From the newsletter (sign-up if you want it sooner): Orange looks like Europe’s strongest-performing incumbent telco this quarter, pairing robust financial growth with bold acquisitions and AI investments. It is the one with the biggest organic growth and the boldest strategic direction, at least. Telefónica’s results are good, too; it is growing EBITDA (plus 2.7% to €2.9bn; plus 6.4% as reported figure,) and operating cash flow (plus 2.9% to €1.3 billion; plus 6.7% as reported figure). All meaningful results – just, quarter for quarter, more about extracting better performance from simpler business. Orange, Telefónica, and Vodafone are talking less about subscriber revenues and more about group profits, cash flows, returns.