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VMO2 had a solid Q2 in financial terms, with revenue growth dipping but not by as much as we had expected, and EBITDA growth improving thanks to strong cost control

Consumer fixed is however continuing to deteriorate under altnet pressure, countered by mobile performing better than expected, with continuing weak subscriber numbers across both

Meeting 2025 full year financial guidance is looking more likely after a robust H1, but the trajectory thereafter depends heavily on how the altnet sector develops, a factor over which VMO2 has limited control now that NetCo has been cancelled

Prime Video UK viewing has increased by 30% year-on-year. Although this growth is from a smaller base than its main rivals, it now matches Disney+ in total engagement.

Viewing behaviour now reflects a service that is more than just an add-on: those who use it alongside Netflix do so for its breadth, particularly in film, whilst non-Netflix viewers are drawn to its major UK hits and football coverage.

Supplementing consistent viewing to football and scripted box sets, its ability to attract mass audiences to its hit original shows now rivals some broadcasters.

Vodafone’s financials have begun what should be a steady improvement as this year progresses, leaving behind the TV regulatory hit and benefiting from the onboarding of 1&1.

Looking beyond one-offs, the core operational metrics are mixed but skewed to the positive. Vodafone has some tricky balancing to enact to deliver a return to sustainable growth.

EBITDA growth was solid in this quarter and is likely to remain so in the medium term, thanks in particular to VodafoneThree. More evidence of fundamental commercial delivery would strengthen hope of an enduring positive trajectory.

BT started its FY26 with robust financials. Revenue was slightly weak due to handsets and international, but EBITDA was slightly ahead of expectations, and operating metrics were strong.

The highlight was Openreach posting its lowest broadband line losses for over a year despite ongoing altnet pressure, and keeping revenue growth positive despite reduced inflationary price increases.

The altnet threat is still far from over, but it is encouraging that there are signs that it is beginning to wane as the sub-sector moves to a more rational wholesale model.

With no major men’s football tournament, ITV’s advertising revenue fell well short of a tough YoY comparison (-7%, £824 million) while Studios appears to be settling after a demanding last couple of years (+3%, £893 million)

ITVX is showing encouraging momentum—especially in terms of its usage profile—however, as a whole, ITV saw viewing share again decline, while losing another 600k regular-viewing households

This market demands proactivity—hence the announcement of collaboration between the three major sale houses, and further measures by ITV to target small to medium-sized businesses

Enormous AI capacity unlocked by 2026, combined with investor pressure for returns, is stimulating a rapid escalation in AI products that could spawn an AI ‘super app’ ecosystem that supplants the world of search and links

There is no turning back: Google is transforming search and YouTube while OpenAI and Perplexity launch AI browsers to capture user attention. OpenAI’s ChatGPT agent moves it further from Microsoft, who is yet to finalise their long-term relationship

Meta may pivot to a closed AI model without an ‘anchor tenant’—feeding Mark Zuckerberg’s ambition to revolutionise advertising. Meta is positioning new AI supercharged hardware in the consumer space designed to eclipse the smartphone