TELECOM ARGENTINA SA (TEO) SEC Filings

Telecom Argentina S.A. reported much stronger interim results for the six months ended June 30, 2026. Revenues were 5,075,511 million Argentine pesos, up from 4,477,637 million a year earlier, led by growth in mobile, internet and cable services. Operating income rose to 674,203 million, and net financial results turned positive, driving net income to 869,038 million versus a net loss of 100,900 million in the prior-year period. Earnings attributable to the controlling company were 853,902 million, or 396.48 pesos per share.

Cash generation was solid, with cash flows from operating activities of 1,712,356 million, supporting capex of 946,470 million and allowing total borrowings to fall to 5,603,415 million from 6,352,457 million at year-end 2025. Equity increased to 8,926,442 million. Argentina remains a high-inflation economy under IAS 29, so figures are restated in current pesos and are not fully comparable to 2025, also reflecting the 2025 consolidation of TMA. The antitrust authority ANC granted conditional approval of the TMA acquisition, requiring divestiture of at least 6,000,000 mobile customers and 211,400 residential internet customers plus related spectrum and assets within up to 24 months, though no specific packages or buyers had been approved by June 30, 2026. An impairment test for the TMA Network CGU found recoverable amounts above carrying values.

Telecom Argentina reported consolidated net income of P$869,038 million for 1H26, with P$853,902 million attributable to the controlling company. Consolidated revenues were P$5,075,511 million, including service revenues of P$4,888,908 million, which grew 16.0% in real terms versus 1H25, showing positive evolution relative to inflation.

Mobile services remained the largest business, generating P$2,668,829 million and 55% of service revenues, helped by full period consolidation of Telefónica Móviles Argentina and higher ARPU. Internet, cable TV and fixed services also increased in real terms at the consolidated level, although fixed voice revenues for Telecom excluding TMA fell 10.9% as pricing lagged inflation.

Net financial results swung to a gain of P$614,769 million, driven mainly by foreign exchange gains of P$830,350 million and higher RECPAM income, partly offset by higher interest expense. Net financial debt was P$4,646,726 million as of June 30 2026, down P$803,881 million from year end, while CAPEX rose 47.3% to P$946,470 million, or P$1,085,076 million including rights of use.

The Argentine antitrust authority conditioned the Telefónica Móviles Argentina acquisition on divesting at least 6,000,000 mobile customers, 211,400 residential internet subscribers and related spectrum, plus behavioral remedies. Núcleo won 3,700 to 3,800 MHz 5G spectrum in Paraguay for US$1 million, and Manuel Garcia Diez became chief financial officer in August 2026.

Telecom Argentina S.A. reports a leadership change in its finance function. The Board of Directors resolved to appoint Manuel García Diez as Chief Financial Officer (CFO) of Telecom Argentina, in connection with a previously disclosed material event dated December 23, 2025.

García Diez is scheduled to assume the CFO position effective August 3, 2026. The communication is signed by Luis Fernando Rial Ubago in his role as Responsible for Market Relations, confirming the Board’s decision and its effective date.

Telecom Argentina S.A. reports that the Argentine Antitrust Tribunal has issued a resolution on its planned acquisition of exclusive control over Telefónica Móviles Argentina S.A. and its subsidiaries. The National Antitrust Commission is conditioning this economic concentration on compliance with a Remedy detailed in Annex I to the resolution.

The resolution and its annex will be published on the website of the National Authority for the Defense of Competition, allowing the market and other stakeholders to review the specific conditions imposed on the transaction.

Telecom Argentina SA director Alejandro Alberto Urricelqui increased his personal investment by buying additional American Depository Receipts (ADRs) of the company. He purchased 38,890 ADRs representing Class B Shares in an open‑market transaction at a reported price of $13.43 per ADR.

After this purchase, his direct holdings rose to 399,348 Class B Shares, including 384,890 Class B Shares held in the form of 76,978 ADRs, with each ADR representing five Class B Shares. This filing reflects a net increase in his ownership position with no derivative positions reported.

Telecom Argentina reports strong 1Q26 results in a high-inflation environment. Revenues rose 30.5% to 2,357,686 million, helped by the full-quarter consolidation of TMA. Net income jumped to 642,984 million from 123,593 million, mainly due to large net financial gains and a gain on losing control of Micro Sistemas.

Adjusted EBITDA increased 36.7% to 819,491 million, lifting margin to 34.8% of revenues, while depreciation and amortization grew more slowly than sales. Cash and cash equivalents reached 675,480 million and total borrowings were 5,487,590 million, with new US-dollar notes issued at fixed rates of 8.50% (2036) and 6.50% (2029).

Telecom formed a 50/50 joint venture with Banco Macro in Micro Sistemas via a capital contribution equivalent to US$75 million, recognizing a gain of 45,615 million. It also adhered to an ENACOM payment plan, paying 24,739 million and TMA 30,107 million to settle regulatory obligations, largely tied to the universal service fund. Shareholders authorized possible dividend distributions of up to US$300 million and Núcleo approved dividends of about 145,050 million, of which 97,909 million corresponds to Telecom Argentina.

Telecom Argentina reported consolidated net income of P$642,984 million for the quarter ended March 31, 2026, with P$636,682 million attributable to the controlling company. Consolidated revenues reached P$2,357,686 million, including service revenues of P$2,275,239 million, up 33.6% in real terms versus 1Q25, largely due to the full consolidation of Telefónica Móviles Argentina (TMA).

Mobile service revenues were the main business line at P$1,235,803 million, rising 50.3% in real terms. Excluding TMA, Telecom’s mobile revenues grew 9.0%, driven by an 18.7% real increase in ARPU despite an 8.9% drop in mobile accesses from prepaid disconnections with no revenue impact. Net financial results showed a gain of P$630,864 million, helped by inflation dynamics and foreign-exchange movements, while net financial debt stood at P$4,296,790 million, down P$792,365 million from December 31, 2025 in real terms.

CAPEX reached P$433,768 million, up 85.1% year on year, focused on network and service investments, with total investments including rights of use of P$513,992 million. During the period, a shareholder, Fintech Telecom LLC, completed a secondary ADS offering totaling 23,290,655 Class B shares, representing 1.08% of Telecom Argentina’s share capital, and shareholders approved the merger by absorption of Teledifusora San Miguel Arcangel S.A. effective January 1, 2026.

Telecom Argentina S.A. reports that an Argentine commercial court upheld a consumer action related to the “cargo Revista Miradas” charge. The ruling orders the company to reimburse affected clients for amounts paid under this item, plus interest, and to pay a AR$ 5,000,000 punitive damage fine under section 52 bis of Law 24,240.

The company, assisted by legal counsel, plans to appeal this first-instance decision.

Telecom Argentina S.A. reports that the Argentine Antitrust Tribunal issued Resolution TDC 14/2026 in an ongoing competition proceeding. The resolution extends the original 45-day review period set in section 14 of Law 27,442 by an additional 30 days.

The extension applies after the initial 45 days, which began on February 24, 2026, and relates to proceeding EX-2025-22498026- -APN-DR#CNDC, docketed as “ARGENTINA S.A. S/ NOTIFICACIÓN ART. 9 LEY N. 27.442” (Conc. 2025). The Tribunal also allows for further extensions, if needed, until the total period permitted by section 14 is reached.