Telco Daily: Hot topics call, France M&A, Freenet results, US D2D JV, IRDM/Aireon

研报英文原文证据摘录

Telco Daily: Hot topics call, France M&A, Freenet results, US D2D JV, IRDM/Aireon

1Q26 revenue up +26.1% y/y driven by

Mobilezone consolidation. High-margin postpaid service revenue up +1% y/y with declining

ARPU offset by a growing customer base. Mobile EBITDA declined -9.8% y/y driven by negative

MNO effect of €12.5m. Freenet says that the effect was anticipated in its 2026 guidance and is

expected to continue to weigh on segment earnings for the remainder of the year. IPTV saw a

strong earnings performance, with adjusted EBITDA +49% y/y to €9m. KPI trends remained

robust with +29k postpaid customers and concluded a further +182k postpaid contracts

through reselling activities, while waipu.tv continues to experience strong growth with +42k

subscriber additions. Postpaid ARPU growth remained soft -5.1% y/y due to headwinds from

phasing-in of lower price points into base. Outlook for the year confirmed. We do not expect

much reaction to result.

US - Telcos form JV focused on D2D service

T, TMUS, and VZ announced a wireless JV aimed at using direct-to-device (D2D) satellite service

to address coverage gaps and eliminate rural dead zones where cell service is not available. At

present, it is an agreement in principle, with operating and financial details to be determined.

The agreement will allow the three competitors to offer pooled terrestrial spectrum and other

resources to satellite operators, increasing capacity and supporting more competitive D2D

satellite offerings. Existing carrier-satellite agreements will remain in place. While we think the

JV should provide enough critical mass of spectrum, it is not clear if it will be enough to prevent

satellite operators from bidding for spectrum in the upcoming auctions or even working with