Earnings release
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¡ Telecom Argentina Press Release 1H25 08-11-2025
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TELECOM ARGENTINA 1 Telecom Argentina S.A. announces consolidated results for the first half (“1H25”) and second quarter of fiscal year 2025 (“2Q25”) 2 Note: 1H25 figures include the effects of the adoption of inflationary accounting in accordance with IAS 29. Therefore, comments regarding 1H25 results and changes in 1H24 results mentioned in this press release correspond to “restated for inflation” or “constant” figures. Moreover, Table 3 shows information broken down by segment for the periods ended as of June 30 of 2025 and 2024, as analyzed by the Executive Committee and the CEO, who periodically receive the economic-financial information of Telecom and its subsidiaries (in historical values). The comments corresponding to the consolidated results for 1H25 include the results of Telefónica Móviles Argentina (“TMA”) for the four-month period from March 1 to June 30, 2025, unless otherwise specified. For further details, please refer to the headings of the financial tables beginning on page 12. • For analysis purposes, it is important to highlight that the comparative results (June 2024) reflect the year - over-year effect of inflation through June 2025, which reached 39.4%. Additionally, the consolidated results for 1H25 include four months of contributions from TMA, which were not present in the comparative period 1H24. • During 1H25, consolidated revenues totaled P$3,357,004 million. Service revenues reached P$3,160,986 million in 1H25, with the following breakdown: o Telecom (excluding TMA)3: +3.8% vs. 1H24 (vs. -11.7% in real terms in 1H24 vs. 1H23). o TMA: +7.5% vs. 1H24. It is worth noting that Telecom does not determine TMA’s commercial or pricing policies. o Consolidated: +44.2% vs. 1H24, including four months of TMA revenues not present in the comparative consolidated period (1H24). • During 1H25, the customer base in Argentina showed positive evolution : o Telecom (excluding TMA): Although total mobile accesses declined by 1.3%, reaching 20.9 million, postpaid accesses grew by 1.1%. Pay TV subscribers also increased, totaling 3.2 million in the period (+71 thousand or +2.3% vs. 1H24). Lastly, the fixed broadband segment registered a 1.5% increase in the customer base, totaling 4.1 million accesses (+60 thousand vs. 1H24) . o TMA: Total mobile accesses (including M2M) reached 19.3 million (+464 thousand or +2.5% vs. 1H24). Meanwhile, fixed broadband accesses totaled 1.6 million (+90 thousand or +6.0% vs. 1H24). Lastly, pay TV subscribers amounted to 0.4 million in the same period (-27 thousand or -6.1% vs. 1H24). • During 1H25, consolidated Operating Income before Depreciation, Amortization, and Impairment of Fixed Assets (“Operating Income before D, A & I”) totaled P$1,007,153 million (+45.9% vs 1H24, due to the contribution of 4 months of TMA), resulting in a consolidated margin of 30.0% (+0.3 p.p. vs 1H24). Telecom’s margin (excluding TMA) was 32.5% (+2.8 p.p. vs 1H24). • During 1H25, the Company recorded a consolidated net loss of P$75,554 million (vs. a profit of P$1,197,930 million in 1H24). This was mainly due to a loss recorded in net financial results (vs. a gain in 1H24), partially offset by stronger operating results and a lower income tax loss. • Consolidated CAPEX (excluding additions from rights of use) represented 14.3% of consolidated revenues in 1H25. • Consolidated Net Financial Debt totaled P$4,029,971 million as of June 30, 2025, increasing in real terms (+38.2% in constant currency vs. December 31, 2024). This increase was mainly driven by the financing obtained for the acquisition of TMA. Contacts: Luis Fernando Rial Ubago - lfrialubago@teco.com.ar Tomás Pellicori - tlpellicori@teco.com.ar Market Cap (NYSE: TEO): US$ 4,346.14 million1 (1) Market capitalization as of August 8, 2025 (2) Unaudited non-financial information (3) This refers to the exclusion of the consolidated results from the segment “ICT Services Provided in Argentina – TMA Networks,” as presented in Table 3. The same criterion will apply going forward to any results labeled as “Telecom (excluding TMA).”
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TELECOM ARGENTINA 2 766,767 1,761,864 36,349 2Q24 2Q25 2Q24 IAS 29 2Q25 IAS 29 IAS 29 Adjustment (Inflation Adjustment) 1,798,213 1,114,932 348,165 1,435,877 3,198,484 888,227 158,520 1H24 1H25 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment (Inflation Adjustment) 2,324,104 IAS 29 IAS 29 As of June 30, As of June 30, 2025 2024 Consolidated Revenues 3,357,004 2,324,104 1,032,900 44.4% Consolidated Operating Income before D, A & I 1,007,153 690,258 316,895 45.9% Consolidated Operating Income (loss) 176,027 (86,575) 262,602 - Consolidated Net Income (loss) before income tax expense (41,081) 1,701,945 (1,743,026) -102.4% Consolidated Net Income (loss) attributable to Controlling Company (83,792) 1,187,416 (1,271,208) -107.1% Consolidated Shareholders' equity attributable to Controlling Company 6,224,353 6,462,808 (238,455) -3.7% Consolidated Net Financial Debt (4,029,971) (3,052,220) (977,751) 32.0% Consolidated Investments in PP&E, intangible assets & rights of use assets ** 573,242 440,493 132,749 30.1% Telecom Fixed lines in service (in thousand lines) *** 2,728 2,755 (27) -1.0% Mobile customers (in thousand) 23,594 23,629 (35) -0.1% Personal (Argentina) 20,935 21,212 (278) -1.3% Núcleo (Paraguay) -including Wimax customers- 2,660 2,417 243 10.0% Broadband accesses in Argentina (in thousand) 4,111 4,051 60 1.5% Pay TV Subscribers (Includes Argentina, Uruguay and Paraguay - in thousand) 3,396 3,335 62 1.9% Average Revenue per user (ARPU) Mobile Services (in P$ - Restated by inflation) 7,444.0 6,613.4 830.6 12.6% Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation) 23,755.4 22,354.9 1,400.5 6.3% Average Revenue per user (ARPU) Pay TV (in P$ - Restated by inflation) 16,297.1 15,473.0 824.1 5.3% Telefónica Móviles Argentina (TMA) Fixed lines in service (in thousand lines) *** 2,118 2,173 (55) -2.5% Mobile customers (in thousand) 19,272 18,807 464 2.5% Prepaid + Postpaid (excluding M2M) 16,513 16,336 177 1.1% Machine-to-machine (M2M) 2,759 2,472 287 11.6% Broadband accesses (in thousand) 1,586 1,496 90 6.0% Pay TV Subscribers (in thousand) 409 435 (27) -6.1% Average Revenue per user (ARPU) Mobile Services (in P$ - Restated by inflation) 7,187.7 6,602.7 585.0 8.9% Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation) 21,410.5 18,527.4 2,883.1 15.6% Average Revenue per user (ARPU) Pay TV (in P$ - Restated by inflation) 20,421.3 16,062.1 4,359.2 27.1% (in million P$ adjusted by inflation, except where noted)* Δ $ Δ % * Figures may not add up due to rounding. ** In constant currency – includes additions from rights of use as of June 30, 2025 for P$92,053 million and as of June 30, 2024 for P$127,366 million. *** Telecom figures include IP telephony lines, which totaled approximately 2.05 million and 1.69 million as of June 30, 2025 and June 30, 2024, respectively. TMA figures include IP telephony lines, which totaled approximately 1.50 million and 1.35 million as of June 30, 2025 and June 30, 2024, respectively. ****ARPUs in constant currency as of June 30, 2025, were calculated by applying the corresponding average inflation index to the historical ARPU of each segment. (148,074) (93,860) 1,197,930 (75,554) 1H24 1H25 1H24 IAS 29 1H25 IAS 29 462,400 991,361 227,858 15,792 32.2% 31.0% 29.7% 30.0% 1H24 1H25 1H24 IAS 29 1H25 IAS 29 EBITDA Margin 690,258 1,007,153 2- Quarterly Service Revenues (in millions P$) 3- Operating Income before D, A & I (EBITDA) (in millions P$) 1- Consolidated Revenues (in millions P$) 4- Net Income (Loss) (in millions P$) 3,357,004
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TELECOM ARGENTINA 3 Buenos Aires, August 11, 2025 - Telecom Argentina S.A. (“Telecom Argentina”, “Telecom” or the “Company”) - (NYSE: TEO; BYMA: TECO2), announced today a consolidated Net Loss of P$75,554 million for the six - month period ended June 30, 2025. The consolidated Net Loss attributable to the Controlling Company amounted to P$83,792 million. Comparative figures for the previous fiscal year have been restated by inflation so that the resulting information is presented in terms of the current measurement unit as of June 30, 2025. The following table shows the evolution of the national consumer price index ( National CPI - according to INDEC’s official statistics) as of December 31, 2024, and as of June 30, 2024 and 2025: As of June 30, 2024 As of December 31, 2024 As of June 30, 2025 Annual 271.5% 117.8% 39.4% 3-month cumulative (since March) 18.6% n/a 6.0% During 1H25, consolidated revenues reached P$3,357,004 million, with consolidated service revenues totaling P$3,160,986 million. In 1H25, consolidated service revenue performance showed an improvement relative to inflation , as described as follows: o Telecom (excluding TMA): +3.8% vs. 1H24 (vs. -11.7% in real terms in 1H24 vs. 1H23). o TMA: +7.5% vs. 1H24. It is worth noting that Telecom does not determine TMA’s commercial or pricing policies. o Consolidated: +44.2% vs. 1H24, including four months of TMA revenues not present in the comparative consolidated period (1H24). IAS 29 IAS 29 1H25 1H24 Consolidated Revenues (MMP$) 3,357,004 2,324,104 1,032,900 44.4% Net income (loss) attributable to Controlling Company (MMP$) (83,792) 1,187,416 (1,271,208) N/A Net income (loss) attributable to Controlling Company per Share (P$) (38.9) 551.3 (590.2) Net income (loss) attributable to Controlling Company per ADR (P$) (194.5) 2,756.7 (2,951.2) Operating Income before D, A & I * 30.0% 29.7% Operating Income (loss)* 5.2% (3.7%) Net income (loss)* (2.3%) 51.5% *As a percentage of Consolidated Revenues Note: The average of ordinary shares outstanding considered amounted to and 2,153,688,011 as of 1H25 and 1H24. Δ $ Δ %
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TELECOM ARGENTINA 4 Consolidated Revenues Mobile Services As of June 30, 2025, total subscribers of Telecom (excluding TMA) in Argentina and Paraguay reached 23.6 million, while TMA subscribers totaled 19.3 million. In 1H25, consolidated mobile service revenues amounted to P$1,604,897 million (+P$667,424 million or +71.2% vs. 1H24), positioning mobile services as the Company’s main business in terms of service revenues (representing 50.8% and 42.8% of service revenues in 1H25 and 1H24, respectively). Mobile internet revenues accounted for 98% and 93% of total mobile service revenues in 1H25 and 1H24, respectively. Excluding the impact of TMA’s consolidation in mobile service revenues, the 10.2% increase for Telecom (excluding TMA) was mainly driven by a higher ARPU. Mobile Services in Argentina As of June 30, 2025, Telecom’s mobile subscribers in Argentina (excluding TMA) totaled approximately 20.9 million (-278 thousand or -1.3% vs. 1H24). During 1H25, the full impact of the change in the disconnection policy for prepaid lines due to inactivity— implemented in July 2024 —was recorded. This change reduced the number of days without top-ups required for line deactivation and largely explains the 2.8% decline in the prepaid base. Meanwhile, the postpaid base increased by 1.1% vs. 1H24. As of June 30, 2025, postpaid accesses represented 39% of total mobile accesses. As of June 30, 2025, TMA’s mobile subscribers totaled approximately 19.3 million (+464 thousand or +2.5% vs. 1H24), including M2M -type accesses totaling 2.8 million (+287 thousand or +11.6%). The postpaid base increased by 3.1% vs. 1H24, while the prepaid base grew by 1.9%. As of June 30, 2025, postpaid accesses represented 48% of total mobile accesses. TMA’s average monthly churn stood at 1.6% in 1H25 (vs. 2.0% average in 1H24). In 1H25, consolidated mobile service revenues in Argentina reached P$1,532,029 million (+P$684,175 million or +80.7% vs. 1H24). This increase was primarily driven by the consolidation of TMA’s results in 1H25, which totaled P$572,126 million. Excluding the impact of TMA’s cons olidation, the growth was mainly attributable to a 12.6% real increase in ARPU. The average monthly revenue per user (“ARPU”) for Telecom (excluding TMA) was P$7,444.0 in 1H25 (+12.6% in real terms vs. 1H24). The effect of restatement to the current measuring unit as of June 30, 2025 included in ARPU amounted to P$375.3 and P$2,514.6 in 1H25 and 1H24, respectively. Average monthly churn stood at 2.1% in 1H25 (vs. 1.6% average in 1H24). The average monthly revenue per user (“ARPU”) for TMA was P$7,187.7 in 1H25 (+8.9% in real terms vs. 1H24). The effect of restatement to the current measuring unit as of June 30, 2025 included in ARPU amounted to P$367.2 and P$2,551.2 in 1H25 and 1H24, respectively. Personal in Paraguay (“Núcleo”) As of June 30, 2025, Núcleo’s subscriber base totaled 2.7 million, increasing 10.1% compared to 1H24. Of the total accesses, 72% corresponded to the prepaid segment and 28% to the postpaid segment, whereas as of June 30, 2024, prepaid accesses represented 74% and postpaid accesses 26%. Average monthly churn stood at 2.3% in 1H25 vs. 2.6% in 1H24. 578.6 1,537.8 358.9 67.1 1H24 1H25 1H24 IAS 29 1H25 IAS 29 Mobile Services Revenues (in billions P$) IAS 29 Adjustment 1,604.9 937.5 6,613 7,444 6,689 6,444 1H24 1H25 Mobile Consumption of Personal in Argentina ARPU ($/month) MBOU(month)
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TELECOM ARGENTINA 5 During 1H25, mobile service revenues in Paraguay reached P$72,868 million, decreasing in real terms ( -P$16,751 million vs. 1H24). This decline was driven by a reduction in ARPU, measured in constant pesos, partially offset by the appreciation of the guaraní against the Argentine peso and by growth in the customer base. Internet Services Consolidated internet service revenues reached P$744,556 million in 1H25, growing in real terms (+P$161,678 million or +27.7% vs. 1H24). Telecom’s subscriber base (excluding TMA) reached 4.1 million subscribers (+60 thousand or +1.5% vs. 1H24) during 1H25. The monthly churn rate for internet services stood at 1.2% and 1.9% as of June 30, 2025 and 2024, respectively. The revenue increase was mainly driven by the consolidation of TMA’s results in 1H25, which totaled P$131,955 million. Excluding the impact of TMA’s consolidation, the 5.1% increase for Telecom (excluding TMA) was primarily due to higher ARPU and subscriber growth. TMA’s subscriber base reached 1.6 million (+90 thousand or +6.0% vs. 1H24) during 1H25. The average monthly churn rate for internet services as of June 30, 2025 was 2.0% (vs. 1.8% in 1H24). In 1H25, Telecom’s broadband ARPU (excluding TMA), expressed in constant currency as of June 30, 2025, reached P$23,755.4 (+6.3% in real terms vs. 1H24). The effect of restatement to current measurement units as of June 30, 2025 included in ARPU amounted to P$1,216.4 and P$8,483.1 for 1H25 and 1H24, respectively. Additionally, in 1H25, TMA’s broadband ARPU, expressed in constant currency as of June 30, 2025, reached P$21,410.5 (+15.6% in real terms vs. 1H24). The effect of restatement to current measurement units as of June 30, 2025 included in ARPU amounted to P$1,093.8 and P$7,158.8 for 1H25 and 1H24, respectively. As of June 30, 2025, accesses with internet speeds of 100 Mbps or higher represented 92% of the total subscriber base (vs. 86% as of June 30, 2024). Cable TV Services Consolidated revenues from cable television services reached P$386,699 million in 1H25 (+P$47,827 million or +14.1% vs. 1H24). The number of TV subscribers for Telecom (excluding TMA) , including Uruguay and Paraguay, totaled 3.4 million (+62 thousand or +1.9% vs. 1H24). TV subscribers for TMA amounted to 0.4 million ( -27 thousand or -6.1% vs. 1H24). The positive revenue variation in Argentina was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$34,110 million. Excluding the impact of TMA’s consolidation, the 4.0% increase for Telecom (excluding TMA) was primarily due to a 5.3% increase in ARPU and a 1.9% growth in the customer base compared to 1H24. The subscriber base in Argentina for Telecom (excluding TMA) reached 3.2 million accesses as of June 30, 2025, reflecting a 2.3% increase vs. 1H24. This growth was supported by Flow Full and Flow Flex products, the latter being fully digital (no decoder or installation required). Of this customer base, 1.6 million were subscribed to Flow, and Premium subscriptions totaled 1.2 million as of 1H25, increasing 2.1% vs. 1H24. Flow continues to strengthen its positioning in the entertainment segment, enhancing customer experience through services such as the recent launch of Flow+ (a flexible entertainment offering that includes two interchangeable subscriptions every 30 days among Pack Fútbol, HBO, Disney+ Premium, and Universal+, all under a single plan ). 361.3 709.7 221.6 34.8 1H24 1H25 1H24 IAS 29 1H25 IAS 29 Internet Services Revenues (In billions P$) IAS 29 Adjustment 582.9 744.6 209.0 368.0 129.8 18.7 1H24 1H25 1H24 IAS 29 1H25 IAS 29 Pay TV Service Revenues (In billions P$) IAS 29 Adjustment 338.9 386.7
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TELECOM ARGENTINA 6 The monthly TV ARPU for Telecom (excluding TMA), expressed in constant currency as of June 30, 2025, reached P$16,297.1 in 1H25 (+5.3% in real terms vs. 1H24). The inflation adjustment effect included in ARPU amounted to P$435.5 and P$5,746.3 for 1H25 and 1H24, respectively. Meanwhile, the monthly TV ARPU for TMA, expressed in constant currency as of June 30, 2025, reached P$20,421.3 in 1H25 (+27.1% in real terms vs. 1H24). The inflation adjustment effect included in ARPU amounted to P$1,043.2 and P$6,206.2 for 1H25 and 1H24, respectively. The average monthly churn rate for cable TV was 1.5% for Telecom (excluding TMA) as of June 30, 2025, compared to 1.8% as of June 30, 2024. For TMA, churn stood at 4.0% and 3.3% as of June 30, 2025 and 2024, respectively. Fixed Telephony and Data Services Consolidated revenues from fixed voice and data services reached P$394,652 million in 1H25 (+P$86,097 million or +27.9% vs. 1H24). The variation in Argentina is mainly explained by the consolidation of TMA’s results in 1H25, which amounted to P$147,177 million. The real -term decline of 19.8% in the fixed voice and data segment for Telecom (excluding TMA) is primarily due to the evolution of the exchange rate lagging behind inflation, in a context where most data segment contracts are indexed to the exchange rate. Additionally, fixed voice revenues increased below inflation, and the segment also experienced a decline in its customer base. Telecom’s fixed telephony customer base (excluding TMA) totaled 2.7 million in 1H25, of which 2.0 million correspond to IP line customers. TMA’s telephony customer base reached 2.1 million, with 1.5 million being IP line customers. Other Service Revenues Consolidated revenues from other service revenues, which primarily include revenues related to fintech services, billing and collection services on behalf of third parties, administrative fees, and advertising space sales, among others , reached P$30,182 million (+P$5,448 million or +22.0% vs. 1H24). The main variation was driven by the increase in fintech services in Argentina, primarily due to the growth in usage of the Personal Pay digital wallet and the rise in the number of users, which reached 4.2 million in 1H25 vs. 2.9 million in 1H24. Revenues from equipment sales Consolidated equipment sales revenues totaled P$196,018 million (+P$64,426 million or +49.0% vs. 1H24). This variation was mainly driven by the consolidation of TMA’s results in 1H25, which amounted to P$72,266 million, while equipment sales for Telecom (excluding TMA) declined by 6.0% in real terms. Consolidated Operating Costs Consolidated Operating Costs including Depreciation, Amortization and Impairment of Fixed Assets amounted to P$3,180,977 million in 1H25 (+P$770,298 million or +32.0% vs. 1H24). Excluding Depreciation, Amortization and Impairment of Fixed Assets, consolidated operating costs increased by P$716,005 million or 43.8% in real terms during the same 189.1 366.8 119.5 27.8 1H24 1H25 1H24 IAS 29 1H25 IAS 29 Fixed Telephony Data Services Revenues (In billions P$) IAS 29 Adjustment 308.6 394.7
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TELECOM ARGENTINA 7 period. Operating costs for 1H25 include P$730,835 million, corresponding to the consolidation of TMA. The cost breakdown was as follows: • Labor costs and severance payments totaled P$803,339 million in 1H25 (+P$253,405 million or +46.1% vs. 1H24). The increase was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$252,997 million. Total headcount reached 19,469 employees as of June 30, 2025. • Interconnection and transmission costs , which also include roaming, correspondent services, and line and circuit rentals , amounted to P$94,450 million in 1H25 (+P$20,065 million or +27.0% vs. 1H24). The increase was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$52,568 million. Excluding the impact of TMA’s consolidation, the decrease was primarily due to optimization in the use of links and sites and lower traffic volumes. • Fees for services, maintenance, and materials: P$425,083 million in 1H25 (+P$105,849 million or +33.2% vs. 1H24). The increase was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$121,613 million. Excluding the impact of TMA’s consolidation, the decrease was mainly due to improved efficiencies, with lower maintenance and material costs and reduced service fees compared to 1H24. • Taxes, fees, and regulatory charges: P$289,138 million (+P$108,836 million or +60.4% vs. 1H24). Regulatory costs in 1H25 include P$92,523 million corresponding to TMA. • Commissions and advertising (agents, collection commissions, and other fees): Charges totaled P$182,714 million in 1H25 (+P$61,886 million or +51.2% vs. 1H24). The increase was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$58,241 million. • Cost of equipment sold totaled P$147,926 million in 1H25 (+P$44,968 million or +43.7% vs. 1H24). This variation was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$53,751 million. • Programming and content costs: P$163,277 million (+P$33,077 million or +25.4% vs. 1H24). Programming and content costs in 1H25 include P$18,243 million corresponding to TMA. • Other costs totaled P$243,924 million (+P$87,919 million or +56.4% vs. 1H24), including bad debt expenses which amounted to P$66,223 million (+P$17,031 million or +34.6% vs. 1H24). • Bad debt expenses in 1H25 include P$20,924 million corresponding to TMA. The charge for bad debt continued to show a favorable trend: it represented 2.0% of total revenues as of June 30, 2025 (vs. 2.1% in 1H24). • Other operating costs , which include litigation and contingency charges, energy and other utilities, insurance, rentals, and internet capacity, among others, amounted to P$177,701 million (+P$70,888 million or +66.4% vs. 1H24). TMA’s contribution to 1H25 totaled P$59,975 million. • Depreciation, amortization, and impairment of fixed assets: totaled P$831,126 million (+P$54,293 million or +7.0% vs. 1H24). The charge for the period includes P$196,700 million corresponding to the consolidation of TMA and reflects the impact of amortizat ions from additions after June 30, 2024, partially offset by the effect of assets that reached the end of their useful life after that date.
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TELECOM ARGENTINA 8 Net Financial Results Net financial results (including financial debt costs and other net financial results) showed a consolidated loss of P$215,364 million in 1H25 (vs. a gain of P$1,792,664 million in 1H24). This variation was mainly driven by: In millions of $ 1H25 1H24 Δ $ Exchange differences (71,786) 1,952,666 (2,024,452) RECPAM 61,065 108,005 (46,940) Fair value gains/(losses) on financial assets at fair value through profit or loss (30,730) (21,020) (9,710) Remeasurement in borrowings* 1,533 (103,189) 104,722 Net interest (110,485) (62,601) (47,884) Others (64,961) (81,197) 16,236 Total (215,364) 1,792,664 (2,008,028) *Related to Notes issued in UVA The variation in consolidated net financial results in 1H25 was mainly explained by a higher loss from foreign exchange differences, measured in real terms, of P$2,024,452 million. This was driven by inflation of 15.1% versus a 16.8% appreciation of the U.S. dollar against the Argentine peso (vs. inflation of 79.8% and a 12.8% appreciation of the U.S. dollar in 1H24). Additionally, there were higher financial debt interest expenses of P$56,856 million due to increased borrowing, partially offset by higher gain s from loan adjustments of P$104,722 million, resulting from the maturity of UVA -denominated notes, which reduced the outstanding principal balance and, consequently, the associated financial charges. Income Tax Telecom’s income tax includes the following effects: i) the current income tax, determined based on the current tax legislation applicable to Telecom, ii) the effect of applying the deferred tax method with respect to temporary differences determined by comparing our asset and liability valuation according to tax and financial accounting criteria which includes the effect of the income tax inflation adjustment. Consolidated income tax resulted in a loss of P$34,473 million in 1H25 (vs. a loss of P$504,015 million in 1H24). Current income tax losses amounted to P$223,343 million in 1H25 (vs. a loss of P$7,721 million in 1H24), while the effect of deferred income tax in 1H25 was a gain of P$188,870 million (vs. a loss of P$496,294 million in 1H24). Consolidated Net Financial Debt As of June 30, 2025, our net financial debt (cash, cash equivalents – net of Client Funds - plus financial investments and financial NDF* minus loans) is negative and amounted to P$4,029,971 million, which represents an increase of P$1,113,767 when compared to the net financial debt as of December 31, 2024, restated by inflation. This increase was mainly driven by the financing obtained for the acquisition of TMA . * Contemplates rate swaps and NDF (non-delivery forwards) agreements.
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TELECOM ARGENTINA 9 Investments in PP&E, intangible assets and rights of use assets As of June 30, 2025, consolidated CAPEX (additions of PP&E and intangible assets) totaled P$481,189 million (+53.7% vs. 1H24). Including additions from rights of use, total investments amounted to P$573,242 million, of which P$132,492 million correspond to TMA. The investments were focused on: • Expansion of both fixed and mobile data services to improve transmission and access speed offered to customers, the deployment of 4G coverage and capacity, and continued expansion of 5G to support mobile internet growth and enhance service quality. • Deployment and modernization of 4G mobile access sites to improve coverage and increase mobile network capacity. The 4G/LTE rollout reached 98% population coverage. According to the latest benchmark conducted by Ookla in June 2025, our mobile network custo mers with access to our 4G network experienced improved service quality, reaching average speeds of 86 Mbps, compared to 55 Mbps in the same period in 2024. • During the first months of 2025, we continued expanding our 5G network with the addition of 218 sites. • Additionally, we continued deploying mobile site connectivity to improve quality and capacity by replacing radio links with high-capacity fiber optic connections. Relevant financial events of the period TAX Matters - TMA On May 15, 2025, our subsidiary Telefónica Móviles Argentina S.A. (TMA) paid P$83,070,480,057 to the tax authorities in respect of taxes and compensatory interest arising from its acquisition by Telecom Argentina on February 24, 2025. This payment was made because the two-year period required by tax regulations for the merger by absorption of Telefónica Argentina S.A. (TASA) into TMA to be considered tax-free had not yet elapsed. International Notes Issuance - Clase 24 A key milestone in the first half of the year was the successful international issuance of Class 24 Notes by the Company in May, totaling US$800 million. Details are as follows: Class Currency Principal Nominal Amount Issue Date Maturity Date Principal Amortization Interest Rate Interest Payment (in millions) 24 US$ 800 May 28, 2025 May 28, 2033 50% on May 28, 2032 50% on May 28, 2033 9,25% (9,5% Yield*) Semiannual * Issue price: 98.682% of the Notes’ Nominal Value 440.5 573.2 1H24 IAS 29 1H25 IAS 29 Investments (in billions P$) (Includes rights of use assets)
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TELECOM ARGENTINA 10 Bank Loans – TMA Acquisition On May 29, 2025, the Company applied the proceeds from the Class 24 Notes to: (i) Prepay US$650 million in principal and US$0.3 million in interest under the Syndicated Loan (equivalent to P$782,177 million in constant currency as of June 30, 2025) and, (ii) Prepay US$134 million in principal and US$0.1 million in interest under the Bilateral Loan (equivalent to P$161,002 million in constant currency as of June 30, 2025). As of June 30, the remaining balance of these loans totaled P$433,897 million. Entity Currency Initial Principal Amount Residual Principal Amount Maturity Date Principal Amortization Interest Rate Applicable Margin Interest Payment (in millions) (in millions) Syndicated (1) US$ 970 320 02/2029 Bullet at maturity Variable: SOFR 3M Between 4.00% - 7.00% Quarterly Bilateral (2) US$ 200 66 Between 02/2028 – 02/2030 Semiannual from 02/2028 Variable: SOFR 3M 4.00% Quarterly (1) Syndicated Loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG London Branch, and Banco Santander S.A. (2) Bilateral Loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U. Regulatory Matters – TMA Acquisition On June 19, 2025, the Company was notified of a Resolution issued by the Secretary of Industry and Commerce, through which it was informed of the Technical Report issued by the CNDC, considered as the preliminary objection report under Article 14 of Law No. 27,442. This report does not constitute a final decision nor the imposition of sanctions, but rather a formal stage of the proceeding that enables the parties to exercise their right to defense, submit responses, or propose commitments to mitigate potential anticompetitive effects. Accordingly, pursuant to the aforementioned resolution, the Secretary of Industry and Commerce granted a 15-day period for the Company to submit any comments it deemed appropriate regarding the preliminary objection report and/or, if deemed suitable, to of fer potential remedies. To that end, a special hearing was also convened, the date of which will be set by the CNDC in due course. The Company believes that the aforementioned objection report was issued and notified prematurely, at an early stage of the process, without having all the necessary information and without the full completion of the approval stages established under the competition law. In this regard, the Company disagrees with the preliminary conclusions set forth in the report and has focused on analyzing all the statements made by the CNDC therein, as well as preparing all relevant submissions and technical data in response (including information included in the F2 form, which was recently submitted and is pending review by the CNDC). On August 5, 2025, the Company responded in a timely and proper manner to the transfer of the Preliminary Objection Report issued by the CNDC. Along with this submission, and without this being interpreted in any way as an acknowledgment that the transaction raises a competition defense issue, the Company expressed its willingness to assume possible commitments that address the provisional
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TELECOM ARGENTINA 11 concerns outlined in the Preliminary Objection Report which, if accepted by the CNDC and implemented by the Company, could constitute feasible remedies to such concerns. The Company estimates that, under reasonable and normal market conditions, none of these proposed remedies would have a significant adverse effect on the Company’s business nor impair its ability to meet its financial obligations. For further information, refer to Note 16 of the financial statements as of June 30, 2025. Relevant events after June 30, 2025 Local Notes Issuance – Class 25 and 26 Class Currency Principal Nominal Amount Issue Date Maturity Date Principal Amortization Interest Rate Interest Payment (in millions) 5 US$ 50.5 07/2025 07/2027 Bullet at maturity 7.50% Quarterly 26 P$ 57,961.8 07/2025 07/2026 Bullet at maturity TAMAR + 4% Quarterly Tap of International Notes – Class 24 In July 2025, the Company successfully reopened its Class 24 Notes for an amount of US$200 million, increasing the outstanding amount of the Notes to US$1,000 million. The placement achieved a yield of 8.80%, lower than that obtained in the original issuance. Class Currency Principal Nominal Amount Issue Date Maturity Date Principal Amortization Interest Rate Interest Payment (in millions) Additional 24 US$ 200 July 29, 2025 May 28, 2033 - 50% on May 28, 2032 - 50% on May 28, 2033 9.25% (8.80% yield*) Semiannual * Issue price: 102.369% of the Notes’ Nominal Value *******
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TELECOM ARGENTINA 12 Telecom Argentina is a leading telecommunications company in Argentina, offering local and long distance fixed -line telephon e, cellular, data transmission, and pay TV and Internet services, among other services. Additionally, Telecom Argentina offers mobile, broadband and satellite TV services in Paraguay and pay TV services in Uruguay. The Company commenced operations on November 8, 1990, upon the Argentine government’s transfer of the telecommunications system in the northern region of Argentina. As of June 30, 2025, Telecom Argentina owns 2,153,688,011 issued and outstanding shares . For more information, please contact Investor Relations: Luis Fernando Rial Ubago lfrialubago@teco.com.ar Tomás Pellicori tlpellicori@teco.com.ar For information about Telecom Argentina’s services, visit: www.telecom.com.ar www.personal.com.ar www.personal.com.py Disclaimer This document 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 continued sy nergies expected from the merger between the Company and Cablevisión S.A. (or the Merger); (iii) the implementation of the Company’s business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) 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 diffic ult 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 resulting from the Merger; (ii) the Company’s ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of curre ncy and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar -denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropr iation and/or increased government intervention in companies; (x) technological changes; (xi) 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 environme nt in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., t he United States) which impact on the Company’s suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company’s supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whethe r seasonal or in response to adverse macro -economic developments, in the demand for advertising; (xvii) the Company ’s ability to compete and develop our business in the future; (xviii) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xi x) the impact of the outbreak of COVID -19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance. Many of these factors are macroeco nomic 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 exp ressed 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 United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company. (Financial tables follow) ******* *Trustees: Hector Horacio Magnetto and David Manuel Martínez Guzmán
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TELECOM ARGENTINA 13 1- Consolidated Balance Sheet (Restated by inflation, comparative figures in constant currency as of June 2025) 06/30/25 12/31/24 Δ $ Δ % Cash and cash equivalents* 330,952 366,376 (35,424) -9.7% Financial Investments** 46,214 38,654 7,560 19.6% Trade receivables 728,369 340,678 387,691 113.8% Other Receivables 154,027 51,512 102,515 199.0% Inventories 120,503 69,569 50,934 73.2% Other Assets 492 2,031 (1,539) -75.8% Total current assets 1,380,557 868,820 511,737 58.9% Financial Investments 17,295 - 17,295 - Trade receivables 640 497 143 28.8% Goodwill 3,885,277 3,881,864 3,413 0.1% Property, plant and equipment ('PP&E') 5,665,089 4,984,287 680,802 13.7% Intangible assets 2,484,503 2,182,671 301,832 13.8% Right-of-use assets 671,510 565,493 106,017 18.7% Other Receivables 453,918 109,994 343,924 - Total non-current assets 13,178,232 11,724,806 1,453,426 12.4% TOTAL ASSETS 14,558,789 12,593,626 1,965,163 15.6% Trade payables 938,478 511,821 426,657 83.4% Financial debt 1,371,973 1,234,692 137,281 11.1% Salaries and social security payables 317,280 260,421 56,859 21.8% Income tax liabilities 144,094 5,248 138,846 - Taxes payables 207,212 104,349 102,863 98.6% Dividend Payable 799 790 9 1.1% Lease liabilities 124,290 85,783 38,507 44.9% Client Funds 8,032 8,738 (706) -8.1% Other liabilities 60,563 37,760 22,803 60.4% Provisions 45,575 4,470 41,105 - Total current liabilities 3,218,296 2,254,072 964,224 42.8% Trade payables 15,102 18,963 (3,861) -20.4% Financial debt 3,044,427 2,077,804 966,623 46.5% Salaries and social security payables 49,156 10,897 38,259 - Deferred income tax liabilities 1,419,241 1,623,716 (204,475) -12.6% Taxes payables 0 2 (2) -100.0% Lease liabilities 201,364 159,346 42,018 26.4% Other liabilities 47,485 17,629 29,856 169.4% Provisions 262,935 60,829 202,106 - Total non-current liabilities 5,039,710 3,969,186 1,070,524 27.0% TOTAL LIABILITIES 8,258,006 6,223,258 2,034,748 32.7% Equity attributable to Controlling Company 6,224,353 6,244,016 (19,663) -0.3% Non-controlling interest 76,430 126,352 (49,922) -39.5% TOTAL EQUITY 6,300,783 6,370,368 (69,585) -1.1% TOTAL LIABILITIES AND EQUITY 14,558,789 12,593,626 1,965,163 15.6% *As of June 30, 2025, it includes restricted availability funds amounting to $8,032 million corresponding to client funds ** Includes NDF 2- Consolidated Loans (Monetary items) 06/30/25 12/31/24 Δ $ Δ % Bank overdrafts - principal 316,754 142,083 174,671 122.9% Bank and other financial entities loans - principal 145,872 162,662 (16,790) -10.3% Notes - principal 594,379 748,922 (154,543) -20.6% Loans for purchase of equipment 11,082 7,412 3,670 49.5% Remeasurement, interest and related expenses 303,886 173,613 130,273 75.0% Total Current Loans 1,371,973 1,234,692 137,281 11.1% Notes - principal 1,779,487 1,501,549 277,938 18.5% Bank and other financial entities loans - principal 374,771 156,715 218,056 139.1% Loans for purchase of equipment 14,239 9,124 5,115 56.1% Remeasurement, interest and related expenses 875,930 410,416 465,514 113.4% Total Non Current Loans 3,044,427 2,077,804 966,623 46.5% Total Loans 4,416,400 3,312,496 1,103,904 33.3% Cash and cash equivalents, and Financial Investments 386,429 396,292 (9,863) -2.5% Net Financial Debt (4,029,971) (2,916,204) (1,113,767) 38.2% Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in millions Argentine Pesos)
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TELECOM ARGENTINA 14 3- Segment Information Currency of the transaction date Inflation restatement In current currency Currency of the transaction date Inflation restatement In current currency Currency of the transaction date Inflation restatement In current currency Revenues 2,146,036 115,100 2,261,136 932,686 36,128 968,814 167,384 8,963 176,347 (49,293) 3,357,004 Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments (508,352) (26,675) (535,027) (247,565) (5,432) (252,997) (14,549) (766) (15,315) - (803,339) Fees for services, maintenance, materials and supplies (256,738) (27,745) (284,483) (118,175) (3,438) (121,613) (21,053) (1,146) (22,199) 3,212 (425,083) Taxes and fees with the Regulatory Authority (179,564) (9,583) (189,147) (90,035) (2,488) (92,523) (7,089) (379) (7,468) - (289,138) Commissions and advertising (88,750) (4,532) (93,282) (56,783) (1,458) (58,241) (32,022) (1,918) (33,940) 2,749 (182,714) Programming and content costs (122,715) (6,485) (129,200) (17,738) (505) (18,243) (15,042) (792) (15,834) - (163,277) Other operating costs without depreciation, amortization and impairment of Fixed Assets (258,015) (26,214) (284,229) (183,077) (22,827) (205,904) (37,481) (2,018) (39,499) 43,332 (486,300) Adjusted EBITDA 731,902 13,866 745,768 219,313 (20) 219,293 40,148 1,945 42,093 - 1,007,153 Depreciation, amortization and impairment of Fixed Assets (831,126) Operating income 176,027 (1,744) Financial results from borrowings (221,129) Other financial results, net 5,765 (41,081) Income tax expense (34,473) Net loss (75,554) Attributable to: Controlling Company (83,792) Non-controlling interest 8,238 Currency of the transaction date Inflation restatement In current currency Currency of the transaction date Inflation restatement In current currency Revenues 1,319,709 813,049 2,132,758 125,324 80,728 206,052 (14,706) 2,324,104 Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments (327,914) (203,581) (531,495) (11,216) (7,223) (18,439) - (549,934) Fees for services, maintenance, materials and supplies (166,078) (128,637) (294,715) (16,835) (10,875) (27,710) 3,191 (319,234) Taxes and fees with the Regulatory Authority (107,086) (65,739) (172,825) (4,543) (2,934) (7,477) - (180,302) Commissions and advertising (48,355) (29,195) (77,550) (27,436) (17,302) (44,738) 1,460 (120,828) Programming and content costs (68,356) (41,595) (109,951) (9,701) (10,548) (20,249) - (130,200) Other operating costs without depreciation, amortization and impairment of Fixed Assets (170,475) (132,443) (302,918) (24,638) (15,847) (40,485) 10,055 (333,348) Adjusted EBITDA 431,445 211,859 643,304 30,955 15,999 46,954 - 690,258 Depreciation, amortization and impairment of Fixed Assets (776,833) Operating loss (86,575) (4,144) Financial results from borrowings 1,564,261 Other financial results, net 228,403 1,701,945 Income tax expense (504,015) Net income 1,197,930 Attributable to: Controlling Company 1,187,416 Non-controlling interest 10,514 (Segment information for periods ended as of June 30 of 2025 and 2024 as analyzed by the CEO, who periodically receives the financial information of Telecom and its subsidiaries (in historical values)) As of June 30, 2025 ICT Services in Argentina ICT Services in Argentina Other segments Telecom Network Earnings from associates and joint ventures Income before income tax Total Telecom Network TMA Network Earnings from associates and joint ventures Loss before income tax As of June 30, 2024 ICT Services in Argentina Other segments Eliminations Total Eliminations Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 15 3- Segment Information Currency of the transaction date Inflation restatement In current currency Currency of the transaction date Inflation restatement In current currency Currency of the transaction date Inflation restatement In current currency Revenues 1,117,314 17,319 1,134,633 700,476 19,823 720,299 89,430 1,567 90,997 (34,251) 1,911,678 Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments (279,798) (4,783) (284,581) (204,073) (2,817) (206,890) (7,659) (115) (7,774) - (499,245) Fees for services, maintenance, materials and supplies (132,288) (8,363) (140,651) (90,862) (1,796) (92,658) (10,824) (176) (11,000) 1,580 (242,729) Taxes and fees with the Regulatory Authority (93,645) (1,450) (95,095) (68,276) (1,180) (69,456) (3,767) (60) (3,827) - (168,378) Commissions and advertising (47,869) (717) (48,586) (44,203) (702) (44,905) (14,954) (225) (15,179) 1,530 (107,140) Programming and content costs (64,581) (1,007) (65,588) (13,190) (232) (13,422) (8,003) (120) (8,123) - (87,133) Other operating costs without depreciation, amortization and impairment of Fixed Assets (135,829) (8,399) (144,228) (125,487) (19,364) (144,851) (20,563) (522) (21,085) 31,141 (279,023) Adjusted EBITDA 363,304 (7,400) 355,904 154,385 (6,268) 148,117 23,660 349 24,009 - 528,030 Depreciation, amortization and impairment of Fixed Assets (470,631) Operating income 57,399 (1,842) Financial results from borrowings (311,912) Other financial results, net (10,478) (266,833) Income tax expense 92,472 Net loss (174,361) Attributable to: Controlling Company (178,207) Non-controlling interest 3,846 Currency of the transaction date Inflation restatement In current currency Currency of the transaction date Inflation restatement In current currency Revenues 760,560 345,513 1,106,073 65,579 29,738 95,317 (7,836) 1,193,554 Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments (192,799) (87,749) (280,548) (5,841) (2,653) (8,494) - (289,042) Fees for services, maintenance, materials and supplies (90,375) (52,288) (142,663) (8,768) (4,048) (12,816) 1,612 (153,867) Taxes and fees with the Regulatory Authority (61,713) (28,031) (89,744) (2,364) (1,078) (3,442) - (93,186) Commissions and advertising (28,309) (12,869) (41,178) (15,004) (6,758) (21,762) 807 (62,133) Programming and content costs (40,307) (18,320) (58,627) (4,010) (5,646) (9,656) - (68,283) Other operating costs without depreciation, amortization and impairment of Fixed Assets (102,957) (62,771) (165,728) (12,992) (5,884) (18,876) 5,417 (179,187) Adjusted EBITDA 244,100 83,485 327,585 16,600 3,671 20,271 - 347,856 Depreciation, amortization and impairment of Fixed Assets (391,207) Operating loss (43,351) (1,898) Financial results from borrowings 245,382 Other financial results, net 37,443 237,576 Income tax expense (155,508) Net income 82,068 Attributable to: Controlling Company 76,134 Non-controlling interest 5,934 Telecom Network Earnings from associates and joint ventures Income before income tax Three Months Comparison Total Telecom Network TMA Network Earnings from associates and joint ventures Loss before income tax As of June 30, 2024 ICT Services in Argentina Other segments Eliminations Total Eliminations (Segment information for periods ended as of June 30 of 2025 and 2024 as analyzed by the CEO, who periodically receives the financial information of Telecom and its subsidiaries (in historical values)) As of June 30, 2025 ICT Services in Argentina ICT Services in Argentina Other segments Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 16 4- Consolidated Income Statements - restated by inflation (constant figures) 06/30/25 06/30/24 Δ $ Δ % Revenues 3,357,004 2,324,104 1,032,900 44.4% Consolidated Operating Costs (3,180,977) (2,410,679) (770,298) 32.0% Operating income (loss) 176,027 (86,575) 262,602 - Net Financial results and earnings from associates and joint ventures (217,108) 1,788,520 (2,005,628) -112.1% Net income (loss) before income tax expense (41,081) 1,701,945 (1,743,026) -102.4% Income tax expense (34,473) (504,015) 469,542 -93.2% Net income (loss) (75,554) 1,197,930 (1,273,484) -106.3% Attributable to: Controlling Company (83,792) 1,187,416 (1,271,208) -107.1% Non-controlling interest 8,238 10,514 (2,276) -21.6% Operating income before D, A & I 1,007,153 690,258 316,895 45.9% As % of Revenues 30.0% 29.7% Financial results, net 06/30/25 06/30/24 Δ $ Δ % Financial cost Interests on borrowings (130,919) (74,063) (56,856) 76.8% Remeasurement in borrowings 1,533 (103,189) 104,722 -101.5% Foreign currency exhange gains (losses) on borrowings (91,743) 1,741,513 (1,833,256) -105.3% Total financial cost (221,129) 1,564,261 (1,785,390) -114.1% Other financial results, net Fair value gains/(losses) on financial assets at fair value through profit or loss (30,730) (21,020) (9,710) 46.2% Other foreign currency exhange gains (losses) 19,957 211,153 (191,196) -90.5% Other interests, net 20,434 11,462 8,972 78.3% Other taxes and bank expenses (52,803) (68,575) 15,772 -23.0% Financial expenses on pension benefits (3,159) (2,107) (1,052) 49.9% Financial discounts on assets, debts and other (8,999) (10,515) 1,516 -14.4% RECPAM* 61,065 108,005 (46,940) -43.5% Total other financial results, net 5,765 228,403 (222,638) -97.5% Total Financial results, net (215,364) 1,792,664 (2,008,028) -112.0% * Inflation restatement gain / (loss) (Allows the understanding of the variations of the Income Statement in real terms) Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 17 5- Consolidated Income Statements - restated by inflation (constant figures) Three Months Comparison 06/30/25 06/30/24 Δ $ Δ % Revenues 1,911,678 1,193,554 718,124 60.2% Consolidated Operating Costs (1,854,279) (1,236,905) (617,374) 49.9% Operating income (loss) 57,399 (43,351) 100,750 - Net Financial results and earnings from associates and joint ventures (324,232) 280,927 (605,159) - Net income (loss) before income tax expense (266,833) 237,576 (504,409) - Income tax expense 92,472 (155,508) 247,980 -159.5% Net Income (loss) (174,361) 82,068 (256,429) - Attributable to: Controlling Company (178,207) 76,134 (254,341) - Non-controlling interest 3,846 5,934 (2,088) -35.2% Operating income before D, A & I 528,030 347,856 180,174 51.8% As % of Revenues 27.6% 29.1% Net Financial results 06/30/25 06/30/24 Δ $ Δ % Three Months Comparison Financial cost Interests on borrowings (78,869) (30,475) (48,394) 158.8% Remeasurement in borrowings (4,769) (54,406) 49,637 -91.2% Foreign currency exhange gains (losses) on borrowings (228,274) 330,263 (558,537) -169.1% Total financial cost (311,912) 245,382 (557,294) - Other financial results, net Fair value gains/(losses) on financial assets at fair value through profit or loss (28,647) 18,268 (46,915) - Other foreign currency exhange gains (losses) 5,502 49,724 (44,222) -88.9% Other interests, net 25,125 2,311 22,814 - Other taxes and bank expenses (32,632) (42,752) 10,120 -23.7% Financial expenses on pension benefits (2,008) (927) (1,081) 116.6% Financial discounts on assets, debts and other (2,818) (10,071) 7,253 -72.0% RECPAM* 25,000 20,890 4,110 19.7% Total other financial results, net (10,478) 37,443 (47,921) -128.0% Total financial results, net (322,390) 282,825 (605,215) - * Inflation restatement gain / (loss) Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 18 6- Breakdown of consolidated revenues - restated by inflation (constant figures) 1H25 IAS 29 vs. 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment 1H24 IAS 29 IAS 29 Adjustment Δ $ Δ % REVENUES FROM SERVICES 3,160,986 150,077 2,192,512 839,127 968,474 44.2% Mobile Services 1,604,897 67,065 937,473 358,899 667,424 71.2% Internet Services 744,556 34,825 582,878 221,614 161,678 27.7% Cable TV Services 386,699 18,731 338,872 129,845 47,827 14.1% Fixed Telephony and Data Services 394,652 27,808 308,555 119,486 86,097 27.9% Other service revenues 30,182 1,648 24,734 9,283 5,448 22.0% REVENUES FROM EQUIPMENT SALES 196,018 8,443 131,592 49,100 64,426 49.0% REVENUES 3,357,004 158,520 2,324,104 888,227 1,032,900 44.4% 7- Breakdown of consolidated revenues - restated by inflation (constant figures) 2Q25 IAS 29 vs. 2Q24 IAS 29 2Q25 IAS 29 IAS 29 Adjustment 2Q24 IAS 29 IAS 29 Adjustment Δ $ Δ % REVENUES FROM SERVICES 1,798,213 36,349 1,114,932 348,165 683,281 61.3% Mobile Services 947,429 14,457 477,381 149,082 470,048 98.5% Internet Services 402,750 6,162 304,280 94,993 98,470 32.4% Cable TV Services 203,643 3,125 171,213 53,443 32,430 18.9% Fixed Telephony and Data Services 230,482 12,391 150,277 47,106 80,205 53.4% Other service revenues 13,909 214 11,780 3,540 2,129 18.1% REVENUES FROM EQUIPMENT SALES 113,465 1,746 78,622 24,857 34,843 44.3% REVENUES 1,911,678 38,095 1,193,554 373,022 718,124 60.2% (Revenues as of 2024 restated to 2025 values include a variation due to the restatement of approximately 61.9% vs. a restatement variation of 5.0% for revenues as of 2025) 06/30/25 06/30/24 Three Months Comparison 06/30/25 06/30/24 Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 19 8- Consolidated Income Statements - restated by inflation (constant figures) 1H25 IAS 29 vs. 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment 1H24 IAS 29 IAS 29 Adjustment Δ $ Δ % Revenues 3,357,004 158,520 2,324,104 888,227 1,032,900 44.4% Employee benefit expenses and severance payments (803,339) (32,872) (549,934) (210,804) (253,405) 46.1% Interconnection and transmission costs (94,450) (4,815) (74,385) (29,447) (20,065) 27.0% Fees for services, maintenance, materials and supplies (425,083) (32,149) (319,234) (138,280) (105,849) 33.2% Taxes and fees with the regulatory authority (289,138) (12,450) (180,302) (68,673) (108,836) 60.4% Commissions and advertising (182,714) (7,779) (120,828) (45,949) (61,886) 51.2% Cost of equipments and handsets (147,926) (14,407) (102,958) (55,325) (44,968) 43.7% Programming and content costs (163,277) (7,782) (130,200) (52,143) (33,077) 25.4% Bad debt expenses (66,223) (2,672) (49,192) (19,495) (17,031) 34.6% Other operating expenses (177,701) (27,802) (106,813) (40,253) (70,888) 66.4% Subtotal Operating costs before D, A & I (2,349,851) (142,728) (1,633,846) (660,369) (716,005) 43.8% Operating income before D, A & I 1,007,153 15,792 690,258 227,858 316,895 45.9% Depreciation, amortization and impairment of fixed assets ("D, A & I") (831,126) (621,140) (776,833) (682,943) (54,293) 7.0% Operating income (loss) 176,027 (605,348) (86,575) (455,085) 262,602 - Earnings (losses) from associates and joint ventures (1,744) 123 (4,144) (4,564) 2,400 -57.9% Financial results from borrowings (221,129) 544,829 1,564,261 2,110,170 (1,785,390) -114.1% Other financial results, net 5,765 73,465 228,403 219,406 (222,638) -97.5% Net income (loss) before income tax expense (41,081) 13,069 1,701,945 1,869,927 (1,743,026) -102.4% Income tax expense (34,473) 5,237 (504,015) (523,923) 469,542 -93.2% Net income (loss) before income tax expense (75,554) 18,306 1,197,930 1,346,004 (1,273,484) -106.3% Attributable to: Controlling Company (83,792) 17,898 1,187,416 1,342,808 (1,271,208) -107.1% Non-controlling interest 8,238 408 10,514 3,196 (2,276) -21.6% 9- Consolidated Income Statements - restated by inflation (constant figures) 2Q25 IAS 29 vs. 2Q24 IAS 29 2Q25 IAS 29 IAS 29 Adjustment 2Q24 IAS 29 IAS 29 Adjustment Δ $ Δ % Revenues 1,911,678 38,095 1,193,554 373,022 718,124 60.2% Employee benefit expenses and severance payments (499,245) (7,714) (289,042) (90,402) (210,203) 72.7% Interconnection and transmission costs (47,513) (1,307) (32,913) (10,306) (14,600) 44.4% Fees for services, maintenance, materials and supplies (242,729) (10,292) (153,867) (55,950) (88,862) 57.8% Taxes and fees with the regulatory authority (168,378) (2,690) (93,186) (29,109) (75,192) 80.7% Commissions and advertising (107,140) (1,621) (62,133) (19,374) (45,007) 72.4% Cost of equipments and handsets (87,494) (5,631) (63,521) (30,145) (23,973) 37.7% Programming and content costs (87,133) (1,359) (68,283) (23,966) (18,850) 27.6% Bad debt expenses (39,031) (504) (21,057) (6,863) (17,974) 85.4% Other operating expenses (104,985) (20,294) (61,696) (19,751) (43,289) 70.2% Subtotal Operating costs before D, A & I (1,383,648) (51,411) (845,698) (285,867) (537,950) 63.6% Operating income before D, A & I 528,030 (13,316) 347,856 87,154 180,174 51.8% Depreciation, amortization and impairment of fixed assets ("D, A & I") (470,631) (347,835) (391,207) (339,579) (79,424) 20.3% Operating income (loss) 57,399 (361,151) (43,351) (252,425) 100,750 - Losses from associates and joint ventures (1,842) 133 (1,898) (1,349) 56 -3.0% Financial costs (311,912) 261,368 245,382 507,628 (557,294) - Other financial results, net (10,478) 38,401 37,443 36,990 (47,921) -128.0% Net income (loss) before income tax expense (266,833) (61,249) 237,576 290,846 (504,409) - Income tax expense 92,472 18,889 (155,508) (104,347) 247,980 -159.5% Net Income (loss) (174,361) (42,360) 82,068 186,499 (256,429) - Attributable to: Controlling Company (178,207) (42,413) 76,134 185,488 (254,341) - Non-controlling interest 3,846 53 5,934 1,011 (2,088) -35.2% 06/30/25 06/30/24 (Allows the understanding of the variations of the Income Statement in real terms) Three Months Comparison 06/30/25 06/30/24 Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 20 10- Summary of comparative consolidated statements of cash flow 06/30/25 06/30/24 Total cash flows provided by operating activities 686,868 458,218 Investing Activities Payments for PP&E (409,457) (238,553) Payments for intangible asset acquisitions (52,373) (25,139) Payment for acquisition of subsidiary and joint venture, net of cash acquired (1,140,955) (7,126) Dividends received from associates - 1,065 Proceeds from the sale of PP&E and intangible assets 14,580 3,975 Proceeds from DFI liquidations 2,285 1,124 Proceeds from sale of investments not considered as cash and cash equivalents 127,846 204,561 Payments for investments not considered as cash and cash equivalents (51,200) (266,159) Total cash flows used in investing activities (1,509,274) (326,252) Total cash flows provided (used) from financing activities 779,550 (221,674) Net foreign exchange differences and RECPAM on cash and cash equivalents 7,432 (80,694) Total cash and cash equivalents used during the period (35,424) (170,402) Telecom Argentina S.A. Consolidated Information Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 21 11- Breakdown of revenues - restated by inflation (constant figures) 1H25 IAS 29 vs. 1H24 IAS 29 1H25 IAS 29 1H24 IAS 29 Δ $ Δ % REVENUES FROM SERVICES 1,340,611 1,247,228 93,383 7.5% Mobile Services 859,254 774,275 84,979 11.0% - - Internet Services 199,969 159,179 40,790 25.6% - - Cable TV Services 51,170 40,291 10,879 27.0% - - Fixed Telephony and Data Services 226,581 269,919 (43,338) -16.1% - - Other service revenues 3,637 3,564 73 2.0% REVENUES FROM EQUIPMENT SALES 106,569 125,519 (18,950) -15.1% REVENUES 1,447,180 1,372,747 74,433 5.4% 12- Breakdown of revenues - restated by inflation (constant figures) 2Q25 IAS 29 vs. 2Q24 IAS 29 2Q25 IAS 29 2Q24 IAS 29 Δ $ Δ % REVENUES FROM SERVICES 664,663 666,112 (1,449) -0.2% Mobile Services 427,410 417,553 9,857 2.4% Internet Services 97,260 88,021 9,239 10.5% Cable TV Services 25,260 23,562 1,698 7.2% Fixed Telephony and Data Services 108,481 134,680 (26,199) -19.5% Other service revenues 6,252 2,296 3,956 172.3% REVENUES FROM EQUIPMENT SALES 55,636 64,956 (9,320) -14.3% REVENUES 720,299 731,068 (10,769) -1.5% 06/30/25 06/30/24 06/30/25 06/30/24 Three Months Comparison Telefónica Móviles Argentina S.A. Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)
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TELECOM ARGENTINA 22 13 Income Statements - restated by inflation (constant figures) 1H25 IAS 29 vs. 1H24 IAS 29 1H25 IAS 29 1H24 IAS 29 Δ $ Δ % Revenues 1,447,180 1,372,747 74,433 5.4% Employee benefit expenses and severance payments (356,838) (315,167) (41,671) 13.2% Interconnection and transmission costs (131,715) (160,566) 28,851 -18.0% Fees for services, maintenance, materials and supplies (190,327) (227,821) 37,494 -16.5% Taxes and fees with the regulatory authority (139,454) (120,706) (18,748) 15.5% Commissions and advertising (88,476) (89,468) 992 -1.1% Cost of equipments and handsets (76,237) (91,073) 14,836 -16.3% Programming and content costs (28,014) (22,268) (5,746) 25.8% Bad debt expenses (34,133) (31,368) (2,765) 8.8% Other operating expenses (69,911) (99,015) 29,104 -29.4% Subtotal Operating costs before D, A & I (1,115,105) (1,157,452) 42,347 -3.7% Operating income before D, A & I 332,075 215,295 116,780 54.2% Depreciation, amortization and impairment of fixed assets ("D, A & I") (267,392) (311,299) 43,907 -14.1% Operating income (loss) 64,683 (96,004) 160,687 -167.4% Other financial results, net (104,309) 60,397 (164,706) - Net loss before income tax expense (39,626) (35,607) (4,019) 11.3% Income tax expense 144,846 27,997 116,849 - Net income (loss) 105,220 (7,610) 112,830 - 14 Income Statements - restated by inflation (constant figures) 2Q25 IAS 29 vs. 2Q24 IAS 29 2Q25 IAS 29 2Q24 IAS 29 Δ $ Δ % Revenues 720,299 731,068 (10,769) -1.5% Employee benefit expenses and severance payments (206,890) (169,780) (37,110) 21.9% Interconnection and transmission costs (42,921) (45,876) 2,955 -6.4% Fees for services, maintenance, materials and supplies (92,658) (116,295) 23,637 -20.3% Taxes and fees with the regulatory authority (69,456) (62,251) (7,205) 11.6% Commissions and advertising (44,905) (45,330) 425 -0.9% Cost of equipments and handsets (39,927) (48,732) 8,805 -18.1% Programming and content costs (13,422) (12,281) (1,141) 9.3% Bad debt expenses (16,118) (16,596) 478 -2.9% Other operating expenses (45,885) (59,141) 13,256 -22.4% Subtotal Operating costs before D, A & I (572,182) (576,282) 4,100 -0.7% Operating income before D, A & I 148,117 154,786 (6,669) -4.3% Depreciation, amortization and impairment of fixed assets ("D, A & I") (152,152) (207,370) 55,218 -26.6% Operating loss (4,035) (52,584) 48,549 -92.3% Other financial results, net (3,198) (14,443) 11,245 -77.9% Net loss before income tax expense (7,233) (67,027) 59,794 -89.2% Income tax expense 16,429 56,282 (39,853) -70.8% Net income (loss) 9,196 (10,745) 19,941 -185.6% (Allows the understanding of the variations of the Income Statement in real terms) 06/30/25 06/30/24 Three Months Comparison 06/30/25 06/30/24 (Allows the understanding of the variations of the Income Statement in real terms) Telefónica Móviles Argentina S.A. Six month period and second quarter – Fiscal Year 2025 (in million Argentine Pesos)