Telecom Argentina Sa Class B · BCBA:TECO2
Telecom Argentina Sa Class B — Q1 2026 Earnings Presentation
16 slides from Telecom Argentina Sa Class B's earnings presentation, May 2026
Slide 1: Telecom Argentina 1Q26 Earnings Release
May 2026 Telecom Argentina 1Q26 Earnings Release 1
Slide 2: Disclaimer
Disclaimer 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 Co
Slide 3: Overview of our 1Q26 Operational & Financial highlights
OVERVIEW OF OUR 1Q26 | Operational & Financial highlights 1Q26 REVENUES 1Q26 CONSOLIDATED EBITDA TELECOM EBITDA TMA EBITDA 1.7 BN US$0.6 BN EXCLUDING TMA CONTRIBUTION TMA STANDALONE 38.8% 28.7% Adjusted EBITDA US$ 1Q25 1Q26 1Q26 +34%4 33.2% 34.8% 36.0% 1 40.5 %1.1 Adjusted EBITDA * Margin improvemen
Slide 4: Consolidated Business Review
Consolidated Business Review 1Q26 Earnings Release 4
Slide 5: Real Growth in Service Revenue & ARPU
REAL GROWTH IN SERVICE REVENUE & ARPU ARPU EVOLUTION PER SEGMENT SERVICE REVENUES EVOLUTION (P$ MM) IN U$S Telecom consolidated figures Δ% Y/Y TEO, Excluding TMA 7.8 +34% Mobile ARPU 6.5 +22% TMA contribution 2,275,239 evolution 6.6 6.4 +2% TMA TEO 1,702,863 838,043 288,283 +2% 1,414,580 1,437,196 2
Slide 6: Positive Evolution of Subscriber Bases
POSITIVE EVOLUTION OF SUBSCRIBER BASES Combined Growth In thousands of accesses Δ% Y/Y Δ% Y/Y Telecom Argentina S.A. Δ% Y/Y Machine-to- Prepaid Prepaid Postpaid machine accesses 13,112 Postpaid 11,517 8,236 7,927 -12.2% 9,682 9,206 9,756 9,473 +0.8% -6.7% MOBILE* Prepaid 2,652 2,905 Prepaid Prepaid
Slide 7: Regional Operations and Personal Pay
REGIONAL OPERATIONS AND PERSONAL PAY PARAGUAY KEY FIGURES REVENUES All figures in USD EBITDA EBITDA Mg +24.7% millions unless +34.0% 57% otherwise stated. Pay TV: 94k* (-15%) Net debt to Broadband: 3.2k* (x5) 50 63 EBITDA 27 36 0.1x 1Q25 1Q26 1Q25 1Q26 SUSCRIBERS* Mobile: 2.7M (+1%) Pay TV: 110k Pay
Slide 8: EBITDA Margin Evolution
EBITDA MARGIN EVOLUTION EBITDA Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 36.1% 34.8% 1.2 34.0% 33.2% 40.0% 1 35.0% 30.0% 0.8 25.0% 0.6 20.0% 819,491 0.4 599,312 15.0% 10.0% 0.2 149,298 (4,742) 5.0% 824,233 0 0.0% 450,014 1Q25 1Q26 1Q25 IAS 29 1Q26 IAS 29 IAS 29
Slide 9: IAS 29 EBITDA 1Q25–1Q26
IAS 29 EBITDA 1Q25– 1Q26 IFRS, Million of P$ Y/Y Variation +P$ 220,179 (+37%) 572,376 (20,793) (3.678) 54,076 129,094 22,963 13,114 57,884 34,201 34% 34% 23,750 24% 819,491 -5% 51% 599,312 -20% 38% 34% 14% 18% EBITDA 1Q25 Ss. Revenues & Handsets Sales Handsets Fees for Labor Cost ITX Costs Commision
Slide 10: Consolidated Operating & Net Income
CONSOLIDATED OPERATING & NET INCOME NET INCOME Figures in P$MM OPERATING INCOME (LOSS) Figures in P$MM HISTORICAL FIGURES HISTORICAL FIGURES INFLATION ADJUSTED FIGURES INFLATION ADJUSTED FIGURES (MODELING PURPOSES) (MODELING PURPOSES) IAS 29 Adjustment 642,984 604,673 295,758 416,255 38,140 148,384
Slide 11: 1Q26 CAPEX Highlights
1Q26 CAPEX HIGHLIGHTS Telecom Argentina S.A. 778 sites were upgraded. +85% +34% CAPEX* 433,768 111.302 Million of P$ 234,344 125,284 25.673 319,509 93,529 TEO, Excluding TMA 208,671 We built out our FTTH network TMA 1Q26 contribution 1Q25 IAS 29 1Q26 IAS 29 1Q25 IAS 29 1Q26 IAS 29 across 287,000 hou
Slide 12: Cash Flow Before Interest Payments
CASH FLOW BEFORE INTEREST PAYMENTS FCF GENERATION 1Q25 FCF GENERATION 1Q26 Million of P$ Million of P$ 819,491 599,312 234,344 433,768 299,628 298,984 86,095 644 114,245 113,534 250,723 711 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF EBITDA CAPEX * WK & Others OFCF Income Tax FCF US$ 421 -16
Slide 13: Key Figures
KEY FIGURES In US$ Million1 LTM 1Q26 LTM FY25 EBITDA 2,159 1,831 Estimated proforma2 Gross Debt3 3,971 3,737 Cash & Equivalents 8626 541 Net Debt3 3,109 3,196 Ratios LTM 1Q26 LTM FY25 Gross Debt / EBITDA4 1.84 2.042 Net Debt / EBITDA4,5 1.44 1.742 1: Figures of 2025 in constant pesos as of December
Slide 14: Debt Maturity Profile as of March 2026
DEBT MATURITY PROFILE AS OF MARCH 2026 | Annual Principal Payments Breakdown by instrument* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total (U$S millions) Cross-Border Notes Class 21 Notes 2031 270 270 278 817 Class 24 Notes 2033 500 500 1,000 Class 27 Notes 2036 300 300 600 Vendors, mu
Slide 15: Final Remarks
FINAL REMARKS 1 EBITDA Margin Recovery TEO (Excluding TMA) Adjusted EBITDA excluding the increase in severance TMA charges of Telecom 40.5% Strong EBITDA Margin improvement – both in TEO and TMA. 1 Adjusted EBITDA excluding the 30.1% 1.7% increase in We continue to improve profitability at Personal
Slide 16: Thank you
Thank you 16