Conference Call Presentation 1Q25

Telecom Argentina

1Q25 Earnings Release

May 2025

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 described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company's Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the SEC, as well as the presentations periodically filed before the CNV and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.

This document also contains pro-forma financial information to show the impact of the Acquisition of Telefónica Móviles Argentina S.A. The pro-forma financial information has not been audited or reviewed by the Company's auditors. The pro-forma financial information provided in this document is for illustrative purposes only and is not represented as being indicative of the Company's (nor anyone else's) views on its future financial condition and/or performance. Investors should note that the pro-forma financial information has not been prepared in accordance with, and does not purport to comply with, Article 11 of Regulation S-K under the U.S. Securities Act. The pro-forma financial information has been prepared in accordance with reasonable assumptions and the adjustments used therein are appropriate to give effect to the Acquisition.

The Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores ("CNV"), which establishes that the restatement for inflation will be applied to the annual financial statements, for intermediate and special [periods ended as of December 31, 2018 inclusive]. Accordingly, the reported figures corresponding to 1Q25 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional figures of the income statements are included, which are non-restated for inflation and which were used as the base for the information presented in constant pesos.

OVERVIEW OF OUR 1Q25 | Operational and Financial highlights 3

1Q25 REVENUES

6%

Mobile Services

MERGER & ACQUISITIONS

11%

13%

1%

US$

1.3 BN

24%

46%

Internet Services Pay TV

Fixed & Data Handsets Other

ACQUISITION OF TMA MARKET REPAIR TRANSACTION

3.4x EV/EBITDA as reported

NO IMPACT ON LEVERAGE AFTER TRANSACTION

1Q25 ADJUSTED EBITDA

US$0.4 BN MOBILE

Market Leader

Subscribers

BROADBAND

Market Leader

Subscribers

1Q24

30.3%

1Q25

33.1% 21.3M | 2.6M 4.1M

EBITDA margin

1Q25 CAPEX

US$ 165 MM1

+8% vs 1Q24

Focused on mobile & FTTH network deployment

NET DEBT / Estimated proforma EBITDA2

LTM1Q25 = 1.9x

18.9M3 PAY TV Subscribers Market Leader 3.1M | 111K 417K 1.6M PERSONAL PAY ~ 3.9 MM

onboarded clients

2 Fintech in Argentina considering total remunerated account balances

*Figures of 1Q25 in constant pesos as March 31, 2025, converted at the BNA ask rate as of March 31, 2025 (1,074.0). (1) Includes only PPE & intangibles

(2) Calculated as Net Financial Debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF minus financial loans) / EBITDA. This ratio is included here solely for reference and may be calculated differently according to the definitions incorporated in some of the Company's debt contracts. The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,235 million, plus TMA's proforma EBITDA of USD 533 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs. (3) Include 2.7 million M2M accesses

4

ACQUISITION OF TMA

2

Greater Synergies & Efficiencies to Increase Profitability

5

Transaction

Rationale

1

Increased EBITDA Generation with Stable Leverage

• Efficiency plan to increase TMA profitability

• Greater ability to carry out required investments, accelerating 5G and FTTH deployment.

  Creating the most competitive telecommunications Company in Argentina, with premium infrastructure

  
  
  

  EBITDA US$ MM

  CAPEX1/REVENUES

  
  
  

• Market repair transaction - solving a situation where a player had a limited profitability and limited investment capacity

Profitability and Investments below industry standards 17%

8.5%

10.9%

2.4%

25.1%

5G Spectrum Ordinary CAPEX

2022 2023 2024 1Q25 2022 2023 2024 1Q25

3

Creating the Most Competitive Telecom Company in Argentina

4

Best Quality and Complementarity of Networks

(1) CAPEX considers investments in PP&E and Intangible Assets

REVENUES (US$ Million)

2,444

+61%

Sum of the parts

EBITDA (US$ Million)

Sum of the parts

265

+23%

CAPEX (US$ Million)

225

+41%

Sum of the parts

Consolidated

643

162

1

6

1Q25

1Q25

FY24

Consolidated

63

+17%

1,051

218

+21%

+14%

Consolidated

66

20

Figures include contributions from TMA as of February 24

Reported figures for TMA as of 1Q25

*According to FY24 audited financial statements of Telecom Argentina and Telefonica Móviles Argentina. Combined figures are obtained by sum of the parts

Figures of 2024 in constant pesos as of December 31, 2024 converted at the BNA ask rate as of December 31, 2024 (1032.0). Figures of 1Q25 in constant pesos as of March 31, 2025 converted at the BNA ask rate as of March 31, 2025 (1,074.0).

TMA EBITDA Mg

11.0%

2024 2025 2026 2027 2028 2029 2030

TMA - Actions to improve margins

2

7

28%

EBITDA Mg as reported FY24

33%

EBITDA Mg as reported 1Q25 | 34% excluding TMA contribution

11%

EBITDA Mg as reported FY24

25%

EBITDA Mg as reported 1Q25

• Elimination of management and brand fees

• Reduction of redundant mobile sites costs

• Optimization of procurement of handsets and sim cards

• Lower advertising activity and costs

• Improvement of bad debt ratios

• Lower programming costs

• Lower video platform operating

• Optimization of the commercial network

• Optimization of administrative costs:

  • Insurance

  • Logistics

• DONE

• IN ANALYSIS

• IN PROGRESS

• IN PROGRESS

• IN ANALYSIS

• IN PROGRESS

• IN ANALYSIS

• IN ANALYSIS

• DONE

• IN PROGRESS

  • Security

  • IN PROGRESS

  
  
  POST ACQUISITION

  Others

  42%

  Personal + Movistar 58%

  Others 54%

  Personal + Movistar 46%

  Flow

  +

  Movistar

  Others 38%

  62%

  Flow

  +

  Movistar 16%

  Others 84%

  PORTABILITY

  (In million)

  3.4

  3.6

  Average 2.6

  Source: ENACOM- Indicadores de Mercado

  2018

  2019

  2020

  2021

  2022

  2023

  sep-24

  Market share measured in accesses. Data as of 3Q24. (1) Source: Enacom(2) Source: Dataxis and Enacom. (3) Source: Business Bureau & Enacom Figures may not add up due to rounding

  
  
  

  3

  8

  Traditional Pay TV

  Broad Pay TV (+OTTs)

  Movistar

  PRE ACQUISITION

  Others 42%

  Personal 34%

  Others 54%

  Personal 34%

  2%

  Flow 34%

  Flow 14%

  Movistar

  24%

  Movistar 13%

  Others 62%

  Movistar 5%

  Others 84%

  PAY TV SHARE3

  BROADBAND SHARE2

  MOBILE SHARE1

  CREATING THE MOST COMPETITIVE TELECOM COMPANY IN ARGENTINA

3.0

2.8

1.6

2.2

1.8

4

9

Combined Strength in complementary

Mobile and Fixed Networks

Fixed network coverage TEO + TMA

1 Source: Speedtest Ookla FTTH : Fiber to the home

10

Formal response by Telecom to the request for additional

Required Regulatory Approvals Post-Transaction

information issued by the CNDC

Expected Approval Period

(6 to 12/14 Months Post-Transaction)

>>>>>>>>>>>>>>>>>>>

The companies continue to

Transaction Date CNDC Filing

ENACOM Filing

operate separately and independently

6 Months 12-14 Months

Antitrust Approval Request

Formal Approval Request

* Between 2007 and 2011, Cablevision invested US$1.1 billion, more than 5 times the initial commitment to CNDC.

11

12

BUSINESS REVIEW

13

SERVICE REVENUES EVOLUTION (P$ MM)

Telecom consolidated figures

ARPU EVOLUTION PER SEGMENT*

Δ% Y/Y

TEO, Excluding TMA

+26%

Mobile ARPU

evolution in US$

4.5

6.4

4.3

TMA TEO

6.5

+49%

+42%

TMA 1Q25 contribution

1,285,482

+5%

1,016,464

218,734

1Q24 1Q25

TMA 1Q25 figures

Broadband ARPU evolution in US$

14.8

11.8

TMA TEO

21

19.5

18.0

+42%

+65%

+82%

642,249

548,582

+17%

Pay - TV ARPU

evolution in US$

10.5

14.1

9.9

+34%

TMA TEO

1Q24 1Q25

1Q24

As reported

1Q25

TELECOM does not participate in TMA's pricing strategy

*Figures of 1Q24 in constant pesos as of March 31, 2024 converted at the BNA ask rate as of March 31, 2024 (858.0). Figures of 1Q25 in constant pesos as of March 31, 2025 converted at the BNA ask rate as of March 31, 2025 (1,074.0).

2 14

Combined

Growth

In thousands of accesses

MOBILE*

Prepaid Postpaid

12,963 13,112

8,201 8,236

43%

49%

48%

1Q24 1Q25

Machine-to-machine accesses

Δ% Y/Y

+0.4%

Prepaid

+1.0%

Postpaid

-0.6%

Prepaid

+1.5%

Postpaid

Prepaid

Postpaid

9,206

2,652

9,682

9,069

2,387

9,738

+1.1%

Prepaid

+0.4%

1Q25

1Q24

Postpaid

POSTPAID %

39%

39%

BROADBAND

4,097 4,053

1Q24 1Q25

1,461

1,562

+6.9%

93% FTTH

+1.0%

Broadband

-1.1%

Growing

+0.3%

Pay TV

1Q25

1Q24

48% in FTTH Acceses

417

427

PAY TV**

3,125 3,147

1Q24 1Q25

+0.7%

1Q24

1Q25

-2.3%

*Includes Machine-to-machine (M2M) accesses of TMA

**Includes only Argentina.

15

SERVICE REVENUES

Million of P$

REVENUES BREAKDOWN

Mobile

REVENUES COMPOSITION

Billion of P$

CONSOLIDATED

HISTORICAL FIGURES

INFLATION ADJUSTED

CONSOLIDATED

45.5%

CONSOLIDATED

(MODELING PURPOSES)

+113%

FIGURES

+26%

1,285,482

36,437

1,016,464

Other

1.1%

Handsets

5.7%

Fixed & Data

Broadband

15

Other

12

78

Handsets

50

+26%

+56%

5

4 +11%

48

-15%

57

586,618

1,249,045

429,846

586,618

1,249,045

11.4%

Pay TV 12.7%

23.6%

Fixed &

Data

155

149

+4%

107

124

-14%

1Q24 1Q25

1Q24 IAS 29 1Q25 IAS 29

IAS 29 Adjustment

Mobile 59.3%

Pay TV

173

158

+9% 24

16

+49%

INFLATION ADJUSTED FIGURES

+17%

548,582 642,249

1Q24 1Q25

Figures may not add up due to rounding.

Other 0.7%

Handsets 7.0%

Fixed & Data 15.4%

Pay TV 3.5%

Broadband 14.1%

Broadband

Mobile

322

263

62

434

0

1Q25 IAS 29

1Q24 IAS 29

+23%

+43%

97

67

409

337

+45%

+22%

16

Paraguay key figures

REVENUES EBITDA

51 50

26 27

Paraguay

1Q24 1Q25

1Q24 1Q25

SUSCRIBERS*

Mobile: 2.6M (+12%)

Broadband: 322k (+13%)

Pay TV: 112k (+4%)

Pay: 899k Onboarded Users

Uruguay

Pay TV: 111k* (-4.7%)

OUR DIGITAL WALLET

A relevant player in the market with high growth potential

~ 3.9 million total onboarded clients (+55% y/y)

x3.5 times TPV and +65% TPN vs 1Q24

+ P$ 356BNin clients' remunerated account balance

#2 Fintech in Argentina considering remunerated balances

*Number of subscribers in each segment. Figures in brackets are y/y variations.

17

REVENUES

EBITDA

Million of P$ Million of P$

HISTORICAL FIGURES (MODELING PURPOSES)

HISTORICAL FIGURES

INFLATION ADJUSTED FIGURES (MODELING PURPOSES)

INFLATION ADJUSTED FIGURES

615,345

+115%

1,324,901

1,066,430

451,085

+28%

1,363,353

38,452

32.8% 34.0%

30.3% 33.1%

451,948

1,934

322,984

1Q24 1Q25 1Q24 IAS 29 1Q25 IAS 29

1Q24 1Q25

1Q24 IAS 29 1Q25 IAS 29

MARGIN EVOLUTION

Y/Y EBITDA margin evolution (p.p. difference, IAS 29)

IAS 29 Adjustment

IAS 29 Adjustment

EBITDA EVOLUTION 1Q25

Million of P$.

+28% +23%

EBITDA Margin

+40%

1Q24 1Q25

Strong improvement

Revenues Operating Costs before D&A

EBITDA

*As a percentage of total Operating Costs.

18

IFRS, Million of P$

Y/Y Variation

269,018

27,905

+P$128,964 (+40%)

19,805

16,024

40,752

5,155

15,922

31,736

13,420

25,145

56%

53%

27%

38.6%

36%

10.3%

16.6%

13.2%

28.8%

23.0%

451,948

322,984

EBITDA Margin

30.3%

-1.0%

+1.0%

and materials

-0.7% + 2.0%

+ 2.0% + 0.4%

+ 0.0%

- 0.6%

+ 0.2%

- 0.4%

33.1%

AS % OF REVENUES

1Q24 1Q25

Others*

Taxes

Commisions & Adv

ITX Costs

3% 4%

15%

13%

23%

21%

4%

3%

5%

5%

1Q25 consolidated EBITDA Mg | 34%

Effective cost management: contributing to stabilize EBITDA Mg.

excluding TMA 1-month contribution

8%

8%

5%

5%

6%

7%

Programming &

content costs

"Others" includes bad debt expenses and other costs.

Handsets Costs Fees for services,

maintenance and materials

Labor Costs

Figures may not add up due to rounding.

19

OPERATING INCOME (LOSS)

IFRS, Million of P$

NET INCOME

IFRS, Million of P$

HISTORICAL FIGURES (MODELING PURPOSES)

INFLATION ADJUSTED FIGURES

IAS 29 Adjustment

HISTORICAL FIGURES (MODELING PURPOSES)

INFLATION ADJUSTED FIGURES

+128%

362,824

159,438

(40,771)

111,899

(200,209)

(250,925)

1,052,577

38,140

93,202

(43,641)

1Q24

1Q25

1Q24 IAS 29

1Q25 IAS 29

1Q24 1Q25 1Q24 IAS 29 1Q25 IAS 29

OPERATING

INCOME MARGIN:

27%

26%

20

CAPEX*

Million of P$

TEO, Excluding TMA

HIGHLIGHTS

+8%

176,721

We expanded our FTTH network over 1,900

new blocks.

21,759

+37%

300 blocks with FTTH overlay.

24 new sites were deployed and another 185 sites were upgraded.

CONSOLIDATED TECHNICAL CAPEX BREAKDOWN

55%

11%

34%

Network and

We add 31 5G Sites.

Technology***

Installations

and CPE

International Capex

*CAPEX considers investments in PP&E and Intangible Assets

** Figures of 2024 in constant pesos as of March 31, 2024 converted at the BNA ask rate as of March 31, 2024 (858.0). Figures of 2025 in constant pesos as of March 31, 2025 converted at the BNA ask rate as of March 31, 2025 (1,074.0).

*** Includes: CAPEX in Datacenter/IT and other investments in Argentina.

21

FCF GENERATION 1Q24 FCF GENERATION 1Q25

Million of P$ Million of P$

322,984

451,948

163,209 3,808

155,967

393

155,574

176,721

188,985

86,242

536

85,706

US$ MM**

IFRS, U$D Million

- US$ 36

Y/Y Variation

*CAPEX considers investments in PP&E and Intangible Assets

** Figures of 2024 in constant pesos as of March 31, 2024 converted at the BNA ask rate as of March 31, 2024 (858.0). Figures of 2025 in constant pesos as of March 31, 2025 converted at the BNA ask rate as of March 31, 2025 (1,074.0).

FCF calculation considers: (Cash flows from Operating Activities + Cash Flows from Investment Activities - Payments for investments not considered as cash and cash equivalents -

Proceeds from sale of investments not considered as cash and cash equivalents - Dividends from associates- Payments for acquisition of subsidiary, net of cash acquired)

22

1: Figures of 2024 in constant pesos as of December 31, 2024 converted at the BNA ask rate as of December 31, 2024 (1,032.0). Figures of 2025 in constant pesos as of March 31, 2025 converted at the BNA ask rate as of March 31, 2025 (1,074.0). // 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,235 million, plus TMA's proforma EBITDA of USD 533 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs.// 3: Excludes NDF //. 4: This ratios are included here solely for reference and may be calculated differently according to the definitions incorporated in some of the Company's debt contracts. // 5: Calculated as Net Financial Debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF minus financial loans) / EBITDA.

The figures in dollars included in this presentation result from converting figures in constant pesos at the close of a specific period, using the closing exchange rate of that same period. These figures are included solely for the purpose of providing a general reference and are not obtained through any form of dual currency accounting conducted by the Company

Approximately

73% in US$, RMB & GUA

17% in US$ Local DDLL

10% in ARS

TMA has no significant debt as of March 31, 2025

*Figures may not add up due to rounding.

Figures in constant pesos as of March 31, 2025, converted at the BNA ask rate as of March 31, 2025 (1,074.0) .

23

Cross-Border Notes

We cover over 50% of our consolidated debt

interest payments with the EBITDA generated in our operation in Paraguay

Vendors, multilateral and export credit agencies

Local Debt (Argentina

and subsidiaries)

24

Acquisition of TMA by TEO presents the opportunity to upgrade the connectivity in Argentina and

• upscale the operations of Telecom
• Market after the acquisition remains competitive in all relevant segments (Mobile, Broadband and Pay TV).
• The regulatory process is being conducted normally, and all filings have been submitted to competent authorities
• Consolidating our premium network infrastructure
• Well-balanced maturity profile as a result of prudent debt management
• TEO offers value in a consumption recovery scenario for Argentina