DB X-Connect: (WK 26-52): DB TMT Conf; SES C-bandwagon; BT's latest briefing

Research evidence excerpt

DB X-Connect: (WK 26-52): DB TMT Conf; SES C-bandwagon; BT's latest briefing

Deutsche Bank

Research

Emerging Europe Industry Date

Europe 26 June 2026

DB X-Connect

Telecommunications Periodical

Wireless Services

(WK 26-52): DB TMT Conf; SES C-

bandwagon; BT's latest briefing

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 0.7% while the STOXX index was up 0.5%. The +44-20-754-58490

strongest performers amongst the SXKP constituents were Huber + Suhner AG

(+17.1%), Nokia (+4.5%), and Cellnex (+2.1%). The weakest performers amongst Keval Khiroya, CFA

the SXKP constituents were Airtel Africa (-4.2%), Freenet (-4.1%), and Vodafone (-

+44-20-754-18164

2.9%). Over the week, the sector risk-free rate decreased by by -6bps to 4.2% (12bps

ytd). YTD the forex move had a positive impact of 47bps on sector EBITDA (13bps Roshan Ranjit, CFA

w-o-w). Next week, Digi Communications holds it AGM on Mon. Research Analyst

+44-20-754-52908

Deutsche Bank is pleased to announce that registration is now open for our 30th John Karidis

annual dbAccess European TMT Conference 2026, which will take place at Research Analyst

Deutsche Bank’s London office located at 21 Moorfields, on Wednesday, 2 - +44-20-754-54610

Thursday, 3 September 2026. Register here Vijay Saravanan

Research Associate

Key telecom topics and events this week

SES (Buy): C-bandwagon marches on. BUY. In recent weeks SES shares have come Ankit Sharma

under pressure despite no fundamental/industry newsflow. We believe the Research Associate

pullback follows the strong rally in May on the back of general sub-sector

excitement, with SES shares still +20% YTD. We think ahead of expected C-band