O2: Focus on profitability pays off

Report Overview

O2: Focus on profitability pays off

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O2: Focus on profitability pays off

Contents

Treading carefully, focusing on returns

Better outlook, but less so than for O2s peers

O2steady revenue trend momentum

Slipped back into negative net adds

OIBDA pops up

Merger to close in June, questions to be addressed

Auction outcome a strong positive but may be replicated

Price aggression tempering down?

About Enders Analysis

Figures and Tables

Figure 1: OIBDA, revenue, and mobile service revenue growth Figure 2: O2 KPIs Figure 3: O2 revenue breakdown and trends Figure 4: MNO price increases in 2021 Figure 5: Inflation-linked price increases, 2019-2021 Figure 6: Reported organic mobile service revenue growth Figure 7: Blended ARPU growth by operator Figure 8: Contract net additions (000s) Figure 9: OIBDA growth Figure 10: Prospective O2—Virgin Media senior management team Figure 11: Spectrum allocation post-auction, post-O2/Vodafone trade Figure 12: Spectrum allocation with full contiguity scenario Figure 13: ‘Sweet spot’ bundle with iPhone 6s/7/8/XR/11/12 Figure 14: SIM-only pricing by data allowance (GB)—November 2020 (£/month) Figure 15: SIM-only pricing by data allowance (GB)—May 2021 (£/month) Figure 16: 12-month, SIM-only unlimited data bundle pricing (£/month) Figure 17: 18-24-month, SIM-only unlimited data pricing (£/month)