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Attempts to arrest ARPU pressure: European mobile in Q1 2026

10 July 2026
Access report

Service revenues improved sequentially but remained negative at -0.7%, with all major markets flat to improving.

Backbook price increases have become quite prolific, but there is a mixed picture on new-customer pricing and considerable ARPU pressure in most markets.

Regulatory push for better coverage in return for longer licences continues to gain momentum, with Portugal the latest to move in this direction.

Related reports

Speed and pricing moves: UK mobile market in Q1 2026

2 July 2026

Service revenue growth improved to -0.6%, aided by price-increase mechanics, although this will reverse next quarter.

FinTech MVNO launches have been somewhat tentative thus far, and mobile speed-tiering looks set to become the norm.

O2 has stepped up its price aggressiveness in both SIM-only and with-handset unlimited tariffs and is now the price-leading operator brand in this popular segment.

Access report

Sovereignty, satellite and strategic regret: European mobile in Q4 2025

13 April 2026

European service revenue growth declined to -1.3% in Q4 as trouble in France weighed even more heavily.

In contrast to a couple of years ago, the Italian and Spanish markets have the most positive momentum.

Network sovereignty is driving satellite direct-to-device strategies, and may cause some regret about mobile tower sales, which are also proving more contentious than hoped.

Access report

Vodafone: Optimism takes a trim

20 May 2026

The share price reaction to Vodafone’s FY26 results appears to be centred around the outlook for European EBITDAaL in FY27, with consensus hitherto optimistically expecting a very marked turnaround in underlying performance.

Similarly, there should not have been an expectation of further buybacks, with prospective leverage towards the top of target range given recent deals.

Vodafone’s value over volume strategy cost it dearly in subscriber numbers in Q4 – a dangerous strategy in a scale industry. Less demanding guidance would give it more commercial flexibility

Access report

  • Speed and pricing moves: UK mobile market in Q1 2026

    2 July 2026

    Service revenue growth improved to -0.6%, aided by price-increase mechanics, although this will reverse next quarter.

    FinTech MVNO launches have been somewhat tentative thus far, and mobile speed-tiering looks set to become the norm.

    O2 has stepped up its price aggressiveness in both SIM-only and with-handset unlimited tariffs and is now the price-leading operator brand in this popular segment.

    Access report

  • Sovereignty, satellite and strategic regret: European mobile in Q4 2025

    13 April 2026

    European service revenue growth declined to -1.3% in Q4 as trouble in France weighed even more heavily.

    In contrast to a couple of years ago, the Italian and Spanish markets have the most positive momentum.

    Network sovereignty is driving satellite direct-to-device strategies, and may cause some regret about mobile tower sales, which are also proving more contentious than hoped.

    Access report

  • Vodafone: Optimism takes a trim

    20 May 2026

    The share price reaction to Vodafone’s FY26 results appears to be centred around the outlook for European EBITDAaL in FY27, with consensus hitherto optimistically expecting a very marked turnaround in underlying performance.

    Similarly, there should not have been an expectation of further buybacks, with prospective leverage towards the top of target range given recent deals.

    Vodafone’s value over volume strategy cost it dearly in subscriber numbers in Q4 – a dangerous strategy in a scale industry. Less demanding guidance would give it more commercial flexibility

    Access report