Key strengths

Market leading businesses with strong brand recognition with high quality networks


  • Stable market leading positions across 6 European markets
  • #1 to #2 positions in most retail markets by both revenue and customer share
  • Quality brand positioning in all markets
  • High quality mobile networks with full coverage
  • National fixed network infrastructure in Czechia

Stable markets with positive trends supporting growth


  • Very stable and supportive macroeconomic environment in Czechia and Slovakia
  • Positive macroeconomic trend in investment grade Hungary and Bulgaria with much faster consumer spending growth than in the rest of Europe
  • Predictable regulatory environment in all markets
  • Moderate intensity of the competition in all markets with relatively stable market shares and ARPUs
  • Growing demand for data and multi-play propositions in all regions
  • Track record of stable performance in all markets

Diversified, strong and stable cash flow generation


  • EBITDA generation well diversified across 6 independent streams
  • Group cash conversion rate historically around 50%
  • Very strong interest coverage ratios, both at consolidated group level and at PPF Arena 1 level