DB Daily Fibre: Industry Update

Research evidence excerpt

DB Daily Fibre: Industry Update

Deutsche Bank

Research

Europe Industry Date

19 June 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

FRA - SFR / UK TELS / SAT - AMZN LEO

Robert Grindle, Ph.D.

KEY EVENTS NEXT WEEK

Research Analyst

+44-20-754-58490

Wednesday - Telekom Austria AGM

John Karidis

ORANGE (Buy, last close EUR 17.0) / FRENCH TELCOS: In an interview on France

+44-20-754-54610

Inter Radio yesterday, Iliad CEO, Thomas Reynaud, reiterated the message that as

part of the proposed SFR deal the consortium members (Orange, Bouygues (n/r) Keval Khiroya, CFA

and Iliad) are committed to keeping all jobs in place until at least early 2029. He Research Analyst

highlighted the consortium will need the expertise of SFR’s workers during the +44-20-754-18164

transition, migrating subscribers, infrastructure and systems in a multi-year Roshan Ranjit, CFA

industrial program. OVERALL – These comments echo the job commitments made Research Analyst

by the Bouygues CEO when he was talking about the proposed stores closures. The +44-20-754-52908

synergies associated with the proposed deal as detailed by Orange and consortium Vijay Saravanan

members are based on network savings and efficiencies in IT support with all Research Associate

management teams making a commitment to ensure employment until the

beginning of 2029. See our recent Orange note with T/P increase including +EUR Ankit Sharma

1 from potential SFR deal synergies. Research Associate

UK TEL: ISPreview reports that the latest network quality study from Opensignal

puts the UK at 29th of 29 European markets in terms of mobile download speeds

and on what Opensignal terms 'Excellent Consistent Quality'. 5G availability was

put at low in the UK (Q1 26, crowd-sourced data) though time spent on 5G+ is