Telco Daily: Hot Topics Call, ROCE, Portugal, France M&A

Research evidence excerpt

Telco Daily: Hot Topics Call, ROCE, Portugal, France M&A

Equity Research

21 July 2026

Telco Daily

Hot Topics Call, ROCE, Portugal,

France M&A

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

•• Hot topics - Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU Mathieu Robilliard

Telecoms Friday, 24 July 2026 (3:00pm – 3:30pm London) +44 (0)20 3134 3288

mathieu.robilliard@barclays.com

•• ROCE watch - Still moving in the right direction, 50% of companies earning their cost of BBI, Paris

capital

Maurice Patrick

•• Portugal – PEs leading bids to acquire DStelecom +44 (0)20 3134 3622

maurice.patrick@barclays.com

•• France M&A - Bouygues reorganises amid potential SFR integration Barclays, UK

Ganesha Nagesha

Detailed stories +91 (0)22 6175 1712

ganesha.nagesha@barclays.com

Barclays: Telco Hot Topics Barclays, UK

Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU Telecoms Friday, Maxime Delaugerre

24 July 2026 (3:00pm – 3:30pm London). The call will be a quick run-through of the main 3-4 +44 (0)20 3555 5672

topics of the previous two weeks, with opportunities for Q&A, taking 30 minutes in total. maxime.delaugerre@barclays.com

Suggestions for topics are welcomed, and the most requested will be chosen. Victoria Adé (IG Barclays, UK

European TMT Credit Research) and Mark Foley (Barclays High Touch Trading) will be guest

speakers on this call. Please see the link for registration details.

INWIT Roadshow – 30 July 2026 (London)

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