Orange/TIMB/TEFB results, BT/Ofcom, Satellites

Research evidence excerpt

Orange/TIMB/TEFB results, BT/Ofcom, Satellites

Equity Research

28 July 2026

Telco Daily

Orange/TIMB/TEFB results, BT/

Ofcom, Satellites

We highlight latest research, news flow and significant Emerging Markets Telecoms

observations relevant to our stock coverage across European/ NEUTRAL

CEEMEA Telecoms, and Global Towers/Satellites. NEUTRALEuropean Telecom Services

European Telecom Services

•• Orange 2Q26 - Solid results with guidance upgrade Mathieu Robilliard

+44 (0)20 3134 3288

•• TIMB 2Q26 - Revenue in line, EBITDAaL ahead mathieu.robilliard@barclays.com

BBI, Paris

•• TEFB 2Q26 - Revenue ahead, EBITDAaL slightly below consensus

Maurice Patrick

•• BT - Ofcom moves to block Openreach fibre pricing offer over competition concerns +44 (0)20 3134 3622

maurice.patrick@barclays.com

•• Satellites - Starlink challenges EU plans to prioritise European satellite operators Barclays, UK

Ganesha Nagesha

+91 (0)22 6175 1712

Detailed stories ganesha.nagesha@barclays.com

Barclays, UK

Orange 2Q26 - Solid results with guidance upgrade

Orange posted results slightly ahead of consensus driven notably by AME and Europe. As

expected it increased guidance to reflect the acquisition of MasOrange: in line on EBITDA but

above on FCF. We expect a positive reaction. 2Q26 revenues came +1.8%/+2.5% above company

consensus/Barclays and EBITDAaL came +0.6%/+1.0% respectively. Capex was higher leading to

a miss on EBITDAaL-Capex (-3.1%/-1.1%) but favourable WCR movements and lower spectrum

spend led to a strong beat on Organic Cash Flow vs consensus/Barclays. We expect some of that

to revert in 2H but in any case Orange increased the Organic Cash Flow 2026 guidance above

consensus/Barclays estimates to c. EUR4.3bn vs respectively EUR4.13bn/EUR4.15bn, i.e. c. +4%

above expectations.