Integratel Perú S.A.A.

What it is

Integratel Perú operates as a telecommunications company in Peru, offering mobile telephony, internet, fixed-line, data transmission, long-distance, mobile satellite, and pay-television services. At the time of its ownership change, Movistar — the brand it still operates under — served 13 million customers, held a 33% share of broadband internet and a 26.6% share of mobile telephony.

The company was formerly known as Telefónica del Perú S.A.A. and changed its legal name to Integratel Perú S.A.A.

in June 2025. Under that earlier name, it was the local subsidiary of Spain’s Telefónica, which acquired the state-owned Compañía Peruana de Teléfonos (CPT) in 1994 during Peru’s privatisation process.

Who owns it

In April 2025, Telefónica sold its entire 99.3% stake in the company to Argentine firm Integra Tec International Inc. for roughly PEN 3.7 million — about USD 993,000 at current rates. Integra Tec also assumed the company’s senior debt, which exceeded €1.2 billion.

Since April 2025, the company is owned by Integra Tec, a unit of Integra Capital, whose founder and principal shareholder is Argentine businessman José Luis Manzano. Under Peruvian securities law, Integra Tec has committed to launching a tender offer for the remaining 0.7% of shares held by minority investors.

Who runs it

Ariel Palumbo serves as CEO, replacing Elena Maestre; he brings executive experience from Edemsa, an Argentine electricity distributor. Federico Zin has been named Executive Vice-President, reporting directly to the Board, with a background in debt structuring and corporate finance.

Juan Pons serves as Chief Operating Officer. The CFO and board chair names are not disclosed in available sources from the current Integra Tec-appointed leadership team.

The money, in plain words

In 2024, the company brought in PEN 6.02 billion (USD 1.76 billion) in sales — down 7% from PEN 6.48 billion (US$1.9 bn) the prior year — while posting a net loss of PEN 3.39 billion (USD 992 million), more than four times the loss of 2023. That means for every sol of revenue, it lost about 56 cents — a net loss margin of –56.3%, driven heavily by large one-off write-downs of assets.

The 2024 net loss of PEN 3.39 billion (US$992 mn) was the company’s worst result in ten years. By September 2025, the net loss had shrunk to PEN 507 million (US$148 mn) — a significant recovery from PEN 2.53 billion (US$740 mn) in the same nine months of 2024, largely because the huge 2024 asset write-downs were non-recurring.

What it is doing now

The company is formally in Peru’s insolvency reorganisation process (Procedimiento Concursal Ordinario) before INDECOPI; obligations of PEN 6.9 billion (US$2.0 bn) have been reclassified as long-term restructured debt and carry no interest while a creditor repayment plan is negotiated, expected to conclude in 2026. In July 2025, Integratel reached a standstill agreement with Integra Tec and a group of bondholders representing at least 60% of outstanding bonds, pausing legal actions to allow restructuring talks to proceed.

Since the ownership change, the company has launched a cost-cutting programme; at year-end 2025 its operating result improved by PEN 639 million (US$187 mn) — 26.5% better than 2024 — with fibre-optic revenue growing 28.5%. The company was also awarded a 100 MHz block of spectrum to build a 5G network across Peru.

What to watch

• Creditor vote: The INDECOPI creditor-recognition process is expected to conclude in the final quarter of 2026 with the installation of a creditors’ assembly — the meeting that will decide the debt-restructuring plan and whether the company survives as a going concern.
• Debt-to-equity swap: The strategy involves converting a portion of the company’s debt into new preference shares, to reduce the financial burden on a company that already carries negative equity.
• Revenue slide: In the nine months to September 2025, revenues fell 11.2% year-on-year to PEN 4.02 billion (US$1.2 bn), as management deliberately shed lower-margin customers. Investors will want to see this stabilise.
• 5G rollout: In December 2025 the company signed a contract with Peru’s Ministry of Transport and Communications to participate in national 5G deployment, and has already upgraded more than 2,000 base stations.

This is news, not investment advice.