Q4 2025 Telecom Argentina SA Earnings Call Transcript
Key Points
- Telecom Argentina SA (TEO) reported consolidated revenues of over $5.7 billion for 2025, marking a 53% year-over-year increase in constant Argentine pesos, driven by the incorporation of Telefónica Móviles Argentina (TMA).
- The company's EBITDA margin improved to over 30.3% in fiscal year 2025, with a potential increase to over 32% when excluding severance charges from TMA.
- Telecom Argentina SA (TEO) successfully expanded its fiber-to-home (FTTH) network and 5G infrastructure, with a significant increase in CapEx to approximately $1.0 billion, an 88% increase from the previous year.
- The company maintained a solid credit profile with a net debt to estimated pro forma EBITDA leverage ratio of around 1.7 times, showing improvement from the previous year.
- Telecom Argentina SA (TEO) achieved growth in its broadband and Pay TV segments, with broadband accesses increasing by 3.2% year-over-year and Pay TV subscriptions growing for the second consecutive year.
- Telecom Argentina SA (TEO) recorded a consolidated net loss of approximately ARS145 million for fiscal year 2025, compared to a net income of almost ARS1.4 trillion in 2024, primarily due to financial factors.
- The company faced a decrease in mobile subscribers, particularly in the prepaid segment, with a 10.7% reduction year-over-year, although this did not impact mobile service revenues.
- TMA's Pay TV subscriber base saw a decline of 7.9% year-over-year, with a net loss of approximately 33,000 customers.
- The company's financial results were impacted by FX exchange losses due to lower inflation compared to the base of devaluation, affecting the financial results for fiscal year 2025.
- Despite improvements, TMA's EBITDA margin, excluding severance charges, was still lower than Telecom Argentina SA (TEO)'s margin, indicating room for further efficiency improvements.
Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating of this conference call. The participants of today's conference call are Roberto Nobile, Chief Executive Officer; Federico Pra, Interim Chief Financial Officer; and myself, Luis Rial Ubago, Head of Investor Relations.
The purpose of this call is to share with you the results of the annual period and fourth quarter ended on December 31, 2025. If you have not received our press release or presentation, you can call our Investor Relations office to request the documents or download them from the Investor Relations section of our website located at inversores.telecom.com.ar.
I would like to go over some Safe Harbor information and other details of the call. We would like to clarify that during the conference call and Q&A session, we could mention certain forward-looking statements about Telecoms' future performance, plans, strategies, and objectives. Such statements are subject to uncertainties that could cause Telecom's actual
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