Q3 2024 Bezeq Israeli Telecommunication Corp Ltd Earnings Call Transcript
Key Points
- Bezeq The Israeli Telecommunication Corp Ltd (BZQIF) recorded a 2% increase in core revenues, driven by a 4% growth in Bezeq Fixed-Line.
- The company achieved a 50% year-over-year increase in fiber subscribers and a 25% growth in 5G subscriber plans.
- Bezeq has reached 2.5 million home passes with a 31% take-up rate, surpassing expectations.
- The strategic sale of Bezeq Online for ILS50 million contributed to financial efficiency.
- Net debt decreased by ILS290 million or 6% year-over-year, improving the coverage ratio from 1.6 times to 1.5 times.
- Adjusted EBITDA was negatively impacted by the reversal of the Universal Fiber Fund and the war's impact on roaming revenues.
- Free cash flow declined this quarter due to an increase in CapEx.
- The TV sector remains highly competitive, with a 1% decline in TV subscribers.
- Adjusted net profit decreased by 2.6% after adjustments for the universal fund and roaming revenue impacts.
- Bezeq International faced declines in revenues and profitability due to regulatory reforms and lower international long-distance revenues.
Welcome everyone. And thank you for joining us on Bezeq's 2024 third quarter earnings call. I'm Toby Fischbein, CFO of the Bezeq group. Joining us from the senior management team today, we have Mr. Tomer Raved, Bezeq's chairman; Mr. Nir David, Bezeq's Fixed-Line CEO; Mr. ⢠Ilan Sigal, CEO of Pelephone and yes. Before we start the call, I would like to direct your attention to the safe Harbor statement on slide 2 of our Q3 investor presentation, which also applies to any statement made during today's call.
We would like to inform you that this event is being recorded. Following the presentation of our quarterly results, we will have a Q&A session. With that said, let me now turn the call over to Tomer for his opening remarks. After his introduction, I will continue the presentation of our group's financial highlights followed by Nir who will discuss Bezeq's Fixed-Line results and Ilan, who will cover the result from Pelephone and yes. And I will conclude the presentation with Bezeq international
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