v3.25.4
DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2025
DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS  
Schedule of subsidiaries included in the consolidation process and the respective equity interest owned by the company

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Telecom Argentina’s

  ​ ​ ​

​

​

​

​

​

​

​

​

​

direct/indirect interest

​

​

​

​

​

​

​

​

​

​

in capital stock and

​

Company

  ​

  ​

Main Activity

  ​

  ​

Country

  ​

  ​

votes

​

TMA (a)

​

​

ICT Services and Audiovisual Communication Services

​

​

Argentina

​

​

99.999625

%

Micro Sistemas (b)

 

​

Services related to the use of electronic payment media

​

​

Argentina

​

​

100.00

%

Manda

​

​

Holding

​

​

Argentina

​

​

100.00

%

RISSAU

​

​

Broadcasting services

​

​

Argentina

​

​

100.00

%

Inter Radios

​

​

Broadcasting services

​

​

Argentina

​

​

100.00

%

Pem

​

​

Holding

​

​

Argentina

​

​

100.00

%

Cable Imagen

​

​

Closed-circuit television

​

​

Argentina

​

​

100.00

%

Personal Smarthome

​

​

Security solutions and services

​

​

Argentina

​

​

100.00

%

NYS2

​

​

ICT Services and Audiovisual Communication Services

​

​

Argentina

​

​

100.00

%

TSMA (c)

​

​

Community Closed-Circuit Television

​

​

Argentina

​

​

100.00

%

Telefónica Ingeniería de Seguridad de Argentina S.A.U. (d)

​

​

Security solutions and services

​

​

Argentina

​

​

99.999625

%

Ubiquo

​

​

Cybersecurity services and products

​

​

Chile

​

​

95.00

%

Núcleo

​

​

Mobile telecommunications Services

​

​

Paraguay

​

​

67.50

%

Personal Envíos

​

​

Mobile financial services

​

​

Paraguay

​

​

67.50

%

CrediPay

 

​

Financial services

​

​

Paraguay

​

​

67.50

%

Televisión Dirigida

 

​

Cable television services

​

​

Paraguay

​

​

100.00

%

Adesol (e)

 

​

Holding

​

​

Uruguay

​

​

100.00

%

Opalker

 

​

Cybersecurity, content platform and related services

​

​

Uruguay

​

​

100.00

%

Openxpand (f)

​

​

Development and provision of digital platforms

​

​

Uruguay

​

​

51.00

%

MFH

​

​

Holding

​

​

USA

​

​

100.00

%

Naperville

​

​

Holding

​

​

USA

​

​

100.00

%

Saturn

​

​

Holding

​

​

USA

​

​

100.00

%

Telecom USA

​

​

Telecommunication services

​

​

USA

​

​

100.00

%

(a)Acquired by Telecom Argentina on February 24, 2025. See Note 29.
(b)On January 22, 2026, Banco Macro subscribed for shares representing 50% of the share capital and voting rights of Micro Sistemas. See Note 30.
(c)On December 1, 2025, the Telecom Argentina’s Board of Directors and the Board of Directors of TSMA approved the initiation of the process leading to the corporate reorganization consisting of the merger by absorption of TSMA by Telecom Argentina, effective as of January 1, 2026, the date from which TSMA’s operations shall be considered as carried out by Telecom Argentina.
(d)Indirectly acquired by Telecom Argentina following the acquisition of TMA, see reference (a) above.
(e)Adesol acquired 100% of the equity interests in the license - holding entities that operate subscriber - based television services in various localities within that country. See Note 3.d.6).
(f)Included in the Company’s consolidated financial statements until May 19, 2025, and thereafter accounted for as a joint venture. See Notes 3.d.4) and 4.
Schedule of income statement information

Presented below is the Segment financial information for the years ended December 31, 2025, 2024 and 2023:

◻Consolidated Income Statement as of December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

ICT Services provided in Argentina –

ICT Services provided in Argentina –

​

​

  ​ ​ ​

​

​

​

Personal Network

TMA Network

Other segments

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Currency

​

​

​

​

​

Currency

​

​

​

​

​

Currency

​

​

​

​

​

​

​

​

​

​

of the

​

Inflation

​

In current

​

of the

​

Inflation

​

In current

​

of the

​

Inflation

​

In current

​

​

​

​

​

​

transaction date

​

restatement

​

currency

​

transaction date

​

restatement

​

currency

​

transaction date

​

restatement

​

currency

​

Eliminations

​

Total 

Revenues

 

4,688,533

 

595,615

​

5,284,148

​

2,482,714

​

265,779

​

2,748,493

​

384,630

 

46,701

​

431,331

​

(135,158)

 

8,328,814

Operating costs without depreciation, amortization and impairment of Fixed and intangible assets

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

 

​

Employee benefit expenses and severance payments

 

(1,096,467)

 

(140,974)

​

(1,237,441)

​

(619,738)

​

(65,877)

​

(685,615)

​

(33,893)

 

(4,148)

​

(38,041)

​

—

 

(1,961,097)

Fees for services, maintenance, materials and supplies

​

(561,780)

​

(93,997)

​

(655,777)

​

(325,306)

​

(35,240)

​

(360,546)

​

(51,640)

​

(6,184)

​

(57,824)

​

9,754

​

(1,064,393)

Taxes and fees with the Regulatory Authority

​

(393,956)

​

(49,872)

​

(443,828)

​

(234,436)

​

(24,819)

​

(259,255)

​

(15,433)

​

(1,972)

​

(17,405)

​

—

​

(720,488)

Commissions and advertising

​

(202,884)

​

(24,785)

​

(227,669)

​

(136,090)

​

(14,658)

​

(150,748)

​

(57,383)

​

(8,447)

​

(65,830)

​

7,042

​

(437,205)

Programming and content costs

​

(267,805)

​

(33,898)

​

(301,703)

​

(101,212)

​

(10,598)

​

(111,810)

​

(33,015)

​

(4,170)

​

(37,185)

​

—

​

(450,698)

Other operating costs

 

(546,973)

 

(110,090)

​

(657,063)

​

(442,453)

​

(93,755)

​

(536,208)

​

(68,094)

 

(8,998)

​

(77,092)

​

100,965

 

(1,169,398)

Adjusted EBITDA

​

1,618,668

​

141,999

​

1,760,667

​

623,479

​

20,832

​

644,311

​

125,172

​

12,782

​

137,954

​

(17,397)

​

2,525,535

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation, amortization and impairment of Fixed and intangible assets

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

 

(2,075,488)

Operating income

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

 

450,047

Losses from associates and joint ventures

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

(3,742)

Financial results from borrowings

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

(748,840)

Other financial results, net

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

110,799

Loss before income tax

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

(191,736)

Income tax benefit

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

46,432

Net loss

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

(145,304)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributable to:

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

​

Controlling Company

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

(170,006)

Non-controlling interest

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

​

​

​

  ​

 

24,702

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(145,304)

​

◻Consolidated Income Statement as of December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

ICT Services provided in Argentina –

​

​

​

​

​

​

Personal Network

Other segments

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Currency

​

​

​

​

​

Currency

​

​

​

​

​

​

​

​

​

​

of the

​

Inflation

​

In current

​

of the

​

Inflation

​

In current

​

​

​

​

​

​

transaction date

​

restatement

​

currency

​

transaction date

​

restatement

​

currency

​

Eliminations

​

Total 

Revenues

 

3,165,736

 

1,872,500

​

5,038,236

​

266,915

​

168,101

​

435,016

​

(30,294)

 

5,442,958

Operating costs without depreciation, amortization and impairment of Fixed and intangible assets

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

​

Employee benefit expenses and severance payments

 

(823,975)

 

(483,077)

​

(1,307,052)

​

(24,450)

​

(15,235)

​

(39,685)

​

—

 

(1,346,737)

Fees for services, maintenance, materials and supplies

​

(393,042)

​

(279,499)

​

(672,541)

​

(35,839)

​

(22,620)

​

(58,459)

​

6,880

​

(724,120)

Taxes and fees with the Regulatory Authority

​

(258,519)

​

(152,324)

​

(410,843)

​

(10,931)

​

(6,578)

​

(17,509)

​

—

​

(428,352)

Commissions and advertising

​

(133,932)

​

(74,995)

​

(208,927)

​

(62,477)

​

(38,240)

​

(100,717)

​

4,153

​

(305,491)

Programming and content costs

​

(172,422)

​

(99,687)

​

(272,109)

​

(25,570)

​

(16,744)

​

(42,314)

​

—

​

(314,423)

Other operating costs

 

(429,466)

 

(302,323)

​

(731,789)

​

(47,831)

​

(31,095)

​

(78,926)

​

19,261

 

(791,454)

Adjusted EBITDA

​

954,380

​

480,595

​

1,434,975

​

59,817

​

37,589

​

97,406

​

—

​

1,532,381

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation, amortization and impairment of Fixed and intangible assets

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

(1,725,057)

Operating loss

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

(192,676)

Losses from associates and joint ventures

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(15,094)

Financial results from borrowings

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

1,914,786

Other financial results, net

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

190,451

Profit before income tax

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

1,897,467

Income tax expense

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(538,237)

Net income

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

1,359,230

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributable to:

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

Controlling Company

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

1,331,805

Non-controlling interest

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

27,425

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,359,230

​

◻Consolidated Income Statement as of December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

ICT Services provided in Argentina –

​

​

​

​

​

  ​ ​ ​

Personal Network

Other segments

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

Currency

​

​

​

​

​

Currency

​

​

​

​

​

​

​

​

​

​

of the

​

Inflation

​

In current

​

of the

​

Inflation

​

In current

​

​

​

​

​

​

transaction date

​

restatement

​

currency

​

transaction date

​

restatement

​

currency

​

Eliminations

​

Total 

Revenues

 

1,053,442

 

4,456,328

​

5,509,770

​

81,877

​

334,899

​

416,776

​

(27,935)

 

5,898,611

Operating costs without depreciation, amortization and impairment of Fixed and intangible assets

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

​

Employee benefit expenses and severance payments

 

(279,608)

 

(1,152,805)

​

(1,432,413)

​

(8,277)

​

(33,066)

​

(41,343)

​

—

 

(1,473,756)

Fees for services, maintenance, materials and supplies

​

(131,861)

​

(566,980)

​

(698,841)

​

(9,292)

​

(37,368)

​

(46,660)

​

4,367

​

(741,134)

Taxes and fees with the Regulatory Authority

​

(83,591)

​

(354,647)

​

(438,238)

​

(2,968)

​

(11,951)

​

(14,919)

​

—

​

(453,157)

Commissions and advertising

​

(52,319)

​

(224,650)

​

(276,969)

​

(13,346)

​

(57,350)

​

(70,696)

​

2,182

​

(345,483)

Programming and content costs

​

(55,317)

​

(233,466)

​

(288,783)

​

(8,532)

​

(35,477)

​

(44,009)

​

—

​

(332,792)

Other operating costs

 

(145,951)

 

(688,188)

​

(834,139)

​

(15,714)

​

(64,053)

​

(79,767)

​

21,386

 

(892,520)

Adjusted EBITDA

​

304,795

​

1,235,592

​

1,540,387

​

23,748

​

95,634

​

119,382

​

—

​

1,659,769

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation, amortization and impairment of Fixed and intangible assets

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

(2,018,038)

Operating loss

 

​

 

​

​

​

​

​

​

​

​

​

​

​

 

(358,269)

Losses from associates and joint ventures

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(5,408)

Financial results from borrowings

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(1,817,071)

Other financial results, net

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

496,492

Loss before income tax

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(1,684,256)

Income tax benefit

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

968,990

Net loss

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(715,266)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributable to:

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

​

Controlling Company

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

(738,306)

Non-controlling interest

 

  ​

 

​

​

​

​

​

​

​

​

​

​

  ​

 

23,040

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(715,266)

Schedule of financial statement information based on geographical area

​

​

​

​

​

​

​

​

​

​

For the years ended December 31, 

Revenues

​

2025

​

2024

​

2023

From customers located in Argentina

  ​ ​ ​

7,934,388

  ​ ​ ​

5,037,636

  ​ ​ ​

5,490,518

From foreign customers

 

394,426

 

405,322

 

408,093

​

​

8,328,814

​

5,442,958

​

5,898,611

CAPEX

​

​

​

​

​

​

ICT Services in Argentina – Personal Network

 

924,556

 

653,694

 

1,277,987

ICT Services in Argentina – TMA Network

​

456,602

​

—

​

—

Other segments

 

104,419

 

95,280

 

106,206

​

​

1,485,577

​

748,974

​

1,384,193

​

​

​

​

​

​

​

​

As of December 31, 

Fixed and intangible assets

​

2025

​

2024

ICT Services in Argentina – Personal Network

  ​ ​ ​

12,439,729

  ​ ​ ​

12,750,637

ICT Services in Argentina – TMA Network

 

1,645,414

 

—

Other segments

​

610,652

​

523,813

​

​

14,695,795

​

13,274,450

Borrowings

 

​

 

​

ICT Services in Argentina – Personal Network

​

5,380,181

​

3,723,906

ICT Services in Argentina – TMA Network

 

36

 

—

Other segments

​

56,398

 

62,074

​

 

5,436,615

 

3,785,980

Schedule of national consumer price index according to official statistics (INDEC)

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As of December 31, 

  ​ ​ ​

As of December 31, 

  ​ ​ ​

As of December 31, 

 

​

​

2023

​

2024

​

2025

 

​

​

​

​

​

​

​

​

National CPI

​

3,533.2

​

7,694.0

​

10,121.4

​

​

​

​

​

​

​

​

​

Variation in prices

 

​

 

​

 

​

​

Annual

 

211.4

%  

117.8

%  

31.5

%

​

​

​

​

​

​

​

​

Banco Nación US$/$ exchange rate

​

808.5

​

1,032.0

​

1,455.0

​

​

​

​

​

​

​

​

​

Variation in the exchange rate

​

​

​

​

​

​

​

Annual

​

356.3

%  

27.7

%  

41.0

%