Conference Call Presentation 3Q25

Telecom Argentina

3Q25 Earnings Release

November 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 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 19.1M4 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 MM2

+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 EBITDA3

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

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).

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

-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

-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.

7

REVENUES

Million of P$

CONSOLIDATED

REVENUES COMPOSITION

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%

8

Paraguay key figures

REVENUES EBITDA

+3%

+9%

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)

X2.2 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

Million of P$

HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES

30.8% 31.4%

28.8% 30.5%

74,699

1,716,387

1,083,434

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)

32.6%

Theoretical EBITDA excluding the increase in severance charges of TMA

Million of P$.

+50% +46%

+58%

1,716,387

9M24 9M25

Strong improvement

Revenues Operating Costs before D&A

EBITDA

"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

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

EXCLUDING TMA

1.5 1.6

1.8

1.7

TEO - EBITDA MARGIN EVOLUTION

33.0%

31.9%

30.0%

28.9%

1.2 1.3

1.5

1.4 1.4

28.1%

2017 2018 2019 2020 2021 2022 2023 2024 9M25

2021 2022 2023 2024 9M25

2025 ASUG Innovation Award winner

showcasting innovative SAP cash flow management optimization

EBITDA Mg as reported Sev. Indeminities Impact

12

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

396

265

510

13

OPERATING INCOME (LOSS)

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

24%

25%

OPERATING

INCOME MARGIN:

9M24 9M25 9M24 IAS 29 9M25 IAS 29

Net Financial Results

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

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

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

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

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

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%

1087 1129

Consolidated

Proforma2

-4%

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$

LEVERAGE1

3Q23 FY23 2Q24 FY24

3Q23 FY23 2Q24 FY24

2.1x 3.2x 2.2x 2.2x

2Q25 3Q25

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%

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%

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

Avg Life of Debt

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

Local Debt (Argentina and subsidiaries)

Approximately

76% in US$, RMB & GUA

19

Cross-Border Notes

Vendors, multilateral and export credit agencies

TMA acquisition financing

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

1 EBITDA Margin Recovery

TEO (Excluding TMA) TMA

Top-line figures continue to improve in real terms 2 Sound cash generation:

FY24 9M25 FY24 9M25

- 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