French Telecoms: Mobile pricing dynamics continue to improve

Research evidence excerpt

French Telecoms: Mobile pricing dynamics continue to improve

Global Research

13 July 2026ab

French Telecoms Equities

FranceMobile pricing dynamics continue to improve

Telecommunications

Ondrej Cabejsek

Positive momentum is sustained amid focus on consolidation outcomes Analyst

In this note, we zoom in on some of the key changes to French telco pricing in recent ondrej.cabejsek@ubs.com

weeks. Following the signing of a binding agreement between the Consortium and +44-20-7568 6332

Altice France (link), investors have primarily been focused on synergies and the Oba Agboola

regulatory process that will precede any final approval. We have written extensively Associate Analyst

about our view on the deal's potential upside and addressed questions/concerns we obaloluwa.agboola@ubs.com

have received from investors, see 4-to-3 signed - our view on synergies and jurisdiction, +44-20-7568 3969

and Consolidation Q&A and feedback in detail. We wrote that the next step is the

decision around jurisdiction, expected by the end of this month (link/link).

Understandably, in this context, there has been perhaps less attention paid to the

underlying fundamentals of the French market. At 1Q26 results, Orange (see 1Q26 keys:

more encouragement), Bouygues and SFR (see SFR 4Q25: colour on competition, deal

multiple) all acknowledged that competitive intensity in the low end of the mobile

market has begun to ease, with some improvement also noted in low-end fixed. Our

own pricing data reveals that trends have further improved in 2Q26. See Figure 3UBSFrenchmobilepricingchangestrackerand

Figure 4UBSFrenchbroadbandpricingchangestrackerfor a comprehensive overview of changes to French mobile and broadband

pricing.

Figure 1: Effective pricing in the low-end mobile market (€/month)

month)