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Core Viewpoint - Telecom Argentina reported a significant increase in consolidated revenues and service revenues, primarily driven by the acquisition of Telefónica Móviles Argentina (TMA), marking a return to real growth in service revenues for the legacy business [2][4][6]. Financial Performance - Consolidated revenues exceeded $5.7 billion, reflecting a 53% year-over-year increase in constant Argentine pesos, with service revenues surpassing $5.4 billion, up 55% year-over-year in real terms [2][6]. - The consolidated EBITDA margin improved to approximately 30.3%, with a nominal EBITDA margin of 31.7% for 2025, indicating a margin expansion of over 200 basis points compared to 2024 [5][10]. - The company reported a consolidated net loss of approximately ARS 145 million in 2025, a decline from a net income of almost ARS 1.4 trillion in 2024, attributed to foreign exchange losses [14]. Subscriber Trends - Broadband accesses increased by 3.2% year-over-year to 4.2 million, driven by FTTH adoption, while Pay TV subscribers rose by 1.4% to nearly 3.3 million [8][9]. - Mobile subscribers saw a decline, with prepaid accesses falling 10.7% year-over-year, attributed to updated disconnection criteria, while postpaid accesses decreased by 3.2% [8][9]. Capital Expenditures and Investments - Capital expenditures totaled almost ARS 1.5 trillion (over $1 billion), representing 17.8% of revenues and a 98% year-over-year increase in constant pesos, focusing on FTTH and 5G deployment [15][17]. - The company prioritized investments in FTTH expansion and 5G rollout, with significant network upgrades and new site deployments [17]. TMA Acquisition Impact - TMA contributed nearly $1.9 billion in consolidated revenues and over $0.4 billion in consolidated EBITDA during 2025, with standalone service revenues growing 4% in real terms to approximately $2.1 billion [6][12]. - TMA's efficiency plan aims to improve its margin closer to Telecom's, with a reported EBITDA margin of approximately 26% excluding severance charges, up from 11% in fiscal 2024 [11]. Cash Flow and Debt Management - Free cash flow before dividends and interest payments was over $0.6 billion in 2025, with year-over-year expansion exceeding $0.2 billion [18]. - Net debt to estimated pro forma EBITDA was about 1.7x in 2025, improving from 2024, with gross debt of $3.7 billion and cash and equivalents over $0.5 billion [19][21].

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 ...

Core Viewpoint - Volatile markets drive investors to seek reliable dividend stocks, which indicate business stability and shareholder commitment over the long term [1] Company Overview - Verizon Communications (VZ) is a telecom giant valued at approximately $206.2 billion, recognized as one of the largest wireless carriers in the U.S. [2] - The company provides mobile services, broadband connectivity, and enterprise networking solutions, ensuring stable earnings and cash flows [2] Dividend Reliability - Verizon has a 20-year track record of paying and increasing dividends consistently, nearing the status of "Dividend Aristocrats" [2] - The company recently increased its annual dividend by 2.5%, offering an appealing yield of 5.5%, which is higher than the S&P 500 average [2] - The payout ratio is at 57%, allowing sufficient room for debt payments, reinvestment, and potential modest annual dividend increases [2] Financial Guidance - Management has projected an annual free cash flow of $21.5 billion by 2026, the highest since 2020, which is adequate to fund dividend payments while maintaining operational flexibility [3] Analyst Recommendations - VZ stock has received a "Moderate Buy" recommendation from Wall Street, with 29 analysts covering the stock [4] - Among these analysts, eight rate it a "Strong Buy," three recommend a "Moderate Buy," and 18 suggest a "Hold" [4] - The stock is currently trading near its average target price of $49.72, with a Street-high estimate of $71, indicating a potential increase of 42% in the next 12 months [4]

Market Overview - Investor sentiment is negatively impacted by concerns over risky private loans and rising oil prices due to escalating tensions between the United States and Iran, leading to expected market volatility [1] - Amid these fears, low-beta stocks are recommended as potential investment options [1] Low-Beta Stocks - Cboe Global Markets, Inc. (CBOE) is experiencing growth in options trading, which is increasing fee revenue and profits, supported by strong financials and low debt [6][9] - AngloGold Ashanti is benefiting from strong cash flow generation, increasing margins, and a disciplined capital framework, with ongoing growth projects enhancing earnings durability [7][9] - SK Telecom is focusing on AI infrastructure and digital transformation, positioning itself to create long-term shareholder value [10][9] - Sasol Limited has an integrated business model with a strong emphasis on energy transition while maintaining competitive and sustainable returns [11]

Core Insights - Liberty Latin America reported strong operational and profitability progress in 2025, with adjusted OIBDA reaching $1.7 billion, reflecting a 9% growth on a rebased basis, and over 225,000 mobile postpaid net additions [2][3][7] Financial Performance - Total revenue for 2025 was $4.4 billion, slightly down on a rebased basis, with Q4 revenue at $1.2 billion, showing a 1% year-over-year rebased growth [8][19] - Adjusted OIBDA for Q4 was $451 million, with a full-year adjusted OIBDA of $1.7 billion, marking an 8% growth in Q4 and 9% for the year on a rebased basis [9][19] - Adjusted free cash flow before partner distributions was $278 million in Q4 and $150 million for the full year, representing a 29% year-over-year increase [9] Capital Expenditure and Profitability - Capital spending discipline was emphasized, with property and equipment (P&E) additions at 14% of revenue in 2025, down 2 percentage points from the previous year, totaling $640 million compared to $725 million in 2024 [1][7] - Adjusted OIBDA less P&E additions increased by 27% to $1.1 billion, or 24% of revenue [1][7] Subscriber Growth and Market Dynamics - The company achieved over 225,000 mobile postpaid net additions, driven by growth in Costa Rica and fixed-mobile convergence efforts [3][4] - Puerto Rico showed signs of stabilization with its first quarter of positive postpaid mobile additions since migration, although full-year revenue declined by 6% [17][18] Impact of Hurricane Melissa - Hurricane Melissa significantly impacted Jamaica's fixed network, resulting in the removal of 133,000 home passes and a $27 million reduction in Q4 results [6][11] - The company plans to deploy $81 million from weather-derivative proceeds to support recovery efforts and aims to return to near pre-hurricane profitability by the end of 2026 [6][14][16] Capital Structure and Liquidity - Liberty Latin America ended 2025 with $8.4 billion in total debt and $800 million in cash, alongside $900 million available credit, with a consolidated net leverage of 4.3x [5][19] - Liberty Puerto Rico reported a borrowing group net leverage of nearly 8x and may require additional liquidity as management considers a potential separation [5][19] Future Outlook - Management outlined priorities for 2026, including continued investment in subsea and 5G infrastructure, fixed-mobile convergence initiatives, and maintaining cost discipline [4][20]

Core Insights - The company anticipates a $100 million adjusted free cash flow impact from Hurricane Melissa in 2026, with a goal to return to pre-hurricane operational levels by year-end 2026, setting the stage for a full recovery in 2027 [1] - The company reported a significant year-over-year growth in adjusted OIBDA, with a 27% increase for fiscal 2025 and a 30% increase in Q4 2025 [3][8] - The company is focused on driving organic growth and cash flow improvement, with a strategic vision for 2026 that includes operational and financial priorities [9][10] Financial Performance - Adjusted OIBDA less P&E additions reached $1.1 billion in 2025, representing 24% of revenue, a notable improvement from 2024 [3][8] - The company achieved a robust Q4 with adjusted free cash flow before partner distributions of $278 million, leading to a full-year total of $150 million, marking a 29% year-over-year increase [3][8] - Total debt stands at $8.4 billion, with liquidity of $800 million in cash and $900 million available under credit lines [1][5] Capital Expenditures - The company invested $640 million in 2025, a decrease from $725 million in 2024, with P&E additions as a percentage of revenue dropping from 16% in 2024 to 14% in 2025 [4][5] - The company is maintaining a disciplined capital approach despite various commitments and challenges faced during the year [4] Market and Operational Outlook - The company is experiencing stabilization in its Puerto Rico operations, with a focus on improving market share and expanding revenue streams [6][9] - The fixed-to-mobile convergence strategy is expected to enhance ARPU and reduce churn, with significant growth opportunities identified in 2026 and beyond [27][29] - The company is actively working on separating Liberty Puerto Rico from Liberty Latin America Ltd. to enhance operational efficiency [8] Strategic Initiatives - The company is engaged in a liability management exercise with creditors, aiming to improve its leverage profile [7][8] - Partnerships with AWS are being leveraged to enhance internal operations and customer offerings, with ongoing investments in regional data centers [20][22] - The company is focused on translating AI initiatives into tangible free cash flow improvements, with ongoing trials and implementations [23][24]

Part of Liberty Latin America LIBERTY LATIN AMERICA FY 2025 INVESTOR CALL February 19, 2026 "SAFE HARBOR" FORWARD-LOOKING STATEMENT | DEFINED TERMS FORWARD-LOOKING STATEMENTS & DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; efficiency initiatives; our digital strategy, product innova ...

Group 1 - Telstra Group reported a 9.4% increase in half-year profit, attributed to steady contributions from its mobile business and cost-cutting initiatives [1] - The profit attributable for the six months ended December 31 was A$1.12 billion (approximately $788.03 million), compared to A$1.03 billion in the previous year [1]

Core Insights - Despite a decline in total revenue, Optimum reported significant improvements in profitability, with adjusted EBITDA rising 7.7% year-over-year to $902 million, marking the first quarter of year-over-year adjusted EBITDA growth in 16 quarters [1][7] - The company emphasized a focus on margin protection, operational efficiency, and strategic investments in fiber and AI, while navigating a highly competitive broadband environment [4][5] Revenue Performance - Total revenue for the fourth quarter was approximately $2.2 billion, a decline of 2.3% year-over-year, primarily due to a nearly 10% drop in video revenue [3][7] - Connectivity and other revenue segments grew by 2% year-over-year, supported by mobile revenue growth exceeding 40% and Business Services growth of over 8% [2] Subscriber Trends - Optimum experienced a net loss of 62,000 broadband subscribers, ending the year with 4.2 million broadband subscribers, while residential broadband ARPU increased by 2.8% to $76.71, the highest in 14 quarters [6][10] - Fiber customer accounts rose by 33% year-over-year to 716,000, although fiber net additions moderated due to a strategic decision to slow migrations [12] Cost Management and Capital Expenditures - Operating expenses decreased by nearly $60 million year-over-year, aided by a workforce optimization that reduced headcount by over 6% [7] - Cash capital expenditures were approximately $1.3 billion, with capital intensity at less than 16%, the most efficient in the last four years [17] Future Strategy - For 2026, the company plans to simplify operations, protect margins, and invest in fiber and AI, with a focus on a more streamlined product portfolio and enhanced customer loyalty programs [19][20] - Optimum is deploying AI tools across various functions, including network operations and customer service, to improve efficiency and customer experience [21][22] Lightpath Performance - Lightpath reported revenue of $468 million for full-year 2025, a 13% increase year-over-year, with awarded AI-driven contract value rising 240% to $362 million [24] - The company completed significant financing transactions, including a $2 billion refinancing and a $1.1 billion additional financing to improve its balance sheet [26][27]