +€2bn >€7bn Mobile ABPU Fixed Wholesale Fixed ABPU SME commercial footprint Accelerate on FTTH Growth on Mobile ~ €5bn EIT 2020e Consensus
Slide 48: 2020-26, accelerating EBITDAAL growth
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW 2020-26, accelerating EBITDAAL growth ILLUSTRATIVE +€1bn ~ €2.5bn EBITDAAL % EBITDAAL margin 1 ~35% Margin 2026e ~ +4pts ~ €1.5bn EBITDAAL ~31% Margin 20202 Consensus 2026e 20202 NOTES: (1) EBITDAAL ON SALES FROM SERV
Slide 49: 2020-26, two steps to go to 35% EBITDAAL margin
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW 2020-26, two steps to go to 35% EBITDAAL margin ILLUSTRATIVE +€1bn ~ €2.5bn EBITDAAL % EBITDAAL margin1 ~35% Margin 2026 ~ +4pts ~ €1.5bn EBITDAAL ~31% ~31% Margin 20202 2023-26 full EIT integration, 2021-23, accelera
Slide 50: Our levers to reach our financial ambition
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW Our levers to reach our financial ambition >€7bn Sales from services | ~€2.5bn EBITDAAL | ~€600m FCF EBITDAAL GROWTH CAPEX SALES FROM SERVICES MARGIN Infrastructure related Client + €2bn From 31% to 35% Capex related
Slide 51: Infrastructure related Capex acceleration to support future Growth
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW Infrastructure related Capex acceleration to support future Growth Infrastructure related Capex FTTH Market Coverage In billion Euros In million homes deployed every year, France 5.3 5.2 4.8 FTTH 3.6 3.2 Mobile (incl.
Slide 52: Client related Capex increasing with higher usage and fixed base
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW Client related Capex increasing with higher usage and fixed base Client related Capex B2C Fixed Clients Mobile Data Market Usage In billion Euros In million clients In GB/month x2 FTTH Other Fixed 40.8 EIT integration
Slide 53: 2021-2025: around €1.5bn gross capex per year and around €1.4bn in 2026
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW 2021-2025: around €1.5bn gross capex per year and around €1.4bn in 2026 Split of Gross Capex Gross CAPEX Ratio Share of “Capex type” in the total amount % of sales from services ~€1.5bn/yr. -5pts 25% 20% Client relate
Slide 54: Ambition 2026: invest in growth to generate higher EBITDAAL
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW Ambition 2026: invest in growth to generate higher EBITDAAL +€1.0bn CAPEX1 to generate +€2.8bn EBITDAAL In billion euros, cumulated over 3 years +€2.8bn 7.0 +€1bn 4.4 4.2 2018-2020 3.4 2024-2026 CAPEX EBITDAAL NOTE: (
Slide 55: Our levers to reach our financial ambition
FINANCIALS: DELIVERING PROFITABLE AND SUSTAINABLE GROWTH & DOUBLING FREE CASH FLOW Our levers to reach our financial ambition >€7bn Service Revenue | ~€2.5bn EBITDAAL | ~€600m FCF EBITDAAL GROWTH CAPEX SALES FROM SERVICES MARGIN Infrastructure related Client + €2bn From 31% to 35% Capex related Cape
Slide 56: Conclusion: The Outperforming Telco in France and in Europe
06 Conclusion: The Outperforming Telco in France and in Europe 56
Slide 57: Conclusion: Bouygues Telecom ready to accelerate
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Conclusion: Bouygues Telecom ready to accelerate MOBILE FIXED B2C FIXED B2B Becoming #2 +3m FTTH B2C Clients Double B2B Fixed on Mobile Market Share Best-in-class in Customer Experience High-Speed Network: Co leader in Employee commitment C
Slide 58: Ambition to accelerate in Mobile and Fixed
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Ambition to accelerate in Mobile and Fixed MOBILE +4m Clients FIXED B2C +3m FTTH Clients FIXED B2B +5pts Market share Value 58
Slide 59: Replicate our track record
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Replicate our track record REPLICATE Our Track Record 2015-20 MOBILE +4m = +2m Clients FIXED B2C FTTH Clients +3m = +1.5m On 50% Coverage FIXED B2B Market share Value +5pts = +3pts Organically1 NOTE: (1) EXCLUDING KEYYO AND NERIM (+4PTS INC
Slide 60: Accelerate through new initiatives
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Accelerate through new initiatives REPLICATE ACCELERATE Our Track Record 2015-20 New Initiatives MOBILE +4m = +2m + +2m with EIT Clients FIXED B2C FTTH Clients +3m = +1.5m On 50% Coverage + +1.5m Doubling Coverage to 100% +2pts FIXED B2B Ma
Slide 61: Ambition to accelerate - Financials
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Ambition to accelerate - Financials SALES FROM SERVICES +€2bn EBITDAAL +€1bn FREE CASH FLOW +€350m 61
Slide 62: Replicate our track record - Financials
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Replicate our track record - Financials REPLICATE Our Track Record 2015-201 SERVICE REVENUE +€2bn = ~+€1.2bn EBITDAAL +€1bn = ~+€600m (excl. Redundancy plan impact) FREE CASH FLOW +€350m = ~+€110m NOTE: (1) 2020 BASED ON VISIBLE ALPHA CONSE
Slide 63: Accelerate with new initiatives - Financials
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Accelerate with new initiatives - Financials REPLICATE ACCELERATE Our Track Record 2015-201 New Initiatives SERVICE +€2bn = ~+€1.2bn + ~+€800m REVENUE Volume & ABPU EBITDAAL +€1bn = ~+€600m + ~+€400m Revenue & Margin FREE CASH +€350m = ~+€1
Slide 64: Our recipe for success: an outperforming Team that delivers!
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Our recipe for success: an outperforming Team that delivers! Certified Top Employer 94% of employees are proud to work at Bouygues Telecom (+1pt vs. 2017) 97% of employees are eager to give their best for the firm (+2pts vs. 2018) 64
Slide 65: Bouygues Telecom, a star telecom value
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Bouygues Telecom, a star telecom value Sales and EBITDA growth of selected telecom operators1 2019 vs. 2015, Cumulated growth over 4 years Sales growth (%) 60 50 TNET 40 Bouygues 30 BT Telecom 2015-19 20 Iliad Elisa Deutsche Telekom TKA 10
Slide 66: Bouygues Telecom, a star telecom value
CONCLUSION: THE OUTPERFORMING TELCO IN FRANCE AND IN EUROPE Bouygues Telecom, a star telecom value Sales and EBITDA growth of selected telecom operators1 2019 vs. 2015, Cumulated growth over 4 years 60 2020-26 Sales growth (%) 50 Bouygues Telecom TNET 40 Bouygues 30 BT Telecom 2015-19 20 Iliad Elisa
Slide 67: Q&A
Q&A 67