Telco Daily: INWIT/TI Roadshow, France M&A, Germany

Research evidence excerpt

Telco Daily: INWIT/TI Roadshow, France M&A, Germany

Equity Research

3 July 2026

Telco Daily

INWIT/TI Roadshow, France M&A,

Germany

We highlight latest research, news flow and significant Emerging Markets Telecoms

observations relevant to our stock coverage across European/ NEUTRAL

CEEMEA Telecoms, and Global Towers/Satellites. NEUTRALEuropean Telecom Services

European Telecom Services

•• INWIT Roadshow – 30 July 2026 (London) Mathieu Robilliard

+44 (0)20 3134 3288

•• Telecom Italia Roadshow – 3 August 2026 (London) mathieu.robilliard@barclays.com

BBI, Paris

•• France M&A - Buyers focused on demonstrating "efficiency gains", Orange to reinforce fibre

infra leadership Maurice Patrick

+44 (0)20 3134 3622

•• Germany - Operators step up mobile promotions maurice.patrick@barclays.com

Barclays, UK

Ganesha Nagesha

+91 (0)22 6175 1712

Detailed stories ganesha.nagesha@barclays.com

INWIT Roadshow – 30 July 2026 (London)

Maxime Delaugerre

We are pleased to be hosting an in-person roadshow with company management on Thursday, +44 (0)20 3555 5672

30 July 2026 (London). Please let us know if you would like to participate. maxime.delaugerre@barclays.com

Telecom Italia Roadshow – 3 August 2026 (London)

We are pleased to be hosting an in-person roadshow with company management on Monday, 3

August 2026 (London). Please let us know if you would like to participate.

Sunrise Communications AG - Model Update

We update our estimates pre 2Q26 results. Our investment case remains unchanged. Our 2026e

revenues fall 0.4% to reflect continued ARPU pressure. Adj. EBITDA/FCF is broadly unchanged. In

2Q26 we do see Adj. EBITDA -4% at CHF244m, reflecting price increase phasing and tough

comps.

France M&A – Buyers focused on demonstrating “efficiency gains’, Orange to reinforce fibre

infra leadership