Vodafone KPIs - strategic issues

Broadband market revenue for the ‘big four’ dipped to -2.5% in Q2, thanks to short-term seasonal factors and long-term altnet pressure.

The CMA decision on nexfibre-Netomnia is now not due until December, stalling much-needed further altnet consolidation, although CityFibre is looking to shortcut this with a capital raise.

Openreach has been curtailed by Ofcom in its ability to compete with altnets, but not with VMO2, which could lead to interesting dynamics should the deal go ahead.

Disney saw a 7% YoY uptick in Q3 revenues (to $25.2 billion) and a 21% jump in operating income (to $5.6 billion) with the concern over domestic parks admissions abated, while streaming performance masked the persistent waning of linear: both face continuing advertising headwinds

For now, Josh D’Amaro’s leadership appears necessarily understated, immediately concerning itself with retooling operations. At some point it will have to yield to a growth strategy that must accelerate without drawing political heat

Disney+ UK’s reach remains resilient despite sluggish engagement, suggesting subscribers now prioritise baseline price over the usage-based perks of higher tiers

ITV had a good World Cup, with the tournament driving H1 total advertising revenue up 3% YoY (£850 million), while average viewing per game was marginally better than the BBC.

Although the football provided a welcome bump, H1 viewing remained bleak (-8.5%): the broadcaster currently commands its smallest share of the decade and our 2026 forecast of a 6% drop in total engagement may turn out to be optimistic.

As expected, Studios had a steady half and will accelerate towards the end of the year with a particularly high profile pipeline.