Q2/26 Telecom Preview - Wireless Competition Moderation & Satellite Developments

研报英文原文证据摘录

Q2/26 Telecom Preview - Wireless Competition Moderation & Satellite Developments

June 30, 2026 | 20:28 ET~

Telecom/Media/Cable

Q2/26 Telecom Preview - Wireless Competition Telecom/Media/Cable

Moderation & Satellite Developments Tim Casey, CFA Analyst

tim.casey@bmo.com (647) 284-4792

Drew J. Reichert, CPA Senior Associate

Bottom Line: drew.reichert@bmo.com (647) 302-3669

Competitive intensity appears to have moderated in Q2 after spiking in Q1. That said, Legal Entity: BMO Nesbitt Burns Inc.

service revenue growth remains slow and loading is low. Wireline operations are stable.

We expect loading will remain weak though the year based on immigration trends. Our Telecommunications Services

full year expectations are relatively unchanged. The potential impact of disruption from 1,500

Starlink is weighing on the sector. Rogers remains our top pick. 1,400

1,300

Key Points 1,200 4

3 1,100

Constructive wireless pricing environment in Q2 with discounts eased. Competitive 1,000 1

tactics turned negative at the end of Q4/25 and through Q1/26 after we saw operating 900 0

Dec Jun Dec Jun

improvements in Q2/25 through most of Q4/25. Pricing and bundle discounts appear LHS: Price / RHS: Volume (mm) Source: FactSet

to have moderated in Q2/26, after price plans were reset (similar to last year's y/y

improvement). Canada's population has declined for three consecutive quarters. Loading

should remain soft y/y due to a stagnant population, with volume growth solely from

penetration gains. Quebecor should continue to lead share and ARPU gains.

Stable wireline operations. Wireless and wireline bundling discounts remain, but

appear to have been reduced marginally. Wireline competitive intensity has been

improving in Quebec. Broadband growth continues to offset video/landline declines.