Core Insights - China Mobile Inner Mongolia Company has launched a promotional campaign titled "Digital Renewal, Leading the Way," aimed at enhancing customer experience and promoting digital services in line with the local government's "Digital Benefit for the People" initiative [1][2] - The campaign integrates terminal subsidies, broadband expansion, and 5G application promotion, providing tangible benefits to customers and stimulating the local digital economy [1][2] Group 1: Campaign Details - The campaign has been implemented in 102 flagship stores across 12 leagues and cities in Inner Mongolia, utilizing a model that combines national subsidy policies with exclusive corporate benefits [1][2] - Customers can participate in a lottery for rewards such as terminal subsidies, cash red envelopes, and brand merchandise by upgrading their services or signing up for new plans [1][2] Group 2: Customer Engagement and Results - During the 30-day campaign, nearly 80,000 customers participated, resulting in over 62,000 service upgrades and nearly 10,000 customers joining the "Heart-Level Service" experience officer program [2] - The campaign distributed over 3,000 terminal subsidy vouchers and brand merchandise, with customers purchasing nearly 600 smart devices through these subsidies [2] Group 3: Future Initiatives - China Mobile Inner Mongolia Company plans to continue enhancing its "Heart-Level Service" brand, with upcoming activities including "Ticket Culture Season," "Rights Big Wheel," and "Quiz Rewards," aimed at providing more quality services to the community [2]

Financial Data and Key Metrics Changes - Q2 2025 revenue was $1.1 billion, a 3% decrease on a rebased basis, primarily due to the phasing of project-related B2B revenues [34] - Adjusted OIBDA increased by 7% to $415 million, building on an 8% growth in Q1 [34] - Adjusted OIBDA less P&E additions rose by 26% to $265 million, representing 24% of revenue compared to 19% last year [36] Business Line Data and Key Metrics Changes - Liberty Caribbean reported $366 million in revenue with flat rebased growth year over year, driven by a 6% increase in residential mobile revenue [38] - Cable and Wireless Panama generated $177 million in revenue, with a 10% rebased revenue decline, but adjusted OIBDA grew by 6% year over year [39] - Liberty Networks delivered $150 million in revenue, reflecting a 3% rebased decline, primarily due to a decrease in non-cash IRU revenue [41] Market Data and Key Metrics Changes - Residential revenue in Puerto Rico declined by 5% year over year, with mobile residential revenue down 3% [42] - In Costa Rica, mobile residential revenue grew by 5% year over year, supported by higher postpaid volumes [45] - B2B revenue in Panama declined by 30%, reflecting a strong prior year comparison driven by government project wins [39] Company Strategy and Development Direction - The company plans to separate Liberty Puerto Rico from Liberty Latin America to unlock shareholder value and improve capital structure [6][50] - Focus on lowering capital intensity led to a 23% expansion in adjusted OIBDA less P&E additions year over year [9] - The company is pursuing consolidation opportunities and enhancing its fixed-mobile convergence strategy [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, anticipating stronger cash flow generation and improved revenue performance [54] - The company is focused on operational efficiencies and cost reduction initiatives to enhance margins [33] - Management highlighted the importance of government investments in digitization and cloud computing as growth opportunities [32] Other Important Information - The company reported a negative adjusted free cash flow of $41 million in Q2, attributed to working capital swings [36] - Management changes in Puerto Rico focus on operations, network improvements, and commercial strategies to enhance performance [84] Q&A Session Summary Question: Can you provide more details on the B2B headwinds in Panama? - The B2B headwinds were primarily due to a strong comparison with Q2 2024 and delays in recognizing government project revenues [58][60] Question: What assets will be utilized in the Puerto Rico spin-off? - The company is not commenting on specific assets but acknowledges strong assets that provide financial flexibility [68] Question: Can you elaborate on the impairment in Puerto Rico? - The impairment relates to spectrum acquired from AT&T, which had a higher carrying value than newly acquired spectrum [78][79] Question: What changes were made to the management team in Puerto Rico? - Changes focused on operations, network technology, and commercial strategies to improve performance and customer engagement [84]

Financial Data and Key Metrics Changes - BCE reported a total revenue growth of 1.3% in Q2 2025, driven by fiber strategy and premium wireless subscriber retention [32] - EBITDA decreased by 0.9% due to higher cost of goods sold, while net earnings and statutory EPS increased due to lower asset impairment charges [33] - Adjusted EPS fell by 19.2%, reflecting noncash mark-to-market losses on FX hedges and options, higher interest expense, and lower tax adjustments [33] - Free cash flow increased by 5% in Q2 2025 [34] Business Line Data and Key Metrics Changes - Internet revenue grew by 3%, supported by the addition of 27,000 new FTTH customers in Canada [12][36] - Wireless service revenue declined by approximately 3%, marking the second consecutive quarter of improvement in the year-over-year rate of decline [37] - Bell Media's total revenue increased by approximately 4%, driven by an 8.1% rise in subscription revenue [38] Market Data and Key Metrics Changes - BCE's acquisition of Zipline Fiber expanded its fiber footprint by 1.4 million locations, positioning it as the third-largest fiber Internet provider in North America [11] - The Canadian AI data center market is projected to grow at an annual rate exceeding 20% [26] Company Strategy and Development Direction - BCE's strategic priorities include putting customers first, delivering superior fiber and wireless networks, leading with AI-powered solutions, and building a digital media powerhouse [6] - The company aims to become the backbone of Canada's AI economy through its Bell AI Fabric initiative, which includes purpose-built AI data centers [24] - BCE is focused on executing its strategic plan while investing significantly in Canadian content and technology services [30] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the federal government's decision regarding CRTC's wholesale access but remains focused on executing the strategic plan [30] - The company anticipates continued growth in free cash flow and revenue, particularly from the integration of Zipline Fiber and the PSP partnership [46] Other Important Information - BCE's balance sheet remains strong with $3.8 billion in available liquidity and a net debt leverage ratio of approximately 3.5 times adjusted EBITDA [39] - The company is targeting a year-end 2025 net debt leverage ratio of approximately 3.8 times, reflecting the impacts of the MLSE sale and Zipline Fiber acquisition [40] Q&A Session Summary Question: Can you unpack guidance regarding Zipline and any adjustments? - Management indicated that Zipline continues to outperform initial financial expectations, and the revised guidance reflects the combined company's performance [51][52] Question: What is the expected free cash flow profile evolution from Zipline? - Management expects continued EBITDA growth from Zipline, with significant free cash flow growth anticipated once the PSP partnership is operational [61] Question: Can you discuss the long-term revenue opportunity for Bell AI Fabric? - Management highlighted a large total addressable market (TAM) for AI services and emphasized the integration of various elements of the enterprise strategy to drive growth [64][66] Question: How sustainable are the improvements in wireless churn metrics? - Management noted that churn reduction is a multifaceted approach, with ongoing customer service improvements contributing to the positive trend [89] Question: How should investors view the existing business compared to earlier guidance? - Management stated that the midpoint of guidance has increased, reflecting improved expectations for revenue and EBITDA, while free cash flow remains stable [91]

Financial Performance - Company revenues increased by 5.9% year on year in US dollars, with EBITDA growing by 13.2% year on year [7][31] - For the first half of the year, US dollar revenues grew by 7.3% year on year, and US dollar EBITDA grew by 13.4% year on year [7][31] - In local currency terms, revenues grew by 11.2% in Q2, outpacing inflation and nominal GDP growth [7][31] - EBITDA in local currency grew by 19.6%, reflecting a focus on profitable growth [8][32] Business Lines Performance - Direct digital revenues grew by 57% year on year in dollar terms, now contributing 16.5% of total group revenues [9][31] - Telecom and infrastructure segment revenues grew by 2% in US dollars and 7.4% in local currency terms on a like-for-like basis [16][32] - Digital services now account for 16.5% of total revenues, highlighting their growing relevance in the business model [32] Market Performance - Strong double-digit revenue growth was delivered across all markets except Bangladesh, where a gradual recovery in consumer sentiment is noted [24] - Revenues in Ukraine grew by 25.9%, with EBITDA increasing by 23.6% [25] - In Kazakhstan, revenues grew by 14.5% on a like-for-like basis, accounting for TNS Plus deconsolidation [24] Company Strategy and Industry Competition - The company is focused on an asset-light model, prioritizing large population underserved markets and expanding digital services [12][36] - A strategic infrastructure pooling partnership with ENGRO in Pakistan has been closed, unlocking significant value [10] - The company is executing a series of transactions aligned with its strategy, including the proposed Nasdaq listing for Kyivstar [11][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic and geopolitical volatility [36] - The outlook for the full year has been revised, expecting revenue growth of 13% to 15% and EBITDA growth of 14% to 16% [37] - Inflation trends are being monitored closely, with a slight uptick noted across markets [38] Other Important Information - The company completed a $100 million share buyback program, repurchasing close to 3% of its shares [11] - Net debt, excluding leases, stood at $1.96 billion as of June, with a cash balance of $1.28 billion [19][34] - The company is focused on enhancing financial flexibility through bond issuances and repayments [34] Q&A Session Summary Question: How will the proceeds from the Engro sale be fed up to the holding company? - The proceeds will be upstreamed in equal installments through dividends, allowing for proper allocation for debt repayments or potential M&A opportunities [45][46] Question: What should be expected in the third quarter numbers around the SPAC impacts? - The SPAC impact will be calculated based on the closing price of the stock on the first trading day, with a noncash P&L impact expected between $150 million to $200 million [49][50] Question: What strategies are in place to drive 4G adoption? - The company is focusing on increasing coverage and quality of 4G services and entering the smartphone business to enhance digital service consumption [59][60] Question: How does the company plan to monetize its fintech assets? - The company is patient in developing the value of its fintech assets, with significant growth momentum observed, particularly in JazzCash [92][93] Question: When does the company expect to see ARPU close to $3? - The current multiplay ARPU is at $3.4, and as the proportion of multiplay customers increases, overall ARPU is expected to rise [98][100] Question: Will there be tailored smartphones for better penetration of digital apps? - The company has started actively deploying tailored smartphones in Kazakhstan, with promising early results [102]

Financial Performance - Revenues increased by 5.9% year on year in US dollars, with EBITDA growing by 13.2% year on year [7][31] - For the first half of 2025, US dollar revenues grew by 7.3% year on year, and US dollar EBITDA grew by 13.4% year on year [7][31] - In local currency terms, revenues grew by 11.2% in Q2, outpacing inflation and nominal GDP [7][31] - EBITDA in local currency grew by 19.6%, reflecting a focus on profitable growth [8][31] - The company expects local currency revenue growth between 13% to 15% year on year and EBITDA growth between 14% to 16% for 2025 [8][36] Business Line Performance - Direct digital revenues grew by 57% year on year in dollar terms, now contributing 16.5% of total group revenues [9][31] - Telecom and infrastructure segment revenues grew by 2% in US dollars and 7.4% in local currency terms on a like-for-like basis [17][31] - EBITDA margins increased to 47.8% in Q2, reflecting strong operational performance [17][31] Market Performance - Strong double-digit revenue growth was delivered across all markets except Bangladesh, where a gradual recovery is noted [24][31] - In Ukraine, revenues grew by 25.9% and EBITDA by 23.6% in Q2, with first-half revenues up 35.8% and EBITDA up 38.5% [25][31] - Beeline Kazakhstan's revenues grew 14.5% on a like-for-like basis, accounting for TNS Plus deconsolidation [24][31] Company Strategy and Industry Competition - The company is focused on an asset-light model, prioritizing large population underserved markets and expanding digital services [13][36] - The integration of AI-powered features across platforms is being accelerated to enhance user experience [9][36] - The company is exploring strategic transactions to unlock value, including the upcoming Nasdaq listing for Kyivstar [12][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic and geopolitical volatility [36][36] - The company is closely monitoring inflation trends, which have increased slightly across markets [37][36] - The outlook for continued value creation remains strong, with a focus on sustainable growth [36][36] Other Important Information - The company completed a $100 million share buyback program, repaying bond maturities and enhancing financial flexibility with a $200 million private bond issuance [12][36] - The digital ecosystem is expanding, with total digital monthly active users reaching 119.7 million, a 7% year-on-year increase [26][31] Q&A Session Summary Question: Can you explain the technical aspects of the Engro sale and its impact on the holding company? - The proceeds from the Engro sale will be upstreamed to the holding company in equal installments through dividends, allowing for debt repayments or potential M&A opportunities [41][42] Question: What should we expect regarding the SPAC's impact on third-quarter financials? - The SPAC's impact will be calculated based on the closing price of the stock on the first trading day, with an expected noncash charge of $150 to $200 million recognized in Q3 [45][46] Question: What strategies are in place to drive 4G adoption and its impact on revenue? - The company is focusing on increasing coverage and quality of 4G services, along with smartphone initiatives to drive adoption [52][55] Question: How does the company plan to monetize its fintech assets like JazzCash? - The company is patient in developing the value of its fintech assets, with significant growth momentum expected before any monetization efforts [87][88] Question: When can we expect the going concern language to be removed? - The main reasons for the going concern language are now off the table, and management is optimistic about removing it by Q3 [100][101]

Financial Highlights - H1 2025 Adjusted OIBDA reached $08 billion, reflecting an 8% rebased growth YoY[8] - H1 2025 Adjusted OIBDA less P&E Additions was $06 billion[8] - H1 2025 revenue totaled $22 billion[8] - Q2 2025 Adjusted OIBDA increased by 7% rebased growth rate[69] - Q2 2025 P&E additions accounted for 14% of revenue, a 16% YoY decrease[69] Subscriber Growth - H1 2025 saw a net addition of over 100,000 subscribers, excluding LPR, with Costa Rica, Panama, and Jamaica as main contributors[8] - H1 2025 witnessed 70,000 net additions in Internet and Postpaid subscribers[8] Segment Performance - C&W credit silo revenue increased by 6% YoY[72] - Liberty Networks wholesale revenue (excluding IRUs) increased by 8% rebased[33] - Liberty Puerto Rico's Adjusted OIBDA increased by 21%[77] - Liberty Costa Rica's mobile revenue increased by 5% rebased YoY[85] Strategic Initiatives - The company intends to separate LPR from LLA and focus on liability management in Puerto Rico[8] - LLA is focused on capital allocation and shareholder value, including potential spin-off of Puerto Rico and recurring dividends or share repurchases[91]

Financial Performance - VEON's total revenue reached $1087 million, a 5.9% YoY increase in reported terms and 11.2% in local currency[21, 48] - EBITDA was $520 million, up 13.2% YoY in local currency and 19.6% in reported terms, with an EBITDA margin of 47.8%, a 3.1 percentage point increase[21, 54] - Direct digital revenues grew significantly, reaching $180 million, a 56.6% YoY increase in reported terms and 62.4% in local currency, representing 16.5% of total revenues[21, 48] Digital Growth & Strategy - Direct digital revenues now account for 16.5% of total group revenues, compared to 11.2% in Q2 2024[21] - VEON is focused on growing direct digital revenues through financial services, healthcare, entertainment, ride-hailing, and enterprise services[24] - Multiplay users are driving revenue growth, with multiplay segment revenue reaching $438 million[29, 31] Debt & Liquidity - Net debt (excluding leases) stood at $1962 million, with a net debt to LTM EBITDA ratio of 1.32x[21] - Group cash was $1283 million, including $206 million at the HQ level[21, 58] - The company enhanced financial flexibility with a subsequent $200 million bond placement[16, 58] Revised Outlook - VEON revised its 2025 outlook, projecting total revenue growth of 13%-15% and EBITDA growth of 14%-16% in local currency[15, 60] - Capex intensity is expected to be 17%-19% for 2025[60]

Financial Performance - Revenue increased by 1.3% year-over-year to $6,085 million[23] - Adjusted EBITDA decreased by 0.9% year-over-year to $2,674 million[23] - Free cash flow increased by 5.0% to $1,152 million in Q2[26] - Bell Media's digital revenues increased by 9% year-over-year, representing 43% of total media revenue[18, 37] Strategic Priorities & Acquisitions - Ziply Fiber acquisition was successfully completed on August 1st[12] - BCE expects revenue from Ziply Fiber to be approximately US$710 million in 2025[44, 45] - BCE anticipates adjusted EBITDA from Ziply Fiber to be approximately US$335 million in 2025[44, 45] - BCE expects approximately 1.5 million fibre passings from Ziply Fiber by the end of 2025[44, 45] Subscriber Growth & Network Expansion - Retail FTTH Internet net additions were 26,583, with 69% of end-of-period subscribers on fibre[20] - Crave subscribers increased by 29% year-over-year to 4.1 million[20] - Approximately 40% of new retail Internet activations are subscribing to a service bundle with wireless[13] Financial Targets - BCE updated its revenue growth guidance for 2025 to 0% to 2%[46] - BCE updated its adjusted EBITDA growth guidance for 2025 to 0% to 2%[46]

Core Insights - BCE Inc. reported a consolidated revenue increase of 1.3% year-over-year for Q2 2025, with net earnings rising by 6.6% to $644 million, attributed to improved customer service and strategic investments [3][15][16]. Financial Performance - Operating revenues reached $6,085 million in Q2 2025, up from $6,005 million in Q2 2024, while service revenue decreased by 0.8% to $5,267 million [15][16]. - Net earnings attributable to common shareholders increased by 7.8% to $579 million, translating to an earnings per share (EPS) of $0.63, a 6.8% rise [15][16]. - Adjusted net earnings fell by 16.9% to $592 million, resulting in a 19.2% decrease in adjusted EPS to $0.63 [15][16]. - Free cash flow increased by 5.0% to $1,152 million, despite cash flows from operating activities declining by 8.9% to $1,947 million [15][19]. Subscriber Metrics - Total mobile phone net subscriber activations were 94,479, with postpaid churn improving to 1.06%, marking the first year-over-year improvement since Q3 2022 [7][22][23]. - Consumer fibre Internet net subscriber activations totaled 26,583, contributing to a 3% growth in Internet revenue [7][34]. - The mobile phone customer base reached 10,382,457, a 0.4% increase year-over-year, with postpaid subscribers up by 1.3% [24][25]. Strategic Developments - BCE completed the acquisition of Ziply Fiber, enhancing its fibre growth strategy in North America [13]. - The company announced a strategic partnership with Cohere to provide AI solutions, aiming to create Canada's largest AI compute capacity project [13]. - BCE's Bell Media segment saw a revenue increase of 3.8% to $843 million, driven by subscriber growth and acquisitions [34][36]. Capital Expenditures - Capital expenditures in Q2 2025 were $763 million, down 22.0% from $978 million in Q2 2024, reflecting a planned reduction in spending [19][15]. - The capital intensity ratio decreased to 12.5% from 16.3% in the previous year [19]. Updated Guidance - BCE updated its 2025 financial guidance, projecting revenue growth of 0% to 2% and adjusted EBITDA growth of 0% to 2% [40].

Core Insights - The telecommunications industry is experiencing intense competition as companies strive to provide faster internet speeds, with fiber technology being a key focus [1][2] - Verizon's recent $20 billion acquisition of Frontier Communications has received Federal Communications Commission approval, positioning both companies to strengthen their market presence against AT&T [2][3] Industry Trends - Fiber adoption in the U.S. is increasing, with Frontier reporting a record number of new subscribers in Q2, while Verizon has over 7 million fiber subscribers [4][6] - Fiber broadband penetration in the U.S. is around 35%, significantly lower than global averages of 60% to 98%, attributed to a long-standing reliance on cable technology [6] Technological Advancements - Fiber technology is described as "tomorrow's technology," offering superior data transmission speeds compared to traditional cable, which is limited by copper wiring [6][7] - Fiber infrastructure is considered essential for the future of artificial intelligence, requiring significant compute power, energy, and connectivity [9][10] Government Support - Texas has received $3.3 billion in federal funds to enhance high-speed internet access in rural and underserved areas, supporting the expansion of fiber networks [11][12] - The federal government endorses fiber development as a strategic initiative, aligning with the industry's growth objectives [12] Company Strategy - Frontier is rebranding itself to reflect a modern tech-oriented image, moving away from traditional telecom aesthetics to attract consumers [12][13] - The company emphasizes user-friendly solutions that address real consumer needs, such as reliable connectivity for remote work and everyday activities [8][10]