Digi炉边谈话、热门话题电话会议、第一季度总结、意大利电信、Altice业绩 光纤到户销售

Digi fireside chat, Hot topics call,1Q wrap, TI, Altice results/FTTHsale Emerging Markets TelecomsNEUTRALLatin America Telecom & MediaNEUTRALEuropean Telecom ServicesNEUTRAL We highlight latest research, news flow and significantobservations relevant to our stock coverage across European/CEEMEA Telecoms, and Global Towers/Satellites. European Telecom Services •Fireside chat with Digi CEOToday (3:00pm – 4:00pm London)• Maurice Patrick+44 (0)20 3134 3622maurice.patrick@barclays.comBarclays, UK •Hot topics call -Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU•Telecoms on Friday, 30 May 2025 (3:00pm – 3:30pm London) Mathieu Robilliard+44 (0)20 3134 3288mathieu.robilliard@barclays.comBBI, Paris •EU Telcos 1Q Wrap- Opex and capex tailwinds• •Telecom Italia– Court questions the €1bn appeal route• •Altice- 1Q25 results and potential FTTH asset sale• Ganesha Nagesha+91 (0)22 6175 1712ganesha.nagesha@barclays.comBarclays, UK Detailed stories Fireside Chat with Digi CEO **TODAY** Join us for a call with Serghei Bulgac, the CEO of Digi Communications, on Wednesday, 28 May2025 (3:00pm – 4:00pm London) where we will discuss the outlook for the company, specificallyas it looks to drive its growth agenda in the core European markets of Romania, Italy, Spain,Portugal and Belgium. Please see the link for registration details. Maxime Delaugerre+44 (0)20 3555 5672maxime.delaugerre@barclays.comBarclays, UK Invite: Conference call: Barclays: Telco Hot Topics Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU Telecoms onFriday, 30 May 2025 (3:00pm – 3:30pm London). The call will be a quick run-through of the main3-4 topics of the previous two weeks, with opportunities for Q&A, taking 30 minutes in total.Suggestions for topics are welcomed, and the most-requested will be chosen. Victoria Adé (IGEuropean Telecoms Credit Research) and Mark Foley (Barclays High Touch Trading) will be guestspeakers on this call. Please see the link for registration details. Future of Telecoms: Fireside Chat with Professor William Webb Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 5.Completed: 28-May-25, 06:53 GMTReleased: 28-May-25, 06:53 GMTRestricted - External Join us for a call with Professor William Webb on Thursday, 5 June 2025 (3:00pm – 4:00pmLondon), where we will discuss subjects such as (a) What is the outlook for future mobilenetworks –trafficand capacity growth, and business models, and (b) Satellite vs Fibre vs FWAbroadband models. Please see the link for registration details. European Telecom Services: 1Q Wrap - Opex and capex tailwinds The sector continues to outperform in 2025aftera strong 2024 (YTD + 19% total returns vs +11%for the SXXP). Revenues are defensive in the context of an uncertain macro and geopoliticalenvironment (no impact fromtariffsfor instance) and with credible opex/capex reduction,growth in OpFCF (c.+7% for 25e) is attractive, in our view. The sector has now regained itsdefensive status and with M&A hopes (see notably French consolidation: Third time lucky? - 28May 2025), we see upside risks. Lastly, a stronger sector could help Europe to protect itssovereignty, which is another incentive to facilitate M&A and more benign regulation(see European Telecoms:Tariffs,macro and sovereignty - 08 April 2025). Our core OWs forquality/growth are Deutsche Telekom (OW), Tele2 (OW) and Elisa (OW). For exposure to M&Apotential we flag Telecom Italia (OW), Zegona (OW) and ORA (OW). Telecom Italia – Court questions the €1bn appeal route According to Bloomberg reports, the Italian Court of Cassation raised issues as to whether thefirst appeal on the concession fee topic (EUR1bn potential cash in for TI) was done in the correctcourt (a court in Rome). The parties have now 30 days to file observations which could cause adelay in the process. We note that Telecom Italia had earlier publicly said that it hoped for aresolution by YE25 so this delay does not necessarily challenges this timeline. Source:Bloomberg (27 May 2025) Altice France (NC) and Altice International (NC) 1Q25 results – Deterioration in trends Altice France1Q25 revenues were down -6.2% (-5.8% ex. construction) with residential SRdown -6.7% yoy, a sharp deterioration with 2024 trends (-1.8% yoy in 4Q24 and -1.1% for theFY24). Both fixed and mobile service revenues are down at respectively -2.9% and -9.4% (vs+4.1%/-6.0% in 4Q yoy). The