Telecom Argentina S.A. announces consolidated results for the first half ("1H26") and second quarter of fiscal year 2026 ("2Q26")²
Telecom Argentina S.A. (NYSE: TEO, BYMA: TECO2) reported 1H26 consolidated revenues of P$5,075,511 million and net income of P$869,038 million, versus a net loss of P$100,900 million in 1H25. Service revenues were P$4,888,908 million. Operating income before D&A&I was P$1,816,819 million, with a 35.8% margin. CAPEX was P$946,470 million and net financial debt P$4,646,726 million as of June 30, 2026.
How this was made
The 30-second read
Why it matters
Traders should treat the headline profit rebound as directionally positive but adjust for (1) inflation accounting effects and (2) the change in how many months of TMA are included in the consolidated comparatives.
Market read
A concrete earnings-style update with profitability and margin metrics, plus operational KPIs (accesses, churn, ARPU) and balance-sheet items (CAPEX, net financial debt).
What to watch
Customer base dynamics are mixed: mobile accesses excluding TMA declined due to prepaid disconnections, which could pressure future service revenue durability despite ARPU strength.
Background
The release uses IAS 29 inflationary accounting, with 1H25 and 1H26 comparisons restated for inflation; it also notes TMA consolidation timing differences.
Ticker impact
Telecom Argentina reported 1H26 net income of P$869,038 million and 2Q26 operating margin of 36.8%, driven by FX gains and TMA consolidation.
Near-term bias positive for sentiment, but traders may discount for restatement and TMA consolidation mechanics.
The article provides concrete profitability, margin, and revenue figures, yet repeatedly flags IAS 29 inflation restatement and that 1H25 had only four months of TMA.
Market effects
Improved operating efficiency and ARPU growth (in real terms) may support sentiment for Latin American telecom operators facing inflationary reporting.
Argentina telecom demand metrics (accesses, churn, subscriber mix) provide incremental read-through for local telecom peers.
Limited direct global spillover, but it can affect ADR sentiment and EM telecom risk appetite.
Counterpoint
Profit and margin gains may be overstated by IAS 29 inflation restatement and the mechanical impact of consolidating TMA for six months versus four months in 1H25.
Key entities
- companyTelecom Argentina S.A.
Reported consolidated 1H26 and 2Q26 results including net income, margins, CAPEX, and net financial debt.
- subsidiary/segmentTMA Networks
Its full contribution is included in 1H26, while 1H25 included only four months, affecting year-over-year comparability.
