Conference Call Presentation 4Q25

March 2026

Telecom Argentina

4Q25 & FY25 Earnings Release

1

OVERVIEW OF OUR 4Q25 & FY25 | Financial highlights

HIGHEST EBITDA MG

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$1.7 BN

Excluding TMA severance charges

EXCLUDING TMA 10 MONTHCONTRIBUTION

The company grew it´s Service Revenues

+43%4

FY24

28.2%

FY25

30.3% FY25

1

in real terms for the first time since the application of IAS 29 in Argentina

vs FY24

EBITDA margin

32.2%

Corporate Liability Management of the year

2025

FY25 CAPEX NET LEVERAGE

1.0 MM2 Estimated proforma

Digital Infrastructure -Telecoms Financing of the Year

Recognition for the Telecom Argentina acquisition of TMA deal in the GBM Awards

DIVIDEND

PAYMENT

USD 130 MM - In Kind

USD 20 MM - Cash (in P$)

ANNOUNCED ON NOV-10

US$

+85%4

vs FY24

Focused on mobile & FTTH network deployment

EBITDA3

FY25 1.74x

Extended Proforma3Average Life to

+5 Years

• Figures of 4Q25 in constant pesos as of December 31, 2025, converted at the BNA ask rate as of December 31, 2025 (1,455). (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 1,322 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) Year-over-year growth calculated in USD.

OVERVIEW OF OUR 4Q25 & FY25

Operational and Financial highlights 3

OVERVIEW OF OUR 4Q25 & FY25 | Operational highlights

MOBILE

Subscribers

19.9 M | 2.6 M

BROADBAND

Subscribers

4.2 M

First annual broadband growth since 2021

+3.9% growth YoY

AWARDS

In 2H25, Personal was recognized by Ookla® for the best fixed and fastest 5G network, while continuing its

Telecom Argentina S.A. Telecom Argentina S.A.

19.11 M

1.6 M

brand integration and 5G

expansion

Market Leader Market Leader

PAY TV

Subscribers

Second consecutive annual growth of Pay TV since 2020-2021

+0.4% growth YoY

PERSONAL PAY

~4.7 MM

1.0 M

OUR BRANDS

Consolidating all its commercial brands under "Personal"

Telecom Argentina S.A.

3.2 M | 101 K

391 K | 110 K

Market Leader

onboarded clients

1. Include 2.9 million M2M accesses.

   OVERVIEW OF OUR 4Q25 & FY25

   Operational and Financial highlights 4
   
   
   
   
   
   

   Consolidated Business Review

   4Q25 & FY25 Earnings Release

   5

   
   
   
   
   

   REAL GROWTH IN SERVICE REVENUE & ARPU

   SERVICE REVENUES EVOLUTION (P$ MM)

   Telecom consolidated figures

   ARPU EVOLUTION PER SEGMENT

   IN CONSTANT THOUSAND PESOS

   All segments show real growth in pesos, as nominal increases outpaced inflation.

   Δ% Y/Y

   TEO, Excluding TMA TMA FY25 contribution

   5,109,432

   +55%

   +4%

   7,902,043

   2,580,030

5,322,013

Mobile ARPU evolution

8.2

7.8

TMA TEO

9.1

8.3

+16%

+1%

FY24 FY25

TMA FY25 figures

7% growth for TEO Service Revenues (excluding TMA)

if we exclude Fixed & Data from the calculation

Broadband

ARPU evolution

26.9 27.1

24.0 24.6

TMA TEO

23.8

21.4

+1%

+2%

2,978,664

+4%

3,092,570

Pay - TV ARPU

evolution

18.1 18.6

TMA TEO

+11%

+3%

FY24

As reported

FY25

FY24 FY25

CONSOLIDATED REVENUES

+118% NOMINAL INCREASE Y/Y &

*Figures of FY24 in constant pesos as of December 31, 2024, converted at the BNA ask

Telecom Argentina S.A.

53% REAL GROWTH Y/Y

rate as of December 31, 2024 (1,032). Figures of FY25 in constant pesos as of

December 31, 2025, converted at the BNA ask rate as of December 31, 2025 (1,455).

TELECOM does not participate in TMA's pricing strategy

OVERVIEW OF OUR 4Q25 & FY25

REAL GROWTH IN SERVICE REVENUE & ARPU 6

POSITIVE EVOLUTION OF SUBSCRIBER BASES

Combined Growth

In thousands of accesses

Telecom Argentina S.A.

Δ% Y/Y Δ% Y/Y Δ% Y/Y

Prepaid Postpaid

13,405 11,972

Machine-to-

machine accesses

Prepaid

Postpaid

8,220 7,958

-10.7%

9,588

9,233

9,690

9,438

+1.1%

-5.8%

MOBILE*

POSTPAID %

BROADBAND

PAYTV**

4Q24 4Q25

38 %

4,030

4Q24 4Q25

3,206 3,253

4Q24 4Q25

Prepaid

-3.2%

Postpaid

30%

FTTH

+1.4%

2,711 2,861

4Q24 4Q25

4Q24 4Q25

425 391

4Q24 4Q25

Prepaid

+2.2%

Postpaid

95%

FTTH

-7.9%

Prepaid

-0.3%

Postpaid

+3.9%

Broadband

+0.4%

Pay TV

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

**Includes only Argentina.

•

Personal FTTH rollout at full speed, reaching 30% of our footprint

OVERVIEW OF OUR 4Q25 & FY25

POSITIVE EVOLUTION OF SUBSCRIBER BASES 7

REGIONAL OPERATIONS AND PERSONAL PAY

PARAGUAY KEY FIGURES

REVENUES

+6.6%

203 216

FY24 FY25

SUSCRIBERS*

All figures in USD millions unless otherwise stated.

EBITDA

+12.1%

102 115

FY24 FY25

EBITDA Mg 53%

Net debt to EBITDA 0.1x

Pay TV: 101k*(-10%)

Mobile: 2.6M(+3%)

Broadband: 345k(+10%)

Pay TV: 110k (-2%)

Pay: 968k (+3%)

+ 4.7 million total onboarded clients (+29% y/y)

X1.9 times TPV and 36% TPN vs December 2024

+ P$ 414 BN in clients' remunerated account balance

JV

To accelerate Personal Pay's growth by combining Banco Macro's financial expertise and product capabilities with Personal Pay's scalable digital platform and active customer base

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

OVERVIEW OF OUR 4Q25 & FY25

REGIONAL OPERATIONS AND PERSONAL PAY 8

EBITDA MARGIN EVOLUTION

EBITDA

Million of P$

HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES

29.7% 31.7%

28.2% 30.3%

2,525,535

167,732

1,532,381

MARGIN EVOLUTION

FY24 FY25

IAS 29 Adjustment

FY24 IAS 29 FY25 IAS 29

EBITDA Margin

EBITDA EVOLUTION 4Q25

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

32.2%

Theoretical EBITDA excluding severance charges of TMA

Million of P$

+53% +48%

+65%

FY24 FY25

Revenues Operating Costs before

D&A

EBITDA

Strong improvement

OVERVIEW OF OUR 4Q25 & FY25

EBITDA MARGIN EVOLUTION 9

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

55%

28%

11%

614,360 87,879

47% 46%

131,714 292,136

68%

136,275

260,613

1,532,381

56% 43%

43% 69%

2,525,535

EBITDA FY24 Ss. Revenues & Handsets Sales Handsets

Fees for

Labor Cost ITX Costs Commisions &

Taxes Programming &

Others* EBITDA FY25

EBITDA Margin

other income

Costs

services, maintenance and materials

Advertising

content costs

28.2%

+1.0%

-1.0% +1.3% +0.5% +1.2% -0.1% +0.4% -0.8% +0.4% -0.7%

30.3%

AS % OF REVENUES

Salaries, social security expenses and benefits

13%

13%

+3.1%

25%

24%

-1.9%

Severance

charges

Programming & content costs

32.2%**

Others*

FY24

5% 3%

3% 3%

6% 5%

8% 9%

6% 5%

7% 8%

FY25

Handsets Costs Fees for services,

maintenance and materials

Labor Costs ITX Costs Commisions & Adv Taxes Programming &

content costs

Others*

"Others" includes bad debt expenses and other costs.

Figures may not add up due to rounding.

(**) Theoretical EBITDA excluding the increase in severance charges of TMA

OVERVIEW OF OUR 4Q25 & FY25

IAS 29 EBITDA FY24 - FY25 10

WE ARE INCREASING OUR PRODUCTIVITY & PROFITABILITY

Telecom Argentina S.A. Telecom Argentina S.A.

EXCLUDING TMA EXCLUDING TMA

HISTORICAL SUBSCRIBERS /

1.5

1.5

1.6

1.7

1.8

31.9%

0.7%

EBITDA Mg as reported

Sev. Charges Impact

30.0%

28.9%

33.7%

EMPLOYEES

(In thousands)

1.2

1.3

1.4 1.4

1.4%

28.1%

31.2%

2017 2018 2019 2020 2021 2022 2023 2024 2025

2025 ASUG Innovation Award winner

showcasting innovative SAP cash flow management optimization

2021 2022 2023 2024 2025

OVERVIEW OF OUR 4Q25 & FY25

WE ARE INCREASING OUR PRODUCTIVITY & PROFITABILITY 11

IMPROVING TMA PROFITABILITY - SUCCESSFUL EFFICIENCY PLAN

FY24

FY25 10 MONTH CONTRIBUTION

FY25 AS REPORTED

REVENUES

(US$ Million)

EBITDA

(US$ Million)

2,444

11.0%

EBITDA Mg

2651

1,889

23.5%

EBITDA Mg

443

~x2

26.1%**

EBITDA Mg

excluding the impact of higher severance charges

2,268

22.2%

EBITDA Mg

503

MARKET REPAIR TRANSACTION

TMA HAD LIMITED PROFITABILITY AND CONSTRAINED INVESTMENT CAPACITY

SUCCESFUL EFFICIENCIES ARE DRIVING HIGHER INVESTMENT AND REINFORCING THE HEALTH OF THE INDUSTRY

EBITDA MG %

• DONE / IN PROGRESS

TMA - Actions to improve margins

• 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

26.1%2 excluding s

5

Or

26.1%

(1) TMA's accounting methodology changed after the acquisition (2) Theoretical EBITDA excluding the increase in severance charges of TMA (3) CAPEX considers investments in PP&E

and Intangible Assets 12

OVERVIEW OF OUR 4Q25 & FY25 IMPROVING TMA PROFITABILITY - SUCCESSFUL EFFICIENCY PLAN

CONSOLIDATED OPERATING & NET INCOME

OPERATING INCOME (LOSS) Figures in P$MM

NET INCOME

Figures in P$MM

HISTORICAL FIGURES INFLATION ADJUSTED FIGURES (MODELING PURPOSES)

IAS 29 Adjustment

HISTORICAL FIGURES

(MODELING PURPOSES)

INFLATION ADJUSTED FIGURES

1,359,230

788,457

1,693,777

(192,676)

450,047

(214,719) (244,973)

FY24 FY25

(145,304)

FY24 IAS 29 FY25 IAS 29

(1,243,730)

(981,133)

FX AND INFLATION AFFECTING EXCHANGE DIFFERENCES

FY24 FY25

FY24 IAS 29 FY25 IAS 29

FY24 FY25

CPI Δ% 117.8% 31.5%

Net Financial Results

OPERATING INCOME MARGIN:

23% 23%

FX EoP Δ% 27.7% 41.0%

70.6% -6.7%

Real Appreciation Real Depreciation

OVERVIEW OF OUR 4Q25 & FY25

CONSOLIDATED OPERATING & NET INCOME 13

FY25 CAPEX

CAPEX*

Million of P$

Telecom Argentina S.A.

HIGHLIGHTS

105 new sites were deployed,

and another 688 sites were

TEO, Excluding TMA

TMA 4Q25 contribution

784,974 1,028,975

FY24 IAS 29 FY25 IAS 29

465,843

FY24 IAS 29 FY25 IAS 29

We built out our FTTH network across 16,000 new blocks.

CONSOLIDATED TECHNICAL CAPEX BREAKDOWN

*CAPEX considers investments in PP&E and Intangible Assets

An additional 11,400 blocks received FTTH overlay

We added +800 new 5G Sites.

** Figures of 2024 in constant pesos as of December 31, 2024 converted at the BNA ask rate as of December 31, 2024 (1,032). Figures of 2025 in constant pesos as of December 31, 2025 converted at the BNA ask rate as of December 31, 2025 (1,455.0).

*** 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). (1) TMA's accounting methodology changed after the acquisition

60%

31%

9%

Network and

Technology***

Installations and CPE

International Capex

• 5G network footprint reached +1,000 sites as of December 31, 2025

  • Largest FTTH rollout since the Telecom-Cablevisión merger, with over

one million homes passed in 2025

OVERVIEW OF OUR 4Q25 & FY25

FY25 CAPEX 14

% over Revenues

13.8%

17.8%

CASH FLOW BEFORE INTEREST PAYMENTS

FCF GENERATION FY24 FCF GENERATION FY25

Million of P$ Million of P$

2,525,535

1,532,381

748,974

212,782

570,625

9,703

560,922

1,485,577

1,053,244

104,307 15,012

933,926

*CAPEX considers investments in PP&E and Intangible Assets

IFRS, U$D Million

13,286

US$ 238

Y/Y Variation

** Figures of 2024 in constant pesos as of December 31, 2024 converted at the BNA ask rate as of December 31, 2025 (1,032). Figures of 2025 in constant pesos as of December 31, 2025 converted at the BNA ask rate as of December 31, 2025 (1,455.0).

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).

OVERVIEW OF OUR 4Q25 & FY25

CASH FLOW 15

KEY FIGURES

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 December 31, 2025, converted at the BNA ask rate as of December 31, 2025 (1,455.0). //2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,322 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

OVERVIEW OF OUR 4Q25 & FY25

KEY FIGURES 16

RESILIENCY TO FX RISK

ARGENTINAMACRO

FX VS. INFLATION

Depreciation

Apreciation

Depreciation

EVOLUTIONOFFIGURES

Resiliencyto FXRisk

Telecom Argentina S.A.

As reported

Consolidated Proforma2

2023

2024

FX Inflation

2025

EBITDA LTM*

Million of US$

1093

3Q23 FY23 2Q24 FY24

2Q25 3Q25 4Q25

• The Argentine peso's sharp devaluation in December 2023 impacted our FY23 results

  NET DEBT*

  Million of US$

  LEVERAGE1

  2260

  2288

  2400

  3Q23 FY23 2Q24 FY24

  3344 3214 3196

  2447

  2Q25 3Q25 4Q25

• This impact was fully recovered within six months, demonstrating strong resiliency

• Higher FX depreciation during FY25 did not affect EBITDA

Inflation

FX Variation

2.1x 3.2x 2.2x

53.3% 79.8% 21.1%

131.0% 12.8% 13.2%

2.2x

15.1%

16.8%

1.9x

1.9x

6.0%

14.5%

1.74x

7.9%

5.4%

in U.S. dollar terms and had no impact on leverage.

2: The LTM4Q25 EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,322 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

OVERVIEW OF OUR 4Q25 & FY25

RESILIENCY TO FX RISK 17

SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS

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%

16.9%

22.0%

19.1%

PROFORMA

LATEST INTERNATIONAL ISSUANCE

Class 27 due 2036

8.2%

6.8%

6.8%

13.7%

6.7% 6.3%

8.0% 7.3%

6.4%

6.6%4.6%

7.7%

5.6%

7.9%

4.2%

Date of Issuance

Denomination

January 14. 2026

Class 27

AWARD

2.7% 1.9%

0.9%

3.9% 3.9%

1.5%

4.2%

Currency

US$

Corporate Liability

2018 2019 2020 2021 2022 2023 2024 FY25

TEO avg. cost of cross-border debt UST 10y EMBI Argentina

2018 2019 2020 2021 2022 2023 2024 FY25

Avg Life of Debt

FY25

Proforma

FY25

Proforma

Amount Issued

Tenor

Interest Rate Interest Payment Principal Repayment

GBM Awards: Telecom

600,000,000

120 months

8.5% (8.625 yield) Semiannually 2035 - 2036

Management of the year

DIGITAL

INFRASTRUCTURE

Telecoms Financing of the Year

(1) The proforma reflects USD 600 million from the issuance of the Class 27 International Notes due 2036 and the use of proceeds applied to (i) the prepayment of USD 163 million of the 2026 Notes, (ii) the cancellation of USD 181 million of loans incurred for the acquisition of TMA, (iii) the cancellation of USD 109 million equivalent of local loans, and (iv) the payment at maturity of USD 121 million equivalent of local Dollar-linked notes and (v) the use of USD 14 million of available cash to reduce bank overdrafts.

**Excludes Overdrafts

Source: Calculations in accordance with maturity and interest rate data per debt instrument provided in Company's filings.

Argentina - USD 1.25 billion

financing for the acquisition of Telefónica Móviles Argentina as "South Cone Deal of the Year."

OVERVIEW OF OUR 4Q25 & FY25

SUBSTANTIAL IMPROVEMENT OF OUR MATURITY PROFILE WITH OUR LATEST TRANSACTIONS 18

TOTAL FUNDS RAISED IN 2025

Total in USD equivalent - US$ 2.7 billion

PROFORMA DEBT MATURITY PROFILE AS OF DECEMBER 2025 | Annual Principal Payments

TMA has no significant debt as of December 31, 2025

*Figures may not add up due to rounding.

Figures in constant pesos as of December 31, 2025, converted at the BNA ask rate as of December 31, 2025 (1,455.0)

(1) The proforma reflects USD 600 million from the issuance of the Class 27 International Notes due 2036 and the use of proceeds applied to (i) the prepayment of USD 163 million of the 2026 Notes, (ii) the cancellation of USD 181 million of loans incurred for the acquisition of TMA, (iii) the cancellation of USD 109 million equivalent of local loans, and (iv) the payment at maturity of USD 121 million equivalent of local Dollar-linked notes and (v) the use of USD 14 million of available cash to reduce bank overdrafts.

Cross-Border Notes

Vendors, multilateral and export credit agencies

Local Debt (Argentina

and subsidiaries)

Approximately

82% in US$, RMB & GUA

8% in US$ Local DDLL 10% in ARS

OVERVIEW OF OUR 4Q25 & FY25

REGIONAL OPERATIONS AND PERSONAL PAY 19

FY25

FY24

FY25

FY24

26.1%

3.9%

Theoretical EBITDA excluding

the increase in severance charges of TMA

TEO (Excluding TMA)

TMA

EBITDA Margin Recovery

1

FINAL REMARKS

Strong fixed business performance with subscriber growth.

Continued execution on 5G and FTTH deployment.

2

Improved top line figures*

(Service Revenues)

+4% REAL TERMS YoY

EXCLUDING TMA

Strategic JV with Banco Macro to Scale Personal Pay

+

1

Strong EBITDA Margin improvement - both in TEO and TMA

2

The company grew Service Revenues in real terms for the first time since the application of IAS 29 in Argentina

3

FY25

FY24

FY23

FY22

404

401

642

516

Free Cash Flow (US$ MM)*

(before interest & dividends)

(ex-5G spectrum)

3

Cash Position: US$ 541MM

Real ARPU growth across main segments Sound cash generation:

4

• Solid growth in FCF.

  
  
  

  5.2

• Strong Cash Position (mostly in US$ denominated instruments) Longest average life in recent years, while preserving financing costs.

4

2018 2019 2020 2021 2022 2023 2024 FY25 FY25

Proforma

(1) The proforma reflects USD 600 million from the issuance of the Class 27 International Notes due 2036 and the use of proceeds applied to (i) the prepayment of USD 163 million of the 2026 Notes, (ii) the cancellation of USD 181 million of loans incurred for the acquisition of TMA, (iii) the cancellation of USD 109 million equivalent of local loans, and (iv) the payment at maturity of USD 121 million equivalent of local Dollar-linked notes and (v) the use of USD 14 million of available cash to reduce bank overdrafts.

OVERVIEW OF OUR 4Q25 & FY25

FINAL REMARKS 20

Thank you

21