For years, European towers have been underwritten as bond-like equity, with long duration contracts and predictable escalators supporting premium valuations. That thesis is now being tested by telcos seeking to reopen lease economics and assess alternatives. Meanwhile, public and private valuations are converging, which may signal a more investable sector, despite some historic certainties becoming less certain. The next cycle is likely to depend on which platforms can defend contracted cashflows and establish a credible route back to growth. This session will explore:

• Are the contract challenges emerging in Italy and Spain isolated negotiations, or the start of a wider telco strategy?
• Which contractual protections preserve value when renewals are challenged?
• How credible are BTS, network sharing and RANCo alternatives?
• How will telco consolidation affect tenancy and negotiating power?
• Has the valuation reset gone far enough to create an attractive entry point for new buyers? And where can investors find the strongest returns?
• Can indoor, small cell and distributed edge infrastructure become a new growth engine?