U.S. Cable & Telecom Services "The State of the U.S. Broadband Market" Hodulik

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U.S. Cable & Telecom Services "The State of the U.S. Broadband Market" Hodulik

Global Research

4 June 2026ab

U.S. Cable & Telecom Services Equities

AmericasThe State of the U.S. Broadband Market

Telecommunications

John C. Hodulik, CFA

Competition remains intense with no signs of slowing Analyst

The U.S. broadband market remains highly competitive and we see no signs of relief on john.hodulik@ubs.com

the horizon. Intensity is being driven by 1) continued fixed wireless access momentum as +1-212-713 4226

AT&T leans in; 2) a pick up in fiber deployment, which we anticipate will reach record Batya Levi

levels in 2027; 3) an increasing emphasis on converged bundles across players; 4) a Analyst

revamped go to market approach/pricing at cable MSO’s, which could provide some batya.levi@ubs.com

subscriber relief at the expense of ARPU and 5) satellite competition surfacing in rural +1-212-713 8824

areas, which will increasingly come into focus as capacity scales in the coming years. Christopher Schoell, CPA

Analyst

Our picks? Against this backdrop, we still believe AT&T is well positioned as the christopher.schoell@ubs.com

largest operator of converged wireless/fiber assets in the U.S. while T-Mobile +1-212-713 4912

shares remain attractive with valuation in close proximity to peers despite faster

Ryan Gravett, CFA

organic growth. Cable stocks are trading near historical lows but we remain

cautious on fundamentals and expect stocks to remain sensitive to broadband ryan.gravett@ubs.com

subscriber and ARPU dynamics. +1-212-713 3344

Updated 2026 Outlook Albert Kim

Associate Analyst

Fixed wireless captured all of the industry’s growth again in 1Q while telco wireline albert.kim@ubs.com

remained positive and cable losses continued.