Telecom Argentina S.A. (TEO) Earnings
Telecom Argentina S.A. is expected to report next earnings on November 9, 2026 (in NaN days), with a consensus EPS estimate of $0.19. TEO has beaten EPS estimates in 7 of its last 11 reported quarters (average surprise +260.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $0.27 | $0.29 | +8.2% | $1.7B | +1.2% |
| May 12, 2026 | $0.28 | $1.04 | +271.4% | $1.7B | +6.0% |
| Mar 14, 2026 | $0.02 | $0.19 | +773.2% | $1.9B | — |
| Aug 12, 2025 | $-0.33 | $-0.36 | -9.1% | $1.5B | -2.2% |
| Feb 28, 2025 | $-0.47 | $0.17 | +136.2% | $1.2B | +24.2% |
| Aug 15, 2024 | $0.45 | $0.15 | -66.7% | $940M | +24.1% |
| Mar 11, 2024 | $-2.24 | $-2.16 | +3.6% | $928M | -0.2% |
| Nov 9, 2023 | $-0.40 | $0.23 | +157.5% | $781M | +12.7% |
| Mar 20, 2023 | $0.15 | $0.05 | -66.7% | $13.6B | +14.7% |
| Nov 9, 2022 | $-0.21 | $-0.67 | -219.0% | $148.2B | +18.1% |
| Mar 9, 2022 | $0.11 | $0.19 | +72.7% | — | — |
| Dec 31, 2020 | — | $-0.11 | — | $1.1B | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · August 12, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Financial Performance * Consolidated total revenues reached 2.3 trillion pesos (+31% real YoY, +72% nominal YoY), equal to over $1.7 billion USD, with 34.8% YoY revenue growth in USD. Full consolidation of TMA (acquired Feb 2025, one month of contribution in 1Q25 vs full quarter in 1Q26) is the primary driver of the headline growth. * Consolidated EBITDA reached ~820 billion pesos (+37% real YoY), with a reported margin of 34.8%, expanding 160 basis points YoY. Adjusted for higher severance charges, the consolidated EBITDA margin reaches 36%. * Telecom ex-TMA EBITDA margin reached 38%, the highest level since the 2018 merger, and exceeds 40% when adjusted for severance charges. The deconsolidation of microsistemas following the JV with Banco Macro added 1.4 percentage points to this margin. * TMA standalone EBITDA margin was 28.7% reported, exceeding 30% adjusted for severance charges. * Consolidated net income was ~643 billion pesos in Q1 2026, up from 124 billion pesos in 1Q25, driven by positive exchange differences from peso appreciation on foreign currency denominated debt and EBITDA expansion. * Net debt-to-EBITDA leverage improved to 1.4x (last 12 months) as of Q1 2026, down from 1.7x at end-2025 and 1.9x in 1Q25. - Capital Deployment * Consolidated capex was ~$0.3 billion USD (434 billion pesos), representing an 18.4% capex intensity relative to revenue, 85% higher YoY in constant pesos (partially driven by full TMA consolidation). * 60% of capex was allocated to access network and technology upgrades: 210 new 3.5 GHz 5G sites were added, 780 existing sites were upgraded, and 11,400 FTTH network blocks were overlaid for fixed access. 25% of capex went to customer premise installations/equipment, and 9% to international operations. * Investments prioritize FTTH network expansion and 5G infrastructure deployment to improve network quality, support data consumption growth, and strengthen long-term competitive positioning. - Balance Sheet & Liability Management * Gross debt was ~$4 billion, cash and equivalents ~$0.9 billion, for net debt of $3.1 billion, lower than end-2025 in USD terms. * Proceeds from the Class 27 2036 international notes were used to repay $109 million in local loans and $82 million in local dollar-linked 2020 notes, extending the average debt maturity to ~5 years, balancing the maturity profile and reducing refinancing risk.
Guidance
No explicit forward-looking quantitative or qualitative guidance (including revenue, margin, capex, or leverage targets, or upward/downward revisions to prior guidance) was provided in the transcript excerpt.
Segment performance
1. Fixed Services (includes Broadband, FTTH, Pay TV): - Combined Telecom Argentina (ex-TMA) and TMA broadband accesses grew 3.7% YoY to ~5.8 million accesses. Telecom ex-TMA broadband reached 4.2 million accesses (+3.3% YoY), with FTTH representing 33% of its base at 1.4 million accesses. TMA broadband reached 1.6 million accesses (+48% YoY), 96% of which are FTTH. - Combined Pay TV accesses grew 3.9% YoY. Telecom ex-TMA Personal Flow Pay TV reached 3.3 million accesses (+4.7% YoY), with 1.8 million unique customers (+17% YoY). TMA Pay TV saw a 1.8% YoY decline to 410,000 accesses. - Revenue contribution is not explicitly broken out as an absolute percentage of consolidated revenue in the transcript. 2. Mobile Services: - Telecom ex-TMA mobile: 19.5 million total accesses, with 11.5 million prepaid (-12.2% YoY, driven by updated dormant line deactivation rules) and 8 million postpaid (-3.7% YoY, driven by deactivation of low-traffic lines). Postpaid subscribers now represent 41% of total mobile, up from 39% YoY. Mobile service revenue for Telecom ex-TMA grew ~9% YoY. - TMA mobile: 9.5 million postpaid accesses (+2.9% YoY), representing 49% of TMA's total mobile base, including 2.9 million machine-to-machine connections (+10% YoY). - Combined mobile service revenue including TMA grew 9% YoY. 3. Regional Operations: - Paraguay: Revenues grew ~25% YoY in USD, EBITDA reached $36 million (+34% YoY) with a 50%+ EBITDA margin. It had 2.6 million mobile customers (+1% YoY), 357,000 broadband subscribers, and 110,000 Pay TV subscribers. Operations are nearly unlevered at 0.1x net debt. - Uruguay: 94,000 Pay TV customers and ~3,200 broadband customers as of Q1 2026. 4. FinTech (Personal Pay): - Argentina: 5 million onboarded clients, growing 28.1% YoY. Total paid net volumes (TPV) increased 1.2x YoY in Q1 2026. Loan originations (excluding extra pay) reached 11.2 million pesos in the quarter, with growing traction for lending services.
Risks & headwinds
- Forward-looking statements about future performance are subject to material uncertainty, including risks from changing industry and economic regulations, shifts in customer demand for products and services, changes in general market and macroeconomic conditions, and changes to legislation that could cause actual results to differ from expectations. - Refinancing risk remains a consideration, though recent liability management actions have reduced this risk by extending debt maturity and creating a manageable near-term maturity profile.