Tracking telecoms opex in Europe: trends and analysis 1H 2026

This report tracks and analyses operating expenses at 11 major European telecoms operators through 1H 2026. European telecoms operators are pursuing cost-transformation programmes while managing M&A; this has heavily affected their individual spending. Cumulative reported spending declined both in 2025 and 1H 2026, driving down opex intensity.

Information provided in this report

• A detailed benchmark of recurring opex, opex intensity and special factors for 11 major European operators across 2023–2025 and 1H 2026
• An assessment of headcount and employee-cost trends, including the scale and timing of operators’ reduction programmes
• A review of the latest financial guidance and the revisions made during the year, including what they imply for spending in 2026 and beyond