Core Insights - Telecom Argentina reported a consolidated net loss of P$272,543 million for the nine-month period ended September 30, 2025, compared to a net income of P$1,254,213 million in the same period of the previous year [2][3] - Consolidated revenues reached P$5,622,561 million, reflecting a 50.7% increase compared to the same period last year, driven by the inclusion of Telefónica Móviles Argentina (TMA) revenues [2][8] - The company experienced a significant increase in operating income before depreciation, amortization, and impairment, totaling P$1,716,387 million, which is a 58.4% increase year-over-year [2][3] Revenue Performance - Service revenues amounted to P$5,327,305 million, with mobile service revenues contributing P$2,735,909 million, marking a 79.8% increase compared to the previous year [9][12] - The average revenue per user (ARPU) for mobile services (excluding TMA) was P$8,171.1, reflecting a 13.6% increase in real terms [13] - Internet service revenues reached P$1,235,080 million, growing by 29.2% compared to the previous year, with a subscriber base of 4.1 million [17][18] Customer Base Dynamics - Telecom's total mobile accesses (excluding TMA) decreased by 5.0% to 20.3 million, while TMA's mobile accesses increased by 1.6% to 19.1 million [10][11] - Fixed broadband accesses grew by 2.5%, totaling 4.1 million, while pay TV subscribers increased to 3.2 million, a 1.4% rise [2][17] - The average monthly churn for mobile services was 2.1% for Telecom (excluding TMA) and 1.8% for TMA [13][11] Financial Position - Consolidated net financial debt reached P$4,433,988 million, an increase of 44.3% in real terms compared to December 31, 2024, primarily due to financing for the acquisition of TMA [3][42] - Consolidated operating costs, including depreciation, amounted to P$5,270,240 million, reflecting a 35.2% increase year-over-year [34][35] - The company recorded a consolidated loss of P$685,200 million in net financial results, a significant decline from a gain of P$1,961,278 million in the previous year [37][39] Capital Expenditures and Investments - Consolidated CAPEX totaled P$849,370 million, a 73.3% increase compared to the previous year, with a focus on expanding both fixed and mobile data services [43][45] - Investments in property, plant, and equipment, intangible assets, and rights of use assets amounted to P$989,760 million, including P$279,459 million from TMA [43][45] Market Capitalization - As of November 7, 2025, Telecom Argentina's market capitalization was reported at US$5,121.5 million [2]

Core Insights - Turkcell Iletisim Hizmetleri A.S. reported strong financial results for Q3 2025, with consolidated revenues increasing by 11.2% year-on-year to TRY 59.5 billion, driven by robust growth in the Techfin segment and ARPU growth in Turkcell Türkiye [10][24][13] - The company revised its 2025 guidance upwards, projecting revenue growth of around 10% and an EBITDA margin between 42% and 43% [10][19] - Turkcell secured 160 MHz of spectrum in the 5G tender, enhancing its position in next-generation connectivity technologies [10][11] Financial Performance - Revenue for Q3 2025 was TRY 59,535 million, up from TRY 53,546 million in Q3 2024, marking an 11.2% increase [7][24] - EBITDA rose to TRY 26,165 million, a 10.5% increase year-on-year, with an EBITDA margin of 43.9% [7][30] - Net income decreased to TRY 5,398 million, down 71.6% from the previous year, primarily due to a one-off gain from the sale of operations in Ukraine in Q3 2024 [7][34] Operational Highlights - The mobile subscriber base exceeded 39 million, with 569 thousand net postpaid additions in Q3 2025, increasing the postpaid share to 79% [10][14] - Mobile ARPU (excluding M2M) grew by 11.9% year-on-year, driven by price adjustments and upselling strategies [10][14] - The fixed broadband segment saw 55 thousand net fiber subscriber additions, with residential fiber ARPU increasing by 17.3% [10][15] Segment Performance - The Techfin segment, accounting for 6% of consolidated revenues, grew by 20.0% year-on-year, with Paycell achieving a 41.7% revenue increase [10][27] - Data Center & Cloud services recorded a notable 50.6% year-on-year growth, contributing significantly to corporate revenues [10][25] - The Other segment, which includes international and energy businesses, generated revenues of TRY 1,671 million [10][28] Capital Expenditures and Debt - Total cash increased to TRY 122,347 million, primarily due to a USD 1 billion bond issuance [36] - Consolidated debt rose to TRY 181,281 million, with a net debt to EBITDA ratio of 0.20x [37] - Operational capital expenditures accounted for 17.4% of total revenues in Q3 2025 [39] Strategic Outlook - The company aims to leverage its 5G capabilities to enhance service offerings and maintain market leadership [10][12] - Turkcell's commitment to sustainability is reflected in its solar power investments, which reached a total capacity of 37.5 MW [18] - The focus on digital transformation and customer experience is expected to drive future growth [20]