Telecom Europe: 2026 Q3
Is telecom consolidation improving economics across Europe?
Europe's telecom sector is undergoing another wave of consolidation, with landmark deals and restructuring efforts reshaping major markets. Despite fewer players, operators continue to face intense competition, limited pricing power, and pressure on profitability.
In our latest European Telecom Pulse, Morningstar Equity Research examines why consolidation alone may not be enough to improve industry economics. From France's proposed SFR breakup to market developments across the UK, Italy, Germany, Spain, and beyond, our analysts explore the forces shaping the sector's next chapter.
Discover where competitive pressures remain strongest, which companies are best positioned to create shareholder value, and where Morningstar sees the most attractive opportunities in the European telecom landscape.
What’s inside:
- Analysis of telecom consolidation in Europe, including the SFR breakup and regulatory implications
Market-by-market outlooks across France, Germany, Italy, Spain, the UK, the Netherlands and Sweden
Valuation insights, dividend sustainability analysis and our top picks