TELECOM OPERATORS : What are you thinking? Investor feedback on Starlink, M&A + positioning

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TELECOM OPERATORS : What are you thinking? Investor feedback on Starlink, M&A + positioning

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TELECOM OPERATORS

FLASH NOTE

What are you thinking? Investor feedback on Starlink, M&A + positioning

19 MAY 2026 Sector Research Report Production time: 05:34* (London time)

Research Analyst & Publishing Entities

Joshua Mills, CFA BNP Paribas London Branch (+44) 203 430 8670 Joshua.Mills@uk.bnpparibas.com

We have hosted >100 investor meetings across Europe/ US over the past month, since publishing our STAMP 2026

survey and 1,3,5 Year sector reports. During that time, we have seen a shift in sentiment, with initial optimism around

lower capex/ improving FCF growth and continued M&A tempered by growing concerns around the impact of

SpaceX/Starlink – both in the fixed and mobile markets. In this short report we summarise key investor feedback and

our latest updates on each of these topics – let us know if you would like to discuss in more detail.

It Came From Outer Space… SpaceX/ Starlink risks and opportunities

Ahead of the potential IPO of SpaceX (Bloomberg reports here), investor attention has understandably focused on the

threat posed both to the fixed broadband and mobile markets, and how this risk may vary between Europe and the US.

Our view – shared with most investors we have spoken to – is that Starlink is more of an immediate risk to fixed

broadband revenues rather than mobile. This is related to the fact that 1) more broadband customers are ‘underserved’

today with weaker network quality on cable/copper, 2) the satellite technology is better suited to fixed than mobile

(multiple antennae with fixed line of sight to the satellite) and 3) the spectrum ‘bottleneck’ which limits the ability to

provide wireless service at higher speeds or with indoor coverage.