Themen:
News
September 8, 2026
The European Technology, Media, and Telecommunications (TMT) landscape is in a state of profound transformation. As revealed at the 30th annual dbAccess European TMT Conference, industry leaders and investors are grappling with a complex mix of technological disruption, geopolitical tensions, and shifting market dynamics. While challenges are significant, the strategies for growth and value creation are becoming clearer.
Setting the stage for the discussions, Martin Blanquart and Mathew Mathew, Co-Heads of European TMT, captured the current environment:
This sentiment framed the key conversations, which focused around three pivotal themes shaping the future of the industry.
1. Artificial Intelligence: The Definitive Engine of Modern Business
More than ever, AI emerged as the defining theme, transforming business models and investment strategies across all sectors. The focus has matured from theoretical potential to practical application and monetisation.
Technology sector breakdown: In the hardware space, spending on AI infrastructure continues to be a primary tailwind for semiconductor companies. For software and IT services, the narrative has shifted to delivering tangible results. Investors are seeking clear proof-points that AI solutions, such as copilots and agentic systems, are seeing meaningful customer uptake and generating revenue. While initial fears of AI "killing" existing software have eased, the pressure is on incumbent firms to accelerate their AI roadmaps to address market concerns and demonstrate innovation.
Media's dual role: For the Media sector, AI is both a disruptive force and a significant opportunity. It is fundamentally changing content creation and advertising, while also creating new possibilities for digital media and online platforms to innovate and achieve scale.
2. Telecoms: A strategic pivot to consolidation and value creation
The European Telecoms sector, which started 2026 as a defensive haven from AI and geopolitical risk, has faced a challenging year. Headwinds from cost inflation, continued high capital expenditure on network infrastructure, and concerns over potential disruption from satellite technology have weighed on performance.
In response, the industry is charting a course toward greater stability and returns. Discussions highlighted a clear focus on:
Driving consolidation: Following successful consolidation in the French market, there is a strong appetite for more M&A across Europe. This is seen as a critical lever to improve price trends and rationalize competition.
Enhancing shareholder value: With significant performance dispersion between companies, there is a renewed push to create a more supportive investment backdrop. The key levers identified are disciplined capital allocation and greater shareholder distributions.
3. Media: Building resilience in a dynamic environment
The Media sector has navigated a volatile year, making the conference a vital opportunity for investors to gain clarity on the path forward. The conversations centred on adapting to a complex and rapidly changing environment.
Navigating macro headwinds: A primary topic was the direct impact of geopolitical events, such as the conflict in the Middle East, on both consumer demand and advertising sentiment, forcing companies to plan for uncertainty.
The quest for scale: European media players are actively strategising how to compete with the dominant US media majors. Further M&A and consolidation are being explored as a means to achieve the enhanced scale necessary to succeed, particularly for digital media and online platforms.
The Way Forward: Strategy and Adaptability
The insights shared at the conference reinforce that in today's dynamic market, long-term strategic thinking, innovation, and adaptability are the cornerstones of success. From AI adoption to industry consolidation, the conversations reinforced the rapid pace of change across TMT. As companies and investors navigate the challenges and opportunities ahead, fostering open dialogue will be more important than ever to build a resilient and prosperous future.
IMPORTANT NOTICE
By accepting these materials, the recipient shall be deemed to have agreed to the provisions and limitations set out in this notice.
These materials have been prepared by representatives of the Investment Banking division of Deutsche Bank AG or, as the case may be, any of its affiliates (as applicable, “DB”) and represent only the views and opinions of the individual authors. They have not been reviewed, endorsed, or otherwise approved by, and are not a work product of, any other department or division of DB, including the Research Department. These materials are intended merely to highlight aspects of the relevant conference to which they relate, are for general information purposes only and are intended only for use by the recipient for his/her own personal reference. These materials are solely distributed by the relevant DB entities that possess the necessary licenses to distribute the materials in the respective jurisdictions (and shall not otherwise be intended for distribution). These materials are being directed at persons who are professionals and are not intended for retail customer use. Not all products or services that may be mentioned in the materials are available in all jurisdictions. In any event, no offers, sales, resales, or delivery of any products or services as may be described herein or any materials relating to any such products or services may be made in or from any jurisdiction except in circumstances which would result with compliance with any applicable laws and regulations and which would not impose any obligations on DB. DB has not acted (and does not purport to act in any way) in a fiduciary capacity. These materials are not intended to be comprehensive and do not constitute financial, investment, legal, regulatory, accounting, actuarial, tax or other advice, nor do they constitute an offer or solicitation for the purchase or sale of any financial instrument or to enter into any other agreement or a recommendation for any investment product or strategy. The recipient must make their own independent assessment and such investigation as the recipient deems necessary in relation to the matters set out herein. No reliance should be placed upon these materials in connection with any actual transaction or investment. These materials speak only as of their date, and any views expressed in these materials are based upon conditions as they exist and are, therefore, subject to change. Any such changes and/or events occurring after the date of these materials could materially affect the content and views set out in these materials. These materials do not purport to contain a complete description of the matters set out herein. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of any person. These materials may not be summarized or otherwise reproduced, distributed or referred to, in whole or in part, without the prior written consent of DB. The information used in preparing these materials was obtained from sources believed to be reliable, but DB does not assume any responsibility for the independent verification of any such information and has relied on such information being complete and accurate in all material respects. DB makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such information, these materials (including any opinion contained in these materials), any of their contents or any of the results that can be derived from these materials and no responsibility or liability is accepted by DB in relation to such materials including (without limitation): (i) in relation to the distribution of possession of these materials in any jurisdiction; (ii) for any loss or damage of any kind whatsoever arising as a result of the use or misuse of these materials; (iii) for updating or revising these materials; or (iv) for correcting any inaccuracy in these materials. Analyses and opinions contained in these materials may be based on assumptions that, if altered, could materially change the analyses or opinions expressed. No audit of these materials has been undertaken by an independent third party. Any statement, estimate or projection included in these materials (or upon which any of the conclusions contained in these materials are based) with respect to anticipated future performance may prove not to be correct. No representation or warranty, express or implied, is given as to the completeness or accuracy of any forward-looking statement contained in these materials or the accuracy of any of the underlying assumptions. Information about past performance is given for illustrative purposes only and should not be relied upon and is not an indication of future performance. DB has not verified the achievability of any estimate or forecast, nor of any of the methods underlying the preparation of any estimate or forecast. The products and investments mentioned in these materials are subject to investment risk, including (without limitation) market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and an investor may not get back the amount originally invested at any point in time. No assurance can be given that any investment described herein would yield favourable investment results. DB may engage in transactions in a manner inconsistent with any views set out herein. DB trades or may trade as principal in any instruments mentioned herein (or related derivatives), may have proprietary positions in these instruments (or related derivatives) and/or may make a market in these instruments (or related derivatives) or (amongst other things) provide advice or loans or other financial products to, or participate in any underwriting or restructuring or other transactions with or in respect of persons mentioned herein. Deutsche Bank AG is a stock corporation (Aktiengesellschaft) incorporated under the laws of the Federal Republic of Germany with its principal office in Frankfurt am Main. It is registered with the local district court (Amtsgericht) in Frankfurt am Main under No HRB 30000 and licensed to carry on banking business and to provide financial services. The London branch of Deutsche Bank AG is registered as a branch office in the register of companies for England and Wales at Companies House (branch registration number BR000005) with its registered branch office address and principal place of business at 21, Moorfields, London EC2Y 9DB. Deutsche Bank AG is subject to supervision by the European Central Bank (ECB), Sonnemannstrasse 22, 60314 Frankfurt am Main, Germany, and the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin), Graurheindorfer Strasse 108, 53117 Bonn and Marie-Curie-Strasse 24-28, 60439 Frankfurt am Main, Germany. With respect to activities undertaken in the United Kingdom, Deutsche Bank AG is authorised by the Prudential Regulation Authority. It is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of Deutsche Bank AG’s authorisation and regulation by the Prudential Regulation Authority are available from Deutsche Bank AG on request.
How helpful was this article?
Click on the stars to send a rating