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Mobile services bring in the largest share of Telecom Argentina’s service revenue, followed by internet access. Residential and business customers buy mobile calls and data through Personal Móvil, either paying in advance or receiving monthly bills. Personal Fibra provides home and business broadband, while Personal Flow charges mainly monthly subscriptions for live television and on-demand entertainment. Corporate and government customers also pay for data connections and technology services through Personal Tech.
The company also owns TMA, which sells mobile services under Movistar and Tuenti alongside fixed broadband, television and business connectivity. TMA remains separately managed while the acquisition undergoes telecommunications and competition review. The authorities could require asset sales or impose conditions on integration.
The business depends on keeping customers and continually investing in network coverage and service quality. Its operations and customers are concentrated in Argentina, and most revenue comes in pesos. Its ability to fund network investment depends partly on raising service prices as local costs rise with inflation and imported equipment becomes more expensive when the peso weakens. Foreign-exchange controls restrict access to foreign currency and transfers abroad, while municipal antenna rules can limit network expansion.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Telecom Argentina’s results hinge chiefly on Argentine connectivity pricing and network investment, with added broadband pressure from privately held Telecentro and Starlink, neither shown here.
América Móvil challenges Telecom Argentina for mobile, broadband, television and corporate connectivity customers in Argentina. Watch its Argentine service pricing and network coverage: these are competitive factors in winning customers who pay both operators for connectivity and entertainment.
Millicom International Cellular S.A.’s Tigo is the main rival to Telecom Argentina’s Personal mobile service in Paraguay, where both compete for mobile customers. Tigo’s mobile revenue share in Paraguay is the measure to watch for Personal’s competitive position there.
Telecom Argentina’s TMA relies on Amdocs Limited’s software to support operations and activate fiber broadband for customers; Amdocs earns revenue by supplying software and services to providers such as TMA. TMA’s 2025 upgrade maintained software support, strengthened cybersecurity and modernized fiber-broadband activation—the work to watch in this relationship.
Netflix competes with Telecom Argentina’s Flow and Movistar TV for paying entertainment subscribers, while Flow also gives customers access to Netflix. Both businesses rely mainly on monthly subscription fees, so Netflix’s programming and plan changes matter to the choices facing Telecom Argentina’s television customers.
The Walt Disney Company both competes with Telecom Argentina for streaming subscribers through Disney+ and supplies Disney+ Premium as an optional included subscription in Flow Plus. Watch that bundle: customers choose two included subscriptions and can swap them every 30 days, making Disney+ part of what Telecom Argentina offers its paying television customers.
Millicom International Cellular S.A. earningsTIGO
Millicom's report will show how Tigo's share of mobile revenue in Paraguay is changing, indicating the competitive pressure on Telecom Argentina's Personal service there.
Watch Tigo's share of mobile revenue in Paraguay. A rising share would mean Tigo is taking more of the local mobile business, making it harder for Personal to win customers and revenue; a falling share would indicate less competitive momentum from Tigo. The question is whether Tigo is taking ground from Personal in Paraguay.
Telecom Argentina S.A. earningsThis company
Telecom Argentina charges for mobile, broadband and television services, and this report will show whether its Personal and TMA networks turn that revenue into operating earnings and cash to fund network investment.
Read service revenue and adjusted EBITDA for the Personal and TMA networks alongside operating cash flow and capital spending. Stronger revenue and EBITDA with cash to support network investment would show that service income is keeping up with operating and expansion needs; earnings or cash falling short of spending would leave less room for investment and debt payments. The question is whether these networks turn customer charges into enough earnings and cash.
Amdocs Limited earningsDOX
Amdocs supplies software and services to telecom operators, and its report will show demand for that work, including fiber activations that support TMA's operations and broadband service.
Look at Amdocs' software and services business for communications providers, including activity tied to fiber broadband activations. Stronger activity would show continued demand for the operational software and activation support TMA relies on; weaker activity would suggest less momentum in that supplier work. Amdocs' overall results do not establish TMA's orders or project progress, so the conclusion is about the supplier environment around TMA.
The Walt Disney Company earningsDIS
Disney's report will show how strongly Disney+ attracts viewers, shaping both its value as an optional Flow Plus subscription and its competition with Telecom Argentina for entertainment customers.
Look at Disney+'s subscription trends and revenue. Stronger demand would make it a more compelling option for Flow Plus customers, while also potentially strengthening Disney's direct appeal to subscribers; weaker demand would reduce both its bundle value and its competitive pull. Disney's overall results do not show what Flow customers chose, so the test is whether Disney+ adds value to the bundle while intensifying competition.
