European Telecoms "Chart of the week" Shah

研报英文原文证据摘录

European Telecoms "Chart of the week" Shah

Global Research

15 May 2026ab

European Telecoms Equities

Europe including UKChart of the week

Telecommunications

Dhruva Kusa Shah

Figure 1: Swiss Mobile 'mid-tier' effective price over time

Analyst

dhruva-kusa.shah@ubs.com

-t +44-20-7568 3395

id Polo Tang

Analyst m

polo.tang@ubs.com

le +44-20-7568 1286

bi Ondrej Cabejsek

Mo ondrej.cabejsek@ubs.com

s +44-20-7568 6332

is Oba Agboola

Associate Analyst

Sw e p obaloluwa.agboola@ubs.com

+44-20-7568 3969 ier ffect ive rice over time

Christina Michael

christina.michael@ubs.com

Source: Company information, UBS. The effective price factors in any promotions and one-off costs. Prices are for +44-20-7567 2376

each brand's 'mid-tier' bundle (predominantly providing a minimum of unlimited Swiss data usage with varying

speeds per operator over time).

Swiss pricing – becoming more Nordic?

We think recent data points suggest the Swiss market is in the early stages of seeing a

structural change/fundamental improvement with the potential to move from

stagnation to growth and to resemble the Nordic markets - see Figure 1SwisMobile'mid-tier'efectivepriceovertime / Figure 2SwisBroadband'mid-tier'efectivepriceovertime. The

structure for the Swiss market has always been attractive, with three players, no EC

regulation, healthy population growth of +1% pa vs no growth in the rest of Europe,

and a wealthy demographic. However, this has been offset by persistent promotional

activity given the imbalance of market shares leading to no growth for the broader

market. Over Q1 results, feedback from operators about the current level of promotions/

rationality in the market is mixed but as recently announced price rises by all the Swiss

operators are put through, there could be a change.