I agree, and as an accountant, I'm conscious of these. Certainly...

I agree, and as an accountant, I'm conscious of these. Certainly EBTIDA as a measure of a business with CAPEX needs is questionable. The money owed on the 5G spectrum is not possibly listed on the Balance Sheet, it absolutely is, as per the accounts.

Yes, they are spending... nothing seems outrageous to me. Trying to build a brand(s) always takes cash. My question remains... why would then need to do a cap raise? Personally I think they can avoid this, assuming things stay roughly on trend.

In terms of cash flow, I mean operating cash flow. They could move this positive, and I imagine, they will be seriously considering this. But it will depend (or be made much easier) on ongoing growth, maintaining margins and decisions on Marketing spend etc.

I would also note that they are not stopping CAPEX spend, but restructuring major components of this using DEBT (Gen3) and NaaS (5G). Both of these approaches reduce the likelihood of a cap raise... in the next year at least.