Telecom Argentina S A : Conference Call Presentation 3Q25

About this update from Telecom Argentina Sa Class B

Telecom Argentina 3Q25 Earnings Release November 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 3Q25 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 9M25 & 3Q25 | Operational and Financial highlights 3 TELECOM CONSOLIDATED FIGURES (Including 7-month of TMA's contribution) 9M25 REVENUES MOBILE Market Leader Subscribers BROADBAND Market Leader Subscribers 12.0% 5.3% 0.9% Mobile Services Internet Services 20.3M | 2.7M 19.1M 4 4.1M 1.6M 11.2% US$ 4.1 BN 22.0% 48.7% Pay TV Fixed & Data Handsets Other PAY TV Market Leader Subscribers PERSONAL PAY 9M25 ADJUSTED EBITDA US$1.2 BN Excluding TMA 3.2M | 104K 395K | 112K ~ 4.4 MM onboarded clients 9M24 28.8% 9M25 30.5% severance charges 9M25 32.6% 1 EBITDA margin 9M25 CAPEX US$ 615 MM 2 +73% vs 9M24 Focused on mobile & FTTH network deployment Corporate Liability Management of the year Digital Infrastructure - Telecoms Financing of the Year 2025 DIVIDEND PAYMENT ANNOUNCED ON NOV-10 NET DEBT / Estimated proforma EBITDA 3 LTM9M25 = 1.9x Enhancing our operational and financial efficiency Reinforcing our purpose of becoming a relevant service ecosystem Delivering the best experience to our customers * Figures of 3Q25 in constant pesos as of September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380). (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 1,178 million, plus TMA's proforma EBITDA of USD 510 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 2.9 million M2M accesses Consolidated Business Review Mobile ARPU evolution 7.2 5 SERVICE REVENUES EVOLUTION (P$ MM) Telecom consolidated figures 7% growth for TEO Service Revenues we exclude Fixed Dat ion (excluding TMA) if & a from the calculat TEO, Excluding TMA TMA 9M25 contribution +51% 5,327,305 ARPU EVOLUTION PER SEGMENT IN CONSTANT PESOS All segments show real growth in pesos, as nominal increases outpaced inflation. 8.2 Δ% Y/Y 7.6 7.2 +14% +5% +4% 3,534,133 TMA TEO 24.6 25.0 +2% 3,679,560 1,647,745 REAL GROWTH IN SERVICE REVENUE & ARPU US$ MM* 2,764 3,860 9M24 9M25 Broadband ARPU evolution 20.7 22.8 +10% TMA 9M25 figures +5% 2,145,517 2,038,243 Pay - TV ARPU evolution TMA TEO 18.5 22.1 +19% +3% 16.7 17.3 TMA TEO GM24 GM25 9M24 As reported 9M25 TELECOM does not participate in TMA's pricing strategy *Figures of 3Q24 in constant pesos as of September 30, 2024, converted at the BNA ask rate as of September 30, 2024 (970,5). Figures of 9M25 in constant pesos as of September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380). US$ MM* 1,594 1,555 POSITIVE EVOLUTION OF SUBSCRIBER BASES 6 Combined Growth In thousands of accesses MOBILE* Prepaid Postpaid 13,227 12,385 8,197 7,964 3Q24 3Q25 Machine-to-machine accesses Δ% Y/Y Δ% Y/Y -3.9% Prepaid +0.8% Postpaid -0.6% Prepaid +4.0% Postpaid Prepaid Postpaid 9,441 2,872 9,623 9,074 2,576 9,685 Δ% Y/Y -6.4% Prepaid -2.8% 3Q25 3Q24 Postpaid POSTPAID % 38% 39% The decrease is mainly due to 1,610 1,519 50% 48% the disconnection of lines with BROADBAND 4,044 4,146 3Q24 3Q25 no traffic +6.0% 93% FTTH +3.5% Broadband +2.5% 3Q25 3Q24 28% FTTH 425 PAY TV** 3,185 3,229 3Q24 3Q25 395 +0.4% Pay TV -6.9% +1.4% 3Q24 3Q25 *Includes Machine-to-machine (M2M) accesses of TMA **Includes only Argentina. REVENUES BREAKDOWN 7 REVENUES Million of P$ CONSOLIDATED REVENUES COMPOSITION Δ Y/Y Δ Q/Q Billion of P$ CONSOLIDATED HISTORICAL FIGURES (MODELING PURPOSES) +119% 5,227,368 INFLATION ADJUSTED FIGURES +50% 5,622,561 395,193 3,758,165 1,374,002 Other Handsets 48 40 295 224 +21% +32% 16 14 88 112 +19% -22% 2,384,163 2,384,163 5,227,368 Fixed & Data 677 471 +44% 258 218 +18% 9M24 9M25 EXCLUDING TMA INFLATION ADJUSTED FIGURES +3% 3,860,369 3,758,165 9M24 IAS 29 9M25 IAS 29 IAS 29 Adjustment INFLATION ADJUSTED FIGURES +2% 2,252,618 2,296,314 Pay TV Broadband Mobile 632 545 1,235 956 +16% +29% 1,522 2,736 +80% 222 201 446 397 +11% +12% 1,035 933 +11% 9M24 9M25 9M24 9M25 9M25 IAS 29 9M24 IAS 29 3Q25 IAS 29 2Q25 IAS 29 Figures may not add up due to rounding. REVENUES BREAKDOWN CONSOLIDATED Mobile 48.7% Other 0.9% Handsets 5.3% Fixed & Data 12.0% Pay TV 11.2% Broadband 22.0% Mobile 59.7% Other 0.2% Handsets 6.6% Fixed & Data 15.9% Pay TV Broadband 3.6% 14.0% REGIONAL OPERATIONS AND PERSONAL PAY 8 Paraguay key figures EBITDA Mg 53% REVENUES EBITDA +3% +9% Net debt to EBITDA 0.3x 152 157 76 83 Paraguay 9M24 9M25 SUSCRIBERS * 9M24 9M25 Mobile: 2.7M (+8%) Broadband: 335k (+9%) Pay TV: 112k (+0%) Pay: 957k (-6%) Uruguay Pay TV: 104k * (-10%) OUR DIGITAL WALLET A relevant player in the market with high growth potential + 4.4 million total onboarded clients (+33% y/y) X 2.2 times TPV and 32% TPN vs September 2024 + P$ 338 BN in clients' remunerated account balance * Number of subscribers in each segment. Figures in brackets are y/y variations. 9 EBITDA EBITDA MARGIN EVOLUTION Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 30.8% 31.4% 28.8% 30.5% 74,699 1,716,387 1,641,688 1,083,434 348,443 734,991 MARGIN EVOLUTION 9M24 9M25 IAS 29 Adjustment 9M24 IAS 29 9M25 IAS 29 EBITDA Margin EBITDA EVOLUTION 3Q25 Y/Y EBITDA margin evolution (p.p. difference, IAS 29) 28.8% 32.6% Theoretical EBITDA excluding the increase in severance charges of TMA Million of P$. 3,906,174 5,622,561 +50% +46% +58% 1,716,387 30.5% 2.0% 9M24 9M25 Strong improvement Revenues Operating Costs before D&A EBITDA EBITDA 9M24 Ss. Revenues & Handsets Sales Handsets Costs Fees for services, Labor Cost ITX Costs Commisions & Taxes Programming & Others* EBITDA 9M25 EBITDA Margin other income maintenance and materials Advertising content costs 28.8% +0.7% -0.7% 0.6% +0.8% +0.2% -0.6% +0.2% -0.8% +0.9% +0.4% 30.5% "Others" includes bad debt expenses and other costs. Handsets Costs Fees for services, 10 IFRS, Million of P$ 1,793,172 71,224 +P$632,953 (+58%) Y/Y Variation 51,120 207,981 443,530 88,431 79% 51% 32% 29% 41% 49% 92,755 45% 191,361 65% 53,788 25% 102,477 40% 1,716,387 1,083,434 IAS 29 EBITDA 9M24 - 9M25 Salaries, social security expenses and benefits +2.2% -2.0% Severance charges 32.6%** AS % OF REVENUES 24% 24% 13% 13% 5% 4% 3% 4% 5% 5% 8% 9% 6% 5% 7% 6% 9M24 9M25 maintenance and materials Labor Costs ITX Costs Commisions & Adv Taxes Programming & content costs Others* Figures may not add up due to rounding. (**) Theoretical EBITDA excluding the increase in severance charges of TMA WE ARE INCREASING OUR PRODUCTIVITY & PROFITABILITY 11 HISTORICAL SUBSCRIBERS / EMPLOYEES (In thousands) EXCLUDING TMA 1.5 1.6 1.8 1.7 TEO - EBITDA MARGIN EVOLUTION 33.0% 33.0% 31.2% 0.7% 31.9% 28.2% 1.8% 30.0% 28.9% 1.2 1.3 1.5 1.4 1.4 28.1% 28.1% 2017 2018 2019 2020 2021 2022 2023 2024 9M25 27.5% 1.4% 2021 2022 2023 2024 9M25 2025 ASUG Innovation Award winner showcasting innovative SAP cash flow management optimization EBITDA Mg as reported Sev. Indeminities Impact 2,444 1,664 2,251 11.0% 23.8% 28.8%** 22.7% 12 IMPROVING TMA PROFITABILITY - SUCCESSFUL EFFICIENCY PLAN EBITDA Mg EBITDA (US$ Million) REVENUES (US$ Million) FY24 EBITDA Mg 9M25 EBITDA Mg LTM 9M25 EBITDA Mg excluding the impact of higher severance charges TMA - Actions to improve margins DONE / IN PROGRESS Elimination of management and brand fees Optimization of procurement of handsets and sim cards Lower advertising activity and costs Improvement of bad debt ratios Lower video platform costs Optimization of administrative costs: Insurance Logistics Security *2024 figures in constant pesos (Dec 31, BNA rate: 1,032.0); 9M25 figures in constant pesos (Sep 30, BNA rate: 1,380) EBITDA Margin calculated as EBITDA/Revenues (**) Theoretical EBITDA excluding the increase in severance charges of TMA ~2X 396 265 510 13 OPERATING INCOME (LOSS) NET INCOME CONSOLIDATED OPERATING & NET INCOME IFRS, Million of P$ HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES IAS 29 Adjustment IFRS, Million of P$ 122% 1,285,922 352,321 580,447 (140,145) (720,592) (933,601) HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES 1,254,213 (212,190) (261,822) (272,543) CPI Δ% FX EoP Δ% Real Appreciation Real Depreciation 9M24 9M25 9M24 IAS 29 9M25 IAS 29 9M24 9M25 101.6% 22.0% 20.0% 33.7% 68.0% -8.7% 24% 25% In millions of P$ 9M24 9M25 Δ $ Exchange differences 2,226,070 (397,988) (2,624,058) RECPAM 143,373 94,127 (49,246) Others (408,165) (381,339) 3,972,192 Total 1,961,278 (685,200) 2,646,478 OPERATING INCOME MARGIN: 9M24 9M25 9M24 IAS 29 9M25 IAS 29 Net Financial Results 9M25 CAPEX 14 CAPEX* Million of P$ TEO, Excluding TMA TMA 3Q25 contribution +73% 490,140 849,370 256,169 593,201 HIGHLIGHTS +1% 322,382 89 new sites were deployed, and another 337 sites were upgraded. 326,153 9M24 IAS 29 9M25 IAS 29 9M24 IAS 29 9M25 IAS 29 US$ MM** 383 615 146 159 % over Revenues 13.0% 15.1% 13.5% 13.3% We built out our FTTH network across 7,700 new blocks. An additional 10,200 blocks received FTTH overlay CONSOLIDATED TECHNICAL CAPEX BREAKDOWN 56% 10% 34% Network and Technology*** We added 351 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 September 30, 2024 converted at the BNA ask rate as of September 30, 2024 (970,5). Figures of 2025 in constant pesos as of September 30, 2025 converted at the BNA ask rate as of September 30, 2025 (1,380.0). *** 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). 15 CASH FLOW FCF GENERATION 9M24 FCF GENERATION 9M25 Million of P$ Million of P$ 490,140 1,083,434 1,716,387 255,686 337,608 8,764 328,844 849,370 205,214 661,803 554,202 96,709 10,892 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF EBITDA CAPEX * WK & Others OFCF TMA Tax Payments Income Tax Paid FCF 847 - 383 - 210 254 - 7 248 1,244 - 615 - 149 480 - 70*** - 8 402 US$ MM** IFRS, U$D Million US$ 154 Y/Y Variation *CAPEX considers investments in PP&E and Intangible Assets ** Figures of 2024 in constant pesos as of September 30, 2024 converted at the BNA ask rate as of September 30, 2025 (970,5). Figures of 2025 in constant pesos as of September 30, 2025 converted at the BNA ask rate as of September 30, 2025 (1,380.0). 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 16 In US$ Million 1 LTM9M25 FY24 EBITDA 1,689 Estimated proforma 2 1,129 Gross Debt 3 3,711 2,789 Cash & Equivalents 498 308 Net Debt 3 3,213 2,447 Ratios LTM9M25 FY24 Gross Debt / EBITDA 4 2.20 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 September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380.0). // 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,178 million, plus TMA's proforma EBITDA of USD 510 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 17 ARGENTINA MACRO Depreciation EVOLUTION OF FIGURES RESILIENCY TO FX RISK FX VS. INFLATION Depreciation 2023 Apreciation 2024 FX Inflation 2025 EBITDA LTM* Million of US$ 1093 Resiliency to FX Risk As reported -34% +52% +4% 717 1087 1129 Consolidated Proforma 2 1689 -4% 1759 Low impact of FX depreciation The Argentine peso's sharp devaluation in December 2023 impacted our FY23 results This impact was fully recovered within six months, demonstrating strong resiliency FX depreciation during 3Q25 had low impact NET DEBT* Million of US$ LEVERAGE 1 3Q23 FY23 2Q24 FY24 2260 2288 2400 2447 3Q23 FY23 2Q24 FY24 2.1x 3.2x 2.2x 2.2x 2Q25 3Q25 3344 3214 2Q25 3Q25 1.9x 1.9x in EBITDA and almost no effect on leverage Inflation FX Variation 53.3% 79.8% 21.1% 131.0% 12.8% 13.2% 15.1% 15.6% 6.0% 14.4% No effect on leverage 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,178 million, plus TMA's proforma EBITDA of USD 510 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs * 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. 1- TEO: calculated as Net Financial Debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF minus financial loans) / Adjusted EBITDA; TMA: calculated as Net Financial Debt (cash and cash equivalents plus current and non-current investments minus current and non-current borrowings) / proforma 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 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 17.4% 13.7% 16.9% 22.0% 19.1% CFO OF THE YEAR AWARD 12.2% 8.2% 6.8% 6.8% 6.7% 6.3% 8.0% 7.3% 6.4% 6.6% 7.5% AWARD 2.7% 1.9% 0.9% 3.9% 3.9% 4.6% 4.1% 2023 2024 1.5% 2018 2019 2020 2021 2022 2023 2024 9M25 TEO avg. cost of cross-border debt UST 10y EMBI Argentina EMBI: Emerging Markets Bonds Index 4.0 Avg Life of Debt 2.6 3.2 3.3 3.1 2.8 2.5 2.8 2018 2019 2020 2021 2022 2023 2024 9M25 Corporate Liability Management of the year 2025 DIGITAL INFRASTRUCTURE Telecoms Financing of the Year Awarded in 2nd place as CFO of the year 2025 Awarded in 1st place as CFO of the year *Includes Dollar Linked Local Notes **Excludes Overdrafts Source: Calculations in accordance with maturity and interest rate data per debt instrument provided in Company's filings. 18 TOTAL FUNDS RAISED IN 2025 Total in USD equivalent - US$ 2.7 billion SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS Breakdown by instrument* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S millions) Class 1 Notes 2026 163 163 Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 500 500 1,000 Vendor Financing 1 3 2 2 0 8 Finnvera 10 12 22 EDC 5 10 4 4 4 4 31 IDB Loan 16 31 15 62 CDB loan (RMB) 18 35 53 106 BoC loan (USD) 3 6 6 15 BoC 2025 Loan (RMB) 74 74 Syndicated Loan ICBC Loan 12 151 12 6 151 30 Local Debt (Argentina and subsidiaries) Approximately Total 147 717 362 414 437 280 295 500 500 3,652 76% in US$, RMB & GUA 19 DEBT MATURITY PROFILE AS OF SEPTEMBER 2025 | Annual Principal Payments Cross-Border Notes Vendors, multilateral and export credit agencies TMA acquisition financing Breakdown by currency* 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total (U$S million) US Dollars 35 223 77 93 437 280 278 500 500 2,423 Dollar-Linked 268 98 62 428 Renminbi 18 36 53 205 312 Guaraní 18 17 35 ARS 94 190 134 36 454 ICBC 2025 Loan (RMB) 131 131 Núcleo (GUA) 18 17 35 Local Notes 42 86 128 Local Notes Dollar-linked 268 98 62 428 Local Notes Hard-dollar 50 75 125 Other (ARS) 94 147 48 36 325 12% in US$ Local DDLL 12% in ARS TMA has no significant debt as of September 30, 2025 *Figures may not add up due to rounding. Figures in constant pesos as of September 30, 2025, converted at the BNA ask rate as of September 30, 2025 (1,380.0) . Strong EBITDA Margin improvement - both in TEO and TMA 1 We managed to grow our combined customer base in postpaid Mobile, Pay TV and Broadband in a competitive environment 20 FINAL REMARKS 1 EBITDA Margin Recovery 23.8% 28.2% 33.0% TEO (Excluding TMA) TMA 11.0% Top-line figures continue to improve in real terms 2 TMA TEO (Ex TMA) Sound cash generation: FY24 9M25 FY24 9M25 9M25 vs. 9M24 - Solid growth in FCF. 3 - Strong Cash Position (mostly in US$ denominated instruments) 4 Working on our debt maturity profile to extend the average life of our debt while preserving our financing cost Dividend distribution every year since 2017: Dividend Distribution USD MM 568 164 200 150 110 100 150 DIVIDEND PAYMENT 2025 USD 130 MM - In Kind USD 20 MM - Cash (in P$) Cash dividend will be mainly applied to the recovery of 2019 2020 2021 2022 2023 2024 2025 the amount paid by the Company in respect of the Personal Assets Tax. (If applicable) 4 Cash Position: US$ 498MM *Figures in constant pesos as of the end of each period converted at the official FX rate as of the end of each period. . 2 Improved top line figures* (Service Revenues) +4% +5% 3 Free Cash Flow (US$ MM)* (before interest & dividends) 516 401 404 531 FY22 FY23 (ex-5G spectrum) FY24 LTM 9M25 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Telecom Argentina Sa Class B