Telecom Argentina SA ADR Dossier
Qualitative Analysis
Business overview
Telecom Argentina S.A. (NYSE: TEO, BYMA: TECO2) is the leading fully-integrated telecommunications provider in Argentina, offering a comprehensive suite of services including mobile telephony, high-speed broadband internet, cable television, and fixed-line telephony. Operating primarily under the unified commercial brand 'Personal' (for mobile and connectivity) and 'Flow' (for entertainment and pay TV), the company serves over 20 million mobile subscribers and millions of broadband and cable customers. Telecom Argentina also operates in Paraguay through its subsidiary Núcleo, provides cable and cybersecurity services in Uruguay and Chile, and offers fixed wholesale services in the United States. Additionally, the company has expanded into the fintech sector with its digital payment platform, Personal Pay.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Continued deployment of 5G mobile sites and expansion of the Fiber-to-the-Home (FTTH) network to capture growing demand for high-speed connectivity.
Expected impact: Drive postpaid mobile subscriber growth, increase broadband ARPU, and enhance overall network quality and capacity.
Fostering the growth and expansion of the Micro Sistemas payment services provider under the 'Personal Pay' brand through a strategic alliance with Banco Macro.
Expected impact: Develop a differentiated and comprehensive financial value proposition, expanding the range of digital wallet services to over 5.7 million users.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Accelerate the rollout of fiber optics and the deployment of 5G mobile sites throughout Argentina, consolidating market leadership.
Financial impact: Contributed significantly to consolidated revenues and EBITDA in FY2025, though offset by foreign exchange losses and integration costs.
Strategic Partnerships
High strategic importance to scale the Personal Pay fintech ecosystem by leveraging Banco Macro's leading banking infrastructure and market position.
Terms: Banco Macro made a capital contribution to subscribe for shares representing 50% of the share capital and voting rights of Micro Sistemas.