New Street Research - Altice Europe NV Class A (ATC) ... Digi (Equal Weight) Orange (Buy, TP: €18.9, +27%) Telefonica (Reduce, TP: €2.6, -21%) Zegona (Neutral, TP: £13.70, -14%) Be careful what you wish for: Digi as a remedy taker in Spain – also, what would it mean for Portugal/Belgium, Altice,

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New Street Research

Russell Waller

EUR 8515.00 For Business Accounts Only

Digi (Equal Weight) Orange (Buy, TP: €18.9, +27%) Telefonica (Reduce, TP: €2.6, -21%) Zegona (Neutral, TP: £13.70, -14%) Be careful what you wish for: Digi as a remedy taker in Spain – also, what would it mean for Portugal/Belgium, Altice,

Press reports are suggesting that a Tef-Zegona deal in Spain is progressing. We wrote about that HERE. A deal will be tricky for a variety of reasons, but if Digi is a willing remedy taker and if Telefonica/ Zegona are willing to give very substantial remedies (which is a big if), then the deal might receive regulatory approval we think.

23/01/2026 1 EN

Underlyings

Altice Europe NV Class A

Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.

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NL0011333752 Netherlands

Digi Communications NV

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NL0012294474 Bucharest Stock Exchange Romania

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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Digi (Equal Weight) Orange (Buy, TP: €18.9, +27%) Telefonica (Reduce, TP: €2.6, -21%) Zegona (Neutral, TP: £13.70, -14%) Be careful what you wish for: Digi as a remedy taker in Spain – also, what would it mean for Portugal/Belgium, Altice,

The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in November

Altice France (SFR) Bonds (Equal Weight) Altice France (SFR) Equity (Neutral, TP: €13, +8%) Q3 25: OpFCF guidance reiterated, non-core asset sales continue

Ericsson 4Q25: Strong topline beat and cost control; near-term growth and upside remain limited

Semicap in 2026 on a single slide: the growth outlook doesn’t justify recent valuation

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