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]

Group 1 - The core activity of the company is a "Winter Solstice Warm Dumpling" event aimed at expressing gratitude to long-term customers through traditional food customs [1][3] - The event involved meticulous preparation, from selecting ingredients to cooking, highlighting the company's attention to detail and customer care [3][5] - Customers expressed appreciation for the event, describing the dumplings as the "warmest gift" of the year, which reflects the company's commitment to enhancing customer relationships [5] Group 2 - The initiative aligns with the company's promise to make homes more loving, showcasing a blend of service and emotional connection through a cultural activity [5]

Core Viewpoint - Millicom International Cellular S.A. has resolved a U.S. Department of Justice investigation regarding historical improper payments made by its subsidiary, Comunicaciones Celulares S.A. (Comcel), to Guatemalan government officials, with a focus on the company's commitment to ethical standards and compliance [1][2]. Summary by Sections Investigation Background - The investigation was first disclosed in May 2022, with Millicom having voluntarily self-reported alleged improper payments in 2015 and fully cooperating with authorities [2][3]. - Millicom lacked operational control over Comcel until acquiring full ownership in November 2021, which limited visibility into Comcel's actions [5]. Compliance and Remediation Efforts - Following the self-disclosure, Millicom invested significantly in enhancing its global corporate compliance program, which was implemented in Guatemala after full ownership of Comcel [4][6]. - Major remediation steps included the exit of personnel involved in misconduct at Comcel [6]. Resolution Details - The investigation concluded with a deferred prosecution agreement (DPA) between Comcel and the DOJ, lasting two years instead of the standard three, due to Millicom's extensive cooperation and compliance efforts [7]. - Comcel will pay a $60 million fine and forfeit approximately $58.2 million in benefits from the improper payments, with the fine reflecting a 50% discount off the minimum penalty range under U.S. Sentencing Guidelines [8]. Company Commitment - Millicom has consistently acted as a responsible and transparent company, emphasizing its commitment to high ethical standards and operational transparency since gaining control of Comcel [9]. - The company aims to continue its focus on connecting people and driving digital inclusion in the markets it serves [9].

Group 1 - The meeting is officially opened with a quorum of shareholders confirmed [3] - The Chair of the Board, Justine Smyth, and the CEO, Jolie Hodson, will present during the meeting [3] - Shareholders participating virtually can vote and submit questions throughout the meeting [4] Group 2 - The meeting included a brief mention of an unexpected fire alarm that required evacuation, highlighting the preparedness of the staff [2]

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 Viewpoint - Verizon Communications is planning to raise approximately $10 billion in the corporate bond market to finance its acquisition of Frontier Communications [1] Group 1 - The funding will be utilized specifically for the deal involving Frontier Communications [1]

Core Insights - Kyivstar is increasing efforts to maintain network operations amid challenges posed by Russian strikes affecting Ukraine's power grid [1] Company Measures - The CEO Oleksandr Komarov highlighted the company's proactive measures to ensure the stability of its network [1]

Financial Data and Key Metrics Changes - Company reported total revenue of $1.115 billion for Q3 2025, reflecting a year-on-year growth of 7.5% in USD terms [24] - EBITDA for the quarter was $524 million, representing a growth of 19.7%, with an EBITDA margin of 47%, up 400 basis points year-on-year [25] - Last 12-month EPS stands at $8.89, up 60.2% year-on-year, although reported EPS for Q3 alone was a loss of $1.84 per share due to non-cash charges [8][9] Business Line Data and Key Metrics Changes - Direct digital revenues grew 63% year-on-year to reach $198 million, now accounting for 17.8% of total revenues, up from 11% a year ago [25] - Telecom and infrastructure segment revenues grew 3.5% on a like-for-like basis, reflecting the impact of differentiated networks and services [8] - Multiplay customers generated 3.8 times the ARPU of voice-only subscribers, with 55.4% of total customer revenues coming from this segment, which grew revenue-wise by 23% year-on-year [12][13] Market Data and Key Metrics Changes - Strong double-digit revenue growth was delivered across all markets except Bangladesh, which saw a return to year-on-year growth for the first time in 14 months [14] - In Pakistan, the financial services business gross transaction value rose 40% year-on-year, representing 13% of the country's GDP [15] - The digital-only user base has more than doubled to 50 million, representing nearly 35% of total digital users [17] Company Strategy and Development Direction - The company is focused on a digital operator model, combining connectivity, digital platforms, and financial inclusion to unlock sustainable growth [4] - The asset-light strategy continues with the sale of Kyrgyzstan operations and a global framework agreement with Starlink for satellite connectivity [6] - The company is exploring opportunities for further investment in Ukraine, aligning with its "Invest in Ukraine Now" initiative [35] Management's Comments on Operating Environment and Future Outlook - Management raised the fiscal year 2025 EBITDA outlook to 16%-18% growth in local currency terms, up from 14%-16% [4] - The company remains confident in its growth trajectory despite macro and geopolitical challenges, with a focus on sustaining long-term value creation [29][30] - Management emphasized the importance of operational cost management and disciplined pricing actions in supporting margin improvements [58] Other Important Information - The company completed the operational separation of JazzCash, enhancing growth potential in digital financial services [15] - A $100 million share and/or bond repurchase program was approved by the board, reflecting confidence in growth prospects [7] - The company ended the quarter with a cash balance of $1.67 billion, including $653 million at headquarters [26] Q&A Session Summary Question: Motivation for Kyivstar's SPAC transaction - Management chose a SPAC structure for its deal certainty and speed, believing it was the right move to list Kyivstar successfully [34] Question: Plans for cash at headquarters - The cash at headquarters is $653 million, with limitations on upstreaming due to martial law in Ukraine, focusing on investments in the country [38] Question: Future of tower assets in Ukraine - The company aims to pursue divestment of tower assets in Ukraine, similar to its strategy in Pakistan, to enhance cash generation [45] Question: Financial services in Pakistan - The financial services business targets unbanked individuals, with microloans providing essential support to small businesses [49] Question: Growth of JazzCash and MMBL - The company plans to leverage capabilities from JazzCash and MMBL to expand fintech services in other markets, focusing on smartphone penetration [72] Question: Ride-hailing market expansion - The company has ambitions to grow its ride-hailing business in other markets, with a city-by-city operational strategy [80] Question: Trade-off between scale and profitability - Management noted that digital services have not diluted EBITDA margins as expected, attributing this to operational cost discipline [58] Question: Run rate for financial services EBITDA - The financial services business has shown steady growth, with expectations for continued performance in the coming quarters [95]

Group 1 - T-Mobile US, Inc. (TMUS) is outperforming its peers, particularly Verizon Communications Inc. (VZ), despite telecom stocks being perceived as bond-like investments by some investors [1] - The article emphasizes the importance of due diligence for investors, particularly those interested in dividend investing and building quality portfolios [1] - The author expresses a commitment to helping lower and middle-class workers build investment portfolios focused on high-quality, dividend-paying companies [1] Group 2 - The article does not provide specific financial data or performance metrics for T-Mobile or Verizon [2][3]

Financial Performance - VEON delivered strong revenue growth of 7.5% in USD and 11% in local currency (LCY), outpacing inflation at 8.4%[11] - EBITDA grew by 19.7% in USD and 24.2% in LCY[11, 20] - Direct digital revenues increased significantly by 63.1% in USD, representing 17.8% of total revenues[11] - LTM equity free cash flow (FCF) reached $584 million, demonstrating sustained FCF momentum[12, 13] - Earnings per ADS increased by 73.6% to $7.81 for 9M25 and by 60.2% to $8.89 for LTM[13] Digital Growth and Strategy - Digital engagement is accelerating, surpassing mobile engagement in monthly usage[12] - VEON is integrating AI-powered features into its digital applications[12] - The company is committed to the combined power of DO1440 and AI1440[12] - Total digital monthly active users (MAU) reached 143.3 million, a 39.3% year-over-year increase[28] Strategic Initiatives - VEON completed the sale of its Kyrgyzstan business[12] - The company is advancing infrastructure monetization across all markets[12] - VEON pioneered Direct to Cell satellite connectivity in its markets[12] - A new buyback plan of up to $100 million of ADS and/or bonds was announced[12] Regional Performance - Pakistan's total revenue increased by 14.6% in LCY, with direct digital revenue up by 28.5%[24] - Ukraine's total revenue grew by 21.1% in LCY, with direct digital revenue increasing 5.3x[24] - Kazakhstan's total revenue increased by 6.7% in LCY, with direct digital revenue up by 43.1%[24] - Uzbekistan's total revenue increased by 9.3% in LCY, with direct digital revenue increasing 2.4x[24]