Last week we hosted the inaugural BNPP Exane TMT Conference in London with 48 corporates, 250 clients and 1,100 meeting requests over the course of the two days. We hosted 12x European Telco businesses at the event - companies attending included Deutsche Telekom, Orange, KPN, BT, Telia, Telecom Italia, Sunrise, Proximus, Freenet, MasOrange, Inwit and Cellnex. In this short report we summarise key debates on each name, feedback from the conference and our view on latest results. Just let us know if you would like to discuss in more detail. Demand remains high for a ''defensive'' sector with upside from cost-cutting/ consolidation Telcos have continued to outperform during 2025 (SXKP +11% YTD vs SXXP +8%) despite a mixed FY results season. As laid out in our 2025 outlook report Time to pick up the phone?, we still see reasons to be optimistic that this outperformance can continue - telcos provide attractive defensive characteristics against an increasingly uncertain macro backdrop (something we have seen drive more client incoming over recent weeks) and we believe that the sector may be at an inflection point for FCF as revenues stabilise, AI supports further cost-cutting opportunities and capex begins to fall. On top of this, the long-running debate about market consolidation/regulatory change has been reignited by 1) 4-to-3 mobile consolidation being approved in the UK, with reports on potential deals in Italy/Sweden/Denmark as well, and 2) Telefonica once again talking up pan-European consolidation and telco/tech convergence in an era of ''European strategic independence''. Investor feedback - positive Telia/KPN, mixed BT/DT, MandA in focus for Orange/TI We found feedback from investors to be most incrementally positive on Telia (better Swedish pricing trends plus further cost-cutting opportunities) and KPN (FCF ramping as capex falls). BT was more mixed with particular investor focus on Openreach line losses, whilst DT highlighted that the German...