Core Insights - AT&T experienced higher sales in the fiscal fourth quarter, driven by revenue growth in its wireless and consumer segments [1] Group 1: Financial Performance - The increase in sales was primarily attributed to the performance of the wireless business [1] - Consumer business also contributed positively to the overall revenue growth [1]

Core Insights - AT&T reported strong financial performance for Q4 and full-year 2025, meeting or exceeding all consolidated financial guidance, driven by growth in converged fiber and 5G customers [1][2][3] - The company returned over $12 billion to shareholders in 2025 and expects to return an additional $45 billion+ from 2026-2028 [1][2] - AT&T's customer-centric, investment-led strategy has resulted in increased profitability and high customer satisfaction, with 42% of AT&T Fiber households also choosing AT&T for wireless services [1][3] Fourth-Quarter Results - Free cash flow was $4.2 billion, up from $4.0 billion in the previous year [2][3] - Revenues reached $33.5 billion, a 3.6% increase year-over-year, driven by higher mobility and consumer wireline revenues [3][4] - Net income was $4.2 billion, with adjusted EBITDA of $11.2 billion, compared to $10.8 billion in the year-ago quarter [2][3] Full-Year Results - Free cash flow for the full year was $16.6 billion, compared to $15.3 billion in 2024 [2][3] - Total revenues for 2025 were $125.6 billion, up 2.7% from $122.3 billion in 2024 [3][4] - Net income attributable to common stock was $21.9 billion, significantly up from $10.7 billion in the previous year [3][4] Segment Performance - Consumer Wireline fiber revenues increased by 13.6% year-over-year, contributing to strong broadband growth [3][4] - Mobility service revenues grew by 2.4% year-over-year, with 421,000 postpaid phone net adds [2][3] - Business Wireline revenues declined by 7.5% due to pressures on legacy services, partially offset by growth in fiber and advanced connectivity services [4][5] Long-Term Outlook - AT&T anticipates improved growth in adjusted EBITDA and adjusted EPS through 2028, with adjusted EPS expected to be between $2.25 and $2.35 in 2026 [2][3] - The company expects free cash flow to exceed $18 billion in 2026, $19 billion in 2027, and $21 billion in 2028 [2][3] - AT&T plans to maintain its annualized common stock dividend of $1.11 per share while executing share repurchases totaling approximately $8 billion during 2026 [2][3] Capital Allocation - The company expects to return over $45 billion to shareholders through dividends and share repurchases from 2026 to 2028 [1][2] - AT&T's net debt-to-adjusted EBITDA ratio is projected to increase to approximately 3.2x following acquisitions and decline to around 3x by the end of 2026 [2][3] - The company aims to reduce net leverage to its target range of 2.5x within three years following the closing of its acquisitions [2][3]

Core Viewpoint - AT&T has forecasted annual profit exceeding market expectations, driven by its expansion in wireless and fiber networks to meet the increasing demand for 5G and high-speed internet services [1] Group 1: Financial Performance - The company anticipates strong financial performance due to its strategic investments in network infrastructure [1] - The forecast indicates a positive outlook for profitability, suggesting robust demand in the telecommunications sector [1] Group 2: Market Demand - There is a growing demand for 5G and high-speed internet services, which AT&T aims to capitalize on through its network expansion [1] - The expansion of wireless and fiber networks is expected to position the company favorably in the competitive landscape [1]

Core Viewpoint - KPN's strategic execution allows for a structural return of additional capital to shareholders through a €250 million share buyback and a projected €20.00 dividend per share for 2026, distributing all Free Cash Flow to shareholders [1]. Group 1: Share Buyback Details - KPN plans to initiate a €250 million share buyback starting on January 29, 2026, expected to conclude by June 29, 2026 [1]. - Up to 1.5 million of the repurchased shares will be used for employee share plans, with the remainder to be canceled to reduce KPN's capital [2]. - An intermediary has been engaged to repurchase shares in the open market, adhering to regulations, with purchases priced between the par value and 110% of the average closing price on Euronext Amsterdam for the five trading days prior to purchase [3]. Group 2: Authorization and Compliance - The share buyback will be conducted within the authority granted by the Annual General Meeting of Shareholders, allowing the purchase of up to 10% of KPN's issued share capital from April 16, 2025, for 18 months [3]. - As of now, 48,760,153 shares have already been repurchased under the 2025 share buyback program [3]. Group 3: Reporting and Updates - KPN will provide weekly updates on the share buyback progress, with the first report scheduled for February 2, 2026 [4].

Group 1 - U.S. stock futures are trading higher, indicating a positive market sentiment for the day [1] - Microsoft Corp. is expected to report quarterly earnings of $3.97 per share on revenue of $80.27 billion, with shares rising 0.4% to $482.50 in after-hours trading [1] - Packaging Corp Of America reported weaker-than-expected fourth-quarter results, projecting first-quarter GAAP EPS of $2.20, below market estimates of $2.26, leading to a 2.1% decline in shares to $218.99 [1] - Tesla Inc. is anticipated to post quarterly earnings of 45 cents per share on revenue of $24.78 billion, with shares increasing 0.4% to $432.49 in after-hours trading [1] - Starbucks Corp. is projected to report quarterly earnings of 59 cents per share on revenue of $9.73 billion, with shares slipping 0.1% to $95.70 in after-hours trading [1] - AT&T Inc. is expected to report quarterly earnings of 46 cents per share on revenue of $32.87 billion, with shares rising 0.3% to $23.07 in after-hours trading [1]

Core Insights - KDDI has partnered with Bango to offer subscription bundles to its povo2.0 customers, enhancing the mobile service with access to leading streaming services [1][4] - The collaboration utilizes Bango's Digital Vending Machine® (DVM™) to simplify the bundling of subscription services for pre-paid subscribers [3][4] Company Overview - KDDI is one of Japan's largest telecommunications companies, serving over 70 million subscribers [1] - povo2.0 is a flexible mobile service that allows customers to enhance their plans with optional add-ons, including data top-ups and short-term unlimited usage [2][6] Partnership Details - The partnership with Bango allows KDDI to quickly introduce new subscription services, consolidating multiple streaming options into a single platform [3] - Bango's DVM simplifies the operational complexities of subscription bundling, enabling KDDI to rapidly deploy new offers and gain insights for optimizing bundles [3][4] Strategic Benefits - The collaboration aims to strengthen customer loyalty and retention by providing high-value content to povo2.0 subscribers [4] - KDDI expects to expand its customer base and enhance engagement with existing customers through the new subscription bundles [4] Technology and Market Impact - Bango's technology is trusted by major content providers like Amazon, Google, and Microsoft, indicating its reliability in driving the subscription economy [5] - The DVM is designed to empower subscribers with choice and control, facilitating the growth of the subscription model in the digital content market [5]

Group 1 - The company reported FY25 Group service revenues increased by 2.7% year-on-year, with adjusted EBITDA AL of €2,636 million, reflecting a 5.1% year-on-year growth, including contributions of +1.0% from IPR and +1.0% from Althio [2] - Free cash flow (FCF) for FY25 was €952 million, with indirect costs reduced by €10 million year-on-year, indicating an improvement in operational performance [2] - In Q4, Group service revenue growth was 1.8% year-on-year, with all segments contributing positively [2] Group 2 - Consumer service revenues in Q4 rose by 1.2% year-on-year, supported by an improving trend in mobile service revenue [2] - The company experienced sustained commercial momentum in broadband, adding 12,000 net customers in Q4 and a record 38,000 for the full year [2] - Business service revenues increased by 2.3% year-on-year in Q4, primarily driven by small and medium enterprises (SME) [2] Group 3 - Wholesale service revenue grew by 3.9% year-on-year in Q4, mainly due to international sponsored roaming [2] - The company led the Dutch fiber market, adding 440,000 homes passed and 399,000 homes connected in FY25 [2] Group 4 - The outlook for 2026 includes service revenue growth of 2% to 2.5% year-on-year, adjusted EBITDA AL of approximately €2,670 million, capital expenditures around €1.25 billion, and free cash flow exceeding €950 million [2] - The company plans a 10% growth in dividends per share (€0.20 per share) and a new €250 million share buyback, returning all free cash flow to shareholders in 2026 [2]

NEW DELHI: The recent resolution of the adjusted gross revenue (AGR) dues has marked a decisive turning point for India’s “The recent resolution of the AGR issue marks a decisive turning point. With long-standing uncertainty removed through the clarity of the Honourable Supreme Court’s judgment and the government’s decisive intervention, the operating environment has fundamentally changed,” Birla said in a statement ahead of the conclusion of the fiscal year (FY) ending March 31, 2026. Advt Vi is the th ...

Summary of A-Share Market Conference Call Industry Overview - The conference focused on the A-share market in China, highlighting increased investor interest and optimism compared to the previous year, driven by a market rally and expectations for household asset reallocation [2][3]. Key Points Market Sentiment and Liquidity - Investor sentiment has improved significantly, with expectations for a 'slow bull' market supported by stabilizing earnings, ample liquidity, and structural reforms [2][3]. - A-share market liquidity indicators, including average daily turnover (ADT) and margin financing balance, have reached historical highs, with ADT averaging Rmb3.03 trillion as of January 2026, compared to Rmb1.73 trillion in 2025 [3][51]. Earnings Growth Projections - A-share earnings growth is expected to accelerate from 6% YoY in 2025 to 8% in 2026, primarily driven by non-financial sectors [4][8]. - The correlation between non-financial A-share revenue growth and China's nominal GDP growth is emphasized, with GDP growth projected to improve to 4.3% in 2026 [8][9]. Regulatory Environment - Regulatory measures are being implemented to prevent excessive market volatility, with the China Securities Regulatory Commission (CSRC) focusing on maintaining a 'long bull' market rather than a 'mad bull' [3][66]. - The minimum margin ratio for margin trading has been raised from 80% to 100% to curb speculation [59][66]. Sector and Style Preferences - The report indicates an overweight position in 'growth' and 'cyclicals' sectors, particularly in electronics, telecom, non-bank financials, national defense, non-ferrous metals, chemicals, and electrical equipment [4][28]. Household Savings Reallocation - The ratio of Chinese households' total RMB deposits to the total A-share market cap has been rising, indicating potential for further reallocation into equities [74][79]. - Despite a stock market rally, the entry of household savings into the A-share market remains cautious, with new investor numbers significantly lower than previous peaks [79][80]. Mutual Fund and ETF Trends - Active mutual fund (MF) issuance was slow in 2025, totaling Rmb265.9 billion, significantly below the 2020-21 average of Rmb1,476.3 billion [96][99]. - In contrast, ETFs have gained popularity, with A-share holdings surpassing those of actively managed equity MFs for the first time by the end of 2024 [103][104]. Future Outlook - The A-share market is expected to continue its upward trajectory in 2026, supported by fiscal policies, accelerating earnings growth, and household savings reallocation [28][29]. - The ongoing market value management reform is enhancing the appeal of the A-share market, with increasing dividends and share buybacks observed [45][46]. Additional Insights - The report suggests monitoring potential revisions to market expectations around April 2026, as historical trends indicate significant changes in earnings growth forecasts during this period [21]. - The balance of margin financing in the A-share market is currently at Rmb2.7 trillion, representing 5.0% of the free float market cap, which is still below historical peaks [58][65]. This summary encapsulates the key insights and projections regarding the A-share market, reflecting a cautiously optimistic outlook amid regulatory scrutiny and evolving investor behavior.

Company Performance - Vodafone Idea narrowed its consolidated losses to Rs 5,286 crore in Q3FY26 from Rs 6,609 crore in the same period last year, with revenue from operations at Rs 11,323 crore, a 2% increase from Rs 11,117 crore [10][11] - Motilal Oswal Financial Services reported a slight increase in Q3 consolidated net profit to Rs 566 crore compared to Rs 565 crore a year ago, with total revenue from operations rising 6% to Rs 2,112 crore [6][11] - Marico's consolidated net profit reached Rs 447 crore in Q3FY26, up 12% year-on-year, with revenue from operations at Rs 3,537 crore, a 27% increase from Rs 2,794 crore in Q3FY25 [7][11] - Vishal Mega Mart reported a consolidated net profit of Rs 313 crore in Q3FY26, up 19% year-on-year, with revenue from operations at Rs 3,670 crore, a 17% increase from Rs 3,136 crore in Q3FY25 [8][11] Market Expectations - Maruti Suzuki is expected to report a strong performance for the December quarter, with net profit growth estimated between 24% and 35%, amounting to Rs 4,540 crore to Rs 5,696 crore, and revenue growth projected at 32% to 37%, reaching Rs 50,765 crore to Rs 52,706 crore [9][10][11] - Larsen & Toubro is anticipated to show a robust December-quarter performance, with net profit growth expected between 20% and 35%, estimated at Rs 4,038 crore to Rs 4,548 crore, alongside double-digit growth in revenue and EBITDA [9][10][11] Stake Sale - Vedanta approved the sale of up to 1.59% stake in Hindustan Zinc Limited, representing up to 6.7 crore equity shares, with a floor price set at Rs 685 per share for the offer for sale (OFS) [4][11] - The two-day OFS is scheduled to open on January 28, 2026, for non-retail investors and on January 29, 2026, for retail investors [5][11]