Telecom Argentina Sa Class B · BCBA:TECO2
Telecom Argentina Sa Class B — Q4 2025 Earnings Presentation
21 slides from Telecom Argentina Sa Class B's earnings presentation, March 2026
Slide 1: Telecom Argentina 4Q25 & FY25 Earnings Release
March 2026 Telecom Argentina 4Q25 & FY25 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: Financial highlights
HIGHEST EBITDA MG OVERVIEW OF OUR 4Q25 & FY25 | Financial highlights 33.7% REPRESENTS TELECOM’S HIGHEST EBITDA MARGIN SINCE 2020, EXCLUDING THE CONTRIBUTION FROM TMA SERVICE REVENUES EVOLUTION FY25 REVENUES FY25 ADJUSTED EBITDA INCLUDING TMA 10 MONTH CONTRIBUTION +4% REAL TERMS YoY US$ 5.7 BN US$ 1.
Slide 4: Operational highlights
OVERVIEW OF OUR 4Q25 & FY25 | Operational highlights First annual broadband growth AWARDS since 2021 In 2H25, Personal was MOBILE Subscribers BROADBAND Subscribers +3.9% growth YoY recognized by Ookla® for the best fixed and fastest 5G network, Telecom Argentina S.A. 19.9 M | 2.6 M Telecom Argentina
Slide 5: Consolidated Business Review
Consolidated Business Review 4Q25 & FY25 Earnings Release 5
Slide 6: Real growth in service revenue & ARPU
REAL GROWTH IN SERVICE REVENUE & ARPU ARPU EVOLUTION PER SEGMENT SERVICE REVENUES EVOLUTION (P$ MM) IN CONSTANT THOUSAND PESOS All segments show real growth in pesos, Telecom consolidated figures as nominal increases outpaced inflation. Δ% Y/Y 9.1 TEO, Excluding TMA +55% Mobile ARPU 8.2 +16% TMA FY2
Slide 7: 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 13,405 Postpaid 11,972 8,220 7,958 -10.7% 9,588 9,233 9,690 9,438 +1.1% -5.8% MOBILE* Prepaid 2,711 2,861 Prepaid Prepaid
Slide 8: Regional operations and Personal Pay
REGIONAL OPERATIONS AND PERSONAL PAY PARAGUAY KEY FIGURES REVENUES All figures in USD EBITDA EBITDA Mg +6.6% millions unless +12.1% 53% otherwise stated. Pay TV: Net debt to 101k* (-10%) 203 216 115 EBITDA 102 0.1x FY24 FY25 FY24 FY25 SUSCRIBERS* Mobile: 2.6M (+3%) Pay TV: 110k Pay: 968k Broadband:
Slide 9: EBITDA margin evolution
EBITDA MARGIN EVOLUTION EBITDA Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 31.7% 30.3% 1.2 29.7% 28.2% 35.0% 1 30.0% 0.8 25.0% 2,525,535 20.0% 0.6 1,532,381 167,732 15.0% 0.4 518,184 10.0% 0.2 2,357,803 5.0% 0 0.0% 1,014,197 FY24 FY25 FY24 IAS 29 FY25 IAS 29 IAS 2
Slide 10: IAS EBITDA FY24 – FY25
IAS 29 EBITDA FY24 – FY25 IFRS, Million of P$ Y/Y Variation +P$ 993,154 (+65%) 2,792,611 93,245 29,452 340,273 614,360 87,879 131,714 292,136 55% 47% 46% 136,275 28% 11% 68% 260,613 56% 43% 69% 2,525,535 43% 1,532,381 EBITDA FY24 Ss. Revenues & Handsets Sales Handsets Fees for Labor Cost ITX Costs C
Slide 11: We are increasing our productivity & profitability
WE ARE INCREASING OUR PRODUCTIVITY & PROFITABILITY Telecom Argentina S.A. Telecom Argentina S.A. EXCLUDING TMA EXCLUDING TMA EBITDA Mg as reported 1.8 1.7 Sev. Charges Impact 33.7% HISTORICAL 1.6 31.9% 1.5 SUBSCRIBERS / 1.5 0.7% 28.9% 30.0% EMPLOYEES 1.4 1.4 1.4% 28.1% 1.8% 1.3 (In thousands) 1.2 31
Slide 12: Improving TMA profitability – successful efficiency plan
IMPROVING TMA PROFITABILITY – SUCCESSFUL EFFICIENCY PLAN FY24 FY25 10 MONTH CONTRIBUTION FY25 AS REPORTED REVENUES MARKET REPAIR (US$ Million) 2,444 1,889 2,268 TRANSACTION 11.0% 23.5% 26.1%** 22.2% EBITDA Mg EBITDA Mg EBITDA Mg EBITDA Mg TMA HAD LIMITED PROFITABILITY AND excluding the impact of hig
Slide 13: 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 1,359,230 1,693,777 (214,719) (244,973) (145,30
Slide 14: FY25 Capex
FY25 CAPEX HIGHLIGHTS 105 new sites were deployed, Telecom Argentina S.A. and another 688 sites were +98% +14% upgraded. CAPEX* 1,485,577 Million of P$ 456,602 533,223 1,028,975 TEO, Excluding TMA 784,974 465,843 We built out our FTTH network TMA 4Q25 contribution FY24 IAS 29 FY25 IAS 29 FY24 IAS 29
Slide 15: Cash flow before interest payments
CASH FLOW BEFORE INTEREST PAYMENTS FCF GENERATION FY24 FCF GENERATION FY25 Million of P$ Million of P$ 2,525,535 1,532,381 1,053,244 933,926 748,974 570,625 1,485,577 13,286 560,922 104,307 15,012 212,782 9,703 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF EBITDA CAPEX * WK & Others OFCF TMA T
Slide 16: Key figures
KEY FIGURES In US$ Million1 LTM FY25 FY24 Revenues 6,103 Estimated proforma2 4,009 EBITDA 1,831 Estimated proforma2 1,129 Gross Debt3 3,737 2,789 Cash & Equivalents 541 308 Net Debt3 3,196 2,447 Ratios LTMFY25 FY24 Gross Debt / EBITDA4 2.042 2.47 Proforma Net leverage reflecting a solid balance shee
Slide 17: Resiliency to FX risk
RESILIENCY TO FX RISK ARGENTINA MACRO Depreciation EVOLUTION OF FIGURES FX VS. INFLATION Resiliency to FX Risk Apreciation Telecom Argentina S.A. Depreciation As reported Consolidated Proforma2 EBITDA 1759 1689 1831 2023 2024 2025 LTM* 1093 1087 1129 Million of US$ 717 FX Inflation 3Q23 FY23 2Q24 FY
Slide 18: Total funds raised in 2025
SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 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 Argenti
Slide 19: Proforma debt maturity profile as of December 2025
PROFORMA DEBT MATURITY PROFILE AS OF DECEMBER 2025 | Annual Principal Payments Breakdown by instrument* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total (U$S millions) Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 500 500 1,000 Cross-Border Notes Class 27 Notes 2036 300 300 600
Slide 20: Final remarks
FINAL REMARKS 1 EBITDA Margin Recovery TEO (Excluding TMA) Theoretical EBITDA excluding the increase in severance Strong fixed business performance with subscriber growth. TMA charges of TMA 26.1% 3.9% 33.7% Continued execution on 5G and FTTH deployment. 22.2% 28.2% 11.0% Strategic JV with Banco Mac
Slide 21: Thank you
Thank you 21