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Service revenue trends and themes were broadly consistent with those of last quarter, with management commentary suggesting German EBITDA decline of 8%+ this year.

Strong growth from VodafoneThree, better underlying trends in Germany, and fortuitous currency moves are all likely to be required to hit analyst estimates for next year, and there are reasons to be optimistic about prospects for at least some of them.

VodafoneThree’s mobile strategy seems to be quite defensive for now, save for a foray into the family market, and its approach to FWA looks likely to be quite cautious too.

BT had a solid Q3 in financial terms, with various oneoffs hitting headline growth rates but underlying trends very much robust.

The highlight was reduced broadband line losses for Openreach, both in the quarter and in prospect, with retail altnets slowing faster than CityFibre improves.

Recent developments put the pace of altnet consolidation in doubt, but we expect reduced pressure on BT Consumer and Openreach in 2026 regardless.
 

Display advertising is forecast to grow c.7% in 2026 despite lacklustre consumer confidence, out of sync with the gradual economic recovery.

Online advertising has doubled its share of online consumer spend since 2015. Major ad platforms account for over 40% of all UK display advertising spend.

Mature media’s prospects more closely align with the UK economy, with real term growth unlikely this year.

Project Gigabit has made reasonable progress in allocating subsidy contracts covering 1.1 million premises, and the contract holders look on track to complete their build-outs well before the 2032 deadline.

However, this leaves c.1.5 million premises still without the prospect of gigabit broadband, no firm steer as to when contracts covering these might be awarded, and a reduced per-home budget available to cover them.

Openreach looks likely to win most or all of these, and to take over earlier contracts should altnets pull back or fail (an increasingly likely occurrence), increasing its share of subsidised coverage from the current c.30% to around 70% or above.

Disney's Entertainment revenues rose 5% year-on-year to $26.0 billion in Q1, although content and marketing costs pressured operating income down (-9%, $4.6 billion). Management outlined its plan to create a Disney+ home for AI content.

Although a very early development, after 18 months of widening, improvements in Disney+'s UK engagement has seen its gap with Netflix contract.

Disney's global marketing reorganisation—including the development of a brand stewardship function led from the top of the company—is a broadly positive move from an outfit laboured with long-entrenched vertical silos.