July 2026
Communications Sector Update — Q2 2025
Last updated on 30 June 2025·Communications
About this report
There has never been more demand for data and computing, driven by 5G commercialisation, AI developments and explosion in digital content.
(Tele)communications sector is undergoing fundamental structural transformation as traditional telecom operators pivot from connectivity providers to digital infrastructure platforms. We're witnessing consolidation activity, with dealmakers targeting both revenue diversification and operational scale. Portfolio optimization remains a defining theme, as operators divest non-core assets while acquiring capabilities in AI, edge computing, and enterprise services to capture higher-margin opportunities.
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Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
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