US TELECOMS & CABLE : Question Time 2Q26

Research evidence excerpt

US TELECOMS & CABLE : Question Time 2Q26

EQUITIES

TELECOM OPERATORS

US TELECOMS & CABLE

Question Time 2Q26

With 2Q26 conferences approaching, we thought it would be helpful to update our Question Time11 MAY 2026

Sector Research Report compendium (at least 10 questions per company, and a table of 2Q26 KPIs).

Production time: 11:15* (London time)

Research Analysts & Publishing Entities 1Q26 earnings recap: broadband and wireless competition headed in opposite directions

Sam McHugh Our concerns over intensifying broadband competition came to fruition this Q as almost all major

BNP Paribas Securities Corp1 broadband players missed on ARPU, with CMCSA fighting back and fiber slowing down. They also

+1 212 471 6569

sam.mchugh@us.bnpparibas.com all pledged to compete more aggressively, a signal that the competition will only heat up further,

especially as satellite becomes a threat in rural areas. In wireless competition seems set to moderate,

Philip Burnett

in line with our views in War & Peace. All three MNOs talked to shifting away from subsidies, whichBNP Paribas Securities Corp1

+1 929 715 1478 would be positive for the industry if executed. However, both VZ and T disappointed on ARPU/ARPA,

philip.burnett@us.bnpparibas.com while T-Mobile beat expectations, reinforcing our bullish view on T-Mobile as we see sustainable

Nicco Liu, CFA growth drivers in both volume and pricing. T and VZ both raised wireless pricing in April and May.

BNP Paribas Securities Corp1

(+1) 212 710 9818 What should you be asking management?

nicco.liu@us.bnpparibas.com

In the context of heated broadband competition, cable should be asked about their turnaround plan

as well as their views on rate adjustments overall in 2026 and beyond, and fiber providers should be