22 slides from Telecom Argentina Sa Class B's earnings presentation, November 2025
Slide 1: Telecom Argentina 3Q25 Earnings Release
Telecom Argentina 3Q25 Earnings Release November 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 9M25 & 3Q25
OVERVIEW OF OUR 9M25 & 3Q25 | Operational and Financial highlights 3 TELECOM CONSOLIDATED FIGURES (Including 7-month of TMA’s contribution) MOBILE Subscribers BROADBAND Subscribers Market Leader Market Leader 9M25 REVENUES 5.3% 0.9% Mobile Services 20.3M | 2.7M 4.1M 12.0% 1.6M Internet Services US$
Slide 5: Consolidated Business Review
Consolidated Business Review
Slide 6: Real growth in service revenue & ARPU
REAL GROWTH IN SERVICE REVENUE & ARPU 5 ARPU EVOLUTION PER SEGMENT 7% growth for TEO SERVICE REVENUES EVOLUTION (P$ MM) Service Revenues IN CONSTANT PESOS (excluding TMA) if we exclude Fixed & All segments show real growth in pesos, Telecom consolidated figures Data from the calculation as nominal i
Slide 7: Positive evolution of subscriber bases
POSITIVE EVOLUTION OF SUBSCRIBER BASES 6 Combined Growth In thousands of accesses Δ% Y/Y Δ% Y/Y Prepaid Postpaid Machine-to-machine Prepaid Δ% Y/Y 13,227 accesses Postpaid 12,385 8,197 -6.4% 9,685 9,074 9,623 9,441 -0.6% -3.9% 7,964 Prepaid MOBILE* 2,576 2,872 Prepaid Prepaid -2.8% +4.0% +0.8% Postp
Slide 8: Revenues breakdown
REVENUES BREAKDOWN 7 REVENUES REVENUES BREAKDOWN REVENUES COMPOSITION Million of P$ Billion of P$ Mobile Δ Y/Y Δ Q/Q CONSOLIDATED CONSOLIDATED CONSOLIDATED 48.7% INFLATION ADJUSTED HISTORICAL FIGURES FIGURES 16 (MODELING PURPOSES) Other 48 +19% +50% 5,622,561 0.9% Other 40 +21% 14 Handsets +119% 395
Slide 9: Regional operations and Personal Pay
REGIONAL OPERATIONS AND PERSONAL PAY 8 Paraguay key figures REVENUES EBITDA EBITDA Mg +3% +9% 53% Net debt to 152 157 76 83 EBITDA 0.3x 9M24 9M25 9M24 9M25 Paraguay SUSCRIBERS* Mobile: 2.7M(+8%) Pay TV: 112k Pay: 957k Broadband: 335k (+9%) (+0%) (-6%) OUR DIGITAL WALLET A relevant player in the mark
Slide 10: EBITDA margin evolution
EBITDA MARGIN EVOLUTION 9 EBITDA Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 30.8% 31.4% 30.5% 28.8% 1.2 35. 0% 30. 0% 1 1,716,387 2,0 00,000 25. 0% 0.8 1,8 00,000 1,083,434 74,699 20. 0% 1,6 00,000 0.6 348,443 1,4 00,000 15. 0% 1,2 00,000 0.4 10. 0% 1,641,688 1,0
Slide 11: IAS 29 EBITDA 9M24 – 9M25
IAS 29 EBITDA 9M24 – 9M25 10 IFRS, Million of P$ Y/Y Variation 71,224 +P$632,953 (+58%) 1,793,172 3100000 3090000 200% 3080000 3070000 3060000 3050000 3040000 3030000 3020000 3010000 3000000 2990000 2980000 2970000 2960000 2950000 2940000 2930000 2920000 2910000 2900000 2890000 2880000 2870000 28600
Slide 12: We are increasing our productivity & profitability
WE ARE INCREASING OUR PRODUCTIVITY & PROFITABILITY 11 TEO - EBITDA MARGIN EVOLUTION EXCLUDING TMA 33.0% 31.9% 0.7% 1.8 1.7 30.0% 1.6 HISTORICAL 1.5 28.9% 1.5 1.8% SUBSCRIBERS / 28.1% 33.0% EMPLOYEES 1.4 1.4 1.4% (In thousands) 1.2 1.3 31.2% 28.1% 28.2% 27.5% 2017 2018 2019 2020 2021 2022 2023 2024 9
Slide 13: Improving TMA profitability – successful efficiency plan
IMPROVING TMA PROFITABILITY – SUCCESSFUL EFFICIENCY PLAN 12 FY24 9M25 LTM 9M25 REVENUES (US$ Million) 2,444 1,664 2,251 11.0% 23.8% 28.8%** 22.7% EBITDA Mg EBITDA Mg EBITDA Mg EBITDA Mg EBITDA excluding the impact of higher (US$ Million) severance charges 265 396 510 ~2X • Elimination of management
Slide 14: Consolidated operating & net income
CONSOLIDATED OPERATING & NET INCOME 13 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) IAS 29 Adjustment 1,254,213 122% (212,190) (261,822) (
Slide 15: 9M25 Capex
9M25 CAPEX 14 HIGHLIGHTS CAPEX* Million of P$ +73% 89 new sites were deployed, and another 849,370 +1% 337 sites were upgraded. TEO, Excluding 256,169 TMA 326,153 TMA 3Q25 322,382 contribution 490,140 593,201 We built out our FTTH network across 9M24 IAS 29 9M25 IAS 29 9M24 IAS 29 9M25 IAS 29 7,700
Slide 16: Cash flow
CASH FLOW 15 FCF GENERATION 9M24 FCF GENERATION 9M25 Million of P$ Million of P$ 1,716,387 1,083,434 490,140 849,370 661,803 554,202 337,608 328,844 205,214 96,709 10,892 255,686 8,764 EBITDA CAPEX * WK & OFCF TMA Tax Income FCF EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF Others Payments Tax
Slide 17: Key figures
KEY FIGURES 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 1: Figures of 2024 in
Slide 18: Resiliency to FX risk
RESILIENCY TO FX RISK 17 ARGENTINA MACRO Depreciation EVOLUTION OF FIGURES FX VS. INFLATION Resiliency to FX Risk Apreciation Depreciation As reported Consolidated Proforma2 Low impact of FX -4% depreciation -34% +52% +4% 2023 2024 2025 EBITDA 1759 1689 FX Inflation LTM* 1093 717 1087 1129 Million o
Slide 19: Substantial improvement of our maturity profile
SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 18 TOTAL FUNDS RAISED IN 2025 Total in USD equivalent - US$ 2.7 billion We have been able to maintain the financial cost* and average life** of our maturity profile even under a challenging macroeconomic environment in Arge
Slide 20: Debt maturity profile as of September 2025
DEBT MATURITY PROFILE AS OF SEPTEMBER 2025 | Annual Principal Payments 19 Total (U$S Breakdown by instrument* 2025 2026 2027 2028 2029 2030 2031 2032 2033 millions) Class 1 Notes 2026 163 163 Class 21 Notes 2031 270 270 278 818 Cross-Border Notes Class 24 Notes 2033 500 500 1,000 Vendor Financing 1
Slide 21: Final remarks
FINAL REMARKS 20 Strong EBITDA Margin improvement – both in TEO and TMA 1 1 EBITDA Margin Recovery TEO (Excluding TMA) We managed to grow our combined customer base in postpaid TMA 33.0% Mobile, Pay TV and Broadband in a competitive environment 23.8% 28.2% 11.0% Top-line figures continue to improve
Slide 22: telecom | personal | flow
telecom | personal | flow “~~