Slides
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Telecom Argentina 3Q25 Earnings Release November 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 3Q25 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 | 104K 395K | 112K 48.7% 22.0% 11.2% 12.0% 5.3% 0.9% Mobile Services Internet Services Pay TV Fixed & Data Handsets Other US$ 4.1 BN 9M25 ADJUSTED EBITDA 9M25 CAPEX NET DEBT / Estimated proforma EBITDA3 OVERVIEW OF OUR 9M25 & 3Q25 | Operational and Financial highlights PERSONAL PAY ~ 4.4 MM onboarded clients US$ 615 MM2 +73% vs 9M24 Focused on mobile & FTTH network deployment BROADBAND 4.1M 1.6M LTM9M25 = 1.9x * Figures of 3Q25 in constant pesos as of September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380). (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 1,178 million, plus TMA's proforma EBITDA of USD 510 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 2.9 million M2M accesses US$1.2 BN 9M24 28.8% 9M25 30.5% 9M25 REVENUES Subscribers Market Leader Subscribers Market Leader EBITDA margin MOBILE 20.3M | 2.7M 19.1M4 Market Leader Subscribers 9M25 32.6%1 Excluding TMA severance charges TELECOM CONSOLIDATED FIGURES (Including 7-month ofTMA’s contribution) • Enhancing our operational and financial efficiency • Reinforcing our purpose of becoming a relevant service ecosystem • Delivering the best experience to our customers 2025 DIVIDEND PAYMENT ANNOUNCED ON NOV-10 Corporate Liability Management of the year Digital Infrastructure - Telecoms Financing of the Year
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Consolidated Business Review
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5 REAL GROWTH IN SERVICE REVENUE & ARPU *Figures of 3Q24 in constant pesos as of September 30, 2024, converted at the BNA ask rate as of September 30, 2024 (970,5). Figures of 9M25 in constant pesos as of September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380). ARPU EVOLUTION PER SEGMENT IN CONSTANT PESOS Mobile ARPU evolution Broadband ARPU evolution Pay - TV ARPU evolution 7.2 7.67.2 8.2 TMA TEO 20.7 22.8 24.6 25.0 TMA TEO 18.5 22.1 16.7 17.3 9M24 9M25 TMA TEO Δ% Y/Y +5% +14% +2% +10% +3% +19% 3,534,133 3,679,560 1,647,745 9M24 9M25 SERVICE REVENUES EVOLUTION (P$ MM) 2,038,243 2,145,517 9M24 9M25 +5% +51% Telecom consolidated figures As reported TMA 9M25 contribution TEO, Excluding TMA 5,327,305 2,764 3,860US$ MM* TMA 9M25 figures 1,594 1,555US$ MM* TELECOM does not participate in TMA's pricing strategy +4% 7% growth for TEO Service Revenues (excluding TMA) if we exclude Fixed & Data from the calculation All segments show real growth in pesos, as nominal increases outpaced inflation.
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6 3,185 3,229 3Q24 3Q25 4,044 4,146 3Q24 3Q25 13,227 12,385 8,197 7,964 3Q24 3Q25 Prepaid Postpaid +2.5% +1.4% BROADBAND PAY TV** Δ% Y/Y **Includes only Argentina. POSITIVE EVOLUTION OF SUBSCRIBER BASES -6.4% Prepaid -2.8% Postpaid BROADBAND MOBILE* 28% FTTH 9,685 9,6239,074 9,441 3Q24 3Q25 Prepaid Postpaid +6.0% -6.9% Δ% Y/Y In thousands of accesses 1,519 1,610 3Q24 3Q25 425 395 3Q24 3Q25 -0.6% Prepaid +4.0% Postpaid Combined Growth -3.9% Prepaid +3.5% Broadband +0.4% Pay TV Δ% Y/Y +0.8% Postpaid *Includes Machine-to-machine (M2M) accesses of TMA POSTPAID % 39% 38% 50% 48% 93% FTTH 2,576 2,872 Machine-to-machine accesses The decrease is mainly due to the disconnection of lines with no traffic
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7 933 397 201 218 112 14 1,035 446 222 258 88 16 3Q25 IAS 29 2Q25 IAS 29 1,522 956 545 471 224 40 2,736 1,235 632 677 295 48 Mobile Broadband Pay TV Fixed & Data Handsets Other 9M25 IAS 29 9M24 IAS 29 +80% Figures may not add up due to rounding. REVENUES COMPOSITIONREVENUES REVENUES BREAKDOWN Million of P$ Billion of P$ REVENUES BREAKDOWN +21% +32% +44% +16% +29% Δ Y/Y 2,384,163 5,227,3681,374,002 395,193 9M24 IAS 29 9M25 IAS 29 IAS 29 Adjustment INFLATION ADJUSTED FIGURES +50% HISTORICAL FIGURES (MODELING PURPOSES) 2,384,163 5,227,368 9M24 9M25 +119% 5,622,561 3,758,165 Mobile 48.7% Broadband 22.0% Pay TV 11.2% Fixed & Data 12.0% Handsets 5.3% Other 0.9% Mobile 59.7% Broadband 14.0%Pay TV 3.6% Fixed & Data 15.9% Handsets 6.6% Other 0.2% +2% INFLATION ADJUSTED FIGURES 2,252,618 2,296,314 9M24 9M25 CONSOLIDATED CONSOLIDATED CONSOLIDATED Δ Q/Q +19% -22% +18% +11% +12% +11% EXCLUDING TMA INFLATION ADJUSTED FIGURES 3,758,165 3,860,369 9M24 9M25 +3%
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8 76 83 9M24 9M25 +9% REGIONAL OPERATIONS AND PERSONAL PAY Paraguay Uruguay Pay TV: 112k (+0%) Pay: 957k (-6%) Mobile: 2.7M(+8%) Broadband: 335k(+9%) *Number of subscribers in each segment. Figures in brackets are y/y variations. Paraguay key figures SUSCRIBERS* EBITDA Mg 53% Net debt to EBITDA 0.3x Pay TV: 104k* (-10%) 152 157 9M24 9M25 REVENUES EBITDA OUR DIGITAL WALLET A relevant player in the market with high growth potential + 4.4 million total onboarded clients (+33% y/y) X2.2 times TPV and 32% TPN vs September 2024 + P$ 338 BNin clients’ remunerated account balance +3%
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9 30.8% 31.4% 28.8% 30.5% 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 734,991 1,641,688 348,443 74,699 - 200 ,000 400 ,000 600 ,000 800 ,000 1,0 00,000 1,2 00,000 1,4 00,000 1,6 00,000 1,8 00,000 2,0 00,000 9M24 9M25 9M24 IAS 29 9M25 IAS 29 IAS 29 Adjustment 1,083,434 1,716,387 5,622,561 3,906,174 1,716,387 Revenues Operating Costs before D&A EBITDA MARGIN EVOLUTION EBITDA EBITDA EVOLUTION 3Q25 HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES Million of P$ Y/Y EBITDA margin evolution (p.p. difference, IAS 29) Million of P$. +50% +46% +58% 28.8% 30.5% 2.0% 9M24 9M25 EBITDA MARGIN EVOLUTION Strong improvement Theoretical EBITDA excluding the increase in severance charges of TMA 32.6%
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10 5% 13% 24% 3% 5% 8% 6% 7%4% 13% 24% 4% 5% 9% 5% 6% Handsets Costs Fees for services, maintenance and materials Labor Costs ITX Costs Commisions & Adv Taxes Programming & content costs Others*9M24 9M25 1,083,434 1,793,172 71,224 51,120 207,981 443,530 88,431 92,755 191,361 53,788 102,477 1,716,387 51% 32% 29% 41% 49% 79% 45% 65% 25% 40% -50% 0% 50% 100% 150% 200% 01000020000300004000050000600007000080000900001000001100001200001300001400001500001600001700001800001900002000002100002200002300002400002500002600002700002800002900003000003100003200003300003400003500003600003700003800003900004000004100004200004300004400004500004600004700004800004900005000005100005200005300005400005500005600005700005800005900006000006100006200006300006400006500006600006700006800006900007000007100007200007300007400007500007600007700007800007900008000008100008200008300008400008500008600008700008800008900009000009100009200009300009400009500009600009700009800009900001000000101000010200001030000104000010500001060000107000010800001090000110000011100001120000113000011400001150000116000011700001180000119000012000001210000122000012300001240000125000012600001270000128000012900001300000131000013200001330000134000013500001360000137000013800001390000140000014100001420000143000014400001450000146000014700001480000149000015000001510000152000015300001540000155000015600001570000158000015900001600000161000016200001630000164000016500001660000167000016800001690000170000017100001720000173000017400001750000176000017700001780000179000018000001810000182000018300001840000185000018600001870000188000018900001900000191000019200001930000194000019500001960000197000019800001990000200000020100002020000203000020400002050000206000020700002080000209000021000002110000212000021300002140000215000021600002170000218000021900002200000221000022200002230000224000022500002260000227000022800002290000230000023100002320000233000023400002350000236000023700002380000239000024000002410000242000024300002440000245000024600002470000248000024900002500000251000025200002530000254000025500002560000257000025800002590000260000026100002620000263000026400002650000266000026700002680000269000027000002710000272000027300002740000275000027600002770000278000027900002800000281000028200002830000284000028500002860000287000028800002890000290000029100002920000293000029400002950000296000029700002980000299000030000003010000302000030300003040000305000030600003070000308000030900003100000 EBITDA 9M24 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 9M25 EBITDA Margin 0.6% +0.8% 30.5% +0.9% 28.8% “Others” includes bad debt expenses and other costs. Y/Y Variation IFRS, Million of P$ AS % OF REVENUES +0.4% +0.2% +0.2% -0.6% -0.8% Figures may not add up due to rounding. IAS 29 EBITDA 9M24 – 9M25 +P$632,953 (+58%) -0.7% +0.7% +2.2% -2.0% 32.6%**Salaries, social security expenses and benefits Severance charges (**) Theoretical EBITDA excluding the increase in severance charges of TMA
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11 WE ARE INCREASING OUR PRODUCTIVITY & PROFITABILITY 1.2 1.3 1.4 1.4 1.5 1.5 1.6 1.7 1.8 2017 2018 2019 2020 2021 2022 2023 2024 9M25 TEO - EBITDA MARGIN EVOLUTION HISTORICAL SUBSCRIBERS / EMPLOYEES (In thousands) 31.2% 27.5% 28.1% 28.2% 33.0% 0.7% 1.4% 1.8% 2021 2022 2023 2024 9M25 EBITDA Mg as reported Sev. Indeminities Impact 31.9% 28.9% 30.0% 28.1% 33.0% 2025 ASUG Innovation Award winner showcasting innovative SAP cash flow management optimization EXCLUDING TMA
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12 IMPROVING TMA PROFITABILITY – SUCCESSFUL EFFICIENCY PLAN 1,664 396 *2024 figures in constant pesos (Dec 31, BNA rate: 1,032.0); 9M25 figures in constant pesos (Sep 30, BNA rate: 1,380) EBITDA (US$ Million) REVENUES (US$ Million) FY24 265 2,444 11.0% EBITDA Mg 23.8% EBITDA Mg 9M25 28.8%** EBITDA Mg excluding the impact of higher severance charges • Elimination of management and brand fees •Optimization of procurement of handsets and sim cards • Lower advertising activity and costs • Improvement of bad debt ratios •Lower video platform costs •Optimization of administrative costs: • Insurance • Logistics • Security •DONE / IN PROGRESS TMA - Actions to improve margins 2,251 510 LTM 9M25 22.7% EBITDA Mg ~2X EBITDA Margin calculated as EBITDA/Revenues (**) Theoretical EBITDA excluding the increase in severance charges of TMA
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13 (212,190) (261,822) 1,254,213 (272,543) 9M24 9M25 9M24 IAS 29 9M25 IAS 29 OPERATING INCOME MARGIN: CONSOLIDATED OPERATING & NET INCOME 580,447 1,285,922 352,321 (720,592) (933,601) 9M24 9M25 9M24 IAS 29 9M25 IAS 29 IAS 29 Adjustment IFRS, Million of P$ OPERATING INCOME (LOSS) HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 122% IFRS, Million of P$ NET INCOME HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 25% 24% (140,145) Net Financial Results In millions of P$ 9M24 9M25 Δ $ Exchange differences 2,226,070 (397,988) (2,624,058) RECPAM 143,373 94,127 (49,246) Others (408,165) (381,339) 3,972,192 Total 1,961,278 (685,200) 2,646,478 9M24 9M25 CPI Δ% 101.6% 22.0% FX EoP Δ% 20.0% 33.7% 68.0% -8.7% Real Appreciation Real Depreciation
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14 56% 34% 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 September 30, 2024 converted at the BNA ask rate as of September 30, 2024 (970,5). Figures of 2025 in constant pesos as of September 30, 2025 converted at the BNA ask rate as of September 30, 2025 (1,380.0). *** 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). 89 new sites were deployed, and another 337 sites were upgraded. We built out our FTTH network across 7,700 new blocks. An additional 10,200 blocks received FTTH overlay We added 351 new 5G Sites. 9M25 CAPEX Million of P$ 490,140 593,201 256,169 9M24 IAS 29 9M25 IAS 29 CAPEX* 383 615US$ MM** 13.0% 15.1%% over Revenues 146 159 13.5% 13.3% 322,382 326,153 9M24 IAS 29 9M25 IAS 29 849,370+73% TMA 3Q25 contribution TEO, Excluding TMA +1%
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15 847 - 383 - 210 254 - 7 248 1,244 - 615 - 149 480 - 70*** 402US$ MM** Y/Y VariationIFRS, U$D Million FCF GENERATION 9M24 FCF GENERATION 9M25 Million of P$ Million of P$ *CAPEX considers investments in PP&E and Intangible Assets ** Figures of 2024 in constant pesos as of September 30, 2024 converted at the BNA ask rate as of September 30, 2025 (970,5). Figures of 2025 in constant pesos as of September 30, 2025 converted at the BNA ask rate as of September 30, 2025 (1,380.0). 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 1,083,434 490,140 255,686 337,608 8,764 328,844 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF US$ 154 1,716,387 849,370 205,214 661,803 96,709 10,892 554,202 EBITDA CAPEX * WK & Others OFCF TMA Tax Payments Income Tax Paid FCF - 8
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16 In US$ Million1 LTM9M25 FY24 EBITDA 1,689 Estimated proforma2 1,129 Gross Debt3 3,711 2,789 Cash & Equivalents 498 308 Net Debt3 3,213 2,447 Ratios LTM9M25 FY24 Gross Debt / EBITDA4 2.20 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 September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380.0). // 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,178 million, plus TMA's proforma EBITDA of USD 510 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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17 RESILIENCY TO FX RISK * 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. 1- TEO: calculated as Net Financial Debt (cash, cash equivalents – net of Client Funds - plus financial investments and financial NDF minus financial loans) / Adjusted EBITDA; TMA: calculated as Net Financial Debt (cash and cash equivalents plus current and non-current investments minus current and non-current borrowings) / proforma 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 Argentine peso’s sharp devaluation in December 2023 impacted our FY23 results • This impact was fully recovered within six months, demonstrating strong resiliency • FX depreciation during 3Q25 had low impact in EBITDA and almost no effect on leverage 1093 717 1087 1129 1759 1689 3Q23 FY23 2Q24 FY24 2Q25 3Q25 2260 2288 2400 2447 3344 3214 3Q23 FY23 2Q24 FY24 2Q25 3Q25 NET DEBT* EBITDA LTM* LEVERAGE1 3.2x Resiliency to FX Risk EVOLUTION OF FIGURES Million of US$ Million of US$ 2.2x As reported 2.2x 1.9x 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,178 million, plus TMA's proforma EBITDA of USD 510 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs 2.1x Consolidated Proforma2 FX Inflation FX VS. INFLATION ARGENTINA MACRO 1.9x 2023 2024 2025 Inflation FX Variation 53.3% 79.8% 21.1% 6.0%15.1% 131.0% 12.8% 13.2% 14.4%15.6% Apreciation Depreciation -34% +52% +4% -4% Low impact of FX depreciation No effect on leverage Depreciation
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18 SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 6.8% 6.8% 6.7% 6.3% 8.0% 7.3% 6.6% 7.5% 2.7% 1.9% 0.9% 1.5% 3.9% 3.9% 4.6% 4.1% 8.2% 17.4% 13.7% 16.9% 22.0% 19.1% 6.4% 12.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2018 2019 2020 2021 2022 2023 2024 9M25 TEO avg. cost of cross-border debt UST 10y EMBI Argentina 2.6 3.2 3.3 3.1 2.8 2.5 2.8 4.0 2018 2019 2020 2021 2022 2023 2024 9M25 Avg Life of Debt *Includes Dollar Linked Local Notes **Excludes Overdrafts Source: Calculations in accordance with 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 Corporate Liability Management of the year TOTAL FUNDS RAISED IN 2025 Total in USD equivalent - US$ 2.7 billion CFO OF THE YEAR AWARD 2023 2025 Awarded in 2nd place as CFO of the year Awarded in 1st place as CFO of the year 2024 2025 DIGITAL INFRASTRUCTURE Telecoms Financing of the Year AWARD
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19 DEBT MATURITY PROFILE AS OF SEPTEMBER 2025 | Annual Principal Payments 76% in US$, RMB & GUA 12% in US$ Local DDLL 12% 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 September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380.0) . Breakdown by instrument* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S millions) Class 1 Notes 2026 163 163 Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 500 500 1,000 Vendor Financing 1 3 2 2 0 8 Finnvera 10 12 22 EDC 5 10 4 4 4 4 31 IDB Loan 16 31 15 62 CDB loan (RMB) 18 35 53 106 BoC loan (USD) 3 6 6 15 BoC 2025 Loan (RMB) 74 74 Syndicated Loan 151 151 ICBC Loan 12 12 6 30 ICBC 2025 Loan (RMB) 131 131 Núcleo (GUA) 18 17 35 Local Notes 42 86 128 Local Notes Dollar-linked 268 98 62 428 Local Notes Hard-dollar 50 75 125 Other (ARS) 94 147 48 36 325 Total 147 717 362 414 437 280 295 500 500 3,652 Breakdown by currency* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S million) US Dollars 35 223 77 93 437 280 278 500 500 2,423 Dollar-Linked 268 98 62 428 Renminbi 18 36 53 205 312 Guaraní 18 17 35 ARS 94 190 134 36 454 TMA has no significant debt as of September 30, 2025 TMA acquisition financing
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20 We managed to grow our combined customer base in postpaid Mobile, Pay TV and Broadband in a competitive environment FINAL REMARKS Strong EBITDA Margin improvement – both in TEO and TMA Top-line figures continue to improve in real terms Sound cash generation: - Solid growth in FCF. - Strong Cash Position (mostly in US$ denominated instruments) *Figures in constant pesos as of the end of each period converted at the official FX rate as of the end of each period. . 516 401 404 531 FY22 FY23 FY24 LTM 9M25 Free Cash Flow (US$ MM)* (before interest & dividends) 11.0% 23.8% 28.2% 33.0% FY24 9M25 FY24 9M25 EBITDA Margin Recovery1 1 2 2 3 4 3 4 (ex-5G spectrum) Cash Position: US$ 498MM Improved top line figures* (Service Revenues) Working on our debt maturity profile to extend the average life of our debt while preserving our financing cost TMA TEO (Excluding TMA) 9M25 vs. 9M24 TEO (Ex TMA) TMA +4% +5% Dividend distribution every year since 2017: Dividend Distribution USD MM 568 164 200 150 110 100 150 2019 2020 2021 2022 2023 2024 2025 DIVIDEND PAYMENT 2025 USD 130 MM - In Kind USD 20 MM – Cash (in P$) Cash dividend will be mainly applied to the recovery of the amount paid by the Company in respect of the Personal Assets Tax. (If applicable)