DB Daily Fibre: Industry Update

Research evidence excerpt

DB Daily Fibre: Industry Update

Deutsche Bank

Research

Europe Industry Date

30 June 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

DIGI ES IPO / ES TARIFFS / VOD EGP /

SES SHARP

Robert Grindle, Ph.D.

SPANISH TELCOS (TEF, ZEG, ORA): Digi Spain yesterday announced its intention

Research Analyst

to float, with a primary offering of EUR 150m as well as a secondary offering of +44-20-754-58490

existing shares by the parent Digi (N/R). Digi Spain has received a binding

commitment from Global Portfolio Investments, S.L. for an investment of EUR John Karidis

100m in the Offering, subject to conditions including an offer price representing an

+44-20-754-54610

equity value, before the issuance of New Shares (Pre-Money valuation), of up to c.

EUR 1.7bn. OVERALL: We reviewed the Spanish market and Digi's prospects in our Keval Khiroya, CFA

recent Zegona (Buy, last close 1,670p) note. In the event of a successful IPO, the Research Analyst

market may see this as negative for the other Spanish operators as it would provide +44-20-754-18164

some near-term funding for Digi's continued FTTH rollout. Medium term, as the Roshan Ranjit, CFA

rollout matures, we believe Digi could become more rational and/or consider other Research Analyst

options (eg consolidation). +44-20-754-52908

Vijay Saravanan

SPANISH TELCOS: According to CincoDias, Telefonica, MasOrange and Zegona Research Associate

are increasing the prices of Netflix packages, reflecting higher content costs.

Netflix itself increased its retail prices by EUR 1 - 2/month from April 2026. In Ankit Sharma

response, (1) MasOrange: the "Love Cine y Series" and "Love Fútbol y Cine" Research Associate

packages will see a EUR 2/month increase from 27 July. MasOrange has also