CLNX REIT BUY / KPN CFO; CONS / LBTYA - ITV MEDIA SALE / X-CONN

Research evidence excerpt

CLNX REIT BUY / KPN CFO; CONS / LBTYA - ITV MEDIA SALE / X-CONN

Deutsche Bank

Research

Europe Industry Date

6 July 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

CLNX REIT BUY / KPN CFO; CONS /

LBTYA - ITV MEDIA SALE / X-CONN

Robert Grindle, Ph.D.

Registration is now open for our 30th annual dbAccess European TMT Conference

Research Analyst

2026, which will take place at Deutsche Bank’s London office located at 21 +44-20-754-58490

Moorfields, on Wednesday, 2 - Thursday, 3 September 2026. Register here

John Karidis

CELLNEX (Buy, last close EUR 26.7) / ZEGONA (Buy, last close 1,550p) /

+44-20-754-54610

VODAFONE (Buy, last close 98.7p): Late Friday, Cellnex announced the renewal of

its framework agreement with Vodafone Spain (owned by Zegona), a long-term Keval Khiroya, CFA

customer of many years. This agreement covers 2k existing points of presence Research Analyst

(PoPs), extending the contract for 10 years under existing pricing. Furthermore +44-20-754-18164

CLNX has an agreement to host an additional 'few hundred' VOD Spain PoPs which Roshan Ranjit, CFA

should materialise after 2028 under same commercial terms. We think ordinarily Research Analyst

CLNX would not comment on secondary PoP renewals; however, given a +44-20-754-52908

Bloomberg article late Fri reporting on a potential deal between ZEG, CLNX and Vijay Saravanan

American Tower (n/r), for the former to migrate sites, it felt the need to clarify terms. Research Associate

Zegona has previously said it wants to leave Vantage Towers unless it gets improved

terms (contract renewal 2028, ~7k sites), with a goal of saving ~EUR 50m in tower Ankit Sharma

rental costs (~10% Zegona EFCF). A positive if realised but, if this is achieved Research Associate