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    Telecommunications Services
Telecom Argentina S.A.

Telecom Argentina S.A.

TECO2.BA
Telecom Argentina S.A.AR flagBuenos Aires Stock Exchange
4,170.00
ARS
+65.00
- -
8.98TMarket Cap
Telecom Argentina S.A.
TECO2.BA
(Buenos Aires Stock Exchange)

Recent

price

4,170.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
14.86
18.79
22.47
27.87
34.4
41.78
62.33
56.62
163.42
226.15
411.74
1,198.43
2,295.98
2,738.84
2,527.29
3,867.23
4,197.82
Revenue per Share
1.97
2.55
2.73
3.27
3.79
3.51
10.79
8.27
5.15
-4.19
-7.8
24.4
-654.4
-342.81
618.39
-78.94
175.17
Basic EPS, GAAP
1.92
2.35
1.73
2.84
-3.49
-1.96
6.76
2.46
-0.16
29.71
62.24
151.84
288.26
205.09
254.88
415.67
503.13
Free Cash Flow per Basic Share
1.07
0.93
0.84
1
1.34
0.88
3.1
2.22
33.09
33.9
0.5
- -
- -
- -
- -
9.42
9.42
Dividend per Share
6.11
7.64
6.83
6.96
7.52
7.24
7.83
23.38
20.23
-2.91
-3.04
8.77
-299.51
-259.6
619.39
-77.94
- -
Book Value per Share
5.36
6.78
8.78
10.76
9.74
10.27
12.68
10.18
35
26.65
23.07
24.11
91.08
-207.22
162.3
-61.39
231.51
Tangible Book Value per Share
984
984
984
979
969
969
969
1,811
2,154
2,154
2,154
2,154
2,154
2,154
2,154
2,154
2,154
Basic Weighted Avg Shares
14,627
18,498
22,117
27,287
33,341
40,496
60,405
102,531
351,948
487,067
886,765
2,581,043
4,944,819
5,898,611
5,442,958
8,328,814
9,040,828
Sales/Revenue/Turnover
35.91
35.84
34.38
33.84
34.66
35.27
37.96
39.21
32.72
29.13
10.35
2.05
-0.52
-2.71
-0.74
10.34
13.23
Operating Margin (%)
1,712
2,158
2,612
2,873
3,243
4,438
7,883
15,082
69,157
120,675
241,741
814,484
1,689,811
2,017,138
1,726,512
2,048,480
2,122,117
Depreciation Expense
1,935
2,513
2,685
3,202
3,673
3,403
10,457
14,969
11,089
-9,034
-16,803
52,559
-1,409,383
-738,306
1,331,805
-170,006
377,262
Net Income, GAAP
35.57
35.43
34.87
35.51
34.53
33
36.32
35.88
- -
137.81
262.19
77.02
- -
- -
28.37
- -
26.47
Effective Tax Rate (%)
13.23
13.59
12.14
11.73
11.02
8.4
17.31
14.6
3.15
-1.85
-1.89
2.04
-28.5
-12.52
24.47
-2.04
4.17
Profit Margin (%)
-886
-69
1,103
701
-2,704
-5,422
-949
-7,995
-30,703
-47,927
-79,678
-195,636
-545,993
-1,360,017
-1,583,257
-2,004,488
-1,568,114
Working Capital
121
115
101
220
254
1,449
8,646
14,626
91,177
163,877
249,888
418,489
1,104,011
3,539,804
2,557,716
4,059,337
4,436,922
LT Debt
6,511
8,165
10,158
12,051
14,769
17,610
19,878
55,028
352,150
421,827
586,944
1,071,114
2,530,351
4,889,729
7,280,927
6,983,308
8,218,598
Total Equity
46.42
51.16
48.79
48.37
51.29
48.21
51.46
48.54
- -
-9.59
-19.2
0.94
- -
- -
-0.27
- -
6.83
Return on Invested Capital (%)
32.2
36.6
36.45
44.78
48.68
38.01
70.96
39.92
- -
-9.69
-35.55
15.1
- -
- -
29.26
- -
14.89
Return on Capital (%)
33.62
37.12
37.68
47.28
52.08
47.57
143.17
59.95
25.82
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1,574,903
1,766,361
1,453,482
LT Borrowings
3,687,475
3,820,071
4,185,143
LT Finance Leases
224,455
239,266
251,779
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,154
2,154
2,154
Market Capitalization
4,813,409
7,597,002
7,387,175

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,738,676
1,833,812
2,175,050
Cash, Cash Equivalents & STI
672,384
771,661
1,069,765
Accounts Receivable, Net
776,936
799,188
797,814
Inventories
86,909
79,530
67,930
Total Current Liabilities
3,325,458
3,838,300
3,743,164
Payables & Accruals
1,602,216
1,836,973
2,084,150
ST Debt
1,574,903
1,766,361
1,453,482
Deferred Revenue
- -
62,064
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
114.54%
71.36%
-4.09%
Free Cash Flow
-1,915.46%
58.46%
63.08%
Net Income, GAAP
-350.61%
-727.02%
-112.77%
Sales/Revenue/Turnover
82.98%
69.45%
53.02%
Total Cash Common Dividend
- -
- -
1,780.07%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,066,430
1,193,554
1,295,358
1,285,255
5,442,958
2025
1,806,103
1,911,678
2,065,211
2,706,253
8,328,814
2026
2,357,686
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
486.73
35.35
-10.01
34.25
618.39
2025
54.84
-82.75
-93.03
55.32
-78.94
2026
295.62
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
9.42
9.42
2026
- -
- -
- -
- -
- -
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Business
Telecom Argentina S.A. Telecom Argentina S.A. provides telecommunications services to residential, small, medium, and large businesses in Argentina, Paraguay, and Uruguay; its core offerings include fixed-line and mobile telephony, high-speed broadband internet via fiber and cable modem services such as Arnet-Fibertel, pay-TV and entertainment platforms under the Flow brand featuring customizable packs with HBO, Disney+ Premium, Universal+, and sports content, as well as corporate solutions encompassing dedicated data lines, network colocation, videoconferencing, and emerging digital services powered by AI. Founded in 1990 through the privatization of the state-owned Empresa Nacional de Telecomunicaciones and headquartered at Alicia Moreau de Justo 50 in Buenos Aires, Argentina, the company operates under brands like Personal for mobile services and leads the market with approximately 22.5 million wireless subscribers, over 4 million fixed-line users, and expanded broadband and TV penetration following significant infrastructure investments exceeding $7 billion since 2017. In early 2025, Telecom Argentina S.A. completed its $1.245 billion acquisition of Telefónica's Argentine operations on February 24, consolidating 58% of the mobile market, 46% of broadband, and 38% of pay-TV while awaiting final regulatory approvals; this transformative deal enhances fiber-to-the-home and 5G rollout nationwide, boosts network capacity in southern provinces, and supports new investments up to $2 billion in 2025 including its largest-ever bond issuance to fund digital transformation and AI-driven enterprise solutions.