2025 was such a strong year for EM Telcos with the result that while remaining bullish we thought it was not plausible that 2026 would be as strong. Yet if anything the year has started better than 2025, with our picks up 18% ytd already, and up 113% since the start of 2025.
Picard: sharp deleveraging in Q3 thanks to strong free cash flow despite slightly weaker sales|THOM Group: a more reassuring start to Q2, guidance maintained, strategic measures developed.|SoftBank Group will invest an additional $ 30bn in OpenAI|Airlines and Chemicals: potential impacts from the war in Iran|
Picard : solide diminution du levier au T3 grâce à un bon free cash-flow malgré un CA un peu faible|THOM : un début de T2 plus rassurant, guidances maintenues, mesures stratégiques développées|SoftBank va investir 30 mds USD supplémentaires dans OpenAI|Airlines and Chemicals: potential impacts from the war in Iran|
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