Telco Daily: Satellite, Spain, UK fibre war

Research evidence excerpt

Telco Daily: Satellite, Spain, UK fibre war

Equity Research

Emerging Markets Telecoms

22 June 2026

Telco Daily

Satellite, Spain, UK fibre war

We highlight latest research, news flow and significant

observations relevant to our stock coverage across European/

CEEMEA Telecoms, and Global Towers/Satellites. Emerging Markets Telecoms NEUTRAL

European Telecom Services

•• Satellite – Reliance Jio explores LEO ambitions amid late entry and execution risks NEUTRAL

•• Spain - Telecom spending stable as bundles cheapen but penetration rises European Telecom Services

Mathieu Robilliard

•• UK fibre war - Project gigabit: steady progress but early-stage execution remains +44 (0)20 3134 3288

mathieu.robilliard@barclays.com

BBI, Paris

Maurice Patrick

Detailed stories +44 (0)20 3134 3622

maurice.patrick@barclays.com

Satellite – Reliance Jio explores LEO ambitions amid late entry and execution risks, Jio Barclays, UK

Telecoms business to file for IPO

Ganesha Nagesha

Indian company Reliance Jio is reportedly exploring a large-scale LEO satellite constellation to +91 (0)22 6175 1712

deliver broadband and direct-to-device services, marking a potential strategic push to build a ganesha.nagesha@barclays.com

sovereign space-based connectivity layer for India alongside its terrestrial network. While this Barclays, UK

could strengthen its integrated telecom, digital and cloud ecosystem, offering nationwide

Maxime Delaugerre

seamless connectivity and bundling opportunities, the project faces significant execution +44 (0)20 3555 5672

challenges. Moreover, Jio would enter an already competitive market well behind established maxime.delaugerre@barclays.com

global players such as Starlink, Amazon LEO but also Chinese LEO constellations such Guowang Barclays, UK

and Qianfa.