Telecom Argentina S A : Conference Call Presentation 4Q25

About this update from Telecom Argentina Sa Class B

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 MM 2 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 EBITDA 3 FY25 1.74x Extended Proforma 3 Average 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. 19.1 1 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 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) US$ MM* 3,102 5,431 if we exclude Fixed & Data from the calculation Broadband ARPU evolution 26.9 2 7.1 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 US$ MM* 2,194 2,125 +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% 40 % The decrease 49 % 49 % is mainly due to the disconnection of lines with 4,160 no traffic 1,543 1,632 +3.2% +5.8% 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 Personal Postpaid now represents 40% of our mobile base 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) X 1.9 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 2,357,803 167,732 1,532,381 518,184 1,014,197 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% 5,803,279 28.2% 8,328,814 +65% 2,525,535 30.3% 1.9% 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 % 28.2% 1.8% 27.5% 28.9 % 33.7% EMPLOYEES (In thousands) 1.2 1.3 1.4 1.4 1.4% 28.1 % 31.2% 28.1% 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 265 1 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 everance charges 5 3. 0 9% 22.2% 8.5% 2.4% 11.0% 2022 2023 2024 2025 CAPEX 3 /REVENUES 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 G Spectrum dinary CAPE X 8.4% 9.8% 8.6% 9.2% 16.2% 2022 2023 2024 2025 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% In millions of P$ FY24 FY25 Δ $ Exchange differences 2,467,139 (327,336) (2,794,475) RECPAM 170,007 183,617 13,610 Others (531,909) (494,322) 37,587 Total 2,105,237 (638,041) 2,743,278 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, +98% +14% upgraded. 1,485,577 456,602 533,223 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. US$ MM** 552 1,021 343 366 14.2% 1 16.2% 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 EBITDA CAPEX * WK & Others OFCF Income Tax Paid FCF EBITDA CAPEX * WK & Others OFCF TMA Tax Income Tax FCF Payments Paid US$ MM** 1,129 -552 -166 411 -7 404 1,736 -1,021 9 724 -72 -10 642 *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 In US$ Million 1 LTM FY25 FY24 Revenues 6,103 Estimated proforma 2 4,009 EBITDA 1,831 Estimated proforma 2 1,129 Gross Debt 3 3,737 2,789 Cash & Equivalents 541 308 Net Debt 3 3,196 2,447 Ratios LTMFY25 FY24 Gross Debt / EBITDA 4 2.04 2 2.47 Net Debt / EBITDA 4,5 Proforma Net leverage reflecting a solid balance sheet 1.74 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 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 Proforma 2 2023 2024 FX Inflation 2025 EBITDA LTM* Million of US$ 1093 717 1129 1087 3Q23 FY23 2Q24 FY24 1689 1759 1831 2Q25 3Q25 4Q25 The Argentine peso's sharp devaluation in December 2023 impacted our FY23 results NET DEBT* Million of US$ LEVERAGE 1 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$ 2024 Corporate Liability 2018 2019 2020 2021 2022 2023 2024 FY25 3.8 TEO avg. cost of cross-border debt UST 10y EMBI Argentina 2.6 3.2 3.3 3.1 2.8 2.5 2.8 2018 2019 2020 2021 2022 2023 2024 FY25 Avg Life of Debt FY25 Proforma 5.2 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 2025 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 Breakdown by instrument* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total (U$S millions) Class 21 Notes 2031 270 270 278 818 Class 24 Notes 2033 500 500 1,000 Class 27 Notes 2036 300 300 600 Vendor Financing 3 2 2 0 7 Finnvera 12 12 EDC 9 4 4 4 4 25 IDB Loan 21 10 31 CDB loan (RMB) 36 54 90 BoC loan (USD) 6 6 12 BoC 2025 Loan (RMB) 147 147 ICBC 2025 Loan (RMB) 133 133 Núcleo (GUA) 20 18 38 Local Notes 42 88 130 Local Notes Dollar-linked 147 98 62 307 Local Notes Hard-dollar 50 75 125 Other (ARS) 240 240 Vendors, multilateral and export credit agencies Local Debt (Argentina and subsidiaries) Total 516 312 443 274 274 296 500 500 0 300 300 3,715 Breakdown by currency* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total (U$S million) US Dollars 51 72 81 274 274 278 500 500 300 300 2,630 Dollar-Linked 147 98 62 307 Renminbi 36 54 280 370 Guaraní 20 18 38 ARS 282 88 370 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 11.0% 22.2% 28.2% 33.7% 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 2.6 3.2 3.3 3.1 2.8 2.5 2.8 3.8 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 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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