Call it a week: European IG and HY TMT update

Research evidence excerpt

Call it a week: European IG and HY TMT update

J P M O R G A N Europe Credit Research

24 July 2026

Call it a week

European IG and HY TMT update

Europe Corporate Credit -

Technology, Media &

Telecommunications

Andrew Webb AC

(44-20) 7134-0121

andrew.x.webb@jpmorgan.com

Earnings season accelerated, with AT&T, Alphabet, BT Group, Comcast, IBM,

Alvaro Calero Fernandez

KPN, Nokia, RELX and T-Mobile US all releasing results updates; Altice

(44-20) 7134-3000

International formally rejected a default notice issued by a group of secured alvaro.calerofernandez@jpmorgan.com

creditors; Asmodee was upgraded to BB (Stable) by S&P following stronger Dihan D Udugampola, CFA

operating performance and improved credit metrics; Cellnex was reported to be (44-20) 3493-6714

evaluating strategic options, including a potential take-private or merger; dihan.udugampola@jpmorgan.com

MasOrange and Vodafone Spain resumed preliminary discussions regarding a J.P. Morgan Securities plc

potential RANco transaction; Salt/NJJ Continental launched an €885m TLB

Recent TMT publications:repricing; Sunrise transitioned to an all-senior capital structure through the

issuance of SSNs. Virgin Media O2 spreads remained under pressure this week, - BT Group: Q1’26 (23rd Jul)

as investors prepare for Liberty Global’s Q226 results later today (Friday 24th); - KPN: Q2’26 (22nd Jul)

we have republished our expectations in this note below. Following the discussion - 2026 Mid-Year Telecoms Update (17th

of sector news, we include an updated earnings calendar before continuing to our Jul)

usual charts and tables. Issuers highlighted: ALTICE, ASMDEE, BRITEL,

- TMT Q2’26 Calendar (13th Jul)

CLNXSM, CMCSA, GOOGL, IBM, KPN, LORCAT, MATTER, NOKIA,

RELLN, SUNN, TMUS, TNETBB, VMED, VOD, ZIGGO.