Core Insights - Vodafone's share price increased significantly, reaching its highest level since August 2022, driven by the growth of its German business [1] - The share price rose to 94p, marking an approximate 67% increase from its lowest level in 2022 [1] Company Performance - The German segment of Vodafone has returned to growth, contributing positively to the overall performance of the company [1] - The increase in share price reflects investor confidence following the positive turnaround in the German market [1]

Telenor Capital Markets Day Summary Company Overview - **Company**: Telenor - **Industry**: Telecommunications - **Key Markets**: Nordic countries (Norway, Sweden, Finland, Denmark) and Asia (Bangladesh, Thailand, Malaysia) [2][3] Core Points and Arguments Growth Strategy - Telenor aims to sustain and drive growth by enhancing connectivity and services for customers [2][6] - The company serves approximately 210 million people and connects over 27 million IoT units [2] - Focus on becoming a stronger digital infrastructure provider, emphasizing the importance of technology and customer-centric services [2][6] Financial Performance and Commitments - Telenor has successfully grown dividends per share and covered these dividends with free cash flow before M&A [5][21] - The company has a strong commitment to maintaining a target leverage range and has a 15-year track record of growing dividends [21] - Ambitions include tripling cash flow by 2030 from a 2022 baseline [19][41] Operational Excellence - Telenor is undergoing a transformation to simplify operations and enhance efficiency, particularly in the Nordic region [10][22] - The company aims to reduce operational expenditures (OpEx) by 0% to -2% annually and taper capital expenditures (CapEx) [41][32] - A focus on AI and cloud-native technologies is expected to drive operational efficiencies and improve customer experiences [13][28] Technology and Innovation - Telenor plans to launch 5G Standalone across the Nordics and aims to become an AI-powered telecommunications company [13][14] - Over 60% of IT workloads have been moved to cloud-based platforms, with a goal of becoming cloud-native by 2030 [13][26] - The company is investing in smarter networks that utilize AI for self-management and optimization, potentially reducing network operation costs by up to 50% [24][25] Market Position and Competitive Landscape - The Nordics is highlighted as a prime region for profitable growth due to advanced economies and a stable regulatory environment [3] - Telenor's strategy includes selective acquisitions, such as the recent acquisition of GlobalConnect's Norwegian consumer fiber business [11] - The company is also focusing on enhancing its B2B segment, which is expected to drive significant growth [44] Sustainability and ESG Initiatives - Telenor is committed to improving energy efficiency and promoting digital well-being and inclusion as part of its long-term strategy [16][17] - The company aims to secure high ESG standards within its supply chain and has set ambitious midterm targets for climate and social responsibility [17] Additional Important Content - Telenor's operational transformation includes a decentralized decision-making process to enhance customer satisfaction [22] - The company has a strong focus on customer experience, aiming to make interactions seamless and efficient [45] - Telenor's Nordic operations have shown significant improvement in financial performance, with revenue and EBITDA growth driven by a "more-for-more" strategy [39][40] - The company is also addressing challenges in the Asian market, focusing on active ownership and structural value creation opportunities [4][19] This summary encapsulates Telenor's strategic direction, operational focus, and market positioning as discussed during the Capital Markets Day, highlighting the company's commitment to growth, innovation, and sustainability.

Group 1 - Telenor aims to enhance its Nordic focus over the medium to long term [1] - The company targets further growth in the region [1] - Growth is expected to be driven by higher sales of services [1]

Core Viewpoint - The news highlights the efforts of China Mobile's Huizhou branch in constructing communication infrastructure along the "Most Beautiful Highway" in the "Nankun Mountain - Luofu Mountain" area, showcasing the company's commitment to local development and community engagement [1][12]. Group 1: Project Overview - The "Most Beautiful Highway" project initiated in March 2025 aims to enhance communication infrastructure and ensure signal coverage, with Huizhou Mobile undertaking over 50% of the construction tasks [2][4]. - The total length of the highway is 155 kilometers, with Huizhou Mobile responsible for a significant portion of the construction [4]. Group 2: Construction Challenges and Solutions - The project faced challenges such as tight deadlines and adverse weather conditions, including heavy rain and extreme heat, which complicated construction efforts [4][7]. - To meet project deadlines, Huizhou Mobile deployed eight construction teams and over 300 personnel, working continuously to ensure timely completion [4][7]. Group 3: Signal Coverage Achievements - The team successfully achieved over 99% coverage for 4G/5G signals in the "Nankun Mountain - Luofu Mountain" area, demonstrating effective planning and execution [8]. - In response to urgent signal coverage needs, the team quickly coordinated with various departments to ensure rapid signal activation, completing the task in just three days [8]. Group 4: Leadership and Team Dynamics - The project was significantly supported by experienced party members who took on leadership roles, fostering a collaborative environment among team members [9][11]. - The "old brings new" model was implemented, where experienced members mentored younger staff, enhancing overall team capabilities [11]. Group 5: Future Outlook - Huizhou Mobile aims to continue its commitment to enhancing communication infrastructure, contributing to local economic and social development in the region [12].

Financial Data and Key Metrics Changes - Service revenues net of interconnection reached $145.9 billion, up 1% year on year, driven by steady demand across fiber, data, and ICT [4][6] - Cash operating expenses, subsidies, and provisions decreased by 2%, reflecting the company's focus on spending control [4][16] - EBITDA rose 3% to $82.8 billion with margins steady at 52% amidst higher revenues and lower operating expenses [4][17] - Telco core income was $5.3 billion, down 5% mainly due to higher depreciation and financing costs from network and IT investments [5][18] - Core income remained stable at $25.8 billion, supported by Maya's sustained profitability [5][19] Business Line Data and Key Metrics Changes - Fiber revenues grew 7%, reflecting solid demand for reliable connectivity [6][10] - Mobile data and fixed wireless revenues were up 1%, with fixed wireless showing strong momentum with an 18% year-on-year increase [6][15] - Corporate Data and ICT revenues grew 2%, with ICT services alone growing 27% year on year [7][13] - Home revenues grew 4% year on year, driven mainly by continued fiber demand [10][12] Market Data and Key Metrics Changes - The enterprise segment returned to growth in the third quarter, with corporate data and ICT up 5% year on year [9][13] - Government and public sector projects began to ramp up after election-related delays, contributing to the growth in enterprise revenues [7][13] - The number of 5G devices increased by 39% year on year, driving higher data usage and improved customer experience [15] Company Strategy and Development Direction - The company continues to invest in new cell sites, LTE and 5G upgrades, home fiber ports, data center development, and submarine cables to strengthen network quality and support growth [20] - PLDT launched Filipinas AI, the country's first sovereign AI platform, to enable enterprises to build and deploy AI models locally [14][89] - The company is focused on asset monetization programs, including a potential REIT listing for its data center [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive free cash flow into 2026, supported by lower CapEx and asset monetization [22][70] - The government is expected to continue investing in digital connectivity, which is seen as a priority for future growth [46] - Management highlighted the importance of maintaining profitability amidst a competitive environment, with a focus on disciplined growth [17][18] Other Important Information - Maya's net income for the third quarter was $532 million, with significant growth in deposits and loans [24][25] - The company recorded a $1.1 billion in proceeds from tower sales and completed a $20.5 billion final dividend payment for 2024 [22] Q&A Session Summary Question: What were the main drivers for the drop in Maya's net income for the period? - The drop was attributed to the removal of gaming links and the launch of new credit products, which will have some provision impact in the near term [33][34] Question: How do you see the KPA and IRRs impacting profitability and investment profile? - The law aims for cheaper internet and wider coverage, but lacks obligations for new entrants to build infrastructure, raising concerns about its effectiveness [36][54] Question: What is driving the difference in performance in the mobile segment? - Smart Wireless Group achieved flattish growth year to date, with improved ARPU due to targeted customer acquisition strategies [39][40] Question: Are you seeing sustained uptick in government projects into the fourth quarter? - Continued demand from government agencies is expected, with investments in digital connectivity prioritized [42][46] Question: What is the status of the asset monetization programs? - The company is in talks for a 49% stake sale in its data center and exploring a REIT listing [71][92]

Core Insights - The company's results were positively impacted by a return to growth in Germany and strong performance in its African operations [1] Group 1 - The return to growth in Germany contributed significantly to the overall performance [1] - The strength in African operations also played a crucial role in lifting the results [1]

Financial Data and Key Metrics Changes - Group service revenue growth accelerated to 5.8% in Q2, supported by growth across both Europe and Africa [5][6] - Europe's service revenue returned to growth at 0.5%, driven by stabilization in Germany and growth in The UK [5][6] - Adjusted EBITDA saw an organic growth of 6.8% in the first half [7] Business Line Data and Key Metrics Changes - In Germany, service revenue grew by 0.5% despite intense competition, aided by the end of the MDU TV law change and acceleration in wholesale revenue [6][9] - The B2B business grew at 2.9% in Q2, with strong demand for digital services growing in double digits [6][10] Market Data and Key Metrics Changes - The UK market showed strong performance in the first full quarter post-merger with Three, with measurable improvements in network and customer experience [5][12] - Emerging markets, particularly Turkey and Vodacom, continued to deliver strong growth in euro terms [6] Company Strategy and Development Direction - The company is focused on operational turnaround in Germany and executing integration plans in The UK, aiming to improve customer experience and simplify operations [20] - A progressive dividend policy has been announced, with a planned 2.5% increase in the final FY26 dividend [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering at the upper end of FY 2026 guidance due to solid performance and positive outlook [7][20] - The company is positioned in markets with sustainable structures and good local scale, with a focus on high growth opportunities such as IoT and digital services [19][20] Other Important Information - The company has returned over €3 billion of capital to shareholders via buybacks and dividends since the capital allocation framework was refreshed [14][15] - The incoming CFO, Pilar Lopets, emphasized the importance of operational excellence and sustainable cash flow growth [18] Q&A Session Summary Question: What are the expectations for future growth? - Management confirmed that Vodafone is now growing service revenue in Europe and Africa, with a focus on operational turnaround and integration plans [19][20] Question: How is the integration with Three progressing? - The integration is off to a fast start, with improvements in customer loyalty and measurable network enhancements already noted [12]

Telenor Group Strategy & Performance - Telenor connects approximately 210 million people across its footprint[43] - Telenor delivered in line with financial targets set at the 2022 CMD, including a YoY growth in ordinary dividend per share and FCF before M&A covering the dividend by 2025[64,65] - Telenor aims for a future-fit strategy focusing on customer excellence, technology-led transformation, tapering opex and capex to sales, and shareholder value creation[71] - Telenor Infrastructure's EBITDA margin increased by 9 percentage points between 2022 and 2025, reaching 62%[453] Telenor Nordics - Telenor Nordics achieved a service revenue CAGR of +33% and EBITDA growth of +58% from 2022 to LTM Q3 2025[202,504] - Telenor Nordics free cash flow has more than doubled since 2022[213] - Telenor Nordics aims to deliver more than NOK 15 billion in FCF by 2030[221] Telenor Asia - Telenor Asia has approximately 200 million customers[378] - Telenor Asia's portfolio value is approximately NOK 90 billion[378] - True Corp in Thailand has a service revenue market share of 486% and subscriber market share of 504%[413] Financial Ambitions - Telenor targets low-to-mid-single-digit organic EBITDA growth and a capex/sales ratio of less than 13% by 2028[552] - Telenor aims for FCF ex associates of NOK 14-15 billion by 2030[552] - Telenor is committed to YoY growth in dividend per share and maintaining a leverage ratio between 18x and 23x[529,536,562]

Core Insights - Singapore Telecommunications Limited (Singtel) has divested approximately 0.8% of its direct investment in Airtel, generating SGD 1.5 billion, which is part of its asset recycling strategy [1] - The sale is expected to yield profits of around SGD 1.1 billion, contributing to Singtel's mid-term asset recycling target of SGD 9 billion [7] Singtel's Strategy and Financial Management - Singtel is collaborating with Bharti Enterprises to balance its effective stake in Airtel while unlocking value and retaining a significant investment in the company [2] - The capital management program has amassed SGD 5.6 billion, exceeding half of the revised asset recycling target of SGD 9 billion [3] Progress and Future Plans - As of May 2025, Singtel has exceeded half of its original SGD 6 billion mid-term asset recycling target, which was later revised to SGD 9 billion [4] - The raised capital will support growth and provide capital returns through a value realization dividend and share buyback program [4] Investment in Airtel - Following the recent transaction, Singtel will retain a 27.5% stake in Airtel, valued at approximately SGD 51 billion, indicating continued commitment to India's digital economy [5][8]

Financial Performance - Service revenues reached ₱158.9 billion, a 3% increase, or +₱3.9 billion[3] - EBITDA (ex-MRP) grew by 3% to ₱82.8 billion with a 52% margin[3], a +₱2.1 billion increase[3] - Core income remained stable at ₱25.8 billion[3] - Maya contributed ₱603 million to PLDT's core earnings[5] Revenue Breakdown - Total Home revenues reached ₱45.7 billion, a 4% increase, or +₱1.6 billion[11] - Total Fiber revenues reached ₱44.5 billion, a 7% increase, or +₱2.8 billion[11] - Enterprise revenues reached ₱35.6 billion, a 2% increase, or +₱0.5 billion[14] - Wireless Consumer revenues reached ₱63.2 billion, a 1% decrease, or -₱0.3 billion[17] - Mobile data revenues reached ₱57.3 billion, a 1% increase, or +₱0.7 billion[17] Subscriber and Network Growth - Fiber net adds increased by 67% year-over-year to 265,000[12] - Total broadband subscribers increased by 6% to 4,122,521[142] - 5G individual devices increased to 10.5 million[17], representing 18% of devices[17] - Total data traffic reached 4,393 petabytes[17], a 6% increase[17] Cost Management and Investments - Total cash expenses, subsidies, and provisions decreased by 2% to ₱63.1 billion[20], a -₱1.1 billion decrease[20] - Compensation and benefits (ex MRP) decreased by 7% to ₱16.1 billion[20], a -₱1.3 billion decrease[20] - Selling and promotions expenses decreased by 18% to ₱3.5 billion[20], a -₱0.8 billion decrease[20] - 9M2025 capex stood at ₱43.0 billion[28] Debt and Sustainability - Net debt-to-EBITDA ratio is 2.61x[32] - PLDT received an MSCI ESG Rating of BBB[57] - Smart secured a 10-year ₱2 billion green loan[68]