Number two players such as VMO2 need to make changes to avoid being stuck in the middle

Virgin Media O2 (VMO2)’s results for 2Q 2026 continued a trend that should concern both the company and the wider telecoms industry. Revenue, mobile and fixed subscriber numbers all declined year on year, even though the market is growing. 

Some of VMO2’s challenges are company-specific, but its experience also highlights a broader problem. Many of the second and third largest operators in a market are ‘stuck in the middle’; competition has eroded traditional differentiators, such as speed and price. These operators will need to make changes if the situation is to improve. Thankfully, there are options.