Core Insights - Telecom Argentina S.A. reported a consolidated net loss of P$145,304 million for FY25, a significant decline from a net income of P$1,359,230 million in FY24, primarily due to higher exchange rate losses and depreciation of the Argentine peso [1][2][3] - Consolidated revenues for FY25 reached P$8,328,814 million, reflecting a 54.7% increase compared to FY24, driven by the inclusion of ten months of results from Telefónica Móviles Argentina (TMA) [1][2][3] - The company’s operating income before depreciation, amortization, and impairment increased by 64.8% to P$2,525,535 million, with an operating margin of 30.3% [1][2][3] Financial Performance - Service revenues totaled P$7,902,043 million in FY25, with mobile service revenues accounting for P$4,092,162 million, marking an 85.2% increase compared to FY24 [2][3] - The average revenue per user (ARPU) for mobile services increased by 15.8% in real terms, reaching P$9,081.9 [2][3] - Consolidated CAPEX for FY25 was P$1,485,577 million, representing a 98.3% increase from FY24, with a focus on expanding both fixed and mobile data services [1][2][3] Customer Base and Market Position - The total mobile customer base for Telecom (excluding TMA) decreased by 7.8% to 19.9 million, primarily due to disconnections of inactive prepaid lines [1][2][3] - TMA's mobile subscribers increased by 1.6% to 19.1 million, with a notable growth in postpaid customers [2][3] - The fixed broadband segment saw a 3.2% increase in accesses, totaling 4.2 million, while TV accesses increased by 1.4% to 3.3 million [1][2][3] Operational Highlights - The company’s operating costs, including depreciation and amortization, rose by 39.8% to P$7,878,767 million, with labor costs increasing significantly due to TMA's consolidation [4][5] - Telecom Argentina's headcount (excluding TMA) was reported at 18,690 employees as of December 31, 2025 [4][5] - The company was recognized for having the fastest 5G network in Argentina, enhancing its competitive position in service quality [2][3] Strategic Developments - A merger by absorption of TELEDIFUSORA SAN MIGUEL ARCANGEL S.A. (TSMA) was approved, effective January 1, 2026, consolidating operations under Telecom Argentina [5][6] - The company consolidated its commercial brands under the Personal brand, streamlining its market presence across various segments [5][6] - An agreement with Banco Macro S.A. was established to promote the growth of Micro Sistemas, enhancing the Personal Pay platform [5][6]

Core Insights - Ellomay Capital Ltd. reported its unaudited interim consolidated financial results for the first half of 2025, showing a revenue increase of approximately 3.5% compared to the same period last year, with total revenues reaching approximately €20.1 million [4][3]. Financial Overview - Total assets as of June 30, 2025, amounted to approximately €729.3 million, an increase from approximately €677.3 million as of December 31, 2024 [3]. - Revenues for the three months ended June 30, 2025, were approximately €11.3 million, slightly up from €11.2 million for the same period in 2024 [3]. - Loss for the three months ended June 30, 2025, was approximately €8.4 million, compared to a profit of approximately €1.6 million for the same period in 2024 [3]. - EBITDA for the six months ended June 30, 2025, was approximately €6.1 million, down from approximately €6.5 million for the same period in 2024 [3]. - Operating expenses decreased to approximately €9.2 million for the six months ended June 30, 2025, from approximately €9.5 million for the same period in 2024 [3]. - Financing expenses, net, were approximately €1 million for the six months ended June 30, 2025, down from approximately €2.6 million for the same period in 2024 [3]. Project Development and Future Outlook - In Italy, financing agreements were signed for solar projects totaling 198 MW, with construction on 160 MW already underway [5]. - In the USA, the construction of the first four projects (49 MW) has been completed, with three connected to the grid [6]. - In the Netherlands, the company expects to receive a license to increase production at the GGG facility by 64% [7]. - In Israel, negotiations are ongoing with the Israeli Electricity Authority for compensation related to project delays and war damage [8]. Other Financial Highlights - The company's share of profit from equity accounted investees was approximately €12 thousand for the six months ended June 30, 2025, down from approximately €1.8 million for the same period in 2024 [3]. - Other income for the six months ended June 30, 2025, was approximately €1.4 million, compared to €0 for the same period in 2024 [3]. - Tax benefit was approximately €1.8 million for the six months ended June 30, 2025, compared to €1 million for the same period in 2024 [3].