Financial Data and Key Metrics Changes - Revenue grew 3.2% to $88.6 million, driven by strong Glo Fiber market revenue growth of $5.7 million or 40.5% due to an increase in subscribers [11][12] - Adjusted EBITDA increased by $5.1 million or 21.9% to $28.4 million, with adjusted EBITDA margins rising from 27% in Q2 2024 to 32% in Q2 2025 [13] - The company expects 2025 revenues to be between $352 million and $357 million, with adjusted EBITDA projected to be between $113 million and $118 million [13] Business Line Data and Key Metrics Changes - Glo Fiber added 5,700 new subscribers and over 16,000 new passings, with total Glo Fiber revenue generating units reaching 90,000, up 40% year over year [8][17] - The commercial fiber business recorded over $200,000 in monthly recurring revenue sales bookings, indicating future growth potential [9][12] - Incumbent broadband market revenue declined due to a 15% drop in video RGUs as customers switched to streaming services [11] Market Data and Key Metrics Changes - Glo Fiber markets saw broadband data penetration climb to 20%, up from approximately 18% a year ago, with monthly broadband data churn improving to 1.15% [18][19] - The total broadband data customer base in incumbent markets slightly increased year over year, with a total of 112,000 customers [20] - The commercial fiber business achieved a record in new contracts, totaling over $203,000 in incremental monthly revenue, up 32% year over year [22] Company Strategy and Development Direction - The company is executing a "Fiber First" strategy, transitioning from a mature cable and telephone operator to a rapidly growing fiber-first business [7][10] - The management team is focused on expanding Glo Fiber and enhancing customer service to maintain competitive advantages over larger cable providers [28] - The company plans to accelerate capital expenditures in 2025 due to successful construction of government grant projects, which will enhance future revenue potential [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong subscriber additions and the successful execution of the fiber expansion strategy [8][24] - The management team acknowledged competitive pressures but emphasized their advantages in speed and customer service [28] - The company aims to provide more visibility and transparency to shareholders by offering annual guidance [31] Other Important Information - The company closed a small tuck-in acquisition in early July, adding 1,500 passings and approximately 700 customers for $5 million [14][15] - Liquidity was reported at $260 million, with $29 million in cash and $143 million in available revolver capacity [14] Q&A Session Summary Question: Competitive pressures in Glo Fiber expansion - Management noted that while some cable providers are changing rate plans, they believe their speed advantage and local customer service provide a competitive edge [28] Question: CapEx acceleration decision - The decision to accelerate CapEx was driven by the construction team's success in building government grant projects faster than expected [29] Question: Impact of CapEx on future revenue - Management indicated that pulling construction forward would help subscriber growth and revenue in 2026 due to increased passings in government-subsidized areas [30] Question: Reason for mid-year guidance - The company aimed to enhance visibility and transparency for shareholders by providing annual guidance [31]

Financial Performance & Outlook - Lumen reported total revenue of $3092 million, a decrease of 5.4% year-over-year and 2.8% quarter-over-quarter[30] - Adjusted EBITDA was $877 million, down 13.3% year-over-year, with an adjusted EBITDA margin of 28.4%, a decrease of 250 bps[35] - The company is guiding towards the high end of its adjusted EBITDA range due to strength in modernization and simplification programs[8] - Lumen revised its 2025 free cash flow outlook upwards to $1.2 to $1.4 billion, primarily driven by a $400 million tax refund, lower capital expenditures, better adjusted EBITDA performance, and lower interest expense[40] Debt Management - Lumen has reached nearly $9 billion in Private Connectivity Fabric (PCF) deals signed to date[8] - The company completed $2 billion in debt refinancing, extending maturities and reducing cash interest[8] - Pro forma Lumen SP debt paydown is projected to result in total debt of $13.5 billion and a gross leverage of 3.9x[28] Strategic Initiatives - Lumen announced the sale of its Consumer FTTH (fiber-to-the-home) business to AT&T for $5.75 billion to reduce leverage and focus on enterprise services[8] - The company is focused on building the backbone for AI, balancing capacity and utilization for optimal return on investment[10] - Lumen is experiencing strong NaaS (Network as a Service) adoption, with a 35% quarter-over-quarter increase in LCF (Lumen Cloud Fabric) customers purchasing and using one or more ports[14] Mass Markets - Total Mass Markets revenue was $602 million, a decrease of 12.8% year-over-year[30] - Fiber Broadband revenue within Mass Markets was $217 million, an increase of 19.9% year-over-year, contributing 36% to total broadband revenue[32]

Core Insights - Shenandoah Telecommunications Company ("Shentel") reported strong growth in its Glo Fiber segment, with revenue increasing by 40.5% year-over-year and an incremental margin of 71% [3][5] - The company achieved $13.8 million in annual run-rate synergies from the Horizon Telcom acquisition, fully realized in the second quarter of 2025 [3][5] - Adjusted EBITDA grew by 21.9% to $28.4 million, with an expanded margin from 27% in Q2 2024 to 32% in Q2 2025 [5][24] Financial Performance - Total revenue for Q2 2025 was $88.6 million, a 3.2% increase from Q2 2024 [5][6] - Glo Fiber Expansion Markets data subscribers increased by 43.1% to approximately 76,000 [5] - Net loss from continuing operations decreased to $9.0 million from $12.8 million in the same quarter last year [5][15] Revenue Breakdown - Glo Fiber Expansion Markets revenue rose by $5.7 million, or 40.5%, to $19.8 million [6] - Residential & SMB - Incumbent Broadband Markets revenue declined by $1.4 million, or 3.2%, due to a 14.5% drop in video RGUs [6] - Commercial Fiber revenue decreased by $1.2 million, or 6.0%, primarily due to a non-cash deferred revenue adjustment [6] Cost Management - Cost of services decreased by $1.9 million, or 5.5%, attributed to lower network payroll and programming costs [6] - Selling, general and administrative expenses fell by $0.5 million, or 1.6%, due to reduced professional fees [6] - Restructuring, integration, and acquisition expenses dropped significantly by $11.1 million, or 98.2%, compared to the previous year [6] Capital Expenditures and Financial Outlook - Capital expenditures for the first half of 2025 were $169.4 million, up from $150.9 million in the same period of 2024 [11] - The company initiated 2025 financial guidance, projecting total revenue between $352 million and $357 million, representing an 8.1% increase from 2024 [8][9] - Adjusted EBITDA guidance for 2025 is set between $113 million and $118 million, indicating a 21.6% growth [9] Operational Statistics - Total broadband homes passed increased by 92,847 to approximately 623,000 [5] - The company owns over 17,700 route miles of fiber, supporting its broadband services [12]

Core Viewpoint - The market anticipates a year-over-year decline in BCE's earnings due to lower revenues, with a focus on how actual results compare to estimates to influence stock price movements [1][2]. Earnings Expectations - BCE is expected to report quarterly earnings of $0.52 per share, reflecting an 8.8% decrease year-over-year, with revenues projected at $4.32 billion, down 1.5% from the previous year [3]. - The consensus EPS estimate has been revised 1.47% higher in the last 30 days, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that BCE's Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.97%, indicating a likelihood of beating the consensus EPS estimate [12]. - BCE currently holds a Zacks Rank of 2, which further supports the expectation of an earnings beat [12]. Historical Performance - In the last reported quarter, BCE exceeded the expected earnings of $0.44 per share by delivering $0.48, resulting in a surprise of +9.09% [13]. - Over the past four quarters, BCE has beaten consensus EPS estimates two times [14]. Conclusion - While BCE is positioned as a strong candidate for an earnings beat, other factors should also be considered when evaluating the stock ahead of its earnings release [17].

Financial Data and Key Metrics Changes - Service revenues grew by 5.4% year over year, with total service revenue increasing by 5.1% in Q2 2025 [4][6] - EBITDA increased by 6.5%, resulting in a margin of 49.5% [4] - Operating cash flow expanded significantly, contributing to a strong financial performance [4][20] Business Line Data and Key Metrics Changes - Mobile services revenue grew at a faster pace of 5.6%, with the highest mobile ARPO in the industry at close to BRL33 per month [6] - Postpaid services accounted for nearly 70% of mobile service revenues, with a year-over-year growth of 12.2% [7] - The company added over 450,000 new postpaid customers in Q2 2025 [6] Market Data and Key Metrics Changes - TIM leads in 5G technology, with 30% of traffic now flowing through its 5G network [5] - In state capitals, 5G accounts for 30% of data traffic, with São Paulo seeing an offload rate of 36% [15] - The number of 5G devices has grown fivefold since 2022, now representing 28% of total devices [14] Company Strategy and Development Direction - The company is focused on network modernization, expanding partnerships, and developing new revenue opportunities [5] - TIM aims to enhance its B2B IoT strategy, particularly in agribusiness, utilities, and logistics [10] - The company is committed to providing integrated solutions that enhance operational efficiency for clients [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased global volatility but remains committed to executing strategic initiatives to meet 2025 targets [5][21] - The company is focused on developing new partnerships, particularly in financial services, and expanding its B2B IoT solutions [22] - Management emphasized a commitment to innovation, operational excellence, and sustainable growth [22] Other Important Information - TIM was recognized as the most sustainable Brazilian company, topping the B3 Sustainability Index [5] - The company has mapped 100 use cases for AI, with several projects focused on operational improvements [16] Q&A Session Summary Question: Outlook for lease lines in the remainder of the year - Management indicated that negotiations with partners are ongoing, and they are optimistic about achieving goals related to lease lines [31][33] Question: Evolution on management's thoughts about the fixed business - Management stated there are no new updates on inorganic progress but is focused on optimizing the organic side of the business [28][30] Question: CapEx and leasing efficiency measures outlook for the second semester - Management confirmed that CapEx efficiency is improving, particularly in network modernization projects [38][40] Question: Sale and marketing expenses outlook - Management noted that marketing expenses will increase due to more campaigns in the second half of the year [42] Question: Mobile revenue growth drivers - Management highlighted that growth is driven by user-generated revenues, roaming agreements, and B2B IoT progress [48] Question: Tower efficiencies and new RFQ partnership - Management explained that they are renegotiating contracts and exploring building new towers as an alternative [50][52] Question: Drivers behind the increase in network and interconnection costs - Management attributed the increase to higher international roaming costs and provider costs due to a new portfolio launch [57] Question: Competitive pressure from new entrants - Management believes the competitive environment is rational, focusing on quality rather than price competition [56]

Core Viewpoint - AT&T announced the dual listing of its common stock on NYSE Texas, effective August 1, 2025, while maintaining its primary listing on the New York Stock Exchange [1][2]. Company Commitment to Texas - AT&T has a long-standing relationship with the New York Stock Exchange, dating back to September 4, 1901, and is proud to strengthen its commitment to Texas through this dual listing [2][4]. - The company has invested nearly $13 billion in Texas network infrastructure from 2020 to 2024 and donated over $43 million across the state, with nearly $11 million aimed at bridging the digital divide [4][5]. Community Engagement - AT&T operates 14 Connected Learning Centers in Texas to enhance connectivity and support local communities [4]. - The company employs nearly 24,000 individuals in Texas, contributing to the state's innovation and business growth [5]. Historical Significance - AT&T is one of only 12 companies that have been listed on the New York Stock Exchange for over 120 years, highlighting its historical significance in the financial market [2]. Business Operations - AT&T serves more than 100 million U.S. families and nearly 2.5 million businesses, providing services that range from traditional phone calls to advanced 5G wireless and multi-gig internet offerings [6].

Financial Performance - Service Revenue increased by 5.4% YoY in 6M25[9] - EBITDA grew by 6.5% YoY in 6M25, reaching a 49.5% margin, a 0.8 percentage point increase YoY[9] - Operating Cash Flow (OpCF) reached R$ 2.7 Billion, showing double-digit expansion[9] - Net Income expansion 14.3%[43] Mobile Business - Mobile Service Revenue grew by 5.9% YoY in 6M25[10] - Postpaid Net Adds (Ex-M2M) increased by 726k in 6M25[15] - Postpaid ARPU reached R$ 32.7/Mo in 2025, the highest in the industry[10] - Postpaid revenues have experienced rapid annual growth for 14 consecutive quarters[13] Infrastructure and Technology - Capex on Revenues was 17.1%, a decrease of 1.3 percentage points YoY[9] - 30% of traffic is now on 5G network[9] - 5G cost per GB is 30% of 4G[34] Sustainability - The company is recognized as the most sustainable Brazilian company in the B3 Sustainability Index (ISE)[9, 45] - 100% of the energy consumed comes from renewable sources[44]

Core Viewpoint - The analysis suggests maintaining positions in Telefônica Brasil due to its defensive profile, leadership in postpaid and fiber services, and attractive dividend policy [1] Company Analysis - Telefônica Brasil is recognized for its strong position in the postpaid market and fiber services, which are critical for its competitive advantage [1] - The company's dividend policy is highlighted as a significant factor for investors, indicating a commitment to returning value to shareholders [1] Investment Strategy - The investment approach focuses on value companies with solid long-term potential, which aligns with the characteristics of Telefônica Brasil [1]

Financial Data and Key Metrics Changes - The company reported a 4% growth in revenue, exceeding USD 2.2 billion, with EBITDA improving by 3% to USD 818 million [3][20] - The Adjusted Funds From Operations (AFF) grew by 3% to USD 328 million, leading to an interim dividend declaration of HKD 33.8 per share [3][20] Business Line Data and Key Metrics Changes - The enterprise segment saw an 11% year-on-year revenue growth, driven by a 14% increase in cloud projects and a 6% growth in high bandwidth fiber lines [11][20] - Mobile services revenue grew by 5%, with a significant increase in roaming revenue by 7%, reaching 104% of pre-pandemic levels [8][24] - Fixed broadband subscriber base grew by over 140%, contributing to a 3% overall growth in fiber users [10][21] Market Data and Key Metrics Changes - The China revenue grew by 13%, supported by demand for SD WAN services and data center uptake by Mainland Chinese entities [13] - The mobile business added 45,000 new customers, with a 21% increase in 5G subscribers, reaching a penetration rate of 54% [9][25] Company Strategy and Development Direction - The company is focusing on AI technology to enhance customer offerings and improve operational efficiency, achieving a 7% cost savings across the overall cost base [4][18] - Continued investment in digital infrastructure, including a 100 terabit core backbone network and expansion of 5G capabilities [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about enterprise growth, targeting 10% to 12% for the full year, supported by a healthy project pipeline and economic recovery in Hong Kong [35][36] - The company anticipates sustained growth in roaming revenue due to increased consumer outbound travel and commercial activities [37][38] Other Important Information - The company achieved a stable EBITDA margin of 37% and improved its gross debt to EBITDA ratio to 3.11x [20][31] - The company maintains a BBB investment grade rating and has sufficient liquidity to manage upcoming bond maturities [32][33] Q&A Session Summary Question: What is the guidance for interest costs in the second half? - Management expects full-year interest savings to be at least 25% to 30% assuming no significant spikes in interest rates [34] Question: Will enterprise growth of 11% be maintained for the full year 2025? - Management is optimistic about maintaining 10% to 12% growth for the full year, supported by a healthy pipeline and economic recovery [35][36] Question: Do you expect strong roaming revenue growth to be maintained for the remainder of 2025? - Management is positive about maintaining growth in roaming revenue due to increased consumer and commercial activities [37][38] Question: Is it possible to capitalize on low interest rates through refinancing into more floating debt? - Management indicated a willingness to leverage low rates while maintaining a prudent balance between fixed and floating debt [40] Question: What is the outlook for working capital in the second half? - Management expects better working capital management in the second half, as the first half typically requires higher funding [41] Question: Is there guidance for full-year growth in AFF? - Management is optimistic that AFF growth will exceed 3% for the full year [42]

Core Insights - Optus is enhancing its partnership with Nokia to upgrade its Voice Platform and deliver resilient cloud-native voice services, targeting over 10 million customers in Australia [1][9] - The new platform will support the deployment of 5G enhanced voice services, which are critical for Optus' network strategy focused on reliability [3][5] Company Developments - The Nokia Cloud Native Communication Suite (CNCS) will be utilized by Optus to streamline network activities, enhance automation, and reduce manual interventions [9] - The CNCS will be deployed on Red Hat OpenShift, which is Optus' preferred Container as a Service (CaaS) provider [4][9] Technological Advancements - Nokia's CNCS is designed to be cloud-native, operationally efficient, and energy-efficient, addressing the needs of Australian consumers [2] - The platform aims to improve network resiliency, security, and subscriber experience through intelligent automation tools [3][5] Market Position - This collaboration marks a significant win for Nokia in the Oceania region, replacing a competitor's solution [9]