DB Daily Fibre: Industry Update

Research evidence excerpt

DB Daily Fibre: Industry Update

Deutsche Bank

Research

Europe Industry Date

France 25 June 2026

Norway DB Daily Fibre

United Kingdom Industry Update

Telecommunications

Wireless Services

DIGI IPO / TESCO MOB / VODZIG / FRA

PRICE / ORA AI / TNOR / SATS CALL

Robert Grindle, Ph.D.

SPANISH TELCOS: According to Bloomberg, Digi (N/R) is considering starting the

Research Analyst

formal process for a potential listing of its Spanish unit. This follows a +44-20-754-58490

postponement of the IPO earlier this year due to market volatility. OVERALL: We

reviewed the Spanish market and Digi's prospects in our recent Zegona (Buy, last John Karidis

close 1,678p) note. In the event of a successful IPO, the market may see this as

+44-20-754-54610

negative for the other Spanish operators as it would provide some near-term

funding for Digi's continued FTTH rollout. Medium term, as the rollout matures, we Keval Khiroya, CFA

believe Digi's need to deliver on recurring FCF could bring with it some rationality Research Analyst

or consideration of other options (eg consolidation). Link to note. +44-20-754-18164

Roshan Ranjit, CFA

UK TEL / LBTYA (Buy, last close USD 11.1) / BT (Sell, last close 196p): The Financial Research Analyst

Times reports that MVNO Tesco Mobile is considering the launch of a broadband +44-20-754-52908

service and is in talks with Virgin Media O2 -nexfibre as a host. Whilst discussions Vijay Saravanan

may not lead to a product launch we note that Tesco is a well known mobile brand Research Associate

(hosted on VMO2) and VMO2 nexfibre is very keen to provide broadband wholesale

services especially post the planned acquisition of Netomnia (subject to CMA Ankit Sharma

approval). The entrant of a new broadband brand into a competitive market with Research Associate