Investment Grade TMT Outlook Key themes for 2025

Andrew Webb AC (44-20) 7134-0121 andrew.x.webb@jpmorgan.com Europe Credit Research 20 December 2024 J P M O R G A N Germany: The four player market features the incumbent, DT, maintaining a leading share, at the other end of the market share spectrum is 1&1 with ~10% subscriber market share. The company transitioned from MVNO to MNO after acquiring 5G spectrum in the 2019 auctions. 1&1 is presently rolling out its mobile network (Open RAN), while making use of roaming agreements. The company surprised the m ...