Financial Data and Key Metrics Changes - Group service revenue growth accelerated to 5.8% in Q2, supported by growth across Europe and Africa [4] - Group EBITDA grew by 6.8% in the first half, with nearly all markets posting EBITDA growth [4][3] - Over EUR 5 billion returned to shareholders via buybacks and dividends over the last 18 months, with a further EUR 1 billion of buybacks expected in the next six months [3] Business Line Data and Key Metrics Changes - In Germany, the 5G standalone network covers over 90% of the population, serving over 40 million customers and almost 60 million IoT SIMs [5] - Fixed broadband offers gigabit connectivity to three out of four German households, with OXG fiber marketed to 1 million homes [5] - In the U.K., Vodafone serves almost 30 million mobile customers and is the fastest-growing broadband provider, with a gigabit footprint covering about 22 million households [7] Market Data and Key Metrics Changes - The U.K. market is experiencing good commercial momentum, supported by cross-selling opportunities between Vodafone and Three customers [8] - African markets continue to show strong performance, with another set of results reported in line with medium-term double-digit EBITDA growth guidance [8] Company Strategy and Development Direction - The company is focused on improving customer experience, simplifying operations, and delivering sustainable cash flow growth in fiscal year 2026 and beyond [9] - The integration of Vodafone and Three in the U.K. is a top priority, with significant investments in network quality and customer experience [7][8] - The company aims to leverage its unique assets in the market to extend customer experience leadership and drive fixed service growth [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook due to the turnaround in Germany, the U.K. integration, and strong positions in growing markets across Europe and Africa [9] - The company expects to close the year at the upper end of the growth guidance set out in May, despite anticipated slowdowns in certain markets [4][16] - Management highlighted the importance of disciplined execution focused on operational excellence to capitalize on growth opportunities [91] Other Important Information - The company announced a move to a progressive dividend policy, expecting to grow dividends over time [9][78] - The acquisition of Skaylink is part of the company's strategy to enhance digital services, which now account for over a quarter of B2B revenues [84] Q&A Session Summary Question: EBITDA run rate for the second half and next year - Management indicated that while the first half saw strong growth, a slowdown is expected in the second half due to various factors including marketing expenses and tough comparisons in the U.K. [11][16] Question: Turnaround initiatives in Germany - Management expects continued growth in Germany in the second half, supported by wholesale contributions and improved B2B performance [21][26] Question: Integration progress in the U.K. - Management reported positive early actions and synergy delivery from the integration of Vodafone and Three, with improved churn trends and strong consumer performance [34][38] Question: Impact of proposed legislation in Germany - Management noted that proposed changes to legislation could marginally accelerate fiber building but do not foresee significant impacts on the OXG joint venture [44][46] Question: Performance of Vodafone Türkiye - Management highlighted Vodafone Türkiye's strong performance, with significant EBITDA and cash flow growth, driven by unique digital capabilities [55][58] Question: Future of FWA proposition in the U.K. - Management sees FWA as a great opportunity to leverage existing assets and bridge the gap until fiber is available in all areas [64][66] Question: Common functions EBITDA - Management explained that the negative adjusted EBITDA for common functions is expected to remain negative due to structural factors [67][70] Question: Dividend and buyback outlook - Management confirmed a progressive dividend policy and indicated that buybacks will be assessed based on the company's position and market environment [76][78] Question: Future acquisitions in digital services - Management expressed confidence in the growth of digital services and indicated that more activity in this space, including potential small acquisitions, is likely [82][86]

Financial Data and Key Metrics Changes - Vodafone's group service revenue growth accelerated to 5.8% in Q2, supported by growth across Europe and Africa [3] - Group EBITDA grew by 6.8% in the first half, with nearly all markets posting EBITDA growth [3][4] - Over EUR 5 billion returned to shareholders via buybacks and dividends over the last 18 months, with a further EUR 1 billion of buybacks expected in the next six months [2][9] Business Line Data and Key Metrics Changes - In Germany, the 5G standalone network covers over 90% of the population, serving over 40 million customers and almost 60 million IoT SIMs [4] - Fixed broadband offers gigabit connectivity to three out of four German households, with continued expansion of gigabit broadband reach [4] - In the U.K., Vodafone serves almost 30 million mobile customers and is the fastest-growing broadband provider, with the largest gigabit footprint [6][8] Market Data and Key Metrics Changes - Vodafone holds leadership positions across African markets, reporting strong results in line with medium-term double-digit EBITDA growth guidance [8][9] - The U.K. market is experiencing good commercial momentum, supported by cross-selling opportunities and a multi-brand approach [7][8] Company Strategy and Development Direction - The company aims to improve customer experience, simplify operations, and deliver sustainable cash flow growth in fiscal year 2026 and beyond [9] - Vodafone is focused on operational excellence and has completed the reshaping of the group, including the merger of Vodafone Three in the U.K. and the acquisition of Telecom Romania's assets [2][9] - The company is moving to a progressive dividend policy, indicating a commitment to grow dividends over time [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook due to the turnaround in Germany, the U.K. integration, and strong positions in growing markets across Europe and Africa [9] - The company expects to close the year at the upper end of the growth guidance set in May, despite anticipated slowdowns in certain markets [3][14] Other Important Information - The company has introduced new propositions in mobile and is expanding capabilities to meet growing demand for digital services [5] - The integration of Vodafone and Three in the U.K. is progressing rapidly, with early wins in network quality and customer experience [6][8] Q&A Session Summary Question: EBITDA run rate for the second half and next year - Management indicated that while the first half saw strong growth, a slowdown is expected in the second half due to various factors, including marketing expenses and emerging markets' growth trends [11][14] Question: Turnaround initiatives in Germany - Management expects continued growth in Germany in the second half, supported by wholesale contributions and improved B2B performance [22][29] Question: U.K. integration and commercial performance - The integration of Vodafone and Three is progressing well, with positive actions leading to improved churn trends and strong consumer performance [36][42] Question: Proposed changes to legislation in Germany - Management believes that proposed changes will marginally accelerate fiber building but does not expect significant impacts on the OXG joint venture [47][50] Question: Performance of Vodafone Turkey - Turkey has shown significant financial success, with both EBITDA and cash flow increasing by close to EUR 300 million each over the last two years, despite a potential slowdown in growth due to moderating inflation [58][60] Question: Future of digital services and acquisitions - Management sees significant growth potential in digital services, particularly in B2B, and anticipates more activity in this space, including potential small acquisitions [85][88] Question: Dividend policy and shareholder returns - The company has adopted a progressive dividend policy, expecting to grow dividends year after year, while also considering share buybacks based on market conditions [80][81]

Financial Data and Key Metrics Changes - The company reported an EBITDA growth of 2.4%, driven by operational expense (OPEX) improvements, despite a year-on-year decline in software revenues by 1.1% [5][22] - Revenue decreased by 1.1%, translating to a decline of approximately CHF 8 million, primarily due to a drop in fixed subscription revenue [22][25] - Free cash flow generated was close to CHF 14 million, lower than Q2, attributed to interest payments typically made in Q1 and Q3 [25][30] Business Line Data and Key Metrics Changes - Mobile segment saw 20,000 postpaid net additions, supported by B2B growth, while the internet segment experienced a decline of 7,000 net adds due to software trading impacts and UPC migrations [5][18] - Fixed business reported negative net adds of 7,000, attributed to slower inflow and higher churn, which is expected to be a one-time impact [13][14] - Mobile ARPU increased, benefiting from price increases and improved inflow values, while fixed ARPU declined due to promotional pressures and accounting impacts from new mobile portfolio [19][22] Market Data and Key Metrics Changes - Competitive intensity remains high but unchanged, with the company continuing its strategy across main brands, flanker brands, and B2B [7][36] - The company launched a new budget mobile brand, CH Mobile, to capture the lower end of the market, responding to increased competition in that segment [11][12][58] Company Strategy and Development Direction - The company is executing a fast follower strategy, particularly in response to Black Friday activities, and has launched several new services to open growth avenues [6][11] - Focus on improving operational efficiencies and cost management, with expectations of further OPEX and CAPEX efficiencies in the future [7][36] - The company aims to stabilize its fixed business by 2026, despite current delays in stabilization [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slower than expected stabilization of the fixed consumer business, driven by softer inflow and higher churn levels [15][36] - The company reaffirmed its 2025 financial guidance, including a 2.7% growth in dividends per share (DPS) [6][36] - Management is optimistic about increasing free cash flows and attractive shareholder returns in the midterm [7][36] Other Important Information - The company confirmed the termination of its Class A ADS program, with a significant percentage of shares already converted [34][35] - The company is committed to gradually repaying its debt, with plans to repay CHF 180 million in Q4 [33][34] Q&A Session Summary Question: B2B interest in 5G services and EU vendor replacement risks - Management noted slow movement in B2B adopting 5G services, with no major inflow of new demands yet [41] - No imminent need to react to EU discussions on vendor replacements in Switzerland [41][42] Question: Black Friday sales and fixed ARPU weakness - Management observed early promotions from competitors but noted no significant changes in aggression compared to previous years [46] - Fixed ARPU pressures are expected to stabilize with ongoing actions to improve inflow and reduce churn [48] Question: Brand strategy and fiber rollout focus - The new CH Mobile brand aims to fill gaps in the budget segment, responding to competitor activity [58] - Management plans to enhance marketing efforts in fiber rollout areas to capture more customers [60] Question: Expectations for CH Mobile and cost savings - No specific market share targets for CH Mobile, but the goal is to participate in the growing budget segment [76] - Cost savings expected from AI implementation, organizational efficiencies, and effective marketing spending [77]

Financial Data and Key Metrics Changes - The company reported an EBITDA growth of 2.4%, driven by operational expense improvements, despite a 1.1% decline in software revenues year-on-year [5][22] - Revenue decreased by 1.1%, translating to a decline of approximately CHF 8 million, primarily due to a drop in Fixed Subscription Revenue [22][25] - Free cash flow generated was close to CHF 14 million, lower than Q2, attributed to interest payments typically made in Q1 and Q3 [25][30] Business Line Data and Key Metrics Changes - Mobile segment saw 20,000 postpaid net additions, supported by B2B growth, while the internet segment experienced a decline of 7,000 net adds due to software trading impacts and UPC migrations [5][18] - Fixed business reported negative net adds of 7,000, attributed to the tail end of UPC migrations and higher churn rates [13][14] - Mobile ARPU increased, benefiting from price increases and improved inflow values, while Fixed ARPU declined due to promotional pressures and accounting impacts from the new mobile portfolio [19][22] Market Data and Key Metrics Changes - The company observed unchanged competitive intensity in the market, with a focus on three growth engines: main brand, flanker brands, and B2B [7][36] - The FMC share increased by 0.5 percentage points compared to the previous quarter, now at 59% [18] Company Strategy and Development Direction - The company reaffirmed its midterm outlook of increasing free cash flows and attractive shareholder returns, despite slower stabilization in the Fixed business [7][36] - New product launches, including Home Security and CHmobile, aim to capture market opportunities and enhance service offerings [8][11] - The company is executing a fast follower strategy in response to competitor activities, particularly during the Black Friday sales period [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slower than expected stabilization of the Fixed business, with expectations for improvement during 2026 [36] - The company is taking countermeasures to address challenges in the Fixed segment, including loyalty initiatives and operational execution improvements [16][48] - Management remains optimistic about the liquidity in Q4 and the potential for growth through new product offerings [36] Other Important Information - The company confirmed its guidance for 2025, including a 2.7% year-on-year growth in dividends per share [6][32] - The termination of the Class A ADS program is expected to conclude on November 13, with a significant percentage of shares already converted [34][35] Q&A Session Summary Question: B2B interest in 5G services and EU vendor replacement risks - Management noted slow movement in B2B interest for 5G services, with no major inflow of new demands [41] - There is no immediate need for action regarding EU vendor replacement risks in Switzerland [41][42] Question: Black Friday sales and Fixed ARPU weakness - Management observed early promotional activities from competitors but noted no significant changes in aggression compared to previous years [46] - The stabilization of Fixed ARPU is delayed, with several actions being taken to improve the situation [48] Question: Brand strategy and fiber rollout focus - The launch of CHmobile is seen as a completion of market coverage rather than a shift in strategy, addressing gaps in the budget segment [58] - Management plans to enhance marketing efforts in fiber rollout areas to capture more customers [60] Question: Expectations for CHmobile and cost savings - No specific market share targets for CHmobile, but the aim is to participate in the growing budget segment [76] - Cost savings are expected from operational efficiencies, AI implementation, and effective marketing spending [77]

Financial Performance - Group Q2 service revenue increased by 58% [3] - Europe Q2 service revenue saw a growth of 05% [3] - Group H1 Adjusted EBITDAaL grew by 68% [3] - FY26 Adjusted EBITDAaL is expected to be between €113 billion and €116 billion [3] - FY26 Adjusted FCF is projected to be between €24 billion and €26 billion [3] - The company commits to a progressive dividend policy with a 25% increase for FY26 [3] Operational Progress - VodafoneThree merger was completed on May 31, 2025, with financial results consolidated from June 1, 2025 [3] - In Germany, 350k OXG households were passed [3] - In the UK, VodafoneThree integration is off to a fast start [3] - Africa has 94 million financial services customers [3]

Financial Data and Key Metrics Changes - The company reported an EBITDA growth of 2.4%, driven by operational expenditure (OPEX) improvements, despite a year-on-year decline in software revenues by 1.1% [4][21] - Revenue decreased by 1.1%, translating to a decline of approximately CHF 8 million, primarily due to a drop in fixed subscription revenue [21][24] - Free cash flow generated was close to CHF 14 million, lower than Q2, attributed to interest payments typically made in Q1 and Q3 [23] Business Line Data and Key Metrics Changes - The mobile segment saw 20,000 postpaid net additions, supported by B2B growth, while the internet segment experienced a decline of 7,000 net adds due to software trading impacts and UPC migrations [4][18] - Mobile Average Revenue Per User (ARPU) increased, benefiting from price increases and improved inflow values, while fixed ARPU declined due to various factors including promotional intensity [19][21] Market Data and Key Metrics Changes - The company observed unchanged competitive intensity in the market, with a focus on three growth engines: main brand, flanker brands, and B2B [6][36] - The Fixed Consumer Business is experiencing slower stabilization than anticipated, influenced by softer inflow and higher churn rates [6][14] Company Strategy and Development Direction - The company reaffirmed its midterm outlook of increasing free cash flows and attractive shareholder returns, while executing a fast follower strategy with the launch of CH Mobile [5][36] - New product launches included home security services, a high-end Iconic bundle, and a Super search functionality for content, aimed at enhancing market competitiveness [8][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slower than expected stabilization of the fixed business, with expectations for improvement during 2026 [36] - The company is taking countermeasures to address challenges in the fixed segment, including adjustments to promotional strategies and loyalty initiatives [46][47] Other Important Information - The company confirmed its guidance for 2025, including a 2.7% year-on-year growth in dividends per share (DPS) [5][32] - The termination of the Class A ADS program was noted, with a significant percentage of shares already converted [34][37] Q&A Session Summary Question: B2B interest in 5G services and EU vendor replacement risks - Management noted slow movement in B2B interest for 5G services, with no major inflow of new demands observed [41] - There is no imminent need to react to EU discussions on vendor risks in Switzerland [41][42] Question: Black Friday sales outlook and fixed ARPU weakness - Management indicated that Black Friday promotions have started early, with no significant changes in aggression compared to previous years [45] - The stabilization of fixed ARPU is delayed, with several actions being taken to improve the situation [46][47] Question: Brand strategy and fiber rollout focus - The launch of CH Mobile is seen as a completion of the multi-brand strategy, addressing gaps in the budget segment [58] - The company plans to enhance marketing efforts in new fiber rollout areas to capture more customers [60] Question: Expectations for CH Mobile and cost savings - No specific targets for CH Mobile were set, but the aim is to participate in the growing budget segment [76] - Future cost savings are expected from OPEX efficiencies, AI implementation, and improved marketing spending [77]

Tesoro Gold Conference Call Summary Company Overview - **Company**: Tesoro Gold Ltd - **Project**: El Zorro Gold Project - **Location**: Northern Chile, Atacama Desert - **Current Resource**: 1.8 million ounces constrained within a $3,000 per ounce pit, with an unconstrained resource of 2 million ounces [1][2] Key Points and Arguments Resource Development - **Drilling Campaign**: A 20,000 meter drilling campaign at the Tenera gold deposit has added 500,000 ounces to the resource, bringing the total to 1.8 million ounces [1][2] - **Resource Classification**: 60% of the resources are classified as indicated, with an average of around 5,000 ounces per vertical meter, indicating strong mining potential [3] - **Metallurgical Recovery**: The project boasts over 94% recovery across all grade ranges, with a significant portion of gold recoverable through gravity circuits [4] Economic Viability - **Scoping Study**: An updated scoping study indicates a robust project with a base case using a $2,750 per ounce gold price, projecting an average production of 111,000 ounces per year for the first nine years at an all-in sustaining cost of around $1,200 per ounce [11] - **NPV and IRR**: The post-tax NPV at a 7.5% discount rate is $663 million, with potential NPV reaching $1.3 billion at higher gold prices [12] Infrastructure and Location - **Strategic Location**: The project is located 13 km from the coast and near the Pan-American Highway, with power and water sources within 20 km [6][7] - **Water Source**: Water for processing will come from a nearby desalination plant, which is advantageous due to its low salinity [8][9] Future Plans - **Pre-Feasibility Study**: The company is fully funded to complete a pre-feasibility study by April next year, with ongoing drilling to improve resource classification [5][13] - **Exploration Campaign**: An extensive exploration campaign is underway to grow the Tenera deposit and explore new targets within a 5 km radius [14][17] Regulatory Environment - **Permitting Process**: The permitting process in Chile is described as straightforward, with baseline studies already commenced [13][14] Additional Important Information - **Strategic Investment**: Gold Fields holds a 13% stake in Tesoro Gold, having invested approximately AUD 13 million [6] - **Emerging Targets**: New targets are emerging along a defined gold corridor over 30 km long, with promising results from recent drilling [15][17] - **Growth Potential**: There is a clear pathway to potentially increase the resource to around 3 million ounces based on current exploration results [17] This summary encapsulates the critical aspects of Tesoro Gold's conference call, highlighting the company's strategic position, resource potential, economic viability, and future plans in the gold mining sector.

Summary of Contango Ore (NYSEAM:CTGO) 2025 Conference Call Company Overview - Contango Ore is an NYSE American-listed company involved in gold mining projects in Alaska, specifically the Montreal, Lucky Shot, and Johnson Track projects [1][2][3] Key Projects and Production Plans - **Montreal Project**: - Currently in production through a joint venture with Kinross, where Contango owns 30% - Produces approximately 60,000 ounces of gold annually, generating about $100 million in free cash flow at a gold price of $3,500 per ounce [1][2] - The project utilizes a direct shipping ore (DSO) model, avoiding the need for building a mill and tailings facilities [4][5] - **Lucky Shot Project**: - Fully permitted underground mine, currently undergoing a feasibility study - Expected to produce about 40,000 ounces of gold per year [2][3] - Plans to invest around $50 million to bring this project into production within two years [3][4] - **Johnson Track Project**: - Currently in the permitting stage, with a robust ore body containing gold, silver, copper, lead, and zinc - Expected to double production capacity to 200,000 ounces of gold annually once operational [4][16] Financial Performance and Shareholder Value - Contango has a tight share structure with 15.5 million shares outstanding and management owning about 20% of the company [2][4] - The company has reduced its debt from $60 million to approximately $15 million [2] - Free cash flow generation is strong, with projections of $3 per share under hedged conditions, potentially increasing to $8 when unhedged, and up to $15 with the five-year production growth plan [10][20] Direct Shipping Ore (DSO) Model - The DSO model allows for quicker production without extensive permitting challenges, as it involves mining at the site and transporting ore directly to existing processing facilities [5][11] - This model significantly reduces capital expenditure and environmental impact [5][11] Permitting and Infrastructure - The Montreal project is located on land owned by the Tetlan Tribe, which has a 3% royalty agreement [6] - The Johnson Track project benefits from existing land easements and is expected to receive necessary permits by Q1 2026 [17][18] Market Outlook and Strategic Positioning - The company is optimistic about the gold market, expecting prices to continue rising [10] - Contango focuses on high-grade deposits, avoiding lower-grade resources to ensure profitability [11] Additional Considerations - The company is exploring alternative processing options, including potential partnerships for processing in Taiwan [15] - The Johnson Track project is positioned to take advantage of the current administration's interest in critical metals, enhancing its permitting prospects [17] This summary encapsulates the key points discussed during the conference call, highlighting Contango Ore's strategic initiatives, financial health, and market positioning.

Financial Performance - Revenue decreased by 1.1% YoY to CHF 741 million in Q3 2025 [46], primarily due to a decline in Fixed Subscription Revenue and lower Mobile Non-Subscription Revenue [50] - Adjusted EBITDAaL increased by 2.4% YoY to CHF 270 million in Q3 2025 [46], driven by Opex improvements [16] - CAPEX decreased by 4.7% YoY to CHF 106 million in Q3 2025 [46], aligning with expected full-year reductions [50] - Adjusted FCF reached CHF 37 million, benefiting from lower interest payments [46] Customer & Commercial - Mobile Postpaid net additions increased by 20k, supported by improved B2B growth [16] - Fixed Mobile Convergence (FMC) increased to 59% of the customer base [41] - Internet net additions were -7k, impacted by softer trading and UPC migrations [16] Strategic Initiatives - Launched "CHmobile" to address the C-Segment, completing segment coverage [16] - Introduced new products including Home Security, "Iconic Bundle," and "SuperSearch" [16] - Reaffirmed Capital Markets Day (CMD) mid-term outlook of increasing Free Cash Flows [16] Guidance & Debt - 2025 Guidance re-confirmed, including expected DPS growth of 2.7% YoY [16] - Debt maturity extended, with approximately 84% of debt due after 2031 and about 60% due in 2032 [74]

Telenor (OTCPK:TELN.F) 2025 Capital Markets Day November 11, 2025 03:00 AM ET Company ParticipantsJon Omund Revhaug - Head of Telenor AsiaTorbjørn Wist - CFOFrank Maaø - Head of Investor RelationsRik Brown - CMO at Telenor NorgeJussi Tolvanen - Head of DNA FinlandBenedicte Schilbred Fasmer - CEOSigvart Voss Eriksen - Head of Telenor NordicsConference Call ParticipantsJeremy Ben-Nathan - AnalystNick Lyall - Senior Equity AnalystNone - AnalystJørgen Weidemann - AnalystAjay Soni - AnalystUlrich Rathe - Analyst ...