ANALYSIS

América Latina · Operators After the buying rally, Millicom reports strong third-quarter results Revenue totaled US$ 1.42 billion, showing a slight decrease of 0.7% compared to a year earlier, but operating profit grew by more than 30%, and adjusted EBITDA increased by 18.7%. The quarter ended with 42.2 million mobile customers and 13.7 million RGUs.	América Latina · Operators In a challenging environment, Liberty Latin America manages to sustain its revenue and improve margins Revenue grew 2% year over year in the third quarter of 2025. Net income was positive at US$ 3 million, compared to a negative US$ 436 million last year. During the period, the company added more than 101,000 new postpaid mobile accounts, driven by growth in Costa Rica.	Argentina · Regulation · Spectrum Spectrum for verticals: Discontent persists, although timing could tip the balance in favor of the operator Communication service providers are developing plans to meet market demand but warn about the limitations of the official proposal. Claro believes that private networks should be complemented with public ones, as their uses are different.
Perú · Operators Bitel, mobile operator that came from Vietnam and is already the third largest in Peru		México · Regulation New Telecommunications Regulatory Commission starts with several pending tasks

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