European Telecoms Daily Update

This report provides a daily update on the European telecommunications sector, highlighting Q1 2026 earnings for Deutsche Telekom, Sunrise, and Proximus. It maintains several 'Buy' ratings while noting ongoing competitive pressures in Germany and Portugal.

Key Takeaways

• 1.Deutsche Telekom reported a solid Q1 result with Group EBITDA AL growing 2% yoy and a slight raise to the FY26 guidance following T-Mobile US's raise.
• 2.Sunrise EBITDAaL beat consensus by 2.5%, and the company reiterated its FY26 Free Cash Flow guidance.
• 3.Vodafone maintains a cautious outlook on the German mobile market but is optimistic about growth synergies in the UK following its partnership with Three.

Table of Contents

• KEY EVENTS THIS WEEK
• DEUTSCHE TELEKOM
• SUNRISE
• PROXIMUS
• EUTELSAT
• INWIT
• GAMMA COMMUNICATIONS
• TELENOR
• VODAFONE
• 1&1
• SES
• NOS
• TELE2
• ORANGE
• UNITED INTERNET
• SOFTBANK CORP
• KDDI CORP
• Appendix 1
• Important Disclosures
• Analyst Certification

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