It takes a brave soul to call a recovery in European telecoms. Yet there are a few, tentative signs that the struggling sector may be ringing in the changes.
Providers of mobile telecoms services have long been stuck in a value trap. Vodafone and its ilk need to keep investing in networks as the technology progresses. But intense competition has squashed revenues and prevented many of them from making a decent return. Attempts to solve this problem by merging have not helped, mainly because antitrust authorities have imposed onerous remedies designed to favour new entrants. As a result, despite the rise in 2024, the European Telecoms Stoxx 600 index is down 6 per cent over the past five years.
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