Telecom Argentina (TEO) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was US$1,778 million, up 18% YoY in USD terms; service revenue was US$1,714 million, while inflation-adjusted ARS revenue declined 2.3%.

• Adjusted EBITDA reached US$642 million, up 37% YoY, with a 36.1% margin; 9M26 net income was P$862,959 million, versus a 3Q26 net loss of P$56,615 million.

Financial highlights

• 3Q26 consolidated service revenue fell 1.7% in real terms YoY; excluding TMA's extraordinary discounts, the decline would have been 0.2%.

• 3Q26 operating costs before depreciation, amortization and impairment declined 9.1% in real terms YoY; operating income before D&A and impairment rose 12.5% to P$974,258 million.

• Net financial results were a P$78,848 million gain in 3Q26, versus a P$609,414 million loss in 3Q25; 9M26 recorded a P$729,368 million gain.

• 9M26 revenue increased 7.6% in real terms to P$8,068,010 million; operating income before D&A and impairment rose 26.6% to P$2,896,729 million.

Segment performance

• Mobile service revenue rose 5.1% in real terms YoY in 3Q26 and 17.2% in 9M26; the 9M comparison reflects nine months of TMA contribution versus seven months in 9M25.

• Internet service revenue declined 4.6% in real terms in 3Q26; excluding TMA discounts, it was up 0.3%. 9M26 revenue grew 5.2%.

• Cable TV service revenue rose 0.6% in real terms in 3Q26, or 2.4% excluding TMA discounts; 9M26 revenue increased 3.4%.

• Fixed telephony and data revenue fell 22.2% in real terms in 3Q26 and 5.2% in 9M26; other service revenue fell 47.3% and 38.9%, respectively.