Telecom Argentina S A : Conference Call Presentation 2Q25

About this update from Telecom Argentina Sa Class B

Telecom Argentina 1H25 & 2Q25 Earnings Release August 2025 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 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 1H25 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 2Q25 | Operational and Financial highlights 3 1H25 REVENUES 5.8% 0.9% Mobile Services MOBILE Market Leader Subscribers BROADBAND Market Leader Subscribers 11.8% US$ Internet Services Pay TV 20.9M | 2.7M 4.1M 11.5% 2.8 BN 22.2% 47.8% Fixed & Data Handsets Other 19.3M 4 1.6M 1H25 ADJUSTED EBITDA US$0.8 BN PAY TV Market Leader Subscribers PERSONAL PAY ~ 4.2 MM 1H24 29.7% 1H25 30.0% 1H25 31.6% 1 3.2M | 107K onboarded clients #2 Fintech in Argentina EBITDA margin 1H25 CAPEX US$ 399 MM 2 409K | 112K FINANCIAL DEBT considering total remunerated account balances +54% vs 1H24 Focused on mobile & FTTH network deployment NET DEBT / Estimated proforma EBITDA 3 LTM1H25 = 1.9 x May: successful issuance of Class 24 Notes for 800M July: successful tap of our Class 24 Notes for 200M Reducing the bond's average financing cost from 9.50% to 9.36% in just 60 days Successfully extending the average life of our maturity profile * Figures of 1H25 in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205). (1) Theoretical EBITDA excluding the increase in severance charges of TMA (2) Includes only PPE & intangibles (3) 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 1,194 million, plus TMA's proforma EBITDA of USD 566 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs . (4) Include 2.8 million M2M accesses Update on Telefonica Móviles Argentina 5 PROFORMA FY24 1 1H25 1H25 KEY FIGURES 1,201 Sum of the parts 1,991 2,786 795 +40% 111 Proforma Eliminations of balances 4,009 6,332 2,434 EBITDA (US$ Million) REVENUES (US$ Million) TMA Proforma (includes reclassifications) 1,129 439 Proforma 28.2% EBITDA Mg as reported FY24 Proforma 1,568 TMA Proforma (includes reclassifications & eliminations) 276 836 +29% Sum of the parts 188 648 Proforma 24.8% Sum of the parts 101 298 399 +34% EBITDA Mg Proforma FY24 CAPEX (US$ Million) 326 Sum of the parts 159 (1) Adjustments to the unaudited pro forma income statement include: reclassification of TMA's figures to align with the Company's format; elimination of intercompany telecom transactions; reclassification of depreciation/amortization due to asset revaluation; and removal of brand/management fees from TMA's prior parent, discontinued post-acquisition. Telecom 1H25 Revenue/EBITDA figures reflect consolidated data and may not represent TEO's standalone performance. TMA: OIBDA excludes depreciation, amortization, and impairments; EBITDA margin = EBITDA/Revenues; Capex includes intangible assets and PP&E. *2024 figures in constant pesos (Dec 31, BNA rate: 1,032.0); 1H25 figures in constant pesos (Jun 30, BNA rate: 1,205). The 1H25 figures include just four months of TMA contribution Reported figures for TMA as of 1H25 552 878 +59% TMA EBITDA Mg TMA - Actions to improve margins Elimination of management and brand fees Reduction of redundant mobile sites costs DONE / IN PROGRESS / IN ANALYSIS 6 29.7% EBITDA Mg as reported 1H24 30% EBITDA Mg as reported 1H25 32.5% excluding TMA contribution 11% EBITDA Mg as reported FY24 22.9% EBITDA Mg as reported 1H25 26.7%** excluding severance charges EFFICIENCY PLAN As of 1Q25 Current Status 11.0% 2024 2025 2026 2027 2028 2029 2030 Optimization of procurement of handsets and sim cards Lower advertising activity and costs Improvement of bad debt ratios Lower programming costs Lower video platform costs Optimization of the commercial network Optimization of administrative costs: Insurance Logistics Security TMA: 'OIBDA' (EBITDA in the presentation) is calculated as operating income excluding depreciation and amortization and impairment loss. EBITDA Margin calculated as EBITDA/Revenues (**) Theoretical EBITDA excluding the increase in severance charges of TMA REGULATORY PROCESS 7 Required Regulatory Approvals Post-Transaction Formal response by Telecom to the request for additional information issued by the CNDC Telecom appeal: RESOL-2025-63-APN-SIYC#MEC suspended Telecom receives official notification of the CNDC's statement of objections Telecom Argentina submitted its comments to the CNDC regarding the June 19 technical opinion Approval Period Based on Precedents (6 to 12/14 Months Post-Transaction) 2 nd May 19 th Jun Feb 24 th Mar 3 rd Mar 7 th Jun 5 th Aug 5 th Aug - 2025 Apr - 2026 >>>>>>>>>>>>>>>>>>>>>>>>>>>> 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 Consolidated Business Review 2,275,618 885,368 REAL GROWTH IN SERVICE REVENUE & ARPU 9 SERVICE REVENUES EVOLUTION (P$ MM) Telecom consolidated figures 8% growth for TEO Service Revenues (excluding TMA) if we exclude Fixed & Data from the calculation ARPU EVOLUTION PER SEGMENT* Δ% Y/Y TEO, Excluding TMA TMA 1H25 contribution 2,192,512 +44% +4% 3,160,986 Mobile ARPU evolution in US$ 5.2 5.2 TMA TEO 6.2 6.0 19.7 +15% +19% +12% US$ MM* 2,404 2,623 1H24 1H25 TMA 1H25 figures +7% Broadband ARPU evolution in US$ 1,247,228 1,340,611 Pay - TV ARPU 17.6 14.6 TMA TEO 17.8 12.6 16.9 +22% +34% +11% evolution in US$ 12.2 13.5 TMA TEO 1H24 1H25 1H24 As reported 1H25 TELECOM does not participate in TMA's pricing strategy *Figures of 1H24 in constant pesos as of June 30, 2024, converted at the BNA ask rate as of June 01, 2024 (912,0). Figures of 1H25 in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205). US$ MM* 981 1,113 POSITIVE EVOLUTION OF SUBSCRIBER BASES 10 Combined Growth In thousands of accesses MOBILE* Prepaid Postpaid 13,066 12,700 8,147 8,235 43% 48% 48% 2Q24 2Q25 Machine-to-machine accesses Δ% Y/Y Δ% Y/Y -0.8% Prepaid +2.1% Postpaid +1.9% Prepaid +3.1% Postpaid Prepaid Postpaid 9,322 2,759 9,949 9,044 2,472 9,764 Δ% Y/Y -2.8% Prepaid +1.1% 2Q25 2Q24 Postpaid POSTPAID % 38% 39% BROADBAND 4,051 4,111 2Q24 2Q25 1,496 1,586 +6.0% 94% FTTH +2.7% Broadband +1.5% 2Q25 2Q24 26% FTTH 435 PAY TV** 3,107 3,178 2Q24 2Q25 409 +1.3% Pay TV -6.1% +2.3% 2Q24 2Q25 *Includes Machine-to-machine (M2M) accesses of TMA **Includes only Argentina. REVENUES BREAKDOWN 11 REVENUES Million of P$ REVENUES BREAKDOWN Mobile REVENUES COMPOSITION Δ Y/Y Δ Y/Y Billion of P$ CONSOLIDATED HISTORICAL FIGURES INFLATION ADJUSTED CONSOLIDATED 47.8% CONSOLIDATED (MODELING PURPOSES) +123% 3,198,484 FIGURES +44% 3,357,004 158,520 2.324.104 Other 0.9% Handsets 5.8% Fixed & Other Handsets 30 25 196 132 +22% +49% 4 4 +2% 107 -15% 126 1,435,877 888,227 1,435,877 3,198,484 Data 11.8% Pay TV 11.5% Broadband 22.2% Fixed & Data 395 309 +28% 227 270 -16% 1H24 1H25 1H24 IAS 29 1H25 IAS 29 IAS 29 Adjustment Mobile 59.4% Pay TV 387 339 +14% 51 40 +27% INFLATION ADJUSTED FIGURES +5% 1,372,747 1,447,180 1H24 1H25 Figures may not add up due to rounding. Other 0.3% Handsets 7.4% Fixed & Data 15.7% Pay TV 3.5% Broadband 13.8% Broadband Mobile 745 937 583 1H25 IAS 29 Includes revenues in foreign currency mostly from the B2B segment 1H24 IAS 29 +28% 1,605 +71% 200 159 859 774 +26% +11% REGIONAL OPERATIONS AND PERSONAL PAY 12 Paraguay key figures EBITDA Mg 53% REVENUES EBITDA +8.0% 102 102 50 54 Net debt to EBITDA 0.4x Paraguay 1H24 1H25 SUSCRIBERS * 1H24 1H25 Mobile: 2.7M (+10%) Broadband: 328k (+10%) Pay TV: 112k (+1%) Pay: 957k (+26%) Uruguay Pay TV: 107k * (-9%) OUR DIGITAL WALLET A relevant player in the market with high growth potential + 4.2 million total onboarded clients (+44% y/y) X 2.6 times TPV and 41% TPN vs June 2024 + P$ 325BN in clients' remunerated account balance #2 Fintech in Argentina considering remunerated balances * Number of subscribers in each segment. Figures in brackets are y/y variations. 13 EBITDA EBITDA MARGIN EVOLUTION Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 32.2% 31.0% 29.7% 30.0% 15,792 690,258 1,007,153 227,858 462,400 991,361 1H24 1H25 1H24 IAS 29 1H25 IAS 29 MARGIN EVOLUTION Y/Y EBITDA margin evolution (p.p. difference, IAS 29) IAS 29 Adjustment 31.6% 30.0% 1.6% 29.7% Theoretical EBITDA excluding the increase in severance charges of TMA EBITDA Margin EBITDA EVOLUTION 1H25 Million of P$. 2,349,851 +44% +44% +46% 1,007,153 3,357,004 1H24 1H25 Strong improvement Revenues Operating Costs before D&A EBITDA EBITDA 1H24 Ss. Revenues & Handsets Sales Handsets Costs Fees for services, Labor Cost ITX Costs Commisions & Taxes Programming & Others* EBITDA 1H25 EBITDA Margin other income maintenance and materials Advertising content costs 29.7% -0.2% +0.2% 0.0% +1.1% -0.3% +0.4% -0.2% -0.9% +0.7% -0.6% 30.0% 14 IFRS, Million of P$ 968,474 Y/Y Variation 64,426 +P$316,895 (+46%) 44,968 105,849 253,405 20,065 44% 49% 44% 33% 46% 61,886 51% 108,836 27% 60% 33,077 25% 87,919 56% 690,258 1,007,153 IAS 29 EBITDA 1H24 - 1H25 Salaries, social security expenses and benefits +1.3% -1.6% Severance charges 31.6%** AS % OF REVENUES 1H24 1H25 Others* Taxes Commisions & Adv ITX Costs Effective cost management: contributing to stabilize EBITDA Mg. 4% 4% 14% 13% 24% 24% 3% 3% 5% 5% 8% 9% 6% 5% 7% 7% Programming & content costs "Others" includes bad debt expenses and other costs. Handsets Costs Fees for services, maintenance and materials Labor Costs Figures may not add up due to rounding. (**) Theoretical EBITDA excluding the increase in severance charges of TMA 15 CONSOLIDATED RESULTS OPERATING INCOME (LOSS) IFRS, Million of P$ NET INCOME IFRS, Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES +112% IAS 29 Adjustment 368,510 781,375 (86,575) 176,027 (455,085) (605,348) 1,197,930 (148,074) (93,860) (75,554) 1H24 1H25 1H24 IAS 29 1H25 IAS 29 1H24 1H25 1H24 IAS 29 1H25 IAS 29 OPERATING INCOME MARGIN: 26% 24% 1H25 CAPEX 16 CAPEX* Million of P$ TEO, Excluding TMA TMA 1H25 +54% 481,189 121,853 HIGHLIGHTS +3% 38 new sites were deployed, and another 197 sites were upgraded. 191,763 We built out our FTTH network across 6,352 new blocks. contribution 313,127 359,336 185,646 1H24 IAS 29 1H25 IAS 29 1H24 IAS 29 1H25 IAS 29 US$ MM** 246 399 146 159 % over Revenues 13.5% 14.3% 13.5% 13.3% An additional 4,170 blocks received FTTH overlay CONSOLIDATED TECHNICAL CAPEX BREAKDOWN 57% 10% 33% Network and Technology*** We added 211 new 5G Sites. Installations and CPE International Capex *CAPEX considers investments in PP&E and Intangible Assets ** Figures of 2024 in constant pesos as of June 30, 2024 converted at the BNA ask rate as of June 30, 2024 (912,0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). *** Includes: CAPEX in Datacenter/IT and other investments in Argentina. TMA Capex includes investments in capital goods, covering both intangible assets and Property, Plant and Equipment (PP&E). 17 CASH FLOW FCF GENERATION 1H24 FCF GENERATION 1H25 Million of P$ Million of P$ 1,007,153 690,258 313,127 174,493 202,638 4,137 198,501 481,189 198,061 327,903 83,070 5,215 239,618 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF EBITDA CAPEX * WK & Others OFCF TMA Tax Payments Income Tax Paid FCF 543 - 246 - 143 154 - 3 151 836 - 399 - 164 272 - 69*** - 4 199 US$ MM** IFRS, U$D Million US$ 48 Y/Y Variation *CAPEX considers investments in PP&E and Intangible Assets ** Figures of 2024 in constant pesos as of June 30, 2024 converted at the BNA ask rate as of June 30, 2025 (912,0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). 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 - Proceeds from DFI liquidations- Dividends from associates- Payments for acquisition of subsidiary, net of cash acquired) ***Payments corresponding to taxes, including compensatory interest, arising from the acquisition of TMA by Telecom Argentina, in consideration of some specific requisites under Argentine tax regulations (please refer to the 6-K filed on May 15, 2025). KEY FIGURES 18 In US$ Million 1 LTM1H25 FY24 EBITDA 1,759 Estimated proforma 2 1,129 Gross Debt 3 3,665 2,789 Cash & Equivalents 321 308 Net Debt 3 3,344 2,447 Ratios LTM1H25 FY24 Gross Debt / EBITDA 4 2.07 Estimated Proforma 2 2.47 Net Debt / EBITDA 4,5 1.90 Estimated Proforma 2 2.17 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 June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). // 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,194 million, plus TMA's proforma EBITDA of USD 566 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 TMA ACQUISITION LOANS LOCAL LOANS WITH INSTITUTIONS Telecom Argentina - Bilateral Loan ICBC US$ 0.2 billion February 21, 2025 Telecom Argentina - Syndcated Loan (BBVA, Citi, Deutsche Bank, J.P.Morgan, Santander) Almost US$ 1 billion February 21, 2025 2025 TRANSACTIONS 19 Telecom Argentina - Class 24 Notes due 2033 TAP US$ 0.2 billion July 24, 2025 PARTIALLY REFINANCED THROUGH INTERNATIONAL BOND ISSUANCES Telecom Argentina - Class 24 Notes due 2033 US$ 0.8 billion May 22, 2025 TOTAL FUNDS RAISED AS OF DATE OF THIS RELEASE Total in USD equivalent *US$ 2.6 billion Local Loans with Institutions Almost US$ $0.3 billion equivalent* During the month of July, 2025 Successfully reducing the bond's average financing cost from 9.50% to 9.36% in just 60 days (Reopening of Class 24 Notes) LOCAL ISSUANCES Telecom Argentina - Class 26 Notes due 2026 P$57.9 Billion (Pesos - TAMAR) July 18, 2025 Telecom Argentina - Class 25 Notes due 2027 US$ $0.05 billion July 2, 2025 *For local loans with institutions, the BNA ask rate ($1,294.2) July 31, 2025. For Class 26 notes due 2026, the BNA ask rate ($1,286.00) July 18, 2025. 20 We have been able to maintain the financial cost* and average life* of our maturity profile even under a challenging macroeconomic environment in Argentina and globally SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 22.0% 17.4% 16.9% 19.1% 13.7% 8.2% 6.8% 6.8% 6.7% 6.3% 8.0% 7.3% 6.6% 13.7% 2.7% 1.9% 3.9% 3.9% 4.6% 11.2% 7.4% 4.2% 0.9% 1.5% 7.0% 7.2% 4.2% 1H25 Proforma 1H25 Proforma 4.2 2018 2019 2020 2021 2022 2023 2024 1Q25 TEO avg. cost of dollar debt UST 10y EMBI Argentina EMBI: Emerging Markets Bonds Index Avg Life of Debt 2.6 3.2 3.3 3.1 2.8 2.5 2.8 3.1 2018 2019 2020 2021 2022 2023 2024 1Q25 Proforma debt maturity profile as of June 2025, including (i) the tap of the new bond (Class 24 Notes) maturing in 2033 for USD 200 million, (ii) the use of proceeds for the partial prepayment of the syndicated loan and the bilateral loan with ICBC for an amount of US$ 169 million and US$ 35 million, respectively, both loans originally obtained to finance the acquisition of Telefónica *Includes Dollar Linked Local Notes Source: Calculations in accordance to maturity and interest rate data per debt instrument provided in Company's filings. Breakdown by instrument* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S millions) Class 1 Notes 2026 163 163 Class 5 Notes 2025 112 112 Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 500 500 1,000 Vendor Financing 2 3 2 2 0 9 Finnvera 10 12 21 EDC 5 9 4 4 4 4 31 IDB Loan 16 31 15 62 CDB loan 18 35 53 105 BoC loan 2 4 4 10 Syndicated Loan 151 151 ICBC Loan 12 12 6 31 21 PROFORMA DEBT MATURITY PROFILE AS OF JUNE 2025 | Annual Principal Payments Cross-Border Notes Vendors, multilateral and export credit agencies Núcleo (GUA) 16 15 31 Local Debt (Argentina and subsidiaries) 180 Local Notes 94 94 Local Notes Dollar-linked 268 98 62 608 Local Notes Hard-dollar 75 75 Other (ARS) 295 295 Total 639 525 270 172 438 280 293 500 500 3,616 Approximately Breakdown by currency* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S million) US Dollars 147 221 25 93 438 280 278 500 500 2,483 Dollar-Linked 180 268 98 62 608 Renminbi 18 35 53 105 Guaraní 16 15 31 ARS 295 94 389 Correspond to the full amortization of Class 5 and 16 Local Notes, which were fully repaid in July and August 2025, respectively TMA has no significant debt as of June 30, 2025 *Figures may not add up due to rounding. Figures in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205.0) . Proforma debt maturity profile as of June 2025, including (i) the tap of the new bond (Class 24 Notes) maturing in 2033 for USD 200 million, (ii) the use of proceeds for the partial prepayment of the syndicated loan and the bilateral loan with ICBC for an amount of US$ 169 million and US$ 35 million, respectively, both loans originally obtained to finance the acquisition of Telefónica 72% in US$, RMB & GUA 17% in US$ Local DDLL 11% in ARS APPROVED DECARBONIZATION TARGETS | SBTI 22 NEW MILESTONE ON OUR ENVIRONMENTAL COMMITMENT Telecom Argentina near-term science-based targets approved Positions Telecom as one of the few companies in Argentina with targets validated by SBTi, which strengthens our ESG strategy with international standards. Strengthens our response to increasing scrutiny from investors and corporate clients regarding measurable and credible climate plans. Enhances our CDP score. Provides a strategic advantage in accessing sustainable financing (green bonds, ESG-linked loans, climate-focused investment funds) by having robust and verifiable targets. SBTi near-term targets' approval reinforces our previous main environmental commitments: Carbon Neutrality Goals - achieve carbon neutrality by 2050 Renewable Energy Commitments - reach 50% participation in total energy consumption by 2030 (currently 25%) FINAL REMARKS 23 Acquisition of TMA by TEO presents the opportunity to upgrade the connectivity in Argentina and upscale the operations of Telecom Sustained commitment to operational efficiency in a context of improvement of the economic environment, driving improvements in customer experience and profitability Regulatory process being conducted normally, with all required filings submitted to the relevant authorities and timelines being met. Ongoing reinforcement of our premium network infrastructure through our CAPEX plan, consolidating our leadership in service quality. Strong access to international markets and financial institutions, enhancing our ability to secure competitive and diversified funding Balanced debt maturity profile, reflecting a prudent and proactive financial management strategy. Strengthening our environmental commitment. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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