1&1 and United Internet have issued disappointing 2025 guidance, ahead of their full year results on Thursday. In a competitive German market, 1&1 expects to see flat service revenue growth in 2025 and a further decline in EBITDA. In this brief note we run through the numbers.
This report updates credit investors on opportunities in the single-A TMT space. We argue that the notes of Relx, Swisscom, and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. We provide a summary of our general findings, followed by company descriptions.
Today, we are publishing the Telecom Infrastructure section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Telecom capex rebounded, up 13% YoY, driving a strong recovery across the value chain—from fixed and mobile equipment to semiconductors. Nokia remains our top pick in the sector.
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