DB X-Connect: (WK 25-52): VOD's fewer battles; ORA's MAS appeal; ZEG cash return guide exp

Research evidence excerpt

DB X-Connect: (WK 25-52): VOD's fewer battles; ORA's MAS appeal; ZEG cash return guide exp

Deutsche Bank

Research

Emerging Europe Industry Date

Europe 19 June 2026

DB X-Connect

Telecommunications Periodical

Wireless Services

(WK 25-52): VOD's fewer battles; ORA's

MAS appeal; ZEG cash return guide exp

Robert Grindle, Ph.D.

Over the last week (Thu to Thu), the telecoms sector underperformed the broader

Research Analyst

market, with the SXKP index down 2.6% while the STOXX index was up 2.5%. The +44-20-754-58490

strongest performers amongst the SXKP constituents were Huber + Suhner AG

(+13.9%), Telecom Italia (+2.8%), and Cellnex (+0.6%); while the weakest Keval Khiroya, CFA

performers were Zegona (-6.5%), BT Group (-5.3%), and Telefonica (-5.3% ex-div).

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Over the week, the sector risk-free rate decreased by -9bps to 4.3% (18bps ytd). YTD

the forex move had a positive impact of 43bps on sector EBITDA (11bps w-o-w). Roshan Ranjit, CFA

Next week, Telekom Austria goes ex-dividend on Wed. Research Analyst

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Key telecom topics and events this week John Karidis

VODAFONE (Buy): One battle after another (but fewer and with peace dividends Research Analyst

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ahead). Buy. Whilst telco markets remain periodically combative (it was ever thus),

VOD is facing fewer major conflicts across its now more focussed footprint and we Vijay Saravanan

see material reparation from the UK (synergies), EM (strong EUR growth) and Research Associate

balance sheet simplification (associate buy-ins and disposals) which more than

mitigate a Germany drag (ahead of an eventual recovery). We reflect new guidance, Ankit Sharma

a delay to the Kenya deal and the purchase of UK minorities (a postponement rather Research Associate