J P M O R G A N Europe Equity Research 28 July 2026 Telco Chatter Jul 28: ORA Q2/datacenter JV, Openreach tariffs, VOD ES/VTWR… Orange – Q2: Results beat, guide raised, 400MW data centre project (note here) BT – Ofcom proposes to block new Openreach commercial offer Zegona – Targets full exit from Vantage Towers contract by 2028 Vivo – Solid mobile performance, profitability below expectations (note here) TIM SA – Mobile rev decelerates; EBITDA inline with cons (note here) Amazon – Details proposed for 5.1k ...