MENA TMT: Feedback from recent marketing trips

研报英文原文证据摘录

MENA TMT: Feedback from recent marketing trips

J P M O R G A N CEEMEA Equity Research

18 June 2026

MENA TMT

Feedback from recent marketing trips

Against a backdrop of heightened news flow around regional geopolitical MENA TMT

ACdevelopments, and following our recent sector note on MENA Telcos, we wanted Karin So

to highlight some key discussion points from our investor meetings across London, (971) 4561-2090

Continental Europe, and Asia over the past two weeks. Conversations largely karin.so@jpmorgan.com

centered on: a) data center economics and strategic positioning across the telco J.P. Morgan Securities plc

names, b) opportunities in asset monetization and special dividends, incl e& -

Vodafone/Careem, Mobily - towers, c) recent trends across Elm’s digital portfolio,

and d) Presight’s medium-term growth and earnings profile. That said, overall Table 1: MENA TMT - 2Q26 reporting

calendarsentiment on the MENA TMT sector still remains rather cautious, with many

preferring to stay on the sidelines for now at current valuations, reflecting broader Company Earnings Release

MENA IT Services

geopolitical risks and uncertainties around the population outlook. Solutions by stc Mon, Jul 27th

Elm Sun, Aug 2nd

• Telcos. Interest levels appear evenly distributed across the names. We see a Presight AI Wed, Aug 12th

general agreement with our view on a potential turnaround opportunity in e&’s MENA Telcos Mobily Wed, Jul 22nd

(OW) international portfolio (Maroc Telecom, Pakistan), though the pushback du Wed, Jul 22nd

centered around whether the magnitude and timing will be sufficient to offset stc Wed, Jul 29th

e&(*) Thu, Jul 30th

concerns around the UAE core - particularly the population outlook and

Source: Company data, Bloomberg Finance L.P. *Maroc

income-mix implications.