Market Overview - Investors are concerned about the U.S.-Israeli war on Iran, which may negatively impact global financial markets and economies, leading to stock market volatility [1] Low-Beta Stocks - Low-beta stocks such as Gold.com Inc (GOLD), Cboe Global Markets, Inc. (CBOE), SK Telecom (SKM), and Adecoagro S.A. (AGRO) are recommended as potential stable investments during periods of rising market volatility [1][8] Company Insights - **Gold.com**: The company has a strong presence in the precious metals market, benefiting from rising gold prices and a growing international footprint, with multiple revenue channels enhancing its market position [6] - **Cboe Global Markets**: The company is experiencing growth in options trading, which increases fee income and profits. It maintains low debt levels and consistently rewards shareholders, boosting investor confidence [7][8] - **SK Telecom**: As a leading mobile service provider, SK Telecom is focusing on AI infrastructure and digital transformation, positioning itself for long-term value creation for shareholders [9] - **Adecoagro S.A.**: The company generates over 1 million megawatt-hours of renewable electricity annually from agricultural waste and renewable sources, reducing its energy costs and dependence on external power [10]

Financial Data and Key Metrics Changes - The company reported service revenues of $1.55 billion for Q4 2025, an increase of 15.9% year-on-year, with organic growth of 5.2% excluding contributions from newly acquired operations in Ecuador and Uruguay [14][15] - Adjusted EBITDA for the quarter reached $778 million, representing a 25.9% year-on-year increase and an EBITDA margin of 47.1% [15][18] - Equity Free Cash Flow (EFCF) grew by $139 million or 17.9% over the last 12 months, reaching $916 million [16][24] Business Line Data and Key Metrics Changes - The mobile business generated service revenue of $954 million, with a 5.7% year-on-year growth when excluding perimeter effects [5][6] - The Postpaid customer base increased by 12.6% year-on-year, reaching 9.1 million, while the Prepaid base saw a revenue growth of 3% [6][7] - The Home business added 40,000 customers, with a 5.1% year-on-year increase, although service revenues declined marginally by 0.3% [7][8] Market Data and Key Metrics Changes - In Guatemala, Postpaid grew by 20% year-on-year, with mobile service revenue increasing by 5.9% [9] - Colombia's mobile service revenue grew by 6.9% year-on-year, with Adjusted EBITDA reaching a record margin of 44% [9][10] - Panama's Postpaid customer base expanded by 14.6% year-on-year, with mobile service revenue growing by 4.5% [10] Company Strategy and Development Direction - The company is focused on integrating newly acquired operations in Ecuador, Uruguay, and Chile, aiming for operational efficiency and market consolidation [2][11] - The strategy includes a disciplined approach to network investment and a focus on Prepaid to Postpaid migration, which is expected to enhance customer satisfaction and ARPU [5][6] - The company plans to maintain a strong balance sheet while pursuing further acquisitions in adjacent markets like Peru and Venezuela, avoiding larger markets like Brazil and Mexico [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of Chile, citing its strong macroeconomic conditions and the company's ability to stabilize operations quickly [33][34] - The company anticipates a challenging operating environment due to ongoing integrations and potential currency risks, but remains optimistic about achieving an EFCF of at least $900 million in 2026 [27][39] - Management highlighted the importance of operational excellence and disciplined financial management in navigating macro volatility in Latin America [26] Other Important Information - The company distributed $334 million to shareholders in dividends, with plans to maintain a sustainable dividend policy while managing leverage [25][66] - The company expects leverage to increase temporarily due to acquisitions but aims to bring it back down to around 2.5 by year-end 2026 [28][79] Q&A Session Summary Question: Can you provide insights on the acquisition of operations in Chile and the competitive environment? - Management highlighted Chile's strong macroeconomic conditions and the company's position as number one in Home subscribers, with plans for operational improvements to achieve EFCF neutrality [33][34] Question: What is embedded in the Equity Free Cash Flow guidance for this year? - Management indicated that the guidance includes contributions from Uruguay and Ecuador, with expectations of low to mid double-digit EFCF from these countries [36][41] Question: How sustainable are the margin increases observed? - Management attributed margin expansion to ongoing efficiency programs and top-line growth, with expectations for continued improvement in Colombia and other operations [45][46] Question: What is the appetite for acquisitions in new countries? - Management stated a focus on in-market consolidation and adjacent markets, with no immediate plans to enter larger markets like Brazil and Mexico [47][48] Question: What are the drivers behind the strong revenue growth in Guatemala? - Management credited excellent execution in migrating customers from Prepaid to Postpaid, network investments, and effective base management as key factors [62][63] Question: What are the restructuring plans for 2026? - Management indicated that restructuring costs in Uruguay and Ecuador were around $20 million in 2025, with expectations of higher costs related to the Coltel acquisition in 2026 [74][75]

Core Insights - Telefônica Brasil reported strong growth in 4Q25 and for the full year 2025, driven by consistent increases in revenue, EBITDA, and net income [1] Financial Performance - Net Operating Revenue for 4Q25 reached R$15,611 million, a 7.1% increase YoY, with full-year revenue at R$59,595 million, up 6.7% YoY [2] - EBITDA for 4Q25 was R$6,699 million, reflecting an 8.1% increase YoY, with a margin of 42.9%, while full-year EBITDA was R$24,822 million, up 8.5% YoY [2][4] - Net Income for 4Q25 was R$1,877 million, a 6.5% increase YoY, with full-year net income at R$6,168 million, up 11.2% YoY [2][6] Revenue Breakdown - Mobile Services revenue in 4Q25 was R$9,841 million, a 7.0% increase YoY, with full-year revenue at R$38,383 million, up 6.6% YoY [2] - FTTH revenue grew by 9.8% YoY in 4Q25, reaching R$2,009 million, and 10.4% YoY for the full year at R$7,828 million [2][4] - Corporate Data, ICT, and Digital Services revenue increased by 10.2% YoY in 4Q25, totaling R$1,483 million, and 17.1% YoY for the full year at R$5,542 million [2] Subscriber Growth - The total number of subscribers reached 116,716 thousand, a 0.6% increase YoY [2] Capital Expenditure - Capex for 4Q25 was R$2,359 million, a decrease of 4.0% YoY, representing 15.1% of revenues, down 1.7 percentage points YoY [5] - Investments focused on strengthening the 5G network, which is now present in 716 cities, covering 67.7% of the Brazilian population [5] Cash Flow and Shareholder Remuneration - Operating Cash Flow for 4Q25 was R$4,340 million, a 16.0% increase YoY, with a margin of 27.8% [6] - Shareholder remuneration for 2025 totaled R$6,376.5 million, a 9.1% increase YoY, with a payout ratio of 103.4% over net income [7]

RESULTS 4Q25 Telefônica Brasil S.A. Investor Relations February 23rd, 2026 This presentation may contain forward -looking statements concerning prospects and objectives regarding the capture of synergies, growth of the subscriber base, a breakdown of the various services to be offered and their respective results Our actual results may differ materially from those contained in such forward - looking statements, due to a variety of factors, including Brazilian political and economic factors, the development ...

This presentation contains declarations that constitute forward-looking statements regarding the intent, belief or current expectations of value creation, customer base dynamics, estimates regarding future financial results and other aspects of the activities. Classificado como Uso Interno Disclaimer Analysts and investors are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. TIM S.A. undertakes no obligation to release publicly ...

Financial Data and Key Metrics Changes - Group service revenue grew by 5.4% in Q3 2026, supported by growth in Europe and Africa, particularly in Germany, Africa, and Turkey [3][4] - Group EBITDA increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations and guidance for FY26 [3][4] Business Line Data and Key Metrics Changes - In Germany, mobile customer numbers increased, with new customer ARPUs up 21% year-on-year, stabilizing consumer broadband revenues [4][6] - The U.K. integration and network investment plan is progressing well, with initial upgrades delivered ahead of schedule [4][5] - The acquisition of Skaylink supports growth in digital services, particularly in cloud and security [6] Market Data and Key Metrics Changes - Emerging markets continue to show double-digit growth, contributing positively to overall service revenue [29] - The competitive landscape in the U.K. is evolving, with potential consolidation among operators, which may impact pricing and competition [42] Company Strategy and Development Direction - Vodafone is focused on enhancing customer experience and value strategy, particularly in Germany and the U.K. [4][5] - The company is investing GBP 11 billion over ten years to build the leading 5G network in the U.K. [5] - The acquisition of a controlling stake in Safaricom is expected to strengthen Vodafone's position in Africa, leveraging growth opportunities in digital services [6][38] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the multi-year growth trajectory, with expectations for continued good growth in EBITDA and adjusted free cash flow [31][32] - The company is navigating a competitive market environment but is confident in its strategic initiatives and operational progress [6][7] Other Important Information - The company is seeing improvements in Net Promoter Scores and is focused on reducing complexity while accelerating opportunities in digital and financial services [6] - The EU Digital Networks Act and Cybersecurity Act are under review, with potential implications for investment and innovation in the telecom sector [77][78] Q&A Session Summary Question: Insights on Germany's EBITDA trajectory - Management expects EBITDA performance in Germany to improve in the second half of the year, but does not anticipate a return to positive EBITDA this year [12][14] Question: Clarification on broadband strategy and pricing actions - The focus is on value over volume, with recent price increases expected to stabilize broadband losses and improve ARPU [21][25] Question: Group-wide growth prospects for 2027 and beyond - Management is confident in the multi-year outlook for adjusted free cash flow growth, with continued good growth expected for the group overall [31][32] Question: Impact of potential consolidation in the UK broadband market - Management believes consolidation could make sense in the current environment but is pleased with Vodafone's multi-partner approach in the UK [42][43] Question: Opportunities in Africa following the Safaricom acquisition - The acquisition is seen as a strategic move to leverage growth opportunities in Africa, particularly in digital services and financial technology [38][39] Question: Thoughts on tower market dynamics and Vantage - Management is satisfied with the current position in Vantage and is monitoring market trends for potential consolidation opportunities [56][57] Question: Discussion on Fixed Wireless Access (FWA) growth - Management expects FWA to continue to grow in the UK, with seasonal factors impacting recent performance [48][49] Question: Comments on the EU Digital Networks Act and Cybersecurity Act - Management is cautiously optimistic about potential reforms but acknowledges the uncertainty surrounding the Cybersecurity Act [78][79]

Core Insights - The article emphasizes the importance of looking beyond U.S. large caps for investment opportunities, particularly in undervalued international stocks [1][3][9] - The Benzinga Value Ranking is introduced as a systematic, numbers-driven tool to identify the cheapest stocks globally based on multiple valuation metrics [2][5] Investment Strategy - Investors are encouraged to focus on the top decile of the Benzinga Value Ranking, specifically targeting non-U.S. stocks to access the cheapest part of the global market [7][9] - The current market environment is characterized by extreme valuation dispersion outside the U.S., with many profitable companies trading at low earnings multiples [4][6] Company Highlights - **POSCO Holdings (NYSE:PKX)**: A leading steel producer in South Korea, trading at discounted multiples despite controlling high-quality assets [11] - **Sasol Ltd. (NYSE:SSL)**: An integrated energy and chemicals company in South Africa, generating substantial cash flow but heavily discounted due to past operational issues [12] - **Korea Electric Power Corp. (NYSE:KEP)**: The backbone of South Korea's power system, facing extreme low valuation multiples due to government pricing controls [13] - **LuxExperience (NYSE:LUXE)**: A niche luxury travel company in the Netherlands, undervalued due to lack of investor attention rather than demand collapse [14] - **Gerdau (NYSE:GGB)**: Brazil's largest long steel producer, trading at low multiples despite consistent cash flow generation [15] - **Honda Motor (NYSE:HMC)**: A global manufacturing leader in Japan, undervalued due to lack of hype around its steady profits and cash flow [16] - **SK Telecom (NYSE:SKM)**: South Korea's largest wireless carrier, undervalued due to low growth expectations despite reliable cash generation [18] - **Jiayin Group (NASDAQ:JFIN)**: A Chinese fintech company facing regulatory uncertainty, leading to extreme valuation discounts [19] - **FinVolution Group (NYSE:FINV)**: Another Chinese fintech platform, similarly undervalued due to regulatory challenges and investor distrust [20] - **KT Corp. (NYSE:KT)**: A leading telecommunications provider in South Korea, generating stable cash flow but facing compressed valuation multiples [21]

Core Insights - Charter Communications Inc. has received a lowered price target from RBC Capital, now set at $265 from a previous $325, following disappointing Q3 2025 earnings results [1] - The company reported a 1% year-over-year decline in revenue to $13.67 billion, attributed to customer losses and a tough comparison to last year's political advertising revenue [2] - Despite the revenue decline, Charter's mobile segment saw significant growth, adding 493,000 mobile lines, representing over 20% year-over-year growth [3] Financial Performance - Q3 revenue declined by 1% year-over-year to $13.67 billion, primarily due to customer losses and reduced political advertising revenue [2] - EBITDA decreased by 1.5% year-over-year, remaining flat when excluding the advertising segment [2] - Net income for the quarter was $1.1 billion, down from $1.3 billion in the previous year [2] Subscriber Metrics - Charter's broadband subscriber numbers missed estimates, prompting RBC Capital to lower forecasts for broadband subscribers and ARPU [1] - The company experienced a notable improvement in its video business, reducing video customer losses to 70,000, a significant improvement from 294,000 lost in the same quarter last year [3] - However, Charter lost 109,000 Internet customers in Q3 [3] Market Position - Charter Communications operates as a broadband connectivity and cable operator serving residential and commercial customers in the US [4] - While Charter is recognized as a potential investment, analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]

Financial Performance - Telecom Argentina's 9M25 adjusted EBITDA reached US$41 billion, a 73% increase compared to 9M24[12] - The company's 9M25 revenues showed an EBITDA margin of 305%, compared to 288% in 9M24[12] - Service revenues increased by 5% to P$3,860 million in 9M25, compared to P$3,679560 million in 9M24[24] - The company's 9M25 CAPEX was US$615 million, focused on mobile and FTTH network deployment[12] - Free cash flow generation for 9M25 was US$402 million[76] Operational Highlights - The company has a leading position in the market with 32 million Pay TV subscribers and 203 million Mobile subscribers[13] - Broadband subscribers increased to 41 million[14] - Personal Pay onboarded approximately 44 million clients[14] - Mobile ARPU increased by 10% for TEO and 5% for TMA[26] - Broadband ARPU increased by 3% for TEO and 14% for TMA[26] - Pay TV ARPU increased by 2% for TEO and 19% for TMA[26] Debt and Leverage - Net debt to estimated proforma EBITDA LTM9M25 was 19x[12] - Total funds raised in 2025 amounted to US$27 billion[92]

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]