Financial Institutions - IDFC First Bank reported fraudulent activities involving Rs 590 crore from accounts linked to the Haryana government, with four employees suspended pending investigation [1] - YES Bank expects to close the financial year with a return on assets of 1%, reporting a net profit of Rs 952 crore for the December quarter, a growth of 55% year-on-year and 45% quarter-on-quarter [6] - State Bank of India aims to increase green advances to 7.5-10% by 2030, with 25% of these advances funded through green lines of credit, while the current green advances portfolio stands at 1.56% of total advances as of March 2025 [4][11] Energy Sector - Adani Group Chairman Gautam Adani reviewed power investments exceeding Rs 40,000 crore in Jharkhand and Bihar, highlighting the group's expanding presence in eastern India [5][11] - Coal India's Gevra mine is projected to become the world's top coal-producing mine next year, achieving an output of 63 million tonnes, surpassing US mines [8][11] Electric Vehicle Industry - Ola Electric plans to reduce its physical store count to about 550 by March-end, following a significant decline in market share and operational challenges, just a year after expanding to 4,000 stores [7][11] Cybersecurity - Zscaler, in partnership with Bharti Airtel, launched the AI and Cyber Threat Research Center to enhance national cyber resilience, focusing on critical sectors such as telecommunications, banking, and energy [10][11] Financing Activities - Vedanta Resources raised $350 million from global banks to refinance upcoming maturities and interest payouts, with participation from Middle Eastern lenders and major global banks [9][11]

The Straits Times Index (SGX: ^STI) recently breached new highs, past the 5,000 level, before reversing down.With the index near fresh highs, investors are confronted with the old, so familiar feeling of the fear of missing out (FOMO); is it too late to buy stocks now?History shows that when indexes make new highs, further gains usually follow suit. However, fresh highs also mean elevated valuations; your individual stock selection now matters more than ever.  In this article, we take a look at three compan ...

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Core Viewpoint - Emirates Telecommunications Group Company (e&) has increased its shareholding in Vodafone Group plc to 17.0050% due to Vodafone's share buyback program, which has reduced its total share capital [1] Group 1: Shareholding Details - e& holds a total of 3.94 billion shares in Vodafone, despite the increase in percentage ownership [1] - The increase in equity ownership aligns with e&'s strategy to enhance its global market exposure and support potential commercial partnerships [2] Group 2: Historical Context and Financial Performance - In 2022, e& acquired a 9.8% stake in Vodafone for $4.40 billion, demonstrating its commitment to investing in international markets [2] - e& reported a profitability of AED 14.36 billion for the year 2025, indicating strong financial performance [2]

Group 1: Trade and Tariffs - Taiwan has secured Most Favoured Nation (MFN) tariff treatment for all items under Section 232, which is expected to protect high-tech semiconductor supply chains from US tariff volatility [2][8] - The US Supreme Court ruled 6-3 that the President exceeded his authority under the International Emergency Economic Powers Act (IEEPA) to impose global tariffs, reaffirming that tariff powers primarily rest with Congress [3][8] - In response to the Supreme Court ruling, the White House is considering alternative trade measures, including a new 10% temporary import surcharge under Section 122 of the Trade Act of 1974 [4][8] Group 2: Corporate Financials - Altice France's total debts and liabilities have reached approximately €17 billion, indicating significant leverage accumulated during its expansion [5][8] - Creditors are reportedly becoming more aggressive as Altice France's founder, Patrick Drahi, attempts to restructure assets to maintain control [5] Group 3: Automotive Industry - The National Highway Traffic Safety Administration (NHTSA) has issued new recall filings affecting over 13,000 vehicles, including recalls from Triumph Motorcycles America Ltd. (8,849 vehicles), Toyota Motor Corporation (4,374 vehicles), and General Motors LLC (22 vehicles) [7][8]

Core Insights - The company has launched a strategic plan called "Lead the Future" three years ago, which has mobilized the energy of its teams and is now being reviewed for progress [2] - The company has streamlined and refocused its operations, improving efficiency and agility while delivering on its commitments [2] - The new strategic plan is based on three core convictions, emphasizing the essential nature of connectivity in response to industry challenges [3]

Management characterized 2025 as a transformative year defined by the divestiture of wireless operations, which provided the financial capacity to pivot toward fiber expansion and tower infrastructure. Performance in the fourth quarter was driven by record-high construction crew counts, resulting in the strongest build quarter since 2023 and demonstrating momentum in the fiber engine. The company is shifting its capital allocation framework to prioritize fiber 'edge out' opportunities in approximately ...

Core Insights - The company completed its largest transaction in history by divesting wireless operations, which enhances its financial capacity to scale fiber and establish a dedicated tower business [1] - TDS Telecom accelerated its fiber construction momentum in the second half of 2025, achieving record high crew counts to deliver 100,000 marketable addresses within six months [1] - Array Digital Infrastructure transitioned to a tower-focused model, processing over 2,000 T-Mobile applications as part of a new Master Lease Agreement (MLA) integration [1] Strategic Moves - The company strategically divested non-core assets in Colorado and Oklahoma, concentrating its telecom footprint in markets with the most viable economic paths to fiber [1] - Management attributed a 6% growth in Q4 EBITDA to business transformation efforts and reduced cash expenses, despite ongoing declines in legacy cable and copper segments [1] - The company strengthened its capital structure by repaying $150 million in term loan debt and closing a $1.018 billion spectrum sale to AT&T [1]

Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% year-over-year and 2% for the full year, with revenues flat year-over-year when excluding divestitures [19][21] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year due to divestitures and a non-cash adjustment in Q1 [20][21] - Capital expenditures for the full year were $406 million, with a forecast for 2026 between $550 million and $600 million [21][22] Business Line Data and Key Metrics Changes - TDS Telecom added 58,000 new marketable fiber addresses in Q4, a 39% increase year-over-year, and delivered 140,000 new addresses for the full year [11][12] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [12][18] - Cash site rental revenue for Array increased by 64% year-over-year in Q4, with a 96% increase when including T-Mobile interim site revenue [29] Market Data and Key Metrics Changes - The divestitures in 2025 impacted revenues, accounting for a $3 million decline in Q4 compared to the prior year [19] - The company identified 300,000 additional fiber address opportunities across approximately 50 new communities, increasing long-term fiber address goals from 1.8 million to 2.1 million [8][15] Company Strategy and Development Direction - The company aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, and support Array's success as a tower company [5][6] - The focus for 2026 includes delivering a fiber build plan, driving sales growth, and enhancing customer experience [16][17] - Array's strategy emphasizes optimizing tower operations and monetizing spectrum holdings, with significant progress in spectrum monetization already achieved [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for 2026, particularly in fiber and tower operations, despite challenges from divestitures and legacy revenue declines [22][37] - The company is focused on executing its business transformation initiatives to improve operational efficiency and customer experience [14][17] Other Important Information - TDS repaid $150 million in term loan debt and received a special dividend of $726 million from Array's spectrum sale [7][8] - The company is committed to delivering $100 million in savings by the end of 2028 through business transformation efforts [16] Q&A Session Summary Question: Is DISH included in the 2026 guidance? - DISH is completely out of the 2026 guidance for revenue, OIBDA, and free cash flow, with any settlement considered upside [45][47] Question: What is the outlook for tower leasing applications? - The company is optimistic about growth prospects for 2026, expecting significant same-store growth and positive results from insourcing the sales team [48][49] Question: How is the company addressing video services? - The company sees video as a critical part of its value proposition and does not plan to outsource it, as it attracts bundled customers [87] Question: What is the strategy for monetizing naked towers? - The company views naked towers as having significant latent value and aims to reduce holding costs while exploring lease-up opportunities [93] Question: What is the growth rate embedded in the revenue guidance for 2026? - The expected growth rate on a same-store basis is around 6%, excluding DISH revenue [83]

Telephone and Data Systems (NYSE:TDS) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAnthony Carlson - President and CEODavid Barden - Head of US Communication ServicesJohn Toomey - Treasurer and VP of Corporate RelationsKen Dixon - President and CEOKris Bothfeld - VP of Financial Analysis and Strategic PlanningMichael Rollins - Managing DirectorRic Prentiss - Managing DirectorVicki Villacrez - EVP and CFOWalter Carlson - President and CEOConference Call ParticipantsSebastiano Petti ...