Financial Statements 2025

TELECOM ARGENTINA S.A.

Consolidated Financial Statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023.

F-1

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Telecom Argentina S.A.

We have audited the accompanying consolidated statements of financial position of Telecom Argentina S.A. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated

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financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Goodwill Impairment Assessment - CGU Personal Network

As described in Notes 3.m), 3.u.1) and 8 to the consolidated financial statements, the Company's consolidated goodwill balance was 4,443,998 million of Argentine pesos in current currency as of December 31, 2025, and the goodwill assigned to the cash generating unit related to operations carried out by the Company and its subsidiaries in Argentina of information and communication technology (ICT) services through the Personal Network ("the CGU Personal Network ") was 4,405,108 million of Argentine pesos in current currency as of December 31, 2025. Management tests for impairment at least annually, at closing date of every year, or more frequently if events or circumstances indicate that the carrying value of the goodwill might be impaired. The carrying value of the goodwill is considered impaired by management when the carrying value of the CGU Personal Network is higher than its recoverable value. The recoverable value of the CGU Personal Network was determined by management through the value in use (VIU). To determine the VIU of the CGU Personal Network , the management used a discounted cash flow model. Management's cash flow projections for the CGU Personal Network included significant judgments and key assumptions relating to revenue projections, long-term growth rate applied to the normalized cash flows used in the terminal value and the discount rate.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the CGU Personal Network is a critical audit matter is the significant judgment applied by management when developing the assessment of the VIU of the CGU Personal Network , which was determined using VIU. This, in turn, led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to assess the VIU of the CGU Personal Network and to evaluate the management's significant assumptions related to revenue projections, long-term growth rate of normalized cash flow used in the terminal value and the discount rate. In addition, the audit effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures and evaluating the audit evidence obtained.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to management's goodwill impairment assessment, including controls over the determination of the VIU for the CGU Personal Network. These procedures also included, among others, evaluating the appropriateness of the recoverable value determination for the CGU Personal Network; testing the completeness, accuracy, and relevance of underlying data used in the VIU evaluating the reasonableness of the significant assumptions used by management related to the revenue projections, long-term growth rate of normalized cash flow used in the terminal value and the discount rate. Also, evaluating management's assumptions related to the revenue projections and long-term growth rate of normalized cash flow used in the terminal value used to determine the VIU involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the CGU Personal Network; (ii) the consistency with external market and industry data; and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the management's discounted cash flow model and the discount rate assumption used to determine the VIU of the CGU Personal Network.

Acquisition of Telefónica Móviles Argentina S.A. - Valuation of Fixed network and transportation and Licenses

As described in Notes 3.u.7), 9, 10 and 29 to the consolidated financial statements, on February 24, 2025, the Company completed the acquisition of Telefónica Móviles Argentina S.A. (TMA). Of the acquired Property, plant and equipment of 1,332,961 million and Intangible assets (excluding goodwill) of 274,183 million, 665,674 million of Fixed network and transportation and 175,835 million of Licenses, all in Argentine pesos in current currency as of December 31, 2025 were recorded. Fair value of Fixed network and transportation was estimated by management using a cost approach, determining the replacement cost for the same service capacity, and depreciating it for age, condition and level of obsolescence. Fair value of Licenses was estimated by management using a market approach (comparable sales), analyzing data obtained from publicly available information in markets where comparable assets are transacted, adjusted by the level of obsolescence of the assets under license. Management's determination of the fair value of the acquired Fixed network and transportation and Licenses involved significant judgment related to the assumptions used to the level of obsolescence in the determination of the fair value of the Fixed network and transportation and Licenses acquired.

The principal considerations for our determination that performing procedures relating to the valuation of Fixed network and transportation and Licenses acquired in the acquisition of TMA is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Fixed network and transportation and Licenses acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumption related to the level of obsolescence; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures

included testing the effectiveness of controls relating to the acquisition accounting, including controls over management's valuation of the Fixed network and transportation and Licenses acquired. These procedures also included, among others (i) reading the purchase agreement; (ii) testing management's process for developing the fair value estimate of the Fixed network and transportation and Licenses acquired; (iii) evaluating the appropriateness of the cost approach and market approach methods used by management; (iv) testing the completeness and accuracy of the underlying data used in the fair value estimate of the Fixed network and transportation and Licenses; and (v) evaluating the reasonableness of the significant assumptions used by management related to the level of obsolescence. Professionals with specialized skill and knowledge were used to assist in evaluating the reasonableness of the assumptions related to the level of obsolescence used to determine the fair value of the Fixed network and transportation and Licenses.

/s/ PRICE WATERHOUSE & CO. S.R.L.

(Partner)

/s/ Alejandro Javier Rosa

Autonomous City of Buenos Aires, Argentina March 11, 2026

We have served as the Company's auditor since 2003.

The following explanations are not technical definitions, but to assist the financial statement reader to understand certain terms as used in these consolidated financial statements.

ADR: American Depositary Receipt.

ADS: Telecom Argentina's American Depositary Share, listed on the New York Stock Exchange, each representing five Class B Shares.

ARCA (Agencia de Recaudación y Control Aduanero): Argentine Tax Collection and Customs Control Agency, Autonomous agency for Tax Collection and Customs Control, which replaced the Federal Administration of Public Revenues (AFIP).

AMBA (Área Metropolitana de Buenos Aires): The Metropolitan Area of Buenos Aires. An area comprising the Autonomous city of Buenos Aires and the greater Buenos Aires area.

AVC: Name corresponding to the subsidiary merged as from January 1, 2025 with Telecom Argentina, namely AVC Continente Audiovisual S.A.

BCRA (Banco Central de la República Argentina): The Central Bank of Argentina. BYMA (Bolsas y Mercados Argentinos): Buenos Aires Stock Exchange.

Cablevisión: Company absorbed by Telecom Argentina since January 1, 2018, whose activities are continued by Telecom.

CAPEX: Capital expenditures.

CNC (Comisión Nacional de Comunicaciones): The Argentine National Communications Commission. CNDC (Comisión Nacional de Defensa de la Competencia): The Argentine Antitrust Commission.

CNV (Comisión Nacional de Valores): The Argentine Securities and Exchange Commission.

CONATEL (Comisión Nacional de Telecomunicaciones del Paraguay): Paraguay Telecommunications Commission.

CPI National Consumer Price Index.

CVH Cablevisión Holding S.A., controlling company of Telecom since January 1, 2018. DFI: Derivative Financial Instrument.

DATDH (Distribución de Señales de Audio y Televisión Directa al Hogar): direct-to-home subscription audio and television services.

ENACOM (Ente Nacional de Telecomunicaciones): The Telecommunications Regulatory Authority of Argentina.

ENTel (Empresa Nacional de Telecomunicaciones): Argentine State Telecommunication Company, which was privatized in November 1990.

FACPCE (Federación Argentina de Consejos Profesionales en Ciencias Económicas): Argentine Federation of Professional Councils of Economic Sciences.

FFSU or SU Fund (Fondo Fiduciario del Servicio Universal): Universal Service Fiduciary Fund. FTL: Fintech Telecom LLC, a Telecom shareholder.

Fintech services: Financial technology services are activities that involve the use of innovation and technological developments for the design, offer and provision of financial products and services.

Fixed and intangible assets: Includes PP&E, Intangible assets, Goodwill, Investment Properties and Rights of use assets.

IAS: International Accounting Standards.

IASB: International Accounting Standards Board.

ICT Services (Information and Communication Technology services): Services to transport and distribute signals or data, such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks.

ICT Services provided in Argentina - Personal Network: Corresponds to the operations carried out by Telecom Argentina and its subsidiaries located in Argentina except TMA (TSMA, Cable Imagen, PEM, Inter Radios, Personal Smarthome and NYS2) engaged in the provision of ICT services.

ICT Services provided in Argentina - TMA Network: Corresponds to the operations carried out by the subsidiary TMA as from the acquisition date.

IFRS Accounting Standards: International Financial Reporting Standards, as issued by the International Accounting Standards Board.

CPI: Consumer Price Index.

INDEC (Instituto Nacional de estadísticas y censos): The National Institute of statistics and censuses.

La Capital Cable/Ver TV: Names corresponding to limited companies La Capital Cable S.A. and Ver T.V. S.A., respectively, companies that are or have been directly or indirectly associates according to the definition of the General Corporations Law.

LAD (Ley Argentina Digital): Argentine Digital Law No. 27,078.

LGS (Ley de General de Sociedades): Argentine Corporations Law No. 19,550 as amended. Since the enforcement of the new Civil and Commercial Code its name was changed to "General Corporations Law".

Micro Sistemas/ Pem/ Cable Imagen/ Inter Radios/ Personal Smarthome/ NYS2/ RISSAU/ Manda/ TSMA/ TMA: Names corresponding to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition of the LGS, or were controlled by Telecom Argentina, directly or indirectly: Micro Sistemas S.A., Pem S.A.U., Cable Imagen S.R.L., Inter Radios S.A.U., Personal Smarthome S.A., NYS2 S.A.U., Red Intercable Satelital S.A.U., Manda S.A., Teledifusora San Miguel Arcángel S.A and Telefónica Móviles Argentina S.A.

MULC (Mercado Único y Libre de Cambios): The Argentine Single and Free Exchange Market. NYSE: New York Stock Exchange.

OCI: Other Comprehensive Income.

OPH: Name corresponding to company Open Pass Holding LLC that is a joint venture of Telecom Argentina.

Other segments: These correspond to a) ICT services provided through subsidiaries (Telecom Argentina USA, Núcleo, Televisión Dirigida, Adesol and its subsidiaries, Opalker, Ubiquo, Naperville, Saturn, Manda and RISSAU) in Paraguay, Uruguay and Chile and b) activities in the fintech industry, carried out, through subsidiaries Micro Sistemas, Personal Envíos, CrediPay and MFH in Argentina and Paraguay.

Parklet/ Openxpand: Name corresponding to a joint venture of Telecom, Parklet S.A., then renamed to "Openxpand S.A."

PCS (Personal Communications Service): A mobile communications service with systems that operate in a similar manner to cellular systems.

PEN (Poder Ejecutivo Nacional): National Executive Power.

PPP (Programa de Propiedad Participada): Share Ownership plan. PP&E: Property, plant and equipment.

PSP: Payment Service Providers.

RECPAM (Resultado por exposición a los cambios en el poder adquisitivo de la moneda): Inflation Adjustment Gain (Loss).

RMB: Official currency of Popular Republic of China.

Roaming: a function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).

SBT (Servicio básico telefónico): Basic telephone service.

SC (Secretaría de Comunicaciones): The Argentine Secretary of Communications.

SCMA (Servicio de Comunicaciones Móviles Avanzadas): Mobile Advanced Communications Service. SMS: Short message systems.

SOF: Secured Overnight Financing.

SRCE (Servicio Radioeléctrico de Concentración de Enlaces): Radio-electric Service of Concentration of Links. SRMC (Servicio de Radiocomunicaciones Móvil Celular): Cellular Mobile Radiocommunications Service.

SRS (Servicio de Radiodifusión por Suscripción por vínculo físico y/o radioeléctrico): Subscription Broadcasting Service by physical and / or radio-electric link.

STeFI (Servicios de Telecomunicaciones Fiables e Inteligentes): Reliable and Intelligent Telecommunications Service.

STM (Servicio de Telefonía Móvil): Mobile Telephone Service.

STMC (Servicio de Telefonía Móvil por Celular): Mobile Telephone Service by Cellular.

SU: The availability of Basic telephone service, or access to the public telephone network via different alternatives, at an affordable price to people within a country or specified area.

TASA: Telefónica Móviles Argentina S.A.(entity merged with TMA prior to the acquisition of TMA by Telecom Argentina).

TAMAR: (Tasa Mayorista de Argentina) Argentina Wholesale Rate published by the BCRA. Telecom Argentina: Telecom Argentina S.A.

Telecom or the Company: Telecom Argentina and its consolidated subsidiaries.

Telecom Argentina USA/ Núcleo/ Personal Envíos/ Televisión Dirigida/ Adesol/ Opalker/ Ubiquo/ Micro Fintech Holding/ Naperville/ Saturn/ CrediPay: Names corresponding to foreign companies Telecom Argentina USA Inc., Núcleo S.A.E., Personal Envíos S.A., Televisión Dirigida S.A., Adesol S.A., Opalker S.A., Ubiquo Chile Spa, Micro Fintech Holding LLC, Naperville Investments LLC, Saturn Holding LLC and CrediPay S.A., respectively, companies that are directly or indirectly controlled according to the definition of the LGS.

URSEC (Unidad Regulatoria de Servicios de Comunicaciones): Communication Services Regulatory Agency. USA: United States of America.

UVA (Unidad de Valor Adquistivo): Purchasing Value Unit, an index developed and published by the BCRA.

VAS (Value-Added Services): Services that provide additional functionality to the basic transmission services offered by a telecommunications network such as SMS, Video streaming, Personal Video, Personal Cloud, M2M (Communication Machine to Machine), Social networks, Personal Messenger, Contents and Entertainment (content and text subscriptions, games, music ringtones, wallpaper, screensavers, etc.), MMS (Mobile Multimedia Services) and Voice Mail, among others.

VAT: Value-Added Tax.

WACC: Weighted Average Cost of Capital, discount rate used to discount cash flows in estimating the recoverable value of the Goodwill.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In millions of Argentine pesos in current currency - Note 1.d)

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED INCOME STATEMENTS

(In millions of Argentine pesos in current currency, except per share data in Argentine pesos in current currency - Note 1.d)

For the years ended December 31,

Earnings (losses) per share for income attributable to the Controlling Company - Basic and diluted

3.t (78.94) 618.38 (342.81)

See Note 25 for additional information on operating expenses per function.

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions of Argentine pesos in current currency - Note 1.d)

For the years ended December 31, 2025 2024 2023

The accompanying notes are an integral part of these consolidated financial statements.

TELECOM ARGENTINA S.A.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In millions of Argentine pesos in current currency - Note 1.d)

1. See Note 22.

2. Corresponds to the Facultative Reserve to maintain the capital investments level and the current level of solvency.

3. It corresponds to the transaction carried out between controlling and non-controlling shareholders related to the acquisition of 100% of Adesol's license-holding entities. See Note 3.d.6).

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Argentine pesos in current currency - Note 1.d)

For the years ended December 31,

The accompanying notes are an integral part of these consolidated financial statements.

Non-cash investing and financing activities

Main non-cash transactions from the consolidated statement of cash flows are the following:

Description Classification

of activities

Year ended December 31,

Acquisition of companies and joint ventures financed with other liabilities

Other receivables offset with acquisition of companies and joint ventures

Joint ventures acquisition cancelled with government bonds Trade payables offset with PP&E sale

Other receivables pending collection from PP&E sale

Dividends received offset against trade payables

Dividends payment made with investments not considered as cash and

NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

1. The Company and its Operations

   Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.

   Telecom Argentina's license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November 8, 1990 through October 10, 1999. As of October 10, 1999, Telecom Argentina also began providing telephone services in all the country.

   On December 1, 2017, Telecom Argentina merged with Telecom Personal, so, since that date, it provides directly mobile telecommunications services. As a consequence of the merger with Cablevisión (accounted for as a reverse acquisition on January 1, 2018), Telecom Argentina provides cable television services through networks installed in different localities in Argentina and Uruguay.

   On February 24, 2025, Telecom Argentina acquired 99.999625% of TMA, acquiring control of such company, see Note 29. TMA is a corporation (sociedad anónima) organized under the laws of Argentina and is one of the largest telecommunications and data transmission service providers in Argentina in terms of customers.

   Therefore, the Company mainly provides fixed and mobile telephony services, cable television services, data and Internet services, among others, in Argentina. Additionally, through its subsidiaries, it also provides diverse ICT Services in Uruguay, Paraguay, USA and Chile.

   Moreover, through its subsidiaries Micro Sistemas, Personal Envíos and CrediPay, the Company provides fintech services related to the use of electronic means of payment, transfers and/or electronic use of money, among others.

   As of December 31, 2025, the following are the subsidiaries included in the consolidation process and the respective equity interest owned by Telecom Argentina:

   Company	Main Activity	Country	Telecom Argentina's direct/indirect interest in capital stock and votes
   TMA (a)	ICT Services and Audiovisual Communication Services	Argentina	99.999625%
   Micro Sistemas (b)	Services related to the use of electronic payment media	Argentina	100,00%
   Manda	Holding	Argentina	100,00%
   RISSAU	Broadcasting services	Argentina	100,00%
   Inter Radios	Broadcasting services	Argentina	100,00%
   Pem	Holding	Argentina	100,00%
   Cable Imagen	Closed-circuit television	Argentina	100,00%
   Personal Smarthome	Security solutions and services	Argentina	100,00%
   NYS2	ICT Services and Audiovisual Communication Services	Argentina	100,00%
   TSMA (c)	Community Closed-Circuit Television	Argentina	100,00%
   Telefónica Ingeniería de
   Seguridad de Argentina	Security solutions and services	Argentina	99.999625%
   S.A.U. (d)
   Ubiquo	Cybersecurity services and products	Chile	95,00%
   Núcleo	Mobile telecommunications Services	Paraguay	67,50%
   Personal Envíos	Mobile financial services	Paraguay	67,50%
   CrediPay	Financial services	Paraguay	67,50%
   Televisión Dirigida	Cable television services	Paraguay	100,00%
   Adesol (e)	Holding	Uruguay	100,00%
   Opalker	Cybersecurity, content platform and related services	Uruguay	100,00%
   Openxpand (f)	Development and provision of digital platforms	Uruguay	51,00%
   MFH	Holding	USA	100,00%
   Naperville	Holding	USA	100,00%
   Saturn	Holding	USA	100,00%
   Telecom USA	Telecommunication services	USA	100,00%

   1. Acquired by Telecom Argentina on February 24, 2025. See Note 29.

   2. On January 22, 2026, Banco Macro subscribed for shares representing 50% of the share capital and voting rights of Micro Sistemas. See Note 30.

   3. On December 1, 2025, the Telecom Argentina's Board of Directors and the Board of Directors of TSMA approved the initiation of the process leading to the corporate reorganization consisting of the merger by absorption of TSMA by Telecom Argentina, effective as of January 1, 2026, the date from which TSMA's operations shall be considered as carried out by Telecom Argentina.

   4. Indirectly acquired by Telecom Argentina following the acquisition of TMA, see reference (a) above.

   5. Adesol acquired 100% of the equity interests in the license-holding entities that operate subscriber-based television services in various localities within that country. See Note 3.d.6).

   6. Included in the Company's consolidated financial statements until May 19, 2025, and thereafter accounted for as a joint venture. See Notes 3.d.4) and 4.

   Segment information

   The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current regulatory context of the converged ICT Services industry (adding to the same segment the activities related to mobile services, internet services, cable television and fixed and data services, services governed by the same regulatory framework of ICT Services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic-financial information of Telecom Argentina and its subsidiaries located in Argentina except TMA (stated in historic currency at the transaction date), that is prepared as a single segment and evaluate the evolution of business as a unit of generation of results, administrating the resources in a unique way to achieve the objectives. Regarding costs, they are not specifically allocated to a type of service, considering that Telecom Argentina has a single payroll and operating expenses that affect all services in general (non-specific). Further, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and its subsidiaries located in Argentina except TMA and are not allocated specifically to one of them.

   Following the acquisition of TMA, on February 24, 2025 (see Note 29), the Company identified a new reportable segment, "ICT Services provided in Argentina - TMA Network" corresponding to the provision of mobile and fixed telephony services, fixed broadband, and video services on a nationwide scale in Argentina, using its own networks, with its own infrastructure. The subsidiary TMA is managed as a separate business unit, and therefore, the Executive Committee and the CEO review its economic and financial information (stated in historic currency at the transaction date) separately. Regarding costs, they are not specifically allocated to a type of service, considering that TMA has a single payroll and operating expenses that affect all services in general (non-specific). Further, decisions on CAPEX affect all the types of services provided by TMA and are not allocated specifically to one of them.

   Additionally, Telecom, through Micro Sistemas, develops activities in the fintech industry in Argentina. Telecom also carries out activities abroad (Paraguay, USA, Uruguay and Chile).

   The operations that Telecom develops through Micro Sistemas, and those developed abroad, are not analyzed as a separate segment by the Executive Committee and the CEO, considering that they are not considered as individually significant. These operations do not meet the aggregation criteria established by the standard to be grouped within the "ICT Services in Argentina - Personal Network" and "ICT Services in Argentina - TMA Network" segments, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category "Other segments".

   The Executive Committee and the CEO continue to monitor these businesses to evaluate the manner in which its performance is reviewed and, eventually, its consideration as a separate reportable segment provided it complies with the requirements established by IFRS Accounting Standards to that effect.

   As a result, segments as of December 31, 2025, are the following:

   • ICT Services provided in Argentina - Personal Network.

   • ICT Services provided in Argentina - TMA Network.

   • Other segments.

     The Executive Committee and the CEO evaluate the profitability for each reportable segment based on the measure of the Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income less income tax, financial results, earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangibles Assets, reviewing this information in the currency of the date of each transaction.

     Presented below is the Segment financial information for the years ended December 31, 2025, 2024 and 2023:

     • Consolidated Income Statement as of December 31, 2025

       Revenues	ICT Services provided in Argentina - Personal Network			ICT Services provided in Argentina - TMA Network			Other segments			Eliminations (135,158)	Total 8,328,814
       	Currency of the transaction date 4,688,533	Inflation restatement 595,615	In current currency 5,284,148	Currency of the transaction date 2,482,714	Inflation restatement 265,779	In current currency 2,748,493	Currency of the transaction date 384,630	Inflation restatement 46,701	In current currency 431,331
       Operating costs without depreciation, amortization and impairment of Fixed and intangible assets Employee benefit expenses and severance payments Fees for services, maintenance, materials and supplies Taxes and fees with the Regulatory Authority Commissions and advertising Programming and content costs Other operating costs	(1,096,467) (561,780) (393,956) (202,884) (267,805) (546,973)	(140,974) (93,997) (49,872) (24,785) (33,898) (110,090)	(1,237,441) (655,777) (443,828) (227,669) (301,703) (657,063)	(619,738) (325,306) (234,436) (136,090) (101,212) (442,453)	(65,877) (35,240) (24,819) (14,658) (10,598) (93,755)	(685,615) (360,546) (259,255) (150,748) (111,810) (536,208)	(33,893) (51,640) (15,433) (57,383) (33,015) (68,094)	(4,148) (6,184) (1,972) (8,447) (4,170) (8,998)	(38,041) (57,824) (17,405) (65,830) (37,185) (77,092)	-9,754 - 7,042 -100,965	(1,961,097) (1,064,393) (720,488) (437,205) (450,698) (1,169,398)
       Adjusted EBITDA	1,618,668	141,999	1,760,667	623,479	20,832	644,311	125,172	12,782	137,954	(17,397)	2,525,535

       Depreciation, amortization and impairment of Fixed and intangible assets	(2,075,488)
       Operating income	450,047
       Losses from associates and joint ventures	(3,742)
       Financial results from borrowings	(748,840)
       Other financial results, net	110,799
       Loss before income tax	(191,736)
       Income tax benefit	46,432
       Net loss	(145,304)
       Attributable to: Controlling Company	(170,006)
       Non-controlling interest	24,702
       	(145,304)

     • Consolidated Income Statement as of December 31, 2024

       	ICT Services provided in Argentina - Personal Network			Other segments			Eliminations	Total
       	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency
       Revenues	3,165,736	1,872,500	5,038,236	266,915	168,101	435,016	(30,294)	5,442,958
       Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
       Employee benefit expenses and severance payments	(823,975)	(483,077)	(1,307,052)	(24,450)	(15,235)	(39,685)	-	(1,346,737)
       Fees for services, maintenance, materials and supplies	(393,042)	(279,499)	(672,541)	(35,839)	(22,620)	(58,459)	6,880	(724,120)
       Taxes and fees with the Regulatory Authority	(258,519)	(152,324)	(410,843)	(10,931)	(6,578)	(17,509)	-	(428,352)
       Commissions and advertising	(133,932)	(74,995)	(208,927)	(62,477)	(38,240)	(100,717)	4,153	(305,491)
       Programming and content costs	(172,422)	(99,687)	(272,109)	(25,570)	(16,744)	(42,314)	-	(314,423)
       Other operating costs	(429,466)	(302,323)	(731,789)	(47,831)	(31,095)	(78,926)	19,261	(791,454)
       Adjusted EBITDA	954,380	480,595	1,434,975	59,817	37,589	97,406	-	1,532,381

       Depreciation, amortization and impairment of Fixed and intangible assets	(1,725,057)
       Operating loss	(192,676)
       Losses from associates and joint ventures	(15,094)
       Financial results from borrowings	1,914,786
       Other financial results, net	190,451
       Profit before income tax	1,897,467
       Income tax expense	(538,237)
       Net income	1,359,230
       Attributable to:
       Controlling Company	1,331,805
       Non-controlling interest	27,425
       	1,359,230

     • Consolidated Income Statement as of December 31, 2023

   	ICT Services provided in Argentina - Personal Network			Other segments			Eliminations	Total
   	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency
   Revenues	1,053,442	4,456,328	5,509,770	81,877	334,899	416,776	(27,935)	5,898,611
   Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
   Employee benefit expenses and severance payments	(279,608)	(1,152,805)	(1,432,413)	(8,277)	(33,066)	(41,343)	-	(1,473,756)
   Fees for services, maintenance, materials and supplies	(131,861)	(566,980)	(698,841)	(9,292)	(37,368)	(46,660)	4,367	(741,134)
   Taxes and fees with the Regulatory Authority	(83,591)	(354,647)	(438,238)	(2,968)	(11,951)	(14,919)	-	(453,157)
   Commissions and advertising	(52,319)	(224,650)	(276,969)	(13,346)	(57,350)	(70,696)	2,182	(345,483)
   Programming and content costs	(55,317)	(233,466)	(288,783)	(8,532)	(35,477)	(44,009)	-	(332,792)
   Other operating costs	(145,951)	(688,188)	(834,139)	(15,714)	(64,053)	(79,767)	21,386	(892,520)
   Adjusted EBITDA	304,795	1,235,592	1,540,387	23,748	95,634	119,382	-	1,659,769

   Depreciation, amortization and impairment of Fixed and intangible assets	(2,018,038)
   Operating loss	(358,269)
   Losses from associates and joint ventures	(5,408)
   Financial results from borrowings	(1,817,071)
   Other financial results, net	496,492
   Loss before income tax	(1,684,256)
   Income tax benefit	968,990
   Net loss	(715,266)
   Attributable to:
   Controlling Company	(738,306)
   Non-controlling interest	23,040
   	(715,266)

   Additional information is disclosed below:

   Revenues	2025	For the years ended December 31, 2024	2023
   From customers located in Argentina	7,934,388		5,037,636	5,490,518
   From foreign customers	394,426		405,322	408,093
   	8,328,814		5,442,958	5,898,611
   CAPEX
   ICT Services in Argentina - Personal Network	924,556		653,694	1,277,987
   ICT Services in Argentina - TMA Network	456,602		-	-
   Other segments	104,419		95,280	106,206
   	1,485,577		748,974	1,384,193
   			As of December 31,
   Fixed and intangible assets			2025	2024
   ICT Services in Argentina - Personal Network			12,439,729	12,750,637
   ICT Services in Argentina - TMA Network			1,645,414	-
   Other segments			610,652	523,813
   			14,695,795	13,274,450
   Borrowings ICT Services in Argentina- Personal Network			5,380,181	3,723,906
   ICT Services in Argentina- TMA Network			36	-
   Other segments			56,398	62,074
   			5,436,615	3,785,980

2. Basis of Presentation

   These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. IFRS Accounting Standards also includes the International Accounting Standards or "IAS"; the International Financial Reporting Interpretations Committee or "IFRIC", the Standard Interpretations Committee or "SIC" and the conceptual framework.

   The preparation of these consolidated financial statements in conformity with IFRS Accounting Standards requires that the Company's Management make estimates that affect the figures disclosed in the financial statements or its supplementary information. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where estimates are significant are disclosed under Note 3.u).

   These consolidated financial statements are expressed in millions of Argentine pesos, based on historical cost, except for certain financial assets and liabilities (includes DFI) that are measured at fair value and are prepared in current currency as of December 31, 2025 (see section d)).

   These consolidated financial statements contain, additionally to all disclosures required under IFRS Accounting Standards, some disclosures required by the LGS and/or by the CNV.

   These consolidated financial statements as of December 31, 2025, were authorized for issuance and approved by resolution of the Board of Directors' meeting held on March 10, 2026.

3. Financial reporting in hyperinflationary economies

   Since Argentina has been considered a high-inflation economy for accounting purposes in accordance with IAS 29 since July 1, 2018, the financial information expressed in Argentine pesos is restated in current currency of December 31, 2025.

   The table below shows the evolution of the indexes in the last three years according to official statistics (INDEC) in accordance with Resolution No. 539/18 of the FACPCE and the devaluation of the Argentine peso against the US dollar for the same years:

   	As of December 31, 2023	As of December 31, 2024	As of December 31, 2025
   National CPI	3,533.2	7,694.0	10,121.4
   Variation in prices Annual	211.4%	117.8%	31.5%
   Banco Nación US$/$ exchange rate	808.5	1,032.0	1,455.0
   Variation in the exchange rate Annual	356.3%	27.7%	41.0%

   Below is a summary of the effect of applying IAS 29:

   Restatement of the Statement of Financial Position and the Statement of Changes in Equity

   The Company restated all the non-monetary items in current currency as of December 31, 2025. Each item must be restated since the date of the initial recognition or since the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December 31, 2025.

   Restatement of the Income Statement, the Statements of Comprehensive Income and the Statement of Cash Flows

   In the Income Statement and the Statements of Comprehensive Income, items are restated in current currency as of December 31, 2025. The Company shall apply the monthly variations of CPI.

   Financial results related to foreign currency exchange and accrued interest are determined in real terms, excluding the inflationary effect contained therein.

   The effect of inflation on the monetary position is included in the Income Statement under Financial cost and Other financial results, net.

   The items of the Statement of Cash Flows are restated in current currency at the closing date. The restatement effect has an impact on the Income Statement and must be eliminated from the Statement of Cash Flows because it is not considered cash or cash equivalent.

   Investments in foreign companies

   The subsidiaries that use functional currencies other than the Argentine peso (mainly foreign companies with economies that are not considered to be hyperinflationary), must not restate for inflation their financial statements, in accordance with IAS 29.

   Notwithstanding, and only for reporting and consolidation purposes, the comparative figures presented in Argentine pesos in the Income Statement corresponding to the current year and the previous year must be stated using the exchange rates at the transaction date. In addition, the initial items of the Statement of Changes in Equity must be reported at the closing rate without modifying its total amount due to the fact that it is translated into the closing exchange rate, which implies that a translation adjustment is recognized against Retained Earnings and Other Comprehensive Income (loss).

4. Comparative information

The figures as of December 31, 2024 and for the years ended December 31, 2024 and 2023, which are disclosed in these consolidated financial statements for comparative purposes, are a result of restating the financial statements as of such dates, according to what is described in section d). When applicable, certain reclassifications were made for comparative purposes. As disclosed in Note 29, the Company has consolidated TMA as from February 24, 2025, and, therefore, the Company's financial statements as of December 31, 2025, and the results for the year ended December 31, 2025, are not comparable to the comparative information presented in these consolidated financial statements.

NOTE 2 - REGULATORY FRAMEWORK

1. Regulatory Authority

   Argentina

   In Argentina, the regulatory authority for the ICT services provided by Telecom Argentina and certain subsidiaries is ENACOM. Through Decree No. 89/2024 dated January 26, 2024, the Argentine government ordered the intervention of ENACOM for a period of 180 consecutive days, which was subsequently extended on several occasions, the latest being Decree No. 938/2025 until January 4, 2027, with the purpose of redefining outdated regulations that hinder technological progress, among other matters.

   As of the date of issuance of these consolidated financial statements, there have been no effects on Telecom Argentina and certain subsidiaries' operations in Argentina due to this intervention. Telecom Argentina will continue to monitor the matter for any potential impacts.

   Regarding fintech services, Micro Sistemas is registered with the BCRA as a PSP that offers payment accounts, accepts payments via transfers, and acts as a payment aggregator. It is also registered in the Interoperable Digital Wallets Registry and in the Other Non-Financial Credit Providers Registry. Therefore, Micro Sistemas is subject to certain regulations established by the BCRA and the Financial Information Unit, as it holds the status of Obligated Subject (OS) pursuant to Article 20 of Law No. 25,246 (as amended).

   Foreign companies

   The Regulatory Authority for ICT Services, provided by Núcleo in Paraguay is the CONATEL. Personal Envíos is under the oversight of the Central Bank of the Republic of Paraguay to operate as an Electronic Payment Company.

   The Regulatory Authority for the services provided by Telecom USA, in USA, is the Federal Communications Commission.

   The Regulatory Authority for the services provided by special purpose entities in Uruguay are under the orbit of URSEC.

2. Licenses

   Argentina

   Under the Licencia Única Argentina Digital, Telecom Argentina and certain subsidiaries currently provides the following services:

   • local fixed telephony,

   • public telephony,

   • domestic and international long-distance telephony,

   • domestic and international point-to-point link services,

   • value added, data transmission, videoconferencing, transportation of broadcasting signals, and Internet access,

   • STM, SRMC, PCS and SCMA, also called mobile communications services ("SCM", for its Spanish acronym), Such licenses were granted for the provision of STM in the Northern Region of Argentina, of SRMC in the AMBA area, and of PCS and SCMA throughout the country,

   • SRS,

   • SRCE and

   • STeFI.

     Paraguay

     Núcleo holds a license to provide STMC and PCS. In addition, it holds a license for the installation and exploitation of Internet, data services and license to provide DATDH services throughout Paraguay. These licenses have been granted for renewable five-year periods.

3. Main Regulatory issues - ICT Services provided in Argentina

   Among the main regulations governing the services of Telecom Argentina and its ICT subsidiaries in Argentina, the following stand out:

   • LAD and its amendments.

   • Law No. 19,798 to the extent it does not contradict the LAD.

   • The Privatization Regulations, which regulated that process.

   • The Transfer Agreement.

   • The licenses for providing telecommunication services and the Bidding Terms and Conditions and their respective general rules.

   • Current service regulations. See the main regulations on Licenses, Interconnection, SU and Spectrum in sections d) to e) of this Note.

4. Universal Service ("SU" for its Spanish acronym)
   1. Universal Service Fiduciary Fund

      On January 3, 2025, PEN, through Decree No. 6/2025, dissolved the FFSU established by Article 21 of Law No. 27,078 and its amendments. Furthermore, it repealed the aforementioned article. Subsequently, ENACOM issued Resolution No. 3/2025, stipulating that, in order to ensure the public policy of guaranteeing access to the SU, ICT service licensees shall continue making contributions in accordance with the current form and mechanism. Decree No. 312/2025 established that ENACOM would be responsible for collecting and administering such contributions.

   2. General Regulation of the Universal Service

      The new General Regulation of the Universal Service, issued by ENACOM through Resolution No. 1,182/2025, maintains the obligation to contribute 1% of total accrued ICT revenues to the Universal Service Fund administered by ENACOM.

      1. Fund - Impact on Telecom Argentina with respect to its original license to provide SBT

         Pursuant to SC Resolutions Nos. 80/07 and 154/10 and CNC Resolution No. 2,713/07, Telecom Argentina filed its monthly returns, which show a credit balance. However, as of the date hereof, no tax credits have been applied in respect of the SU services provided.

         Between 2011 and 2012, the Argentine Secretariat of Communications issued a series of resolutions whereby it informed Telecom Argentina that the provisions related to certain services and/or programs did not qualify as Initial SU Programs or different services involving a SU provision and cannot be financed with SU Funds.

         Telecom Argentina filed appeals against the above-mentioned resolutions, presenting the legal arguments based on which such resolutions should be revoked.

         In September 2012, the CNC formally required Telecom Argentina to deposit approximately $208 million. Telecom Argentina submitted a filing rejecting such demand on the grounds that the appeals filed against the resolutions issued by the Secretariat of Communications (SC) were still pending resolution.

         In November 2019, the ENACOM notified Telecom Argentina that the appeals filed by Telecom Argentina against the SC resolutions had been rejected, and that the file had been submitted to the Court of Appeals.

         On January 19, 2026, ENACOM Resolution No. 3/2026 was published in the Official Gazette, approving a Payment Facilities Regime aimed, among other matters, at the regularization of outstanding amounts related to contributions to the Universal Service Fund. The Payment Facilities Regime will remain in effect for a period of 180 days.

         Telecom Argentina has expressed its willingness to adhere to the payment plan in order to assess the advisability of submitting to the scheme issued by ENACOM regarding the items covered by Resolution No. 3/2026, taking advantage of the opportunity for a significant reduction in the interest applied to the recognized debts, thus bringing the dispute to an end and putting a stop to years of uncertainty and to the potential contingency that could arise from a possible rejection of the appeals submitted. Consequently, Telecom Argentina, together with its advisors, has recognized a contingency provision of $25,156 million (including $ 10,513 million of interest), calculated based on the probability of occurrence and the probable amount of disbursement, in accordance with the Payment Facilities Regime.

         Additionally, matters concerning TMA in relation to the "SU" are detailed in Note 29.

      2. SU Fund - Impact on Telecom Argentina with respect to the SCMs originally provided by Telecom Personal S.A.

         In compliance with SC Resolution No. 80/07 and No. 154/10 and CNC Resolution No. 2,713/07, since July 2007 Telecom Personal S.A. has filed its tax returns and deposited the corresponding contributions.

         On January 26, 2011, the SC issued Resolution No. 9/11, providing that telecommunication service providers could only allocate to investment projects under this program the amounts corresponding to outstanding investment contribution obligations arising from Annex III of Decree No. 764/00 before the effective date of Decree No. 558/08.

         In July 2012, the SC issued Resolution No. 50/12, whereby it informed that the services declared by SCM service providers as SU services did not constitute items that could be discounted from the amount of SU contributions. It also established that certain amounts deducted could be allocated to investment projects within the framework of the program established by SC Resolution No. 9/11 or, as applicable, be deposited into the SU Fund.

         Telecom Personal S.A. filed an administrative appeal against the decision issued by the Secretariat of Communications, seeking its nullification. As of the date of these consolidated financial statements, this appeal is still pending resolution.

         Nevertheless, in October 2012, and in response to the formal demand issued by the Secretariat of Communications, Telecom Personal S.A. deposited, under protest, into the SU Fund an amount equivalent to the valuation of the SU services that Telecom Personal S.A. had been providing.

         As of December 31, 2025, Telecom Argentina had not recognized any credits in respect of these items.

5. Spectrum

   1. Spectrum Allocation for SCMA

      In 2014, Telecom Argentina was awarded Lots 2, 5, 6 and 8 and the remaining frequencies of the PCS and the SRMC, as well as those of the spectrum for the SCMA.

      The use of the frequencies is granted for a period of 15 years counted from the notification of the administrative act of adjudication. In particular, for the spectrum of the SCMA, the term was counted as from February 27, 2018.

      Once the term of use granted for the different frequencies has expired, the Regulatory Authority may extend the validity at the express request of the successful bidder (which will be onerous and under the price and conditions established by it).

   2. STeFI - 5G spectrum allocation

      On October 24, 2023, the Auction was held for the above-mentioned Bid for the allocation of frequency bands for the provision of STeFI, where Telecom Argentina was awarded Lot 2 (3,400-3,500 MHz Band), equivalent to US$350 million, which was paid in November 2023.

      The award of the right to use the frequency band implied the capitalization as intangible assets which are amortized as described in Note 3.i).

      On February 24, 2025, Telecom Argentina acquired TMA, which was opportunely awarded Lot 3B (3,550-3,600 MHz Band).

      On April 24, 2025, through ENACOM Resolution No. 611/2025, Article 1 of Resolution No. 1,285/2023 was amended, establishing that the maximum limit of radio spectrum accumulation for STeFI would be reduced from 200 MHz to 150 MHz per Licensee in each Operating Area.

6. Main Regulatory issues - Fintech Services

Foreign companies

Personal Envíos is authorized by the Central Bank of the Republic of Paraguay to operate as an Electronic Payment Company ("EMPE", for its Spanish acronym) through Resolution No. 6 issued on March 30, 2015.

Argentina

Since November 20, 2020, Micro Sistemas has been registered as a PSP offering payment accounts. On July 4, 2024, it was registered as an Acceptor of Transfers and, on October 21, 2024, it obtained registration as a Payment Aggregator.

Furthermore, in August 2022, it was registered in the Interoperable Digital Wallets Registry, and during the first quarter of 2023, it was registered in the Other Non-Financial Credit Providers Registry. Therefore, Micro Sistemas is governed by the BCRA regulations for such registries.

Additionally, Micro Sistemas is required to comply with the provisions for the Protection of Financial Services Users and supplementary regulations issued by the BCRA.

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES

Detailed below are the most relevant accounting policies used by Telecom for the preparation of these consolidated financial statements, which have been applied uniformly with respect to comparative years.

1. Going Concern

   The consolidated financial statements have been prepared on a going concern basis as there is a reasonable expectation that Telecom will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months).

2. Foreign Currency Translation

   Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in Argentine pesos, which is the functional currency of all the Company's subsidiaries located in Argentina. In general, the functional currency for the Company's foreign subsidiaries is the respective legal currency of each country, except for Opalker and its subsidiary Ubiquo, whose functional currency is the US dollar.

   The assets and liabilities of the Company's foreign subsidiaries are translated using the exchange rates in effect at the reporting date, while income and expenses are translated at the average exchange rates for the year. Translation differences resulting from the application of this method are recognized under Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated financial statements are translated at the average exchange rates for each year.

   Additionally, the joint ventures OPH and Openxpand have the U.S. dollar as their functional currency. For the registration of Telecom's participation in these joint ventures, their financial information is translated into the Company's functional currency by applying the closing exchange rate for assets and liabilities, and average exchange rates for each fiscal year for revenues and expenses. The resulting translation differences are recognized in "Other Comprehensive Income" and accumulated in equity under "Translation Adjustment." Such adjustment is reclassified to profit or loss when the Company loses its interest in the joint venture."

3. Foreign Currency Transactions

   Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences recognized in real terms, are included in the consolidated income statement in the items "Foreign currency exchange gains (losses) on borrowings" and "Other foreign currency exchange gains (losses)" within the line items "Financial results from borrowings" and "Other financial results, net", respectively, except when they are deferred in equity for transactions that qualify as cash flow hedges, if applicable.

4. Principles of consolidation and equity method

   1. Subsidiaries

      Subsidiaries are all entities over which the Company has control. The Company controls an entity where the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

      The acquisition method of accounting is used to account for business combinations by the Company (see item d.7) to this Note).

      Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position respectively.

      Inter-company transactions, balances and unrealized gains on transactions between Telecom Argentina and its subsidiaries are eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the transferred assets.

      The subsidiaries' financial statements cover the same periods and are prepared as of the same closing date and in accordance with the same accounting policies as those of Telecom Argentina.

      Note 1.a) details the subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary's capital stock and votes, main activity and country of origin as of December 31, 2025.

   2. Transactions with non-controlling interests

      Telecom considers any transactions executed with non-controlling shareholders that do not result in a loss of control, as transactions among shareholders. A change in the equity interests held by Telecom is considered as an adjustment in the book value of controlling interests and non-controlling interests to reflect the changes in its relative interests. The differences between the amount for which non-controlling interests are adjusted and the fair value of the consideration paid or received and attributed to the shareholders of the controlling company will be directly recognized in "Other comprehensive income (loss)" in the equity attributed to the parent company.

   3. Investments in Associates

      Associates are all entities over which Telecom has significant influence but not control or joint control. This is generally the case where the Company holds between 20% and 50% of the voting rights.

      Investments in associates are accounted for using the equity method (see item d.5) to this note), after initially being recognized at cost.

      Note 4 details the investments in associates, together with the interest percentages held directly or indirectly in each company's capital stock and votes, main activity and country of origin as of December 31, 2025.

   4. Joint arrangements

      Under IFRS 11 "Joint Arrangements" investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor. As of the date of these consolidated financial statements, Telecom only maintains joint arrangements that qualify as joint ventures, namely:

      1. Joint venture

         Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost in the consolidated statement of financial position.

         In April 2023, the Company acquired a 50% shareholding in OPH, over which joint control is exercised.

         Until May 19, 2025, Telecom Argentina indirectly held 100% of Openxpand (formerly Parklet) through Opalker. On May 19, 2025, Opalker transferred to the unrelated company Tech-Co Enablers, LLC the shares representing 49% of Openxpand's capital stock and voting rights, and on that same date, the company was renamed Openxpand. Consequently, from that date, Opalker's interest in the company is 51%.

         On the same date, the parties entered into a shareholders' agreement ("Agreement") which establishes, among other matters, the rights and obligations of both parties regarding their participation in the company. Pursuant to the Agreement, a special majority with the consent of both shareholders is required to decide on key business and corporate matters. Therefore, Opalker alone does not have the ability to use its power over the investee to influence its returns, and exercises joint control.

         Accordingly, from the date of the share transfer, the investment in this company is measured and presented in these consolidated financial statements as a joint venture (see Note 4).

   5. Equity method

      Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Telecom's share of the post-acquisition profits or losses of the investee in profit or loss, and Telecom's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.

      Telecom's investment in associates includes the goodwill identified at the time of the acquisition, net of any impairment losses. For more information on impairment of Fixed and Intangible Assets, see item m) to this note.

      Unrealized gains on transactions between Telecom and its associates and joint ventures are eliminated to the extent of the group's interest in these entities.

      The associates' and joint ventures' financial statements cover the same periods and are prepared as of the same closing date as of the Telecom's financial statements. Adjustments were made, where necessary, to the associates' extra-accounting information so that their accounting policies are in line with those used by Telecom.

   6. Consolidation of structured entities

      The Company, through one of its subsidiaries located in Uruguay (Telemás S.A.), has executed certain agreements with other companies (Bersabel S.A., Audomar S.A., Dolfycor S.A., Reiford S.A., Tracel S.A., Space Energy Tech S.A. and Visión Satelital S.A., collectively license-holding entities) for the purpose of rendering on behalf of and by order of such companies' certain installation services, collections, administration of subscribers, marketing and technical assistance, financial advisory services and general business advising, with respect to cable television services in Uruguay. The Company maintains control of these entities in accordance with the guidelines of IFRS 10, so the present consolidated financial statements include their assets, liabilities, and results. Since the Company did not hold an equity interest in these companies until January 2025, the offsetting entry of the net effect of the consolidation of their assets, liabilities and results is disclosed until that moment under the line items "Equity attributable to non-controlling interests" and "Net Income attributable to non-controlling interests".

      In February 2025, Adesol acquired 100% of the non-controlling interests in the license-holding entities. This acquisition was approved by the regulatory authority through Resolution No. 79 issued by the Ministry of Industry, Energy and Mining of Uruguay, dated February 27, 2025, and published in the Official Gazette of the Eastern Republic of Uruguay on March 12, 2025. This transaction represents a transaction between controlling and non-controlling shareholders in equity for $55,315 million.

   7. Business Combinations

      Telecom applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value of the assets given (acquisition cost).

      The identifiable assets and the liabilities assumed of the acquired company that meet the conditions for recognition under IFRS 3 are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard.

      Any excess between: a) the sum of the consideration transferred, plus non-controlling interests (valued at fair value or at their proportional participation on identifiable net assets), plus acquisition-date fair value of the acquirer's previously held equity interest in the acquire (if any) and b) the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed determined on the acquisition date, is recognized as goodwill. Otherwise, the gain is immediately recognized in the income statement.

      Acquisition direct costs are recognized in the Income Statements when they are incurred. For more details on the acquisitions made, see Note 29.

   8. Business combinations under common control

      The business combinations between companies under common control, which are accounted for considering the book value of the acquired company in the parent company. Unrealized result is also eliminated unless the transaction provides evidence of the asset transferred.

5. Revenues

Revenues are recognized (net of discounts and returns) to the extent the sales agreement has commercial substance, provided it is considered probable that economic benefits will flow to Telecom and their amount can be measured reliably.

Telecom discloses its revenues into two large groups: services and equipment. Revenues from sales of services are recognized at the time services are rendered to the customers. Revenues from sales of equipment are recognized at the point in time when the control is transferred and the performance obligation is performed.

The main performance obligations of Telecom are:

• Mobile Services: include mainly consist of monthly basic fees, revenues from prepaid credit sales and online recharges, airtime usage charges, roaming and interconnection charges, VAS charges, and other services. Telecom provides mobile services in Argentina and Paraguay.

• Internet Services: include mainly consist of fixed monthly fees received from residential and corporate customers (mainly high-speed subscriptions - broadband and non-dedicated internet-). Telecom provides internet services in Argentina, Uruguay and Paraguay.

• Cable Television Services: include mainly consist of monthly fees and certain variable consumption fees related to on demand services. Telecom provides cable television services in Argentina, Uruguay and Paraguay.

• Fixed and Data Services: include mainly consist of voice services monthly fees, measured service and fixed-line IP telephony / unified communications, interconnection services, capacity leases and data transmission services for companies (among others; private networks, dedicated lines, broadcasting signal transport, cybersecurity and IOT solution - internet of things -, Cloud & Infrastructure services -technological solutions - and Special projects). Telecom provides fixed and Data services in Argentina, USA, Uruguay, Paraguay and Chile.

• Other Services Revenues: include mainly revenues from billing remuneration and collection management on behalf of third parties, revenues related to fintech services, administrative revenues and revenues from the sale of advertising space, among others.

Revenues from transactions that include more than one item have been recognized separately to the extent they have commercial substance on their own. In those cases, in which payment is deferred in time, such as construction contracts, the effect of the time value of money must be accounted for. Non-refundable up-front connection fees (one-time revenues), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship.

Monthly fees paid in advance are disclosed net of trade receivables until the service is rendered.

Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). Such method provides an accurate representation of the transfer of goods in construction contracts because revenues are recognized based on the progress of the construction. When the outcome of a construction contract can be estimated reliably, the revenues and costs associated with the construction contract are recognized as revenues and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenues, the expected losses are immediately recognized as expenses.

During the year ended December 31, 2025 Telecom recognized revenues from construction contracts in the amount of $8,115 million. However, during the years ended December 31, 2024 and 2023, Telecom has not recognized income from construction contracts.