Telecom Argentina Sa Class B · BCBA:TECO2
Telecom Argentina Sa Class B — H1 2025 Earnings Presentation
25 slides from Telecom Argentina Sa Class B's earnings presentation, August 2025
Slide 1: Telecom Argentina 1H25 & 2Q25 Earnings Release
Telecom Argentina 1H25 & 2Q25 Earnings Release August 2025
Slide 2: Disclaimer
DISCLAIMER 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
Slide 3: Disclaimer
DISCLAIMER 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 describ
Slide 4: Overview of our 2Q25 Operational and Financial Highlights
OVERVIEW OF OUR 2Q25 | Operational and Financial highlights 3 1H25 REVENUES BROADBAND Subscribers MOBILE Subscribers Market Leader Market Leader 5.8% 0.9% Mobile Services 4.1M 11.8% Internet Services US$ Pay TV 20.9M | 2.7M 2.8 BN 1.6M 11.5% Fixed & Data 19.3M4 47.8% Handsets 22.2% Other 1H25 ADJUST
Slide 5: Update on Telefonica Móviles Argentina
Update on Telefonica Móviles Argentina
Slide 6: Key Figures 1H25 Proforma
KEY FIGURES 5 PROFORMA FY241 1H25 1H25 +40% Sum of the parts 2,434 111 795 6,332 REVENUES 4,009 2,786 1,991 (US$ Million) Eliminations 1,201 of balances Proforma TMA Proforma (includes reclassifications) Proforma 439 +29% EBITDA 1,568 Sum of the parts (US$ Million) 1,129 188 836 276 648 Proforma TMA
Slide 7: Efficiency Plan
EFFICIENCY PLAN 6 30% 22.9% EBITDA Mg as EBITDA Mg as 29.7% 11% reported 1H25 reported 1H25 EBITDA Mg as EBITDA Mg as reported 1H24 32.5% excluding reported FY24 26.7%** excluding TMA contribution severance charges TMA EBITDA Mg •DONE / IN PROGRESS / IN ANALYSIS TMA - Actions to improve margins As o
Slide 8: Regulatory Process
REGULATORY PROCESS 7 Telecom Formal Argentina response by Telecom submitted its Telecom to the Telecom receives comments to request for appeal: official the CNDC additional RESOL-2025- notification of regarding the information 63-APN- the CNDC's June 19 Required Regulatory Approvals issued by the SI
Slide 9: Consolidated Business Review
Consolidated Business Review
Slide 10: Real Growth in Service Revenue & ARPU
REAL GROWTH IN SERVICE REVENUE & ARPU 9 8% growth for TEO SERVICE REVENUES EVOLUTION (P$ MM) Service Revenues ARPU EVOLUTION PER SEGMENT* (excluding TMA) if we exclude Fixed & Telecom consolidated figures Data from the calculation Δ% Y/Y TEO, Excluding TMA +44% 6.2 +15% 3,160,986 TMA 1H25 contributi
Slide 11: Positive Evolution of Subscriber Bases
POSITIVE EVOLUTION OF SUBSCRIBER BASES 10 Combined Growth In thousands of accesses Δ% Y/Y Δ% Y/Y Prepaid Postpaid Machine-to-machine Prepaid Δ% Y/Y 13,066 accesses Postpaid 12,700 8,147 8,235 -2.8% 9,764 9,044 9,949 9,322 +1.9% -0.8% Prepaid MOBILE* 2,472 2,759 Prepaid Prepaid +1.1% +3.1% +2.1% Post
Slide 12: Revenues Breakdown
REVENUES BREAKDOWN 11 REVENUES REVENUES BREAKDOWN REVENUES COMPOSITION Million of P$ Billion of P$ Mobile Δ Y/Y Δ Y/Y CONSOLIDATED CONSOLIDATED 47.8% CONSOLIDATED INFLATION ADJUSTED HISTORICAL FIGURES FIGURES 30 4 (MODELING PURPOSES) Other Other +22% +2% 0.9% 25 4 +44% 3,357,004 +123% 158,520 Handse
Slide 13: Regional Operations and Personal Pay
REGIONAL OPERATIONS AND PERSONAL PAY 12 Paraguay key figures REVENUES EBITDA EBITDA Mg +8.0% 53% Net debt to 102 102 50 54 EBITDA 0.4x 1H24 1H25 1H24 1H25 Paraguay SUSCRIBERS* Mobile: 2.7M(+10%) Pay TV: 112k Pay: 957k Broadband: 328k (+10%) (+1%) (+26%) OUR DIGITAL WALLET A relevant player in the ma
Slide 14: EBITDA Margin Evolution
EBITDA MARGIN EVOLUTION 13 EBITDA Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 32.2% 31.0% 1.2 29.7% 30.0% 35. 0% 30. 0% 1 1,007,153 25. 0% 690,258 1,2 00,000 0.8 15,792 20. 0% 1,0 00,000 0.6 800 ,000 0.4 227,858 15. 0% 10. 0% 600 ,000 0.2 400 ,000 991,361 5.0 % 0
Slide 15: IAS 29 EBITDA 1H24 – 1H25
IAS 29 EBITDA 1H24 – 1H25 14 IFRS, Million of P$ Y/Y Variation +P$316,895 (+46%) 1810000 1800000 1790000 1780000 1770000 1760000 1750000 1740000 1730000 1720000 968,474 64,426 200% 1710000 1700000 1690000 1680000 1670000 1660000 44,968 1650000 1640000 1630000 1620000 1610000 1600000 1590000 1580000
Slide 16: Consolidated Results: Operating Income and Net Income
CONSOLIDATED RESULTS 15 OPERATING INCOME (LOSS) NET INCOME IFRS, Million of P$ IFRS, Million of P$ HISTORICAL FIGURES INFLATION ADJUSTED FIGURES HISTORICAL FIGURES INFLATION ADJUSTED FIGURES (MODELING PURPOSES) (MODELING PURPOSES) +112% IAS 29 Adjustment 1,197,930 368,510 781,375 (86,575) 176,027 (4
Slide 17: 1H25 Capex
1H25 CAPEX 16 HIGHLIGHTS CAPEX* Million of P$ +54% 38 new sites were deployed, and another 481,189 197 sites were upgraded. TEO, Excluding +3% TMA 121,853 191,763 TMA 1H25 contribution 359,336 185,646 313,127 We built out our FTTH network across 1H24 IAS 29 1H25 IAS 29 1H24 IAS 29 1H25 IAS 29 6,352
Slide 18: Cash Flow and FCF Generation
CASH FLOW 17 FCF GENERATION 1H24 FCF GENERATION 1H25 Million of P$ Million of P$ 1,007,153 690,258 481,189 327,903 239,618 313,127 198,061 202,638 198,501 83,070 5,215 4,137 174,493 EBITDA CAPEX * WK & OFCF TMA Tax Income FCF EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF Others Payments Tax Pa
Slide 19: Key Figures
KEY FIGURES 18 In US$ Million1 LTM1H25 FY24 EBITDA 1,759 Estimated proforma2 1,129 Gross Debt3 3,665 2,789 Cash & Equivalents 321 308 Net Debt3 3,344 2,447 Ratios LTM1H25 FY24 Gross Debt / EBITDA4 2.07 Estimated Proforma2 2.47 Net Debt / EBITDA4,5 1.90 Estimated Proforma2 2.17 1: Figures of 2024 in
Slide 20: 2025 Transactions: Total Funds Raised
2025 TRANSACTIONS 19 TMA ACQUISITION LOANS LOCAL LOANS WITH INSTITUTIONS Telecom Argentina – Syndcated Loan Telecom Argentina – Bilateral Loan (BBVA, Citi, Deutsche Bank, ICBC J.P.Morgan, Santander) Local Loans with Institutions Almost US$ 0.2 billion Almost US$ 1 billion US$ $0.3 billion February 2
Slide 21: Substantial Improvement of Our Maturity Profile
SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 20 We have been able to maintain the financial cost* and average life* of our maturity profile even under a challenging macroeconomic environment in Argentina and globally 25.0% 25.0% 22.0% 19.1% 20.0% 17.4% 16.9% 20.0% 15.
Slide 22: Proforma Debt Maturity Profile as of June 2025
PROFORMA DEBT MATURITY PROFILE AS OF JUNE 2025 | Annual Principal Payments 21 Total (U$S Breakdown by instrument* 2025 2026 2027 2028 2029 2030 2031 2032 2033 millions) Class 1 Notes 2026 163 163 Class 5 Notes 2025 112 112 Cross-Border Notes Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 50
Slide 23: New Milestone on Our Environmental Commitment
APPROVED DECARBONIZATION TARGETS | SBTI 22 NEW MILESTONE ON OUR ENVIRONMENTAL COMMITMENT Telecom Argentina near-term science-based targets approved Positions Telecom as one of the few companies in Argentina with targets validated by SBTi, which ✓ strengthens our ESG strategy with international stand
Slide 24: Final Remarks
FINAL REMARKS 23 Acquisition of TMA by TEO presents the opportunity to upgrade the connectivity in Argentina and ✓ upscale the operations of Telecom Sustained commitment to operational efficiency in a context of improvement of the economic ✓ environment, driving improvements in customer experience a
Slide 25: telecom | personal | flow
telecom | personal | flow “~~