Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $376 million, down from $393.6 million in Q3 2024, primarily due to a decline in residential video revenues, which decreased by $8.7 million or 16.2% [14] - Residential data revenues decreased by $2.8 million or 1.2% year-over-year, driven by a 5.1% decline in subscribers, partially offset by a 3.2% increase in ARPU [14] - Adjusted EBITDA for Q3 2025 was $201.9 million, representing 53.7% of revenues, compared to $213.6 million or 54.3% of revenues in Q3 2024 [16] - Free cash flow was $130.1 million in Q3 2025, equating to a conversion ratio of 64.4% of adjusted EBITDA [17] Business Line Data and Key Metrics Changes - Residential broadband customers declined by 21,600 in Q3 2025, but there were modest improvements in connects compared to the prior year [6][7] - Business data revenues grew by 0.4% year-over-year, driven primarily by fiber and carrier segments, while SMB segment faced subscriber and pricing softness [15] - The LIFT product, aimed at cost-conscious customers, is showing promise with strong sell-in among premium tiers, with about half of new customers choosing gig or faster speeds [9][41] Market Data and Key Metrics Changes - The company experienced increased churn due to macroeconomic factors, competitive pressures, and promotional rollouts, but churn improved in October [6][8] - Average monthly usage is around 775 gigabits per customer, indicating sustained demand for high-capacity service [9] Company Strategy and Development Direction - The company is focusing on execution, retaining existing customers, and retooling go-to-market approaches to position for long-term growth [6][12] - Simplified pricing and segmented marketing campaigns are part of the strategy to improve financial performance over time [6][9] - The launch of mobile services is expected to reduce churn and deepen service adoption, with plans to refine the strategy post-pilot [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but expressed optimism about improved connect trends and churn reduction in October [12][28] - The leadership transition is underway, with a focus on ensuring a smooth transition while continuing to execute the long-term growth strategy [12] Other Important Information - The company paid down nearly $200 million of debt during Q3 2025, with a focus on disciplined debt repayment [18] - The estimated NBI purchase price is projected to be between $475 million and $495 million [20] Q&A Session Summary Question: Update on leverage targets and addressing broadband ARPU issues - Management indicated a focus on maintaining leverage between two and a half to four and a half times, with disciplined debt repayment as a priority [22][24] Question: Impact of competition and promotional rolloffs on churn - Management noted that multiple factors contributed to increased churn, including billing migration and competitive pressures, but improvements were seen in October [32][34] Question: Fiber overlap and competitive impact of AT&T's fixed wireless rollout - Fiber overlap remains consistent in the low to mid-50% range, with AT&T's fixed wireless rollout being a competitive factor [58][60] Question: Clarification on sale proceeds and tax implications - Sale proceeds from divestitures are pre-tax, and the company expects to continue monetizing strategic investments to pay down debt [64][68]

Core Insights - PwC predicts that the value of the media, internet, and entertainment sectors in Ireland will reach €7.5 billion by 2029, growing from the current €6.4 billion at an annual growth rate of 3.3% over the next four years [2] Internet Services - Internet services revenue is expected to grow from €2.6 billion to €3.1 billion by 2029, with an annual growth rate of 2.5%, which is lower than the global average of 2.8% [2] - The number of fixed broadband users is projected to increase by 5.7% in 2024, reaching 1.9 million, and is expected to grow at an annual rate of 5% to 2.4 million by 2030 [2] Mobile Services - Mobile services revenue is anticipated to grow at an annual rate of 3.4%, reaching €1.7 billion by 2029 [2] Internet Advertising - Internet advertising in Ireland is expected to achieve a compound annual growth rate (CAGR) of 9.2%, with revenues reaching €1.8 billion by 2029 [2] Music and Broadcasting - Total revenue from music and broadcasting is projected to grow at a lower CAGR of 2.2%, reaching €517 million by 2029 [2] Newspapers - Total revenue from newspapers is expected to decline at an average annual rate of 5.3%, dropping from €300 million to €228 million by 2029, which is higher than the global average decline of 2% [2] Video on Demand - Video on demand (VOD) revenue is expected to grow nearly 7% annually, reaching €309 million by 2029 [2] Film Industry - The film revenue in Ireland is projected to grow at a rate of 4.7%, surpassing the global average, and is expected to reach €126 million by 2029 [2] Industry Resilience - Despite broader economic uncertainties and a slowdown in consumer spending, the Irish media and entertainment industry continues to show stable growth and resilience [2]

Group 1 - The Trump Organization has launched a $499 "Trump Phone" and a mobile service plan, sparking debates over its commercial viability and ethical implications [1][2] - The phone, which features a gold design and the American flag, runs on the Android operating system, while the mobile plan costs $47.45 per month, intended as a tribute to Trump's presidential terms [1][2] - The initiative aims to align with Trump's policies of "revitalizing American manufacturing" and creating jobs, with claims of surpassing competitors in the industry [1] Group 2 - Experts express skepticism about the feasibility of producing the "Trump Phone" in the U.S., citing a lack of necessary high-tech supply chains and production capabilities [2] - The mobile service plan is criticized for its lack of competitiveness, as similar plans from major U.S. carriers are priced between $25 and $30 per month [2] - Concerns about corruption and conflicts of interest are raised, highlighting that Trump's business ventures continue to thrive, generating significant income during his presidency, which is unprecedented in U.S. political history [2]