Slides
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Telecom Argentina 1H25 & 2Q25 Earnings Release August 2025
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1 This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of Telecom Argentina S.A. (the “Company”), in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Comisión Nacional de Valores (Argentine National Securities and Exchange Commission, or “CNV”) or an exemption from such registrations. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this presentation has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice. This presentation may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company’s expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the implementation of the Company’s business strategy; (iii) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (iv) the Company’s outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “will,” “may” and “should” or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company’s ability to successfully implement our business strategy and to achieve synergies; (ii) the Company’s ability to introduce new products and services that enable business growth; (iii) the Company’s ability to service our debt and fund our working capital requirements; (iv) uncertainties relating to political and economic conditions in Argentina, Paraguay, United States and Uruguay; (v) the impact of political and economic developments on demand for securities of Argentine companies; (vi) inflation, the devaluation of the Argentine Peso, the Guaraní and the Uruguayan Peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vii) restrictions on the ability to exchange Argentine Pesos, Guaraníes or Uruguayan Pesos into foreign currencies and transfer funds abroad; (viii) the impact of additional currency and exchange measures or restrictions on our ability to access the international capital markets and our ability to repay our dollar-denominated indebtedness; (ix) the creditworthiness of our actual or potential customers; (x) nationalization, expropriation and/or increased government intervention in companies; (xi) technological changes; (xii) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company’s suppliers; (xiii) the effects of increased competition; (xiv) reliance on content produced by third parties; (xv) increasing cost of the Company’s supplies; (xvi) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvii) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xviii) the Company’s capacity to compete and develop our business in the future; (xix) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xx) the effects of a pandemic or epidemic and any measures and policies adopted by governments to combat its effects, including mandatory lockdowns and other restrictions. DISCLAIMER
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2 Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company’s management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company’s Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the SEC, as well as the presentations periodically filed before the CNV and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company. This document also contains pro-forma financial information to show the impact of the Acquisition of Telefónica Móviles Argentina S.A. The pro-forma financial information has not been audited or reviewed by the Company’s auditors. The pro-forma financial information provided in this document is for illustrative purposes only and is not represented as being indicative of the Company’s (nor anyone else’s) views on its future financial condition and/or performance. Investors should note that the pro-forma financial information has not been prepared in accordance with, and does not purport to comply with, Article 11 of Regulation S-K under the U.S. Securities Act. The pro-forma financial information has been prepared in accordance with reasonable assumptions and the adjustments used therein are appropriate to give effect to the Acquisition. The Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores (“CNV”), which establishes that the restatement for inflation will be applied to the annual financial statements, for intermediate and special [periods ended as of December 31, 2018 inclusive]. Accordingly, the reported figures corresponding to 1H25 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional figures of the income statements are included, which are non-restated for inflation and which were used as the base for the information presented in constant pesos. DISCLAIMER
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3 PAY TV 3.2M | 107K 409K | 112K 47.8% 22.2% 11.5% 11.8% 5.8% 0.9% Mobile Services Internet Services Pay TV Fixed & Data Handsets Other US$ 2.8 BN 1H25 ADJUSTED EBITDA 1H25 CAPEX NET DEBT / Estimated proforma EBITDA3 OVERVIEW OF OUR 2Q25 | Operational and Financial highlights PERSONAL PAY ~ 4.2 MM onboarded clients #2 Fintech in Argentina considering total remunerated account balances US$ 399 MM2 +54% vs 1H24 Focused on mobile & FTTH network deployment BROADBAND 4.1M 1.6M LTM1H25 = 1.9x * Figures of 1H25 in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205). (1) Theoretical EBITDA excluding the increase in severance charges of TMA (2) Includes only PPE & intangibles (3) Calculated as Net Financial Debt (cash, cash equivalents – net of Client Funds - plus financial investments and financial NDF minus financial loans) / EBITDA. This ratio is included here solely for reference and may be calculated differently according to the definitions incorporated in some of the Company’s debt contracts. The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,194 million, plus TMA's proforma EBITDA of USD 566 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs. (4) Include 2.8 million M2M accesses US$0.8 BN 1H24 29.7% 1H25 30.0% 1H25 REVENUES Subscribers Market Leader Subscribers Market Leader EBITDA margin MOBILE 20.9M | 2.7M 19.3M4 Market Leader Subscribers FINANCIAL DEBT May: successful issuance of Class 24 Notes for 800M July: successful tap of our Class 24 Notes for 200M Reducing the bond’s average financing cost from 9.50% to 9.36% in just 60 days 1H25 31.6%1 Successfully extending the average life of our maturity profile
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Update on Telefonica Móviles Argentina
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5 KEY FIGURES 1H25 1H25 1,201 276 159 Reported figures for TMA as of 1H25 795 1,991 2,786 Sum of the parts+40% 188 648 836 Sum of the parts+29% 101 298 399 Sum of the parts+34% The 1H25 figures include just four months of TMA contribution 2,434 4,009 111 6,332 Proforma Proforma TMA Proforma (includes reclassifications) Eliminations of balances 439 1,129 1,568 Proforma Proforma TMA Proforma (includes reclassifications & eliminations) PROFORMA FY241 EBITDA (US$ Million) REVENUES (US$ Million) 28.2% EBITDA Mg as reported FY24 24.8% EBITDA Mg Proforma FY24 CAPEX (US$ Million) 326 552 878 Sum of the parts+59% (1) Adjustments to the unaudited pro forma income statement include: reclassification of TMA’s figures to align with the Company’s format; elimination of intercompany telecom transactions; reclassification of depreciation/amortization due to asset revaluation; and removal of brand/management fees from TMA’s prior parent, discontinued post-acquisition. Telecom 1H25 Revenue/EBITDA figures reflect consolidated data and may not represent TEO’s standalone performance. TMA: OIBDA excludes depreciation, amortization, and impairments; EBITDA margin = EBITDA/Revenues; Capex includes intangible assets and PP&E. *2024 figures in constant pesos (Dec 31, BNA rate: 1,032.0); 1H25 figures in constant pesos (Jun 30, BNA rate: 1,205).
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6 11.0% 2024 2025 2026 2027 2028 2029 2030 EFFICIENCY PLAN TMA EBITDA Mg TMA - Actions to improve margins 29.7% EBITDA Mg as reported 1H24 11% EBITDA Mg as reported FY24 22.9% EBITDA Mg as reported 1H25 30% EBITDA Mg as reported 1H25 • Elimination of management and brand fees • Reduction of redundant mobile sites costs • Optimization of procurement of handsets and sim cards • Lower advertising activity and costs • Improvement of bad debt ratios • Lower programming costs • Lower video platform costs •Optimization of the commercial network • Optimization of administrative costs: • Insurance • Logistics • Security TMA: ‘OIBDA’ (EBITDA in the presentation) is calculated as operating income excluding depreciation and amortization and impairment loss. EBITDA Margin calculated as EBITDA/Revenues •DONE / IN PROGRESS / IN ANALYSIS 32.5% excluding TMA contribution 26.7%** excluding severance charges (**) Theoretical EBITDA excluding the increase in severance charges of TMA As of 1Q25 Current Status
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7 REGULATORY PROCESS 6 Months 12-14 Months >>>>>>>>>>>>>>>>>>>>>>>>>>>> Required Regulatory Approvals Post-Transaction Antitrust Approval Request Formal Approval Request Approval Period Based on Precedents (6 to 12/14 Months Post-Transaction) Transaction Date Feb 24th Mar 3rd Mar 7th CNDC Filing ENACOM Filing Aug - 2025 Apr - 2026 The companies continue to operate separately and independently Formal response by Telecom to the request for additional information issued by the CNDC May 2nd Jun 5th Telecom appeal: RESOL-2025- 63-APN- SIYC#MEC suspended Jun 19th Telecom receives official notification of the CNDC's statement of objections Aug 5th Telecom Argentina submitted its comments to the CNDC regarding the June 19 technical opinion
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Consolidated Business Review
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9 REAL GROWTH IN SERVICE REVENUE & ARPU *Figures of 1H24 in constant pesos as of June 30, 2024, converted at the BNA ask rate as of June 01, 2024 (912,0). Figures of 1H25 in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205). ARPU EVOLUTION PER SEGMENT* Mobile ARPU evolution in US$ Broadband ARPU evolution in US$ Pay - TV ARPU evolution in US$ 5.2 6.05.2 6.2 TMA TEO 14.6 17.8 17.6 19.7 TMA TEO 12.6 16.9 12.2 13.5 1H24 1H25 TMA TEO Δ% Y/Y +15% +19% +12% +22% +11% +34% 2,192,512 2,275,618 885,368 1H24 1H25 SERVICE REVENUES EVOLUTION (P$ MM) 1,247,228 1,340,611 1H24 1H25 +7% +44% Telecom consolidated figures As reported TMA 1H25 contribution TEO, Excluding TMA 3,160,986 2,404 2,623US$ MM* TMA 1H25 figures 981 1,113US$ MM* TELECOM does not participate in TMA's pricing strategy +4% 8% growth for TEO Service Revenues (excluding TMA) if we exclude Fixed & Data from the calculation
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10 3,107 3,178 2Q24 2Q25 4,051 4,111 2Q24 2Q25 13,066 12,700 8,147 8,235 2Q24 2Q25 Prepaid Postpaid +1.5% +2.3% BROADBAND PAY TV** Δ% Y/Y **Includes only Argentina. POSITIVE EVOLUTION OF SUBSCRIBER BASES -2.8% Prepaid +1.1% Postpaid BROADBAND MOBILE* 26% FTTH 9,764 9,9499,044 9,322 2Q24 2Q25 Prepaid Postpaid +6.0% -6.1% Δ% Y/Y In thousands of accesses 1,496 1,586 2Q24 2Q25 435 409 2Q24 2Q25 +1.9% Prepaid +3.1% Postpaid Combined Growth -0.8% Prepaid +2.7% Broadband +1.3% Pay TV Δ% Y/Y +2.1% Postpaid *Includes Machine-to-machine (M2M) accesses of TMA POSTPAID % 39% 38% 48% 48% 43% 94% FTTH 2,472 2,759 Machine-to-machine accesses
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11 +71%937 583 339 309 132 25 1,605 745 387 395 196 30 Mobile Broadband Pay TV Fixed & Data Handsets Other 1H25 IAS 29 1H24 IAS 29 Figures may not add up due to rounding. REVENUES COMPOSITIONREVENUES REVENUES BREAKDOWN Million of P$ Billion of P$ REVENUES BREAKDOWN +22% +49% +28% +14% +28% Δ Y/Y 1,435,877 3,198,484888,227 158,520 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment INFLATION ADJUSTED FIGURES +44% HISTORICAL FIGURES (MODELING PURPOSES) 1,435,877 3,198,484 1H24 1H25 +123% 774 159 40 270 126 4 859 200 51 227 107 4 +2% -15% -16% +27% +26% +11% Includes revenues in foreign currency mostly from the B2B segment 3,357,004 2.324.104 Mobile 47.8% Broadband 22.2%Pay TV 11.5% Fixed & Data 11.8% Handsets 5.8% Other 0.9% Mobile 59.4% Broadband 13.8% Pay TV 3.5% Fixed & Data 15.7% Handsets 7.4% Other 0.3% +5% INFLATION ADJUSTED FIGURES 1,372,747 1,447,180 1H24 1H25 Δ Y/Y CONSOLIDATED CONSOLIDATED CONSOLIDATED
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12 REGIONAL OPERATIONS AND PERSONAL PAY Paraguay Uruguay Pay TV: 112k (+1%) Pay: 957k (+26%) Mobile: 2.7M(+10%) Broadband: 328k(+10%) *Number of subscribers in each segment. Figures in brackets are y/y variations. Paraguay key figures SUSCRIBERS* EBITDA Mg 53% Net debt to EBITDA 0.4x Pay TV: 107k* (-9%) 50 54 1H24 1H25 +8.0% 102 102 1H24 1H25 REVENUES EBITDA OUR DIGITAL WALLET A relevant player in the market with high growth potential + 4.2 million total onboarded clients (+44% y/y) X2.6 times TPV and 41% TPN vs June 2024 + P$ 325BNin clients’ remunerated account balance #2 Fintech in Argentina considering remunerated balances
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13 32.2% 31.0% 29.7% 30.0% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 0 0.2 0.4 0.6 0.8 1 1.2 EBITDA Margin 462,400 991,361 227,858 15,792 - 200 ,000 400 ,000 600 ,000 800 ,000 1,0 00,000 1,2 00,000 1H24 1H25 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment 690,258 1,007,153 3,357,004 2,349,851 1,007,153 Revenues Operating Costs before D&A EBITDA MARGIN EVOLUTION EBITDA EBITDA EVOLUTION 1H25 HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES Million of P$ Y/Y EBITDA margin evolution (p.p. difference, IAS 29) Million of P$. +44% +44% +46% 29.7% 30.0% 1.6% 1H24 1H25 EBITDA MARGIN EVOLUTION Strong improvement Theoretical EBITDA excluding the increase in severance charges of TMA 31.6%
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14 4% 14% 24% 3% 5% 8% 6% 7%4% 13% 24% 3% 5% 9% 5% 7% Handsets Costs Fees for services, maintenance and materials Labor Costs ITX Costs Commisions & Adv Taxes Programming & content costs Others*1H24 1H25 690,258 968,474 64,426 44,968 105,849 253,405 20,065 61,886 108,836 33,077 87,919 1,007,153 44% 49% 44% 33% 46% 27% 51% 60% 25% 56% -50% 0% 50% 100% 150% 200% 01000020000300004000050000600007000080000900001000001100001200001300001400001500001600001700001800001900002000002100002200002300002400002500002600002700002800002900003000003100003200003300003400003500003600003700003800003900004000004100004200004300004400004500004600004700004800004900005000005100005200005300005400005500005600005700005800005900006000006100006200006300006400006500006600006700006800006900007000007100007200007300007400007500007600007700007800007900008000008100008200008300008400008500008600008700008800008900009000009100009200009300009400009500009600009700009800009900001000000101000010200001030000104000010500001060000107000010800001090000110000011100001120000113000011400001150000116000011700001180000119000012000001210000122000012300001240000125000012600001270000128000012900001300000131000013200001330000134000013500001360000137000013800001390000140000014100001420000143000014400001450000146000014700001480000149000015000001510000152000015300001540000155000015600001570000158000015900001600000161000016200001630000164000016500001660000167000016800001690000170000017100001720000173000017400001750000176000017700001780000179000018000001810000 EBITDA 1H24 Ss. Revenues & other income Handsets Sales Handsets Costs Fees for services, maintenance and materials Labor Cost ITX Costs Commisions & Advertising Taxes Programming & content costs Others* EBITDA 1H25 EBITDA Margin 0.0% +1.1% 30.0% +0.7% 29.7% “Others” includes bad debt expenses and other costs. Y/Y Variation IFRS, Million of P$ AS % OF REVENUES -0.6% -0.2% -0.3% +0.4% -0.9% Figures may not add up due to rounding. IAS 29 EBITDA 1H24 – 1H25 +P$316,895 (+46%) Effective cost management: contributing to stabilize EBITDA Mg. +0.2% -0.2% +1.3% -1.6% 31.6%**Salaries, social security expenses and benefits Severance charges (**) Theoretical EBITDA excluding the increase in severance charges of TMA
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15 (148,074) (93,860) 1,197,930 (75,554) 1H24 1H25 1H24 IAS 29 1H25 IAS 29 OPERATING INCOME MARGIN: CONSOLIDATED RESULTS 368,510 781,375 176,027 (455,085) (605,348) 1H24 1H25 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment (86,575) IFRS, Million of P$ OPERATING INCOME (LOSS) HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES +112% IFRS, Million of P$ NET INCOME HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 24% 26%
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16 57% 33% 10% Network and Technology*** Installations and CPE International Capex CONSOLIDATED TECHNICAL CAPEX BREAKDOWN HIGHLIGHTS *CAPEX considers investments in PP&E and Intangible Assets ** Figures of 2024 in constant pesos as of June 30, 2024 converted at the BNA ask rate as of June 30, 2024 (912,0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). *** Includes: CAPEX in Datacenter/IT and other investments in Argentina. TMA Capex includes investments in capital goods, covering both intangible assets and Property, Plant and Equipment (PP&E). 38 new sites were deployed, and another 197 sites were upgraded. We built out our FTTH network across 6,352 new blocks. An additional 4,170 blocks received FTTH overlay We added 211 new 5G Sites. 1H25 CAPEX Million of P$ 313,127 359,336 121,853 1H24 IAS 29 1H25 IAS 29 CAPEX* 246 399US$ MM** 13.5% 14.3%% over Revenues 146 159 13.5% 13.3% 185,646 191,763 1H24 IAS 29 1H25 IAS 29 481,189 +54% TMA 1H25 contribution TEO, Excluding TMA +3%
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17 543 - 246 - 143 154 - 3 151 836 - 399 - 164 272 - 69*** 199US$ MM** Y/Y VariationIFRS, U$D Million FCF GENERATION 1H24 FCF GENERATION 1H25 Million of P$ Million of P$ *CAPEX considers investments in PP&E and Intangible Assets ** Figures of 2024 in constant pesos as of June 30, 2024 converted at the BNA ask rate as of June 30, 2025 (912,0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). FCF calculation considers: (Cash flows from Operating Activities + Cash Flows from Investment Activities – Payments for investments not considered as cash and cash equivalents – - Proceeds from sale of investments not considered as cash and cash equivalents – Proceeds from DFI liquidations– Dividends from associates– Payments for acquisition of subsidiary, net of cash acquired) ***Payments corresponding to taxes, including compensatory interest, arising from the acquisition of TMA by Telecom Argentina, in consideration of some specific requisites under Argentine tax regulations (please refer to the 6-K filed on May 15, 2025). CASH FLOW 690,258 313,127 174,493 202,638 4,137 198,501 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF US$ 48 1,007,153 481,189 198,061 327,903 83,070 5,215 239,618 EBITDA CAPEX * WK & Others OFCF TMA Tax Payments Income Tax Paid FCF - 4
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18 In US$ Million1 LTM1H25 FY24 EBITDA 1,759 Estimated proforma2 1,129 Gross Debt3 3,665 2,789 Cash & Equivalents 321 308 Net Debt3 3,344 2,447 Ratios LTM1H25 FY24 Gross Debt / EBITDA4 2.07 Estimated Proforma2 2.47 Net Debt / EBITDA4,5 1.90 Estimated Proforma2 2.17 KEY FIGURES 1: Figures of 2024 in constant pesos as of December 31, 2024 converted at the BNA ask rate as of December 31, 2024 (1,032.0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). // 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,194 million, plus TMA's proforma EBITDA of USD 566 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs.// 3: Excludes NDF //. 4: This ratios are included here solely for reference and may be calculated differently according to the definitions incorporated in some of the Company’s debt contracts. // 5: Calculated as Net Financial Debt (cash, cash equivalents – net of Client Funds - plus financial investments and financial NDF minus financial loans) / EBITDA. The figures in dollars included in this presentation result from converting figures in constant pesos at the close of a specific period, using the closing exchange rate of that same period. These figures are included solely for the purpose of providing a general reference and are not obtained through any form of dual currency accounting conducted by the Company
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19 TOTAL FUNDS RAISED AS OF DATE OF THIS RELEASE 2025 TRANSACTIONS Telecom Argentina – Bilateral Loan ICBC US$ 0.2 billion February 21, 2025 Local Loans with Institutions Almost US$ $0.3 billion equivalent* During the month of July, 2025 Total in USD equivalent *US$ 2.6 billion Telecom Argentina – Syndcated Loan (BBVA, Citi, Deutsche Bank, J.P.Morgan, Santander) Almost US$ 1 billion February 21, 2025 Telecom Argentina – Class 24 Notes due 2033 US$ 0.8 billion May 22, 2025 Telecom Argentina – Class 24 Notes due 2033 TAP US$ 0.2 billion July 24, 2025 TMA ACQUISITION LOANS Successfully reducing the bond’s average financing cost from 9.50% to 9.36% in just 60 days (Reopening of Class 24 Notes) PARTIALLY REFINANCED THROUGH INTERNATIONAL BOND ISSUANCES LOCAL ISSUANCES LOCAL LOANS WITH INSTITUTIONS Telecom Argentina – Class 25 Notes due 2027 US$ $0.05 billion July 2, 2025 Telecom Argentina – Class 26 Notes due 2026 P$57.9 Billion (Pesos – TAMAR) July 18, 2025 *For local loans with institutions, the BNA ask rate ($1,294.2) July 31, 2025. For Class 26 notes due 2026, the BNA ask rate ($1,286.00) July 18, 2025.
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20 SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 6.8% 6.8% 6.7% 6.3% 8.0% 7.3% 6.6% 7.4% 7.2% 2.7% 1.9% 0.9% 1.5% 3.9% 3.9% 4.6% 4.2% 4.2% 8.2% 17.4% 13.7% 16.9% 22.0% 19.1% 13.7% 11.2% 7.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2018 2019 2020 2021 2022 2023 2024 1Q25 1H25 Proforma TEO avg. cost of dollar debt UST 10y EMBI Argentina 2.6 3.2 3.3 3.1 2.8 2.5 2.8 3.1 4.2 2018 2019 2020 2021 2022 2023 2024 1Q25 1H25 Proforma Avg Life of Debt *Includes Dollar Linked Local Notes Source: Calculations in accordance to maturity and interest rate data per debt instrument provided in Company’s filings. We have been able to maintain the financial cost* and average life* of our maturity profile even under a challenging macroeconomic environment in Argentina and globally EMBI: Emerging Markets Bonds Index Proforma debt maturity profile as of June 2025, including (i) the tap of the new bond (Class 24 Notes) maturing in 2033 for USD 200 million, (ii) the use of proceeds f or the partial prepayment of the syndicated loan and the bilateral loan with ICBC for an amount of US$ 169 million and US$ 35 million, respectively, both loans originally obtained to finance the acquisition of Telefónica
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21 PROFORMA DEBT MATURITY PROFILE AS OF JUNE 2025 | Annual Principal Payments 72% in US$, RMB & GUA 17% in US$ Local DDLL 11% in ARS Cross-Border Notes Vendors, multilateral and export credit agencies Local Debt (Argentina and subsidiaries) Approximately *Figures may not add up due to rounding. Figures in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205.0) . Breakdown by instrument* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S millions) Class 1 Notes 2026 163 163 Class 5 Notes 2025 112 112 Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 500 500 1,000 Vendor Financing 2 3 2 2 0 9 Finnvera 10 12 21 EDC 5 9 4 4 4 4 31 IDB Loan 16 31 15 62 CDB loan 18 35 53 105 BoC loan 2 4 4 10 Syndicated Loan 151 151 ICBC Loan 12 12 6 31 Núcleo (GUA) 16 15 31 Local Notes 94 94 Local Notes Dollar-linked 180 268 98 62 608 Local Notes Hard-dollar 75 75 Other (ARS) 295 295 Total 639 525 270 172 438 280 293 500 500 3,616 Breakdown by currency* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S million) US Dollars 147 221 25 93 438 280 278 500 500 2,483 Dollar-Linked 180 268 98 62 608 Renminbi 18 35 53 105 Guaraní 16 15 31 ARS 295 94 389 TMA has no significant debt as of June 30, 2025 Correspond to the full amortization of Class 5 and 16 Local Notes, which were fully repaid in July and August 2025, respectively Proforma debt maturity profile as of June 2025, including (i) the tap of the new bond (Class 24 Notes) maturing in 2033 for USD 200 million, (ii) the use of proceeds f or the partial prepayment of the syndicated loan and the bilateral loan with ICBC for an amount of US$ 169 million and US$ 35 million, respectively, both loans originally obtained to finance the acquisition of Telefónica
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22 APPROVED DECARBONIZATION TARGETS | SBTI SBTi near-term targets’ approval reinforces our previous main environmental commitments: Carbon Neutrality Goals - achieve carbon neutrality by 2050 Renewable Energy Commitments – reach 50% participation in total energy consumption by 2030 (currently 25%) Provides a strategic advantage in accessing sustainable financing (green bonds, ESG-linked loans, climate-focused investment funds) by having robust and verifiable targets. Positions Telecom as one of the few companies in Argentina with targets validated by SBTi, which strengthens our ESG strategy with international standards. ✓ ✓ ✓ ✓ Strengthens our response to increasing scrutiny from investors and corporate clients regarding measurable and credible climate plans. Enhances our CDP score. NEW MILESTONE ON OUR ENVIRONMENTAL COMMITMENT Telecom Argentina near-term science-based targets approved
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23 FINAL REMARKS Acquisition of TMA by TEO presents the opportunity to upgrade the connectivity in Argentina and upscale the operations of Telecom Regulatory process being conducted normally, with all required filings submitted to the relevant authorities and timelines being met. Balanced debt maturity profile, reflecting a prudent and proactive financial management strategy. Ongoing reinforcement of our premium network infrastructure through our CAPEX plan, consolidating our leadership in service quality. ✓ ✓ ✓ ✓ ✓ ✓ Strong access to international markets and financial institutions, enhancing our ability to secure competitive and diversified funding Sustained commitment to operational efficiency in a context of improvement of the economic environment, driving improvements in customer experience and profitability ✓ Strengthening our environmental commitment.