Bouygues Telecom Capital Markets Day: Ambition 2026

Targets: outgrow the French market

• 2026 service revenues >EUR 7b (2020: 4.9), EBITDA AL 2.5b (2020: 1.5), margin 35% (2020: 31), FCF 600m (2020: 250)
• Capex 2021-25 1.5b per yr, 2026 1.4b; (includes costs of replacing Huawei, 2021 includes EIT integration 140m), capex/rev from 25% in 2020 to 20% in 2026
• Plans to sell datacenter (proceeds 2021E 200m)
• Growth in 2 stages: 2021-23 faster growth, margin stable (growth in fixed, densification mobile, integration EIT), 2024-26 ongoing growth, economies of scale

Mobile: become #2 MNO

• Continues more-for-more strategy, consolidate 2nd ranked mobile network, become #2 MNO by adding 4m subs
• To increase coverage to 28k sites in 2023, 35k in 2026 (2020: 21k), to quadruple mobile network capacity by 2026
• Expects average market usage of mobile data to double by 2023 to 20.4 GB/mo, again double by 2026 to 40.8 GB/mo
• Plans 5G Core from 2023

Fixed: to add 3m FTTH subs

• To add 3m FTTH subs based on more-for-more strategy, best devices, double coverage from 17m HP YE 2020 to 35m YE 2026 (27m YE 2022)
• To double market share in business market
• To expand wholesale fixed offering

Press release and presentation available (210115).