TMT 2026: Telco – what did we learn

Research evidence excerpt

TMT 2026: Telco – what did we learn

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European Telecoms

Industry Overview

2026 conference 15 June 2026

We hosted 67 companies across three days at our annual Technology, Media and Equity

Telecommunications (TMT) Conference. In Telco, we hosted fireside chats with BT Europe

Group CEO, Deutsche Tel MD Germany, KPN CFO, Orange CFO, Telecom Italia CEO, Telecommunications

Telefonica CFO. David Wright >>

Research Analyst

Themes: satellite / AI / sovereign dominate MLI+44 (UK)20 7995 6355

Satellite: operators seem less agitated given the limitations of direct to device (D2D) dawright@bofa.com

and advanced fixed and mobile coverage in Europe. TowerCos: the French Samuel Bruce >>

memorandum of understanding (MoU) was less aggressive with regard to tower ResearchMLI (UK) Analyst

synergies, but the Inwit case continues, with contrasting views on the outcome. samuel.bruce@bofa.com

Symmetrical download/upload: operators suggest upload speeds are increasingly

relevant to support AI inference, supporting fibre vs cable narrative. Sovereign:

operators are increasingly benefitting from ‘national champion’ status, requiring some

capex but with accretive returns. AI: optimism continues, use cases are growing, but no

one yet can quantify the ‘big win’. Regulation: European regulation needs to evolve

faster to match AI / wider digitalisation

Company one-liners

BT Group: CEO is confident in operating performance with good consumer customer

momentum, business-to-business (B2B) stabilisation, Openreach cost efficiencies. Cellnex:

IR representatives reiterated optimism on consolidation and renegotiation outcomes,

based on strength of contracts, long-term industrial partnerships and relevance of

portfolios for mobile network operators (MNOs). Deutsche Telekom (DT): coalition