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TMA acquisition drove consolidated scale — revenues rose about 53% YoY in constant pesos (service revenues +55%), with TMA contributing nearly $1.9 billion of consolidated revenue and over $0.4 billion of consolidated EBITDA in 2025.
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Excluding TMA, Telecom returned to real growth with service revenues up 4% YoY, powered by broadband (FTTH adoption) and Pay TV recovery, while mobile declines were mainly prepaid deactivations that management said did not materially impact mobile service revenues.
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Profitability and balance sheet strengthened: consolidated EBITDA margin improved to ~30.3% (would be >32% excluding higher severance), TMA margins rose under efficiency plans, CapEx jumped to ~ARS1.5 trillion for FTTH and 5G rollout, and pro forma net debt/EBITDA was about 1.7x after extending maturities (including a $600M 10‑year note).
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Telecom Argentina Stet – France Telecom (NYSE:TEO) used its earnings call for the year and fourth quarter ended December 31, 2025, to highlight the impact of its 2025 acquisition of Telefónica Móviles Argentina (TMA), a return to real growth in service revenues at the legacy business, and continued investment in fiber and 5G.
Management said the results were presented on a consolidated basis including 10 months of TMA contribution (March through December 2025), alongside figures for Telecom excluding TMA and standalone TMA metrics for the full year. The company also noted that its 2025 reported figures reflect inflation accounting under IAS 29, and that it provided some historical figures for easier interpretation.
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Interim CFO Federico Pra said consolidated revenues totaled “over $5.7 billion,” up 53% year-over-year in constant Argentine pesos, “mainly driven by the incorporation of TMA results.” On service revenues, the company reported consolidated service revenues of “over $5.4 billion,” up 55% year-over-year in real terms with TMA included.
Excluding TMA, management said total service revenues grew 4% year-over-year in real terms, which it characterized as the first year of real growth since the adoption of IAS 29. Pra added that mobile, broadband, and Pay TV service revenues were growing in real terms at a weighted average rate of 7%, while fixed voice and data grew below inflation.
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