Telecom Industry Overview - Telecom stocks are considered income-oriented and relatively stable due to recurring subscription revenue and dividends, but they are capital-intensive and sensitive to regulatory, technological, and interest-rate changes [2] Company Summaries AT&T (T) - AT&T, Inc. is a holding company providing telecommunications and technology services through its Communications and Latin America segments, offering wireless, wireline telecom, and broadband services to businesses and consumers in the US and globally [3] TELUS (TU) - TELUS Corporation offers a range of telecommunications and IT products and services in Canada, operating through Technology Solutions and Digitally-Led Customer Experiences segments, including network services, healthcare services, mobile technologies, and cloud-based services [4] Vodafone Group (VOD) - Vodafone Group provides telecommunication services in Europe and internationally, offering mobile connectivity services, fixed line connectivity, and various professional and consulting services [4] Dycom Industries (DY) - Dycom Industries provides specialty contracting services to the telecommunications infrastructure and utility industries in the US, including engineering services for telecommunications providers and project management [5] Telephone and Data Systems (TDS) - Telephone and Data Systems, Inc. offers communications services in the US through its UScellular and TDS Telecom segments, providing wireless solutions, IoT solutions, and consumer electronics [7]

March 2026 Telecom Argentina 4Q25 & FY25 Earnings Release 1 Disclaimer This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of Telecom Argentina S.A. (the "Company"), in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission ("SEC"), the Comisión Nacional de Valores (Argentine National Securities and Exchange Commission, or "CNV") or an exemption from such registrat ...

Group 1 - Wall Street is becoming more positive on infrastructure-related companies, with Scotiabank upgrading Verizon to Outperform and Barclays initiating coverage on ITT [2][6] - Scotiabank raised Verizon's price target to $54.50 from $50.25, citing strong subscriber growth and cost improvements as key factors [3][4] - Verizon's stock trades at a forward P/E of approximately 10x and has a dividend yield of 5.34%, with a year-to-date increase of nearly 26% [4][6] Group 2 - Scotiabank's analysis indicates a multi-year cost reduction strategy for Verizon, expecting further improvements in 2027 and 2028 [5] - Verizon reported postpaid phone net additions of 568,000 in Q4 2024, a 26.5% year-over-year increase, marking its best performance in over a decade [5] - ITT was initiated at Equal Weight with a price target of $220, while currently trading at $185.59, reflecting a decline of 8.12% after its acquisition of SPX FLOW [6]

Core Viewpoint - TELUS Corporation is set to amend its Dividend Reinvestment and Share Purchase Plan (DRISP) by reducing the discount on shares issued from treasury to 1.75% effective April 1, 2026, impacting dividends payable on that date to shareholders of record on March 11, 2026 [1]. Summary by Relevant Sections Dividend Reinvestment Program Changes - Effective April 1, 2026, TELUS will reduce the discount on shares issued from treasury to 1.75% from the average market price for shares acquired through the reinvestment of dividends [1]. - The changes will apply to dividends payable on April 1, 2026, to shareholders of record on March 11, 2026 [1]. - Shares acquired with optional cash payments will be issued from treasury at 100% of the average market price [1]. Participation Details - Shareholders in Canada and the United States can elect to reinvest dividends in TELUS shares through the DRISP [1]. - Non-registered beneficial holders should consult their intermediaries for participation procedures [1]. - Enrollment forms must be received by Computershare Trust Company of Canada by the close of business on March 11, 2026, to participate in the April 1, 2026 dividend payment [1]. Company Overview - TELUS operates in over 45 countries, generating more than $20 billion in annual revenue with over 21 million customer connections [1]. - The company is committed to leveraging technology for positive human outcomes and has initiatives in health, agriculture, and digital customer experiences [1]. - TELUS has contributed $1.85 billion in cash and in-kind contributions since 2000, earning recognition as the world's most giving company [1].

Core Viewpoint - Telephone and Data Systems, Inc. (TDS) and Array Digital Infrastructure, Inc. will present at the Raymond James 47th Annual Institutional Investors Conference on March 3, 2026, highlighting their business strategies and financial performance [1]. Group 1: Company Overview - TDS was founded in 1969 and provides broadband services and wireless infrastructure through its subsidiaries, TDS Telecom and Array Digital Infrastructure, Inc. [1]. - Array is a leading owner and operator of shared wireless communications infrastructure in the United States, with over 4,400 cell towers nationwide [1]. - Array is approximately 82% owned by TDS, indicating a strong financial and operational relationship between the two companies [1]. Group 2: Event Details - The presentation will take place at 10:25 a.m. ET and will be available via live webcast and on-demand [1]. - Attendees are encouraged to register at least 15 minutes prior to the presentation to ensure access to the necessary multimedia streaming software [1].

Core Viewpoint - Telephone and Data Systems, Inc. (TDS) has declared dividends for the first quarter of 2026 on various share classes, indicating a commitment to returning value to shareholders [1] Group 1: Dividend Announcements - TDS will pay a quarterly dividend of $375.0000 per share on its 6.000% Series VV Preferred shares, with payment scheduled for March 31, 2026, to holders of record on March 16, 2026 [1] - A quarterly dividend of $414.0625 per share will be paid on the 6.625% Series UU Preferred shares, also payable on March 31, 2026, to holders of record on March 16, 2026 [1] - Common Shares and Series A Common Shares will receive a quarterly dividend of $0.04 per share, payable on March 31, 2026, to holders of record on March 16, 2026 [1] Group 2: Company Background - TDS was founded in 1969 and provides broadband services and wireless infrastructure through its subsidiaries, TDS Telecom and Array Digital Infrastructure, Inc. [1] - Comprehensive financial information, including earnings releases and shareholder information, is available on TDS's investor relations website [1]

Core Viewpoint - Telephone and Data Systems, Inc. (TDS) and Array Digital Infrastructure, Inc. will release their fourth quarter operating results and host a conference call on February 20, 2026, at 9:00 a.m. Central Time [1] Group 1: Company Information - TDS was founded in 1969 and provides broadband services and wireless infrastructure through its subsidiaries, TDS Telecom and Array Digital Infrastructure, Inc. [1] - The financial results will be available on the same day as the conference call, February 20, 2026 [1] Group 2: Conference Call Details - The conference call will be webcast live and available on demand [1] - Participants are advised to register at least 15 minutes prior to the presentation to ensure proper setup of multimedia streaming software [1]

Core Insights - TELUS Corporation reported strong customer growth in Q4 2025, adding 377,000 net customers, including 50,000 mobile phone and 35,000 internet customers, driven by demand for premium bundled services [1][3][7] - The company achieved a full-year basic Earnings Per Share (EPS) growth of 9% and a net income increase of 12%, with cash from operations stable at $4.9 billion [1][4] - TELUS Health experienced significant growth, with revenue and Adjusted EBITDA increasing by 13% and 10% respectively, supported by strategic investments and acquisitions [3][9] Financial Performance - Consolidated operating revenues for Q4 2025 were $5.3 billion, a slight decrease from $5.4 billion in the previous year, primarily due to lower mobile equipment revenue [2][4] - Consolidated Free Cash Flow reached a record $2.2 billion, up 11% from the prior year, exceeding annual guidance [1][4] - The company’s Adjusted EBITDA for TTech increased by 3.1% in 2025, reflecting disciplined execution and cost management [4][6] Customer Metrics - TELUS achieved a total subscriber base of 21.2 million connections, with a 5% increase year-over-year, including a 19% rise in connected devices [8][14] - The mobile phone churn rate was 0.97% for the full year, marking the twelfth consecutive year below 1% [3][23] - Healthcare lives covered by TELUS Health reached 161.2 million, an increase of 85 million over the past year, driven by acquisitions and growth in employee assistance programs [9][21] Capital Expenditures and Debt Management - Consolidated capital expenditures for Q4 2025 were $649 million, an 18% increase from the previous year, with a focus on subscriber growth and customer experience [11][14] - The company concluded 2025 with a Net Debt to Adjusted EBITDA ratio of 3.4 times, targeting 3.3 times or lower by year-end 2026 [1][4] 2026 Financial Targets - TELUS set 2026 financial targets, aiming for 2-4% growth in Consolidated Service Revenues and Adjusted EBITDA, with a projected Free Cash Flow of approximately $2.45 billion [2][25] - Consolidated Capital Expenditures are expected to decrease by 10% to approximately $2.3 billion in 2026 [2][25] Leadership Transition - Darren Entwistle, the President and CEO, will retire on June 30, 2026, with Victor Dodig appointed as his successor effective July 1, 2026 [27]

Core Insights - America Movil, S.A.B. de C.V. (AMX) reported a net income per ADR of 35 cents for Q4 2025, a significant increase from 7 cents in the same quarter last year, although it fell short of the Zacks Consensus Estimate of 43 cents [1][9] - The company's total quarterly revenues rose by 3.4% to Mex$244,897 million, driven by growth in both Service and Equipment segments [3][9] Financial Performance - Net income for the quarter was Mex$19,134 million, compared to Mex$4,074 million in the prior-year quarter [1] - Comprehensive financing costs decreased by 47.6% to Mex$15,643 million from Mex$29,850 million year-over-year [2] - Free cash flow increased by 39% year-over-year to Mex$81,884 million [12][9] - Total costs and expenses rose by 2.8% to Mex$149,969 million, while EBITDA increased by 4.2% to Mex$94,928 million, resulting in an EBITDA margin of 38.8% [11] Subscriber Growth - AMX gained 2.5 million wireless subscribers in Q4 2025, including a net increase of 2.8 million postpaid subscribers, while the prepaid segment saw a decline of 298,000 users [4] - The company had a total of 331 million wireless subscribers by the end of December 2025 [4] Regional Performance - Central America experienced a revenue growth of 10.4%, with wireless service revenue increasing by 12.7% year-over-year [6] - Argentina's revenues rose by 7.4% to ARS 770,695 million, driven by higher service revenues, although equipment revenues showed soft trends [7] - Brazil's revenues increased by 6.3% to BRL $13,381 million, supported by strong performance in Service and Equipment revenues [10]

Core Insights - AT&T Inc. has shown strong performance in Q4 2025, exceeding earnings and revenue estimates due to increased demand in mobility and broadband sectors [2] - The company is strategically expanding its fiber Internet service through the acquisition of Lumen Technologies' mass-market fiber business for $5.75 billion, adding over one million fiber subscribers [4] - Despite challenges in legacy services and margin pressures, AT&T plans to return $45 billion to shareholders from 2026 to 2028, supported by cost savings and enhanced free cash flow [3] Financial Performance - AT&T reported significant growth in wireless and broadband services, with fiber convergence rising to 42% and adding 283,000 net fiber subscribers and 221,000 Internet Air subscribers [2] - The stock price has increased by 6.4% over the past month, outperforming the Zacks S&P 500 composite and the Zacks Wireless National industry [5] - AT&T's current stock price is $26.83, with a market capitalization of approximately $190.21 billion [5] Strategic Moves - The acquisition of Lumen Technologies enhances AT&T's fiber Internet service footprint across 32 U.S. states, including major cities like Denver, Seattle, and Salt Lake City [4] - The company remains committed to investing in key areas such as 5G and fiber, adapting its strategies to align with market changes [3] - David Taylor's recent share purchase reflects investor confidence in AT&T's growth prospects [6]