Global Telecommunications 2025 Outlook: Competition Remains Fierce, but Earnings Growth Expected

While we have a stable outlook for the telecommunications industry heading into 2025, that is not to suggest that the industry will be inactive in the upcoming year. Our outlook reflects the generally favourable economic environment in which interest rate reductions in most major developed markets are expected to support lending and investment, but acknowledges that, at the industry level, subscriber and earnings growth are expected to be modest as competition remains fierce.

Key highlights:
-- Stable outlook reflects a generally favourable economic environment but acknowledges an intense competitive landscape.
-- A moderation in network investment should support improved cash flow generation.
-- The application of applied technologies to enhance operating efficiencies as well as customer service should provide a long-term margin tailwind.