Telecom Argentina Sa Class B · BCBA:TECO2

Telecom Argentina Sa Class B — Q2 2026 Earnings Presentation

15 slides from Telecom Argentina Sa Class B's earnings presentation, August 2026

  1. Slide 1: Telecom Argentina 1H26 & 2Q26 Earnings Release

    August 2026 Telecom Argentina 1H26 & 2Q26 Earnings Release 1

  2. 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

  3. Slide 3: Overview of our 1H26 Operational & Financial highlights

    OVERVIEW OF OUR 1H26 | Operational & Financial highlights 1H26 REVENUES 1H26 EBITDA CONSOLIDATED EBITDA TELECOM EBITDA TMA EBITDA US$ 3.4 BN US$1.2 BN EXCLUDING TMA CONTRIBUTION TMA STANDALONE +23%1 1H25 1H26 2Q25 27.7% 2Q26 36.8% 39.7% 29.3% 30.0% 35.8% 40.2 %4 Adjusted EBITDA vs 1H25 2Q25 2Q26 2Q2

  4. Slide 4: Consolidated Business Review

    Consolidated Business Review 1H26 & 2Q26 Earnings Release 4

  5. 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 7.9 TEO, Excluding TMA +16% Mobile ARPU +29% 6.0 TMA contribution 4,888,908 evolution 6.6 6.2 TMA TEO +11% 4,215,859 1,190,973 +2% 1,803,869 3,024,886 3,085,

  6. 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 12,700 Postpaid 11,413 -10.1% 9,949 9,322 9,928 9,581 -0.2% -5.8% 8,235 8,029 MOBILE* Prepaid 2,759 3,004 Prepaid Prepaid

  7. Slide 7: EBITDA margin evolution

    EBITDA MARGIN EVOLUTION MARGIN EVOLUTION EBITDA margin evolution YoY Consolidated 35.8% 30.0% 1H25 1H26 MARGIN EVOLUTION MARGIN EVOLUTION EBITDA margin evolution QoQ EBITDA margin evolution QoQ Telecom, Excluding TMA TMA Standalone 40.5% 38.8% 28.7% 29.9% 20.6% 25.6% 22.3% 34.9% 34.1% 31.9% 2Q25 3Q2

  8. Slide 8: IAS 29 EBITDA 1H25–1H26

    IAS 29 EBITDA 1H25– 1H26 IFRS, Million of P$ Y/Y Variation +P$ 471,789 (+35%) 673,049 (29,404) (75,175) 37,893 19,987 16,177 8,413 62,379 29,889 2,423 16% 7% 13% 16% 13% 1,816,819 2% -1% 1,345,030 -29% -16% -3% EBITDA 1H25 Ss. Revenues & Handsets Sales Handsets Fees for Labor Cost ITX Costs Commisio

  9. Slide 9: 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 869,038 1,304,148 545,090 (93,860) (100,900) 67

  10. Slide 10: 1H26 Capex highlights

    1H26 CAPEX HIGHLIGHTS Telecom Argentina S.A. +47% +14% 946,470 CAPEX* 642,617 275,305 282,000 Million of P$ 162,732 +1,000 sites were upgraded. 671,165 247,711 4G sites TEO, Excluding TMA 479,885 TMA 1H26 contribution 1H25 IAS 29 1H26 IAS 29 1H25 IAS 29 1H26 IAS 29 US$ MM** 399 639 159 190 We passed

  11. Slide 11: Cash flow before interest payments

    CASH FLOW BEFORE INTEREST PAYMENTS FCF GENERATION 1H25 FCF GENERATION 1H26 Million of P$ Million of P$ 1,816,819 1,345,030 642,617 946,470 649,027 598,875 440,958 221,322 323,055 50,152 261,455 110,938 6,965 EBITDA CAPEX * WK & OFCF TMA Tax Income Tax FCF EBITDA CAPEX * WK & Others OFCF Income Tax F

  12. Slide 12: Key figures

    KEY FIGURES In US$ Million1 EBITDA2 GROSS Debt3 Gross Debt / EBITDA4 2,310 3,737 3,781 2.04 1,831 1.64 FY25 1H26 FY25 1H26 FY25 1H26 Cash & Equivalents Net Debt3 Net Debt / EBITDA4,5 3,196 1.74 3,135 1.36 541 646 FY25 1H26 FY25 1H26 FY25 1H26 1: Figures of 2025 in constant pesos as of December 31, 2

  13. Slide 13: Debt maturity profile as of June 2026

    DEBT MATURITY PROFILE AS OF JUNE 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, mul

  14. Slide 14: Final remarks: EBITDA margin recovery

    FINAL REMARKS 1 EBITDA Margin Recovery TEO (Excluding TMA) Adjusted EBITDA excluding the increase in severance TMA charges of Telecom 40.2% Strong EBITDA Margin improvement – both in TEO and TMA. 1 0.5% 39.7% 39.7% 29.3% 33.0% 22.9% 36.3% 36.5% 34.0% 33.0% 33.6% 30.6% 28.4% 29.7% 1H25 1H26 1H25 1H26

  15. Slide 15: Thank you

    Thank you 15

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