DB Daily Fibre: VOD FCF BEAT / SES & NOS EBITDA BEAT / 1&1 MISS / TEF BR BEAT

研报英文原文证据摘录

DB Daily Fibre: VOD FCF BEAT / SES & NOS EBITDA BEAT / 1&1 MISS / TEF BR BEAT

Deutsche Bank

Research

Europe Industry Date

12 May 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

VOD FCF BEAT / SES & NOS EBITDA

BEAT / 1&1 MISS / TEF BR BEAT

Robert Grindle, Ph.D.

Research Analyst

+44-20-754-58490

KEY EVENTS THIS WEEK

Tuesday - Vodafone Q4 FY25/26, 1&1, Inwit, Eutelsat (Q3) and SES Q1 26 results John Karidis

Wednesday - Deutsche Telekom, Sunrise and Proximus Q1 26 results

+44-20-754-54610

Thursday - Telefonica Q1 26 results

Friday - Digi Communications Q1 26 results Keval Khiroya, CFA

VODAFONE (Buy, last close 120p): Vodafone reported Group OSR growth of 5.1% +44-20-754-18164

in Q4 26, +/- 20bps vs Cons/ DBe. FY26 EBITDA was 1.1% below cons (0.8% below Roshan Ranjit, CFA

Dbe) though Adj FCF was a >3% beat and came in above the top of the guided range. Research Analyst

The Co. guides for FY27 Adj. FCF 3% ahead of Cons at the mid-point of the range +44-20-754-52908

(in line with DBe) with 6% EBITDAaL growth at the mid-point, in line but higher in Vijay Saravanan

EM (ie lower in Europe). Further, confidence boosting mid-term ambitions have Research Associate

been outlined (New Chapter) which target top line growth, margin improvement

(€1bn net cost reduction inc UK synergies by FY30), stable capital intensity (helpful Ankit Sharma

to reiterate given market concerns on this front), to achieve double digit Adj FCF Research Associate

growth. Within the country mix Germany OSR growth beat despite tougher KPIs

(the chief niggle in the Q4 print, with an offset from B2B) and the UK missed due to

the loss of B2B project revenues (which can be lumpy) but mgt are “even more

confident on delivering our plans” for the recently merged business (note: FWA 5G