Financial Data and Key Metrics Changes - Telecom's consolidated revenues totaled over $5.7 billion, up 53% year-over-year in constant Argentine pesos, primarily driven by the incorporation of TMA results [5] - Consolidated EBITDA margin reached over 30.3%, an increase of over 200 basis points compared to the same period in 2024, with a comparable EBITDA margin of 33.7% excluding TMA contributions [6][21] - Consolidated CapEx amounted to approximately $1.0 billion, an 88% increase in pesos versus fiscal year 2024, focusing on the expansion of fixed and mobile access networks [7][29] - Net debt to estimated pro forma EBITDA leverage ratio improved to around 1.7x in fiscal year 2025, reflecting a solid credit profile [8][34] Business Line Data and Key Metrics Changes - Service revenues reached over $5.4 billion, increasing 55% year-over-year in real terms, with mobile, broadband, and Pay TV service revenues growing at a weighted average growth rate of 7% [11][12] - Mobile subscriber bases of Telecom and TMA reached 19.9 million and 19.1 million accesses respectively, consolidating market leadership [10] - Broadband subscriber base increased by 3.2% year-over-year, reaching 4.2 million accesses, driven by higher FTTH adoption [14] - Pay TV subscriptions grew for the second consecutive year, with Personal Flow's unique customers increasing by over 490,000 or 33% compared to the previous year [16] Market Data and Key Metrics Changes - In Paraguay, revenues grew almost 7% year-over-year in U.S. dollars, with EBITDA increasing 12% year-over-year, reaching $115 million [18] - In Uruguay, the broadband market is developing, with potential for growth as customer additions began at the end of 2024 [19] Company Strategy and Development Direction - The company continues to prioritize the expansion of its 5G and FTTH networks, achieving record levels of deployment during the year [40] - A joint venture with Banco Macro was created to accelerate the growth of Personal Pay and expand its product offerings [20] - TMA is executing an efficiency plan to align its EBITDA margin with Telecom's margin, focusing on cost optimization and operational improvements [25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model and the effectiveness of cost efficiency initiatives, with a strong improvement in EBITDA margin [40] - The company remains focused on sustaining long-term growth while maintaining sound financial management and a solid cash position [41][42] Other Important Information - The company was recognized with multiple awards for its financial strategy and execution, including the Southern Cone Deal of the Year for the acquisition of TMA [9][37] - Free cash flow reached over $0.6 billion in fiscal year 2025, with a cash position exceeding $0.5 billion at year-end [41] Q&A Session All Questions and Answers Question: What are the expectations for subscriber growth in the broadband segment? - The company noted a continued recovery in broadband demand dynamics, supported by FTTH expansion and improved customer acquisition strategies [40] Question: How is the integration of TMA progressing? - The integration is on track, with TMA showing significant improvements in profitability and operational efficiency, aligning its EBITDA margin closer to Telecom's [25] Question: What are the company's plans for future investments? - Future investments will focus on enhancing network quality and expanding digital financial services, with a strong emphasis on 5G and FTTH deployment [40]

Financial Data and Key Metrics Changes - Telecom Argentina's consolidated revenues reached over $5.7 billion, a 53% year-over-year increase in constant Argentine pesos, primarily due to the incorporation of Telefónica Móviles Argentina (TMA) results [5] - The consolidated EBITDA margin improved to over 30.3%, an increase of over 200 basis points compared to the previous year, with a comparable EBITDA margin of 33.7% excluding TMA contributions [6][20] - Consolidated CapEx was approximately $1.0 billion, an 88% increase in pesos compared to fiscal year 2024, focusing on expanding fixed and mobile access networks [7] Business Line Data and Key Metrics Changes - Service revenues reached over $5.4 billion, a 55% year-over-year increase in real terms, incorporating TMA's contribution [11] - Excluding TMA, total service revenues grew by 4% year-over-year in real terms, with mobile, broadband, and Pay TV service revenues growing at a weighted average rate of 7% [12] - The mobile subscriber base for Telecom and TMA reached 19.9 million and 19.1 million accesses respectively, consolidating market leadership [10] Market Data and Key Metrics Changes - In Paraguay, revenues grew almost 7% year-over-year in US dollars, with EBITDA increasing by 12% to $115 million [17] - The broadband customer base in Paraguay reached 345,000, while Pay TV subscribers amounted to 110,000 [17] - Personal Pay onboarded nearly 1 million clients in Paraguay, reflecting strong market performance [17] Company Strategy and Development Direction - The company continues to prioritize the expansion of its fiber to the home (FTTH) network and 5G infrastructure, marking the largest FTTH rollout since the Telecom-Cablevisión merger [29] - A joint venture with Banco Macro was created to enhance Personal Pay's growth and product offerings, aiming to deepen customer engagement across connectivity and financial services [19] - TMA is executing an efficiency plan to align its EBITDA margin with Telecom's, focusing on cost optimization and operational improvements [24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the recovery in service revenues and ARPU growth across all segments, reflecting disciplined pricing and improved commercial execution [39] - The company expressed confidence in its ability to sustain long-term growth through strategic investments in network quality and digital financial services [38] - Management noted that the acquisition of TMA did not negatively impact the leverage ratio, indicating a solid balance sheet and resilience to FX fluctuations [33] Other Important Information - The company recorded a consolidated net loss of approximately ARS 145 million in fiscal year 2025, compared to a net income of ARS 1.4 trillion in fiscal year 2024, primarily due to FX exchange losses [27][28] - Free cash flow reached over $0.6 billion, with a cash position exceeding $0.5 billion at year-end, providing financial flexibility [39] Q&A Session All Questions and Answers Question: What are the expectations for subscriber growth in the broadband segment? - The company noted a return to customer growth in broadband for the first year since 2021, supported by FTTH expansion and solid commercial performance [10] Question: How is the integration of TMA progressing? - Management indicated that TMA's efficiency plan is delivering meaningful improvements, with a significant recovery in EBITDA margin [24] Question: What is the outlook for the company's financial position? - The company emphasized its strong cash flow generation and improved debt maturity profile, positioning it well for sustained long-term growth [40]

Core Insights - Telecom Argentina S.A. reported a consolidated net loss of P$145,304 million for FY25, a significant decline from a net income of P$1,359,230 million in FY24, primarily due to higher exchange rate losses and depreciation of the Argentine peso [1][2][3] - Consolidated revenues for FY25 reached P$8,328,814 million, reflecting a 54.7% increase compared to FY24, driven by the inclusion of ten months of results from Telefónica Móviles Argentina (TMA) [1][2][3] - The company’s operating income before depreciation, amortization, and impairment increased by 64.8% to P$2,525,535 million, with an operating margin of 30.3% [1][2][3] Financial Performance - Service revenues totaled P$7,902,043 million in FY25, with mobile service revenues accounting for P$4,092,162 million, marking an 85.2% increase compared to FY24 [2][3] - The average revenue per user (ARPU) for mobile services increased by 15.8% in real terms, reaching P$9,081.9 [2][3] - Consolidated CAPEX for FY25 was P$1,485,577 million, representing a 98.3% increase from FY24, with a focus on expanding both fixed and mobile data services [1][2][3] Customer Base and Market Position - The total mobile customer base for Telecom (excluding TMA) decreased by 7.8% to 19.9 million, primarily due to disconnections of inactive prepaid lines [1][2][3] - TMA's mobile subscribers increased by 1.6% to 19.1 million, with a notable growth in postpaid customers [2][3] - The fixed broadband segment saw a 3.2% increase in accesses, totaling 4.2 million, while TV accesses increased by 1.4% to 3.3 million [1][2][3] Operational Highlights - The company’s operating costs, including depreciation and amortization, rose by 39.8% to P$7,878,767 million, with labor costs increasing significantly due to TMA's consolidation [4][5] - Telecom Argentina's headcount (excluding TMA) was reported at 18,690 employees as of December 31, 2025 [4][5] - The company was recognized for having the fastest 5G network in Argentina, enhancing its competitive position in service quality [2][3] Strategic Developments - A merger by absorption of TELEDIFUSORA SAN MIGUEL ARCANGEL S.A. (TSMA) was approved, effective January 1, 2026, consolidating operations under Telecom Argentina [5][6] - The company consolidated its commercial brands under the Personal brand, streamlining its market presence across various segments [5][6] - An agreement with Banco Macro S.A. was established to promote the growth of Micro Sistemas, enhancing the Personal Pay platform [5][6]