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Telecom Argentina (TEO) investor relations material
Telecom Argentina Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Consolidated revenues reached ARS 5.6 trillion (P$5,622,561 million), up nearly 50% year-over-year, driven by the acquisition of TMA and strong performance in mobile, broadband, and pay TV segments.
EBITDA margin improved to 30.5% in constant currency, with further improvement to 32.6% excluding TMA severance charges, and significant productivity gains across segments.
Net loss of ARS 272 billion (P$272,543 million) was recorded, compared to net income of ARS 1.25 trillion in the prior year, mainly due to FX losses and higher financial costs.
Free cash flow before dividends and interest was $400 million, up by over $150 million year-over-year, supporting ongoing dividend payments.
Dividend payment of $150 million announced for 2025, with $130 million in kind and $20 million in cash.
Financial highlights
Service revenues grew 4% year-over-year excluding TMA, and over 50% including TMA's contribution.
EBITDA increased 123% nominally, with a margin of 30.5% in constant currency and 31.4% in nominal terms.
Net financial debt was P$4,433,988 million as of September 2025, up 44.3% from December 2024, mainly due to TMA acquisition financing.
CAPEX totaled $615 million (P$989,760 million), a 73% real increase, focused on network expansion, FTTH, and 5G infrastructure.
Free cash flow for 9M25 was US$402 million, a significant increase from US$254 million in 9M24.
Outlook and guidance
Continued focus on operational efficiency, digital transformation, and expanding the service ecosystem.
Ongoing investment in network infrastructure, 4G/5G coverage, and customer experience enhancements.
Anticipated growth in broadband and pay TV in Uruguay and Paraguay, with further scaling of fintech platform Personal Pay.
Detail 9M25 net loss drivers
Compare TMA vs Telecom (ex-TMA) subscriber trends
Address fixed voice/data revenue decline (ex-TMA)
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Next Telecom Argentina earnings date
Q4 202527 Feb, 2026
Next Telecom Argentina earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Telecom Argentina S.A. (TEO), along with its subsidiaries, is a major provider of telecommunications services. The company's offerings encompass a wide range of mobile telecommunications services, including voice communication, high-speed mobile internet, content and application downloads, and online streaming. In addition to mobile communication devices such as handsets and smartwatches, Telecom Argentina also provides internet connectivity products, including virtual private network services and traditional Internet protocol links, along with programming and other cable television services. The company offers telephone services that cover local, domestic, and international long-distance calls, public telephone services, and related supplementary services like call waiting, call forwarding, and voice mail. Furthermore, it delivers infrastructure, interconnection, datacenter, internet, value-added, and international long-distance services, along with data transmission and videoconferencing services. The company is headquartered in Buenos Aires, Argentina, and its shares are listed on the NYSE.
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