If You Invested in Telecom Argentna (TEO)

Telecom Argentina S.A. (NYSE: TEO; BYMA: TECO2) is a telecommunications company that operates primarily in Argentina, with additional operations in Paraguay and Uruguay. According to the company’s disclosures, it offers local and long-distance fixed-line telephony, cellular services, data transmission, pay TV and Internet services in Argentina, and provides mobile, broadband and satellite TV services in Paraguay and pay TV services in Uruguay. The company states that it commenced operations on November 8, 1990, following the transfer of the telecommunications system in the northern region of Argentina by the Argentine government.

Telecom Argentina’s business is organized around a portfolio of information and communication technology (ICT) services. In its public reports, the company highlights mobile services, broadband Internet, cable television, fixed telephony and data services as key revenue-generating activities. Mobile services in Argentina and Paraguay represent a significant share of service revenues, with mobile internet revenues accounting for the vast majority of mobile service income. Broadband Internet services are provided over high-speed connections, and the company has reported that a large proportion of its accesses in Argentina are at speeds of 100 Mbps or higher. Cable TV services are offered in Argentina, Uruguay and Paraguay, and are associated with branded entertainment platforms referenced in its filings.

Core services and geographic footprint

Based on its own descriptions, Telecom Argentina provides:

• Mobile telephony services in Argentina and Paraguay, including prepaid and postpaid plans and machine-to-machine (M2M) connections through Telefónica Móviles Argentina S.A. (TMA) following its acquisition.
• Broadband Internet services in Argentina and through TMA, with subscriber bases in the millions and a growing share of high-speed connections.
• Cable and pay TV services in Argentina, Uruguay and Paraguay, with several million subscribers across the region.
• Fixed-line telephony and data services in Argentina, including IP telephony lines and data transmission services.
• Satellite TV services in Paraguay, as indicated in the company’s description of its regional operations.

Telecom Argentina reports that it also develops ICT services and refers to information and communication technology services as offerings that transport and distribute signals or data such as voice, text and video through telecommunications networks. The company’s operations are consolidated with a number of controlled subsidiaries in Argentina and abroad, including mobile and media entities and, more recently, TMA, which contributes to mobile, broadband and pay TV metrics.

Corporate structure and ownership

Telecom Argentina’s American Depositary Shares (ADSs), each representing five Class B shares, are listed on the New York Stock Exchange. The company files annual reports on Form 20-F and interim reports on Form 6-K with the U.S. Securities and Exchange Commission under International Financial Reporting Standards (IFRS), applying inflationary accounting in accordance with IAS 29 as required by Argentine securities regulations. The company has stated that Cablevisión Holding S.A. (CVH) is its controlling shareholder. Telecom Argentina also maintains a listing on Bolsas y Mercados Argentinos (BYMA) under the symbol TECO2.

In its filings, Telecom Argentina discloses a network of controlled and associated companies, including entities involved in mobile services, content distribution, fintech activities and international operations. Examples cited in its glossary and financial statements include Núcleo S.A.E. in Paraguay, various Argentine subsidiaries involved in cable TV and ICT services, and foreign subsidiaries such as Telecom Argentina USA Inc. The company also reports joint ventures and associates that contribute to its consolidated financial results.

Business evolution and acquisitions

The company has described a history of corporate reorganization and expansion. It notes that CVH became the controlling company as of January 1, 2018, and that it has pursued growth in telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States. A notable recent development disclosed in 2025 is the acquisition of Telefónica Móviles Argentina S.A. (TMA). Telecom Argentina reports that TMA’s results have been consolidated from March 1, 2025, and that this acquisition has significantly affected revenues, customer bases and operating metrics, particularly in mobile, broadband and pay TV segments.

Telecom Argentina also reports on internal corporate reorganizations. For example, in a 6-K dated December 1, 2025, the company informed regulators that its board and the board of its controlled company Teledifusora San Miguel Arcangel S.A. (TSMA) approved the initiation of a merger process in which Telecom Argentina will absorb TSMA, effective January 1, 2026. The company indicates that special merger financial statements will be prepared as part of this process.

Financial reporting and operating environment

Telecom Argentina prepares its financial statements in an inflationary environment, restating figures in constant Argentine pesos as required by Resolution 777/18 of the Comisión Nacional de Valores (CNV). In its 9M25 and 1H25 results, the company explains that comparative figures are restated for inflation and that service revenues and margins are analyzed in real terms. The company regularly reports consolidated revenues, operating income before depreciation, amortization and impairment of fixed assets (referred to as Operating Income before D, A & I), net income or loss, capital expenditures (CAPEX) and net financial debt.

In its 9M25 report, Telecom Argentina highlights that mobile services are its main business in terms of service revenues, with mobile internet representing the vast majority of mobile service income. It also notes that broadband Internet revenues have grown in real terms, supported by subscriber growth and higher average revenue per user (ARPU). Cable TV revenues and subscriber bases are also disclosed, including the contribution of TMA and the evolution of ARPU in constant currency. Fixed telephony and data services, other service revenues (such as fintech-related services and billing and collection management) and equipment sales are presented as additional components of its revenue mix.

Regulatory and legal context

Telecom Argentina operates under the oversight of several Argentine regulatory bodies, including the CNV and the Ente Nacional de Comunicaciones (ENACOM). The company reports that it complies with CNV rules on inflation-adjusted financial reporting and that it files required information with ENACOM and the Comisión Nacional de Defensa de la Competencia (CNDC) in connection with significant transactions, such as the acquisition of TMA. In a 6-K dated March 7, 2025, the company stated that it completed filings with ENACOM and CNDC regarding that acquisition.

The company also discloses legal proceedings and their outcomes. For example, in a 6-K dated December 2, 2025, Telecom Argentina reported that a Federal Court in Tucumán ruled not to uphold a consumer association’s claim related to a service outage, determining that the event was a fortuitous event. The company regularly informs investors of such matters through its filings.

Capital structure, dividends and financing

Telecom Argentina reports that, as of December 31, 2024, it had more than two billion issued and outstanding shares. The company has disclosed decisions regarding dividend distributions and reserve withdrawals, including a 2025 board resolution to distribute dividends in kind through Argentine sovereign bonds and in cash, funded in part by a withdrawal from a discretionary reserve intended to maintain investment levels and solvency. These decisions are communicated through material fact notices and 6-K filings.

The company also reports on its borrowing activities and net financial debt. In several 6-K filings in 2025, Telecom Argentina described entering into a loan agreement with Bank of China Limited (Panama Branch) and receiving disbursements in Renminbi with maturities in 2028. The company explains that increases in net financial debt have been driven mainly by financing obtained for the acquisition of TMA.

Governance and management disclosures

Telecom Argentina communicates changes in its board and senior management through regulatory letters. For example, in November 2025 it reported the appointment of a director to serve until the end of fiscal year 2026 and the approval of the performance of a resigning director. In December 2025, the company informed regulators that its Chief Financial Officer had ceased to serve for personal reasons and that the Director of Finance would perform CFO duties on an interim basis until a new appointment is made.

The company also holds shareholders’ meetings where resolutions on governance, dividends, and director appointments are adopted. Summaries of these resolutions are filed with the CNV and furnished to the SEC on Form 6-K, providing transparency on corporate decisions that may affect shareholders.

Risk factors and forward-looking statements

In its press releases and Form 20-F filings, Telecom Argentina includes cautionary language regarding forward-looking statements. The company notes that expectations about future performance, revenues, capital expenditures, liquidity, regulatory developments, competition, technological changes and macroeconomic conditions in Argentina, Paraguay, Uruguay and other markets are subject to risks and uncertainties. It emphasizes that many of these factors are beyond management’s control and that actual results may differ materially from projections.

Status and listing

Telecom Argentina continues to file annual reports on Form 20-F and interim reports on Form 6-K with the SEC, and its ADSs remain listed on the New York Stock Exchange under the symbol TEO. The company also reports market capitalization figures as of specific dates in its news releases, indicating that its shares are actively traded. There is no indication in the provided filings of delisting, deregistration or cessation of operations.