TELECOM ARGENTINA (TEO) Company Report

Analyst Coverage

Research analysts who have asked questions during TELECOM ARGENTINA earnings calls.

Morgan Stanley

2 questions for TEO

Lucror Analytics

2 questions for TEO

JPMorgan Chase & Co.

2 questions for TEO

BTG Pactual

1 question for TEO

Recent press releases and 8-K filings for TEO.

Telecom Argentina Reports Q3 2025 Net Loss Amidst Revenue Growth Driven by TMA Acquisition

TEO

Earnings

M&A

Debt Issuance

Telecom Argentina reported a net loss of ($192,481) million (Argentine pesos) for Q3 2025, with basic and diluted earnings per share of ($93.03), and a net loss of ($272,543) million for the nine-month period ended September 30, 2025, with EPS of ($134.26).
Total revenues for the nine-month period ended September 30, 2025, increased 49.6% to $5,622,561 million, primarily driven by the consolidation of Telefónica Móviles Argentina (TMA) results, which contributed $1,762,192 million.
The company completed the acquisition of Telefónica Móviles Argentina (TMA) on February 24, 2025, for US$1,245 million (equivalent to $1,539,116 million in current currency as of September 30, 2025), funded by loans.
To support its growth strategy, Telecom Argentina issued Class 24 Notes for an aggregate principal amount of US$1,000 million in May and July 2025.
Total CAPEX and Right of use asset additions for the nine-month period ended September 30, 2025, increased 39.6% to $989,760 million, including $279,459 million from TMA, with investments focused on expanding cable television, internet, 4G, and 5G services.

Nov 12, 2025, 9:15 PM

TEO Reports Strong 9M25 Financial Results

TEO

Earnings

New Projects/Investments

Dividends

TEO reported strong financial results for the nine months ended September 30, 2025 (9M25), with Adjusted EBITDA of US$1.2 billion and Service Revenues of US$3,860 million.
The company achieved significant profitability improvement, with its consolidated EBITDA margin reaching 32.6% in 9M25. TEO's EBITDA margin (excluding TMA) improved to 33.0% in 9M25 from 28.2% in FY24, while TMA's EBITDA margin increased to 23.8% in 9M25 from 11.0% in FY24.
Capital expenditures (CAPEX) increased by 73% to US$615 million in 9M25, primarily directed towards mobile and FTTH network deployment, including 351 new 5G sites.
Free Cash Flow (FCF) grew to US$402 million in 9M25 from US$254 million in 9M24, contributing to a strong cash position of US$498 million, and the company maintains a Net Debt / Estimated proforma EBITDA ratio of 1.9x for the last twelve months ended September 30, 2025 (LTM9M25).