Telecom Argentina S.A. (TEO) released its 2025 full‑year financial results on March 10, 2026, after completing the February 2025 acquisition of Telefónica’s Movistar operations. The company reported total revenue of 8,328,814 million Argentine pesos, a 53.0 % increase in real terms compared with 2024, driven largely by the inclusion of Movistar’s revenue and a higher average revenue per user across mobile, internet and cable TV services.
EBITDA rose to 2,503,367 million pesos, up 64.7 % in real terms, and the EBITDA margin expanded to 30.1 % from 27.9 % in 2024. The margin growth reflects the higher mix of high‑margin services and improved operational leverage as the company scales the newly acquired network and customer base.
The consolidated net loss for the year was 159,916 million pesos, with a loss attributable to the controlling company of 81,050 million pesos. The loss is largely attributable to one‑time charges related to the Movistar acquisition, adverse foreign‑exchange movements amid a sharper peso depreciation, and inflation‑adjusted accounting under IAS 29. In contrast, Telecom Argentina posted a net income of 1,033,252 million pesos in 2024, underscoring the magnitude of the swing from profit to loss.
Management highlighted that the EBITDA margin improvement demonstrates effective cost control and pricing power, while the cash‑flow generation remains robust despite the acquisition‑related expenses. The company’s fintech arm, Personal Pay, continues to expand its client base, providing a diversification path beyond core telecom services.
Regulatory scrutiny remains a key headwind. The acquisition is under review by Enacom and CNDC, and the government has temporarily suspended the operational effects of the deal. The regulatory outcome will influence the company’s ability to fully realize the synergies and market dominance expected from the merger.
Overall, the results show that while revenue and operating efficiency have improved, the integration costs and macroeconomic headwinds have translated into a net loss for 2025. Investors will monitor how the company manages the regulatory review and continues to strengthen its cash‑flow position as it pursues growth in both telecom and fintech segments.
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