European Telecoms: Euro Telco Q2 playbook: less about the numbers

研报英文原文证据摘录

European Telecoms: Euro Telco Q2 playbook: less about the numbers

Accessible version

European Telecoms

Euro Telco Q2 playbook: less about the

numbers

Price Objective Change

A generally tougher quarter, wider themes to dominate 06 July 2026

Q2 tends to be a tougher seasonal quarter for telco thus we expect aggregate EBITDAaL Equity

growth to fade. Perhaps more relevant to the reporting season is any commentary from Europe

Deutsche Tel on TMUS merger speculation that have weighed heavy on its share price. Telecommunications

Consolidation in France could refocus investors on tower exposure. Telecom Italia will David Wright >>

publish its industrial plan ahead of the Poste offer. Meanwhile we look for any Research Analyst

commentary from management on the emerging threat from satellite operators MLI+44 (UK)20 7995 6355

following the sectors related underperformance. dawright@bofa.com

Samuel Bruce >>

Company watch: German KPIs, Finnish price pressure ResearchMLI (UK) Analyst

BT will report under its new format, ex In’t ops. VOD could be more actionable with samuel.bruce@bofa.com

ongoing pressure in German KPIs. DT could also see some weaker broadband trends as

price increases are a catalyst to churn. Similarly, KPI could see some weaker broadband

Glossary:

KPIs with a more commercial Ziggo, then with stronger SME growth offsetting tailored

VOD = Vodafonesolutions in B2B. Telefonica should be relatively stable in Spain albeit with tougher

wholesale comps. Telecom Italia will continue to have MVNO loss headwinds ahead of DT = Deutsche Telekom

inflection in H2 but with ongoing strong Enterprise growth. Telenor/Tele2 both with VMO2 = Virgin Media O2 JV

more subdued EBITDA trends on difficult cost comps. Both Inwit and Cellnex should TEF = Telefonica