Telecom Argentina Swings to P$56,615 Million Net Loss in Third Quarter on TMA Impairment

Telecom Argentina S.A. reported a consolidated net loss of P$56,615 million for the third quarter ended September 30, 2026, against consolidated net income of P$862,959 million for the nine-month period. The Buenos Aires-based telecom operator disclosed the results in a PR Newswire release on November 12, 2026.

Telecom Argentina's Impairment and TMA Discounts

The quarterly loss followed a P$383,870 million impairment loss recorded within depreciation, amortization and impairment of fixed assets. Of that total, P$370,683 million covered the group of assets to be transferred and P$13,187 million covered 3G/4G and PCS licenses to be returned, both within the approval process of the TMA acquisition. A further P$10,785 million impairment applied to real estate held for sale. The company said the result does not affect EBITDA or cash flow for the period.

TMA granted discounts of approximately P$39,930 million in the quarter related to billing cycle changes, split between Internet at P$28,932 million, Cable TV at P$5,577 million and Fixed Telephony and Data at P$5,421 million. Those discounts cut TMA service revenues by about 4.3%; excluding the effect, they would have grown 0.9% versus the third quarter of 2025 instead of declining 3.3%.

Telefónica, which sold its Argentine unit to Telecom Argentina, raised its full-year cash flow and profit targets for the second consecutive quarter, driven by Spain and Brazil, according to Telecompaper.

Telecom Argentina's Revenue and Margin Figures

According to akta.pro company records, Telecom Argentina acquired Telefónica's Argentine unit (Movistar Argentina) for US$1.25 billion in February 2025, creating the largest mobile operator in Argentina. The same records list more than 60 million mobile subscriptions following the acquisition of Telefónica Móviles Argentina and 33 million customers across mobile, broadband and pay TV.

Consolidated revenues for the quarter reached US$1,778 million, up 18% from a year earlier, and service revenues were US$1,714 million, up 19%. EBITDA was US$642 million, up 37%, at a 36.1% margin. Equity free cash flow reached US$231 million, equal to 36.0% of EBITDA, and capital expenditure totaled US$354 million, or 19.9% of revenues. Net debt stood at US$2,927 million as of September 30, 2026, with net leverage of 1.2x.

Divestitures Preceding the Results

Argentina's competition authority approved Metrotel as the buyer of six million mobile customers and 200,000 fixed-line internet users that Telecom must transfer to complete its Telefónica acquisition, LA NACION reported in September 2026. In August 2026, Telecom Argentina proposed that Metrotel acquire specific fiber-optic infrastructure assets from Telefónica Móviles Argentina to secure regulatory approval for its US$1.245 billion acquisition of the Movistar unit, according to Datacenterdynamics.

Telecom Argentina's December Shareholder Meeting

Telecom Argentina will hold an ordinary general shareholders' meeting on December 15, 2026, where shareholders will consider appointing two directors through fiscal year-end 2026 and reviewing the performance of two resigning directors, The future of trading reported.