Telecom Argentina S.A. (TEO): Análisis de 5 Fuerzas [Actualizado en Ene-2025]

En el panorama dinámico de las telecomunicaciones argentinas, Telecom Argentina S.A. (TEO) navega por un complejo ecosistema de fuerzas competitivas que dan forma a su posicionamiento estratégico. A medida que la conectividad digital se vuelve cada vez más crítica, la compañía enfrenta un desafío multifacético de equilibrar la innovación tecnológica, la competencia del mercado y la evolución de las expectativas de los clientes. Comprender la intrincada interacción de la potencia del proveedor, la dinámica del cliente, la rivalidad del mercado, los posibles sustitutos y las barreras de entrada revela una narrativa estratégica fascinante que define la resistencia y el potencial de TEO en el sector de telecomunicaciones.

Telecom Argentina S.A. (TEO) - Las cinco fuerzas de Porter: poder de negociación de los proveedores

Número limitado de equipos de red e infraestructura

A partir de 2024, Telecom Argentina S.A. enfrenta un mercado de proveedores concentrados con aproximadamente 3-4 principales proveedores de equipos de telecomunicaciones globales. El mercado global de equipos de red está dominado por los siguientes proveedores clave:

Alta dependencia de proveedores de tecnología internacional

Telecom Argentina demuestra una dependencia significativa en los proveedores de tecnología internacional para los componentes críticos de infraestructura.

• Huawei suministra aproximadamente el 45% de los equipos de red
• Nokia proporciona el 35% de la infraestructura de telecomunicaciones
• Ericsson aporta el 20% de la tecnología de red restante

Se requieren importantes inversiones de capital

Las inversiones de infraestructura de telecomunicaciones para Telecom Argentina en 2024 se estiman en:

Posibles restricciones de la cadena de suministro

Las restricciones de la cadena de suministro para los componentes de tecnología emergente en 2024 incluyen:

• Escasez de chips semiconductores que afecta el 22% de la producción de equipos de red
• Interrupciones de logística global que causan retrasos de entrega del 15%
• Volatilidad de la materia prima Volatilidad Aumento de los costos de los componentes en un 18%

Telecom Argentina S.A. (TEO) - Cinco fuerzas de Porter: poder de negociación de los clientes

Análisis de segmento de clientes

Telecom Argentina S.A. atiende a 15.2 millones de clientes móviles y 3.4 millones de clientes de línea fija a partir del tercer trimestre de 2023.

Factores de sensibilidad a los precios

Gasto promedio de telecomunicaciones mensuales por cliente: $ 18.50

• Elasticidad del precio de la demanda: 1.2
• Tasa de rotación del cliente: 12.4% anual
• Duración promedio del contrato: 14 meses

Tendencias de agrupación de servicios

Penetración de servicio agrupado: 67.4% de la base total de clientes

Expectativas de calidad del cliente

Métricas de calidad de la red:

• Cobertura de red 4G: 92.3%
• Velocidad de descarga promedio: 35.6 Mbps
• Índice de satisfacción del cliente: 7.2/10

Telecom Argentina S.A. (TEO) - Cinco fuerzas de Porter: rivalidad competitiva

Panorama competitivo del mercado

A partir de 2024, el mercado de telecomunicaciones argentino demuestra una dinámica competitiva intensa con los siguientes jugadores clave:

Inversión en infraestructura

Inversiones de infraestructura de Telecom Argentina en 2023-2024:

• Inversión total de infraestructura de red: $ 287 millones
• Expansión de la red 5G: $ 124 millones
• Aumento de la cobertura de red de fibra óptica: 22.6%

Métricas de competencia de precios

Asociaciones estratégicas

Asociaciones estratégicas clave en 2024:

• Valor de asociación de Telefónica: $ 78.3 millones
• Acuerdos de colaboración tecnológica: 3 asociaciones principales
• Venturas conjuntas de transformación digital: 2 implementados

Telecom Argentina S.A. (TEO) - Las cinco fuerzas de Porter: amenaza de sustitutos

Creciente popularidad de las plataformas de comunicación exageradas

A partir de 2024, WhatsApp tiene 2.78 mil millones de usuarios activos en todo el mundo. Zoom reportó 300 millones de participantes diarios de reuniones en 2023. Skype mantiene 300 millones de usuarios activos mensuales. Estas plataformas representan amenazas de sustitución significativas para los servicios tradicionales de telecomunicaciones.

Aumento de Internet móvil y alternativas Wi-Fi

La penetración de Internet móvil en Argentina alcanzó el 74.2% en 2023. Los puntos de acceso Wi-Fi públicos aumentaron en un 38% en áreas metropolitanas.

• Cobertura de Wi-Fi municipal gratuita en Buenos Aires: 850 puntos de acceso
• Velocidad promedio de datos móviles: 45.7 Mbps
• Precios de datos móviles: $ 10.50 por 10 GB

Adopción creciente de tecnologías de comunicación digital

La adopción de tecnología de comunicación digital en Argentina aumentó un 42.3% entre 2022-2023. Los servicios de VoIP crecieron en un 35,6% durante el mismo período.

Impacto potencial de las tecnologías de comunicación emergentes

La cobertura de red 5G en Argentina alcanzó el 32.5% a finales de 2023. Starlink Satellite Internet brinda servicio a 45,000 suscriptores en Argentina.

• Asignación de espectro 5G: bandas de 3.5 GHz y 26 GHz
• Inversión de red 5G: $ 420 millones en 2023
• Velocidad promedio de Internet satelital: 100-200 Mbps

Telecom Argentina S.A. (Teo) - Cinco fuerzas de Porter: amenaza de nuevos participantes

Altos requisitos de capital para la infraestructura de telecomunicaciones

La inversión de infraestructura de Telecom Argentina en 2023 totalizó 58.3 mil millones de pesos argentinos. La implementación de la red requiere un gasto de capital inicial sustancial.

Entorno regulatorio estricto

Sector de telecomunicaciones argentino regulado por Enacom (entidad de comunicaciones nacionales).

• Tarifas de licencia: 1% de los ingresos anuales de telecomunicaciones brutas
• Contribuciones obligatorias de servicio universal: 3.5% de los ingresos operativos netos
• Los costos de adquisición de espectro varían de 500 millones a 2 mil millones de pesos argentinos

Barreras tecnológicas para la entrada del mercado

La infraestructura tecnológica de Telecom Argentina representa importantes desafíos de entrada al mercado.

Limitaciones de consolidación del mercado

Las métricas de concentración del mercado de telecomunicaciones indican barreras de entrada significativas.

• Cuota de mercado de los 3 principales operadores: 92.4%
• Cuota de mercado de Telecom Argentina: 45.6%
• Costo promedio de adquisición de clientes: 3.200 pesos argentinos por suscriptor

Telecom Argentina S.A. (TEO) - Porter's Five Forces: Competitive rivalry

You're looking at a market where the competitive rivalry is definitely high, and that's the first thing that jumps out when you analyze the Argentine telecom space. Honestly, the market is structured as an oligopoly, meaning a few large, integrated players control the lion's share of the business. Before the big move, the key names were Telecom Argentina S.A., América Móvil's Claro, and Telefónica de Argentina (Movistar).

The acquisition of Telefónica Móviles Argentina (TMA) by Telecom Argentina S.A. on February 24, 2025, for $1.245 billion immediately reshaped that dynamic. This move was about scale, plain and simple. The inclusion of TMA's results meant consolidated revenues for the nine-month period ending September 30, 2025 (9M25) increased by nearly 50% year-over-year, driven by the seven months of TMA contribution. However, this consolidation immediately triggered regulatory scrutiny because the government warned this operation could leave approximately 70% of the country's telecommunications services under a single economic group, raising monopoly concerns. That level of concentration intensifies the pressure on the remaining major rival, Claro.

The financial results clearly show the impact of this intense environment, compounded by macroeconomic volatility. For the nine months ended September 30, 2025, Telecom Argentina reported a consolidated net loss of P$272,543 million. To put that into perspective against the prior year, you see a massive swing from a net income of P$1,254,213 million in 9M24. While revenue growth was strong including TMA, this net loss underscores the severe price pressure and the impact of real-term exchange rate differences, which were the primary driver of the loss.

Here's a quick look at the financial shift following the integration:

The rivalry isn't just about current subscribers; it's a capital-intensive battle for future capacity across all service lines. You see this fight playing out across mobile, fixed broadband, and Pay TV segments. Telecom Argentina's strategy, post-acquisition, is clearly aimed at outpacing rivals in next-generation infrastructure, which demands heavy, ongoing investment. The rivalry requires constant, aggressive spending:

• Accelerate the rollout and capillarity of fiber optics (FTTH).
• Intensify the deployment of 5G mobile sites throughout Argentina.
• Maintain service revenue growth relative to inflation in key areas.

If onboarding takes 14+ days, churn risk rises, so service quality and speed become key differentiators in this tight contest. Finance: draft 13-week cash view by Friday.

Telecom Argentina S.A. (TEO) - Porter's Five Forces: Threat of substitutes

You're looking at the landscape where every minute a customer spends on a competitor's app is a minute they aren't using Telecom Argentina S.A.'s core voice or SMS services. This threat from Over-The-Top (OTT) applications is significant because the underlying infrastructure-mobile data-is already widely adopted. In Argentina, as of January 2025, there were 41.2 million internet users, equating to 90.1 percent of the total population. This high penetration means the barrier to entry for using substitutes like OTT messaging and voice apps is practically zero for the majority of the market. While specific revenue erosion figures from voice/messaging are not detailed in the latest reports, the sheer volume of mobile connections-64.7 million active connections in early 2025-is the base that OTT services are effectively monetizing through data consumption instead of traditional carrier fees.

The substitution pressure is very clear in the video entertainment space. Traditional Pay TV is directly challenged by streaming platforms, which 85.5% of households in Argentina now subscribe to. This trend is forcing Telecom Argentina S.A. to adapt its own offering. You see this push in their Flow Flex product, which is fully digital and requires no set-top box or installation. As of the first half of 2025, Flow unique customers reached almost 1,500,000, an 11% increase year-over-year, with Flow Flex accounting for around 6% of the total Pay TV subscriber base. This internal shift shows the company is actively competing within the substitute category, trying to capture the value before it fully migrates away from traditional bundles. Cord-cutting has accentuated losses on the pay-TV side.

Fintech services present a major substitution threat to traditional banking, and Telecom Argentina S.A. is fighting back with Personal Pay. As of June 2024, Personal Pay had onboarded more than 2,900,000 clients, positioning it as the second-largest participant in terms of remunerated account balances at that time. This is a direct play to capture financial transaction revenue that might otherwise go to established banks or other digital wallets. The growth rate was substantial; by June 2024, the total payment volume for Personal Pay had multiplied by 61 times compared to June 2023 figures.

We must also watch the nascent, but structurally important, threat from alternative low-cost connectivity. Satellite internet, primarily driven by Starlink, is expanding, especially in areas where terrestrial network deployment is costly. As of June 2025, satellite internet accesses in Argentina hit 217,812. To put that into perspective, this figure represents only 1.78% of the total fixed internet accesses, which stood at 12.3 million accesses by the end of the first half of 2025. Starlink is estimated to control around 90-95% of this specific satellite market segment. While small now, this segment targets areas where Telecom Argentina S.A.'s fixed infrastructure is weakest, making it a strategic, albeit currently minor, substitute for high-speed broadband access in remote geographies.

Here is a quick look at the scale of the substitution pressures:

The key takeaways on substitutes for Telecom Argentina S.A. are:

• OTT apps erode traditional voice/messaging revenue base.
• 85.5% of households use streaming, pressuring Pay TV.
• Flow Flex is at 6% of Pay TV base as a direct response.
• Personal Pay has over 2.9 million clients fighting for fintech share.
• Satellite broadband is nascent at 1.78% of fixed internet.

Finance: review the Q4 2025 ARPU trends for Pay TV versus mobile data revenue growth by next Tuesday.

Telecom Argentina S.A. (TEO) - Porter's Five Forces: Threat of new entrants

The threat of new entrants for Telecom Argentina S.A. remains low, primarily due to the massive financial and structural barriers to entry in the Argentine telecommunications sector.

Low, due to extremely high capital expenditure (CAPEX) required for network infrastructure.

Building a competitive network requires substantial upfront investment. Telecom Argentina has invested more than US$6 billion in infrastructure expansion and modernization since 2017. For the 2025 fiscal year, the company intends to invest around 18% of its revenues. The projected CAPEX for 2025, including the US$1.245 billion acquisition of Telefónica Argentina, could reach US$2 billion. Even excluding the acquisition, the company estimated its 2025 capital expenditures to be approximately P$946,963 million. In Q1 2025, consolidated CAPEX (excluding rights-of-use additions) represented 13.0% of consolidated revenues.

Significant regulatory hurdles exist, requiring licenses from bodies like ENACOM and CNDC.

Entry requires navigating complex compliance. ENACOM (Ente Nacional de Comunicaciones) is the National Communications Entity overseeing the sector. Any new entrant must secure mandatory ENACOM certification for telecommunications equipment, with total costs generally starting in the range of several thousand US Dollars. Furthermore, major transactions face intense scrutiny from the CNDC (Comisión Nacional de Defensa de la Competencia). For instance, the attempted acquisition of Telefónica Móviles Argentina S.A. (TMA) by Telecom Argentina S.A. for US$1.245 billion was suspended following a CNDC recommendation due to concerns over market concentration. The government noted this merger could result in market share of 61% in mobile and 69% in fixed lines.

High barriers of scale and scope, as Telecom Argentina offers a quad-play of services.

Telecom Argentina S.A. operates with significant scale across multiple service lines. As of December 31, 2024, the company reported:

• Mobile subscribers in Argentina: 21.6 million
• Fixed broadband connections: 4 million
• Cable TV subscribers: 3.2 million
• Fixed telephony lines (IP): approximately 1.86 million

The company offers a quad-play bundle of services, which requires established infrastructure across all these verticals to compete effectively.

The market is in a consolidation phase, demonstrated by the TMA acquisition, not expansion.

The most significant recent market event points toward consolidation rather than new entry. Telecom Argentina completed the acquisition of 86,460,983,849 ordinary shares of Telefónica Móviles Argentina S.A. (TMA) on February 24, 2025, for US$1.245 billion. This move, which aimed to accelerate 5G and fiber optics rollout, highlights that established players are absorbing competitors rather than the market opening up to new, large-scale entrants. This trend aligns with broader turbulence in the Latin American telecom market favoring consolidation.

Finance: draft 13-week cash view by Friday.