Vodafone Group (NasdaqGS:VOD) Q3 2026 Earnings call February 05, 2026 05:00 AM ET Company ParticipantsAkhil Dattani - Head of European Telecoms Equity ResearchAndrew Lee - Managing DirectorDavid Wright - Head of European Telecoms Equity ResearchJames Ratzer - Head of the European Communication Services ResearchJoshua Mills - Executive Director of Sector Head, Telecoms ResearchMargherita Della Valle - CEOMaurice Patrick - Managing DirectorPilar Lopez - CFOPolo Tang - Managing DirectorRobert Grindle - Managin ...

Group 1 - TIM SA, a Brazilian telecoms operator, is negotiating to repurchase a 51% interest in a fibre-network company it previously controlled [1] - The potential deal is valued at approximately $170 million [1]

Core Insights - NusaTrip has entered into an exclusive strategic technology partnership with Gorilla Networks to enhance its eSIM connectivity offerings within the travel sector [1][2][3] Group 1: Partnership Details - Gorilla will serve as NusaTrip's exclusive global eSIM connectivity platform, facilitating the development and operation of NusaTrip's white-label eSIM products [2][3] - The partnership aims to position eSIM connectivity as a core, monetizable layer within the travel booking experience, enhancing customer experience and creating new revenue streams [3] Group 2: Market Potential - The global travel eSIM market is projected to grow from US$1.8 billion in 2025 to US$8.7 billion by 2030, indicating a 380% revenue growth driven by increasing consumer and business travel [2] - Factors contributing to this growth include decreasing costs, improved device compatibility, and ongoing product innovation [2] Group 3: NusaTrip Overview - NusaTrip is an integrated travel technology platform with over 500 airlines and 650,000 hotels globally, and it is the first Indonesian OTA to receive IATA accreditation [9] - The company focuses on acquiring offline travel agencies to enhance its growth strategy and expand its market presence in Southeast Asia and the Asia-Pacific region [10] Group 4: Gorilla Networks Overview - Gorilla Networks specializes in providing eSIM solutions and aims to simplify connectivity for travelers by eliminating the complexities associated with traditional SIM cards [11]

Brazilian telecoms operator TIM SA is in talks to buy back a 51% stake in a fibre-network business it previously controlled under a deal that could be worth around $170 million, two people with knowle... ...

NEW YORK, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Society Pass Incorporated (Nasdaq: SOPA) (the “Company”), Southeast Asia’s next generation digital ecosystem, today announces a US$1.8 million minority investment in Singapore-based telecoms embedded SIM (eSIM) infrastructure and digital connectivity platform, Gorilla Networks Pte Ltd (“Gorilla”). The investment represents Society Pass’s entry into the fast-growing global eSIM market, which Straits Research projects to expand from US$11.2 billion in 2025 to US$25. ...

Core Viewpoint - Telenor has agreed to sell its 24.95% stake in True Corporation for approximately NOK 39 billion, marking a significant divestment after 25 years in Thailand [1][6]. Group 1: Transaction Details - The sale price is set at THB 11.70 per share, which represents a 36% increase from the closing price on the first trading day post-merger in March 2023, and a 4% premium to the last three months' volume-weighted average share price [7]. - Telenor will also have a mutual put/call option for the remaining 5.35% stake two years after the initial sale, priced at the higher of THB 11.70 per share or the market price at that time [1]. Group 2: Financial Implications - The proceeds from the sale of the 24.95% stake are expected to be THB 100.9 billion (approximately NOK 32.3 billion), with an additional THB 21.9 billion (approximately NOK 6.9 billion) anticipated from the option exercise [11]. - Telenor expects to recognize an accounting gain of approximately NOK 14.7 billion at the closing of the initial sale, with NOK 1.6 billion related to recycling historical currency translation differences [13]. Group 3: Strategic Context - This divestment aligns with Telenor's strategy for structural simplification and focuses on enhancing shareholder value through capital discipline and effective capital allocation [9][12]. - The sale follows Telenor's recent divestment of Telenor Pakistan, indicating a broader strategy to create structural value in Asia [8]. Group 4: Company Growth and Market Position - Telenor has established market leadership in Thailand over the past 25 years, significantly contributing to mobile connectivity for millions [4][6]. - The merger of dtac and True in 2023 created Thailand's largest telecom-tech company, positioning it for future investments in 5G, AI, and digital services [5].

Singapore Telecommunications Limited (SGX: Z74), or Singtel, has long given the impression of being a stable, albeit boring, blue-chip company that provides steady dividend income. At least, that’s how I’ve viewed the company for the longest time.However, the group’s recent transformative initiatives may finally be bearing fruit; its latest half-year results for the period ended 30 September 2025 (1HFY2026) provide supportive evidence.In this article, let’s take a deeper look at the group’s latest results — ...

Summary of J.P. Morgan's 2026 Investment Grade TMT Outlook Industry Overview - **Industry Focus**: Technology, Media, and Telecommunications (TMT) in Europe - **Key Themes**: The report outlines expectations for European TMT spreads in 2026, emphasizing trade ideas and sector evaluations [1] Core Insights Sector and Issuer Views - **Telecommunications**: - **Rating**: Overweight - **Performance**: Strong earnings and improving free cash flow as fiber capital expenditures peak - **M&A Activity**: Ongoing mergers and acquisitions, particularly in France, Germany, Spain, and Italy, are expected to enhance market conditions - **Valuation**: Tower companies maintain high asset valuations due to robust contracts and proactive management [4][10][13] - **Technology**: - **Rating**: Neutral - **Challenges**: Facing headwinds from increased AI and data center capital expenditures, with major players like Alphabet and Microsoft impacting euro supply - **Market Conditions**: Equipment manufacturers and semiconductor firms are dealing with mature markets and macroeconomic pressures [4][15] - **Media**: - **Rating**: Neutral - **Adaptation**: Advertising agencies and publishers are adjusting to AI disruptions and shifting client demands - **Long-term Demand**: The satellite segment is supported by ongoing demand for secure connectivity and C-band monetization potential despite near-term credit challenges [4][14] Rating Changes - **Upgrades**: ASML, Nokia, Proximus, Telia, T-Mobile US, and WPP to Overweight - **Downgrades**: Inwit, KPN, Pearson, Publicis Groupe, Swisscom, and Verizon to Neutral - **New Coverage**: Initiated Euro coverage on Alphabet (Neutral) and Microsoft (Underweight) [4] Important Data Points - **Investment Grade Spreads**: - Current Euro Investment Grade spread forecast is flat at 90bps, indicating a tight spread environment [10] - TMT sector spreads as of January 7, 2026: Telecommunications at 90bps, Technology at 87bps, Media at 85bps [17] - **Supply Outlook**: - **Telecom**: Expected issuance of ~€38.4 billion in 2026, down from ~€46.4 billion in 2025 - **Media**: Anticipated increase to ~€12.9 billion in 2026 from ~€6.5 billion in 2025 - **Technology**: Expected issuance to rise to ~€31.8 billion in 2026 from ~€26.7 billion in 2025, driven by major players [18][27] Additional Insights - **Macroeconomic Environment**: - European macro backdrop remains supportive, with fiscal stimulus in Germany and improving sovereign ratings in Southern Europe - Corporate fundamentals are strong, with limited fallen angel risk forecasted for 2026 [10][12] - **Regulatory Trends**: - A shift towards supporting infrastructure investment rather than consumer protection is noted, which may benefit telecom operators [13][35] - **Consolidation Prospects**: - Ongoing discussions about consolidation in four-player markets, with potential for significant cost synergies and improved market structures [35][41] - **Investor Sentiment**: - Investors are showing "recession fatigue," indicating a reluctance to price in economic risks until a downturn is confirmed [10] This comprehensive overview captures the key themes, sector evaluations, and important data points from J.P. Morgan's 2026 Investment Grade TMT Outlook, providing insights into the current and future landscape of the TMT industry in Europe.

Group 1 - Pascal Grangé will retire in 2026 and has handed over his office as Deputy Chief Executive Officer effective 31 December 2025 [1] - The Board of Directors did not appoint a new Deputy Chief Executive Officer to replace Pascal Grangé, and Stéphane Stoll was appointed Chief Financial Officer on 1 August 2025 [1] - The termination of Pascal Grangé's executive office does not involve specific financial conditions such as severance benefits or non-competition indemnities [2] Group 2 - Pascal Grangé's fixed remuneration is €950,000, with potential variable remuneration subject to performance conditions [2] - The amounts proposed for Pascal Grangé's remuneration will be detailed in the Company's Universal Registration Document [3] - Pascal Grangé will serve as an advisor to the Group's senior management until his retirement, as per the terms of his employment contract [3] Group 3 - Bouygues operates in over 80 countries with 200,000 employees, focusing on construction, energies & services, telecoms, and media [4]

Core Viewpoint - Spanish telecoms giant Telefonica announced its decision to delist its American Depositary Shares (ADS) from the New York Stock Exchange, attributing this move to the administrative burden and costs associated with maintaining the listing [1] Group 1 - Telefonica cited the administrative burden as a significant factor in its decision to delist from the NYSE [1] - The company also mentioned the costs involved in keeping the ADS listed as a reason for the delisting [1]