German Telecoms "Broadband pricing getting worse" Tang

Research evidence excerpt

German Telecoms "Broadband pricing getting worse" Tang

Global Research

13 July 2026ab

German Telecoms Equities

Europe including UKBroadband pricing getting worse

Telecommunications

Polo Tang

Optimism around improving dynamics on hold Analyst

Our quarterly review of German pricing shows higher promotional activity in broadband polo.tang@ubs.com

among the largest operators that may dampen some of the optimism around improving +44-20-7568 1286

competitive dynamics. Mobile is more mixed with selected discounts or stable pricing Dhruva Kusa Shah

with higher speeds / data allowance. In terms of the set-up into Q2, we expect solid Analyst

results from DT but weakening trends from Vodafone and Freenet. Separately, for our dhruva-kusa.shah@ubs.com

analysis on satellite impacts on the sector including the potential impact in Germany, see +44-20-7568 3395

our deep-dive note (link). Finally, register for our German virtual field trip in September Christina Michael

for meetings with local management of all the key operators (both listed and private) Associate Analyst

plus the regulator (link). christina.michael@ubs.com

+44-20-7567 2376

Increased promotional activity in broadband

On broadband, DT and Vodafone appear to be more aggressive with additional

cashback/credits offered to new customers (Figure 1Broadband'mid-tier'efectivepriceovertime). DT has now removed the set-up

fee on DSL tariffs and offers a combination of cashback and credits of up to €450 to new

customers (up from €100-400 in April). DT previously increased front book prices on

broadband by €1pm in October and in February raised back book prices (existing

customers) covering around half its broadband base by €2pm (+4-5%) but started

offering higher cashback and credits on some DSL tariffs in March/April. Further