Table of Contents
Q2 trends in WEU mobile.........................................................3
Revenue stabilisation counters late cyclicality fears....................................................3
Stabilisation broadly based across national markets ....................................................5
In-market trends remain polarized ...............................................................................6
Stiffer headwinds in Q3 ...............................................................................................8
We expect an improvement in the first derivative by y/e ..........................................10
Voice – macro impact still apparent, but not worsening............................................11
Data – growth continues, resilience encouraging.......................................................13
Margins - discipline prevails......................................................................................16
Global wireless trends ...........................................................18
Germany..................................................................................21
France......................................................................................24
Italy ..........................................................................................28
Spain........................................................................................31
UK............................................................................................34
Nordics ....................................................................................37
Sweden – TeliaSonera delivering but cautious ..........................................................37
Norway ......................................................................................................................41
Finland .......................................................................................................................45
Netherlands.............................................................................49
Portugal...................................................................................52
Greece .....................................................................................55