Telecom Argentina S A : Financial Statements 2Q25

About this update from Telecom Argentina Sa Class B

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of August 2025 Commission File Number: 001-13464 Telecom Argentina S.A. (Translation of registrant's name into English) General Hornos, No. 690, (C1272ACK) Autonomous city of Buenos Aires, Republic of Argentina (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F  Form 40-F  Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes  No  Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes  No  Telecom Argentina S.A. TABLE OF CONTENTS Item Unaudited condensed consolidated financial statements as of June 30, 2025 Operating and financial review and prospects as of June 30, 2025 ‌Unaudited Condensed Consolidated Financial Statements as of June 30, 2025 General Hornos 690 (C1272ACK) Autonomous city of Buenos Aires Republic of Argentina UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 INDEX Glossary of terms Unaudited condensed consolidated financial statements Consolidated statements of financial position Consolidated income statements Consolidated statements of comprehensive income Consolidated statements of changes in equity Consolidated statements of cash flows Notes to the unaudited condensed consolidated financial statements Glossary of terms The following explanations are not technical definitions, but to assist the general reader to understand certain terms as used in these unaudited condensed consolidated financial statements. ADS: Telecom Argentina's American Depositary Share, listed on the New York Stock Exchange, each representing five Class B Shares. ADR: American Depositary Receipt. ARCA (Agencia de Recaudación y Control Aduanero): Argentine Tax Collection and Customs Control Agency. BCRA (Banco Central de la República Argentina): The Central Bank of Argentina. BYMA (Bolsas y Mercados Argentinos): Buenos Aires Stock Exchange . CAPEX: Capital expenditures. CNV (Comisión Nacional de Valores): The Argentine National Securities Commission. CNDC (Comisión Nacional de Defensa de la Competencia): The Argentine Antitrust Commission. Company/Telecom Argentina : Telecom Argentina S.A. CVH: Cablevisión Holding S.A., controlling company of Telecom Argentina since January 1, 2018. DFI: Derivate Financial Instrument. ENACOM (Ente Nacional de Telecomunicaciones): The Telecommunications Regulatory Authority of Argentina. FACPCE (Federación Argentina de Consejos Profesionales en Ciencias Económicas): Argentine Federation of Professional Councils of Economic Sciences. Fintech: 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. IFRS Accounting Standards : International Financial Reporting Standards, as issued by the IASB. INDEC (Instituto Nacional de estadísticas y censos): The National Institute of statistics and cense. La Capital Cable: Name corresponding to limited company La Capital Cable S.A., respectively, company that is directly or indirectly associates according to the definition of the General Corporations Law. 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: Names corresponding to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition of the General Corporations Law, or were controlled by the Company, directly or indirectly: Micro Sistemas S.A.U., Pem S.A.U., Cable Imagen S.R.L., AVC Continente Audiovisual S.A., Inter Radios S.A.U., Personal Smarthome S.A., NYS2 S.A.U., Negocios y Servicios S.A.U., Red Intercable Satelital S.A.U.,Manda S.A. and Teledifusora San Miguel Arcángel S.A.. 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. PPA: Purchase Price Allocation PP&E: Properties, plant and equipment. 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). SOF: Secured Overnight Financing. Telecom: Telecom Argentina and its consolidated subsidiaries. TAMAR: (Tasa Mayorista de Argentina) Argentina Wholesale Rate published by the Banco Central de la República Argentina. Telecom USA/ Núcleo/ Personal Envíos/ Televisión Dirigida/ Adesol/ Opalker/ Ubiquo/ MFH/ Naperville/ Saturn / CrediPay/ Parklet: 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, CrediPay S.A. and Parklet S.A., respectively, companies that are directly or indirectly controlled according to the definition of the General Corporations Law. TMA: Telefónica Móviles Argentina S.A. USA: United States of America UVA (Unidad de Valor Adquisitivo): Purchasing Value Unit, an index developed and published by the Banco Central de la República Argentina. VER TV: Ver T.V. S.A. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In millions of Argentine pesos in current currency - Note 1.d) June 30, December 31, ASSETS Note 2025 2024 Current Assets Cash and cash equivalents 2 330,952 366,376 Investments 2 45,837 38,654 Trade receivables 728,369 340,678 Other receivables 154,404 51,512 Inventories 120,503 69,569 Assets classified as held for sale 492 2,031 Total current assets 1,380,557 868,820 Non-Current Assets Trade receivables 640 497 Other receivables 21,879 56,360 Deferred income tax assets 8 366,099 37,971 Investments 2 30,733 15,663 Goodwill 3 3,885,277 3,881,864 PP&E 4 5,665,089 4,984,287 Intangible assets 5 2,484,503 2,182,671 Right of use assets 6 671,510 565,493 Investment properties 52,502 - Total non-current assets 13,178,232 11,724,806 TOTAL ASSETS 14,558,789 12,593,626 LIABILITIES Current Liabilities Trade payables 938,478 511,821 Borrowings 7 1,371,973 1,234,692 Salaries and social security payables 317,280 260,421 Income tax liabilities 8 144,094 5,248 Other taxes payables 207,212 104,349 Dividends payables 799 790 Leases liabilities 124,290 85,783 Other liabilities 68,595 46,498 Provisions 9 45,575 4,470 Total current liabilities 3,218,296 2,254,072 Non-Current Liabilities Trade payables 15,102 18,963 Borrowings 7 3,044,427 2,077,804 Salaries and social security payables 49,156 10,897 Deferred income tax liabilities 8 1,419,241 1,623,716 Other taxes payables - 2 Leases liabilities 201,364 159,346 Other liabilities 47,485 17,629 Provisions 9 262,935 60,829 Total non-current liabilities 5,039,710 3,969,186 TOTAL LIABILITIES 8,258,006 6,223,258 EQUITY Equity attributable to Controlling Company 6,224,353 6,244,016 Equity attributable to non-controlling interest 76,430 126,352 TOTAL EQUITY(See Consolidated Statements of 6,300,783 6,370,368 Changes in Equity) TOTAL LIABILITIES AND EQUITY 14,558,789 12,593,626 The accompanying notes are an integral part of these unaudited condensed 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) Three month period ended Six month period ended June 30, June 30, Note 2025 2024 2025 2024 Revenues 12 1,911,678 1,193,554 3,357,004 2,324,104 Employee benefit expenses and severance payments (499,245) (289,042) (803,339) (549,934) Interconnection and transmission costs (47,513) (32,913) (94,450) (74,385) Fees for services, maintenance, materials and supplies (242,729) (153,867) (425,083) (319,234) Taxes and fees with the Regulatory Authority (168,378) (93,186) (289,138) (180,302) Commissions and advertising (107,140) (62,133) (182,714) (120,828) Cost of equipment and handsets 13 (87,494) (63,521) (147,926) (102,958) Programming and content costs (87,133) (68,283) (163,277) (130,200) Bad debt expenses 9 (39,031) (21,057) (66,223) (49,192) Other operating expenses, net (104,985) (61,696) (177,701) (106,813) Depreciation, amortization and impairment of Fixed and intangible assets (470,631) (391,207) (831,126) (776,833) Operating income (loss) 57,399 (43,351) 176,027 (86,575) Losses from associates and joint ventures 2 (1,842) (1,898) (1,744) (4,144) Financial results from borrowings 14 (311,912) 245,382 (221,129) 1,564,261 Other financial results, net 14 (10,478) 37,443 5,765 228,403 Income (loss) before income tax (266,833) 237,576 (41,081) 1,701,945 Income tax benefit (expense) 8 92,472 (155,508) (34,473) (504,015) Net income (loss) for the period (174,361) 82,068 (75,554) 1,197,930 Attributable to: Controlling Company (178,207) 76,134 (83,792) 1,187,416 Non-controlling interest 3,846 5,934 8,238 10,514 (174,361) 82,068 (75,554) 1,197,930 Earnings (losses) per share for income attributable to the Controlling Company - Basic and diluted (82.7) 35.4 (38.9) 551.3 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. See Note 13 for additional information on operating expenses per function. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions of Argentine pesos in current currency - Note 1.d) Three month period ended Six month period ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) for the period (174,361) 82,068 (75,554) 1,197,930 Other comprehensive income (loss) Items that may be reclassified to profit or loss Currency translation adjustments (no effect on Income Tax) 27,539 (53,771) 16,684 (225,969) DFI effects classified as hedges - 241 - 1,394 Gains of investment at fair value (3,398) - 889 - Income Tax effects 1,189 (47) (311) (488) Other comprehensive income (loss), net of tax 25,330 (53,577) 17,262 (225,063) Total comprehensive income (loss) for the period (149,031) 28,491 (58,292) 972,867 Attributable to: Controlling Company (156,939) 39,145 (67,448) 1,029,254 Non-controlling interest 7,908 (10,654) 9,156 (56,387) (149,031) 28,491 (58,292) 972,867 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. TELECOM ARGENTINA S.A. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In millions of Argentine pesos in current currency - Note 1.d) Owners contribution Reserves Other comprehensive loss Retained earnings Equity attributable to controlling company Equity attributable to non-controlling interest Total Equity Outstanding shares Capital nominal value Inflation adjustment Contribu-ted Surplus Legal Special reserve for IFRS implementation Facultative (1) Balances as of January 1, 2024 2,154 2,152,978 3,165,529 127,870 46,885 714,762 (130,662) (645,972) 5,433,544 194,373 5,627,917 Resolutions of the General Ordinary and Extraordinary Shareholders' Meeting held on April 25, 2024 - Absorption of retained earnings (losses) and reserve reclassification - - (194,044) - - (451,928) - 645,972 - - - Dividends to non-controlling shareholders - - - - - - - - - (12,003) (12,003) Subsidiary acquisition - - - - - - - - - 3,359 3,359 Comprehensive income : Net income for the period - - - - - - - 1,187,416 1,187,416 10,514 1,197,930 Other comprehensive loss - - - - - - (158,162) - (158,162) (66,901) (225,063) Total comprehensive income (loss) for the period - - - - - - (158,162) 1,187,416 1,029,254 (56,387) 972,867 Balances as of June 30, 2024 2,154 2,152,978 2,971,485 127,870 46,885 262,834 (288,824) 1,187,416 6,462,798 129,342 6,592,140 Balances as of January 1, 2025 2,154 2,152,978 2,971,485 127,870 46,885 126,036 (348,636) 1,165,244 6,244,016 126,352 6,370,368 Resolutions of the General Ordinary and Extraordinary Shareholders' Meeting held on April 25, 2025 (2) - Absorption of specific retained earnings (losses) - - (104,231) 56,686 - 1,212,789 - (1,165,244) - - - Dividends to non-controlling shareholders - - - - - - - - - (11,293) (11,293) Transaction non-controlling interest (3) - - - - - - 47,785 - 47,785 (47,785) - Comprehensive income : Net income (loss) for the period - - - - - - - (83,792) (83,792) 8,238 (75,554) Other comprehensive income - - - - - - 16,344 - 16,344 918 17,262 Total comprehensive income (loss) for - the period - - - - - 16,344 (83,792) (67,448) 9,156 (58,292) Balances as of June 30, 2025 2,154 2,152,978 2,867,254 184,556 46,885 1,338,825 (284,507) (83,792) 6,224,353 76,430 6,300,783 Correspond to the Voluntary reserve to maintain the Company's level of capital expenditures and its current solvency level. See Note 16 b). This operation represents a transaction between controlling and non-controlling stockholders related to the acquisition of 100% Adesol's special purpose entities. See Note 1.a). The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of Argentine pesos in current currency - Note 1.d) Six month period ended June 30, Note 2025 2024 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Net income (loss) for the period (75,554) 1,197,930 Adjustments to reconcile net income to net cash flows provided by operating activities Allowances deducted from assets 68,262 42,257 Depreciation of PP&E 4 621,283 593,709 Amortization of intangible assets 5 91,461 68,525 Amortization of rights of use assets 6 116,089 115,118 Depreciation of Investment properties 2,610 - Disposals of Fixed and intangible assets 5,769 950 Losses from associates and joint ventures 2 1,744 4,144 Financial results and others 215,685 (1,957,040) Income tax expenses 8 34,473 504,015 Income tax paid (5,215) (4,137) Change in operating assets and liabilities, net of effects from purchase of controlled entity Decrease / (Increase) Trade receivables (88,851) (217,364) Decrease / (Increase) Other receivables (53,920) (59,984) Decrease / (Increase) Inventories 317 10,111 (Decrease) / Increase Trade payables (107,352) 103,531 (Decrease) / Increase Salaries and social security payables (28,980) 15,152 (Decrease) / Increase Other taxes payables (63,404) 50,009 Increase Other liabilities and Provisions (47,549) (8,708) Total cash flows from operating activities 686,868 458,218 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Payments for PP&E (409,457) (238,553) Payments for intangible asset acquisitions (52,373) (25,139) Dividends received from associates - 1,065 Proceeds from the sale of PP&E and intangible assets 14,580 3,975 Payments for acquisition of subsidiary, net of cash acquired 16 (1,140,955) (7,126) Proceeds from DFI liquidations 2,285 1,124 Proceeds from sale of investments not considered as cash and cash equivalents 127,846 204,561 Payments for investments not considered as cash and cash equivalents (51,200) (266,159) Total cash flows used in investing activities (1,509,274) (326,252) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from borrowings 7 2,531,849 368,264 Payment of borrowings 7 (1,323,128) (313,811) Repurchase of Notes 7 (4,801) - Payment of interests, DFI and related expenses 7 (323,074) (215,029) Payments of leases liabilities (90,149) (50,045) Dividends paid to non-controlling interests in subsidiaries (11,147) (11,053) Total cash flows from (used in) financing activities 779,550 (221,674) NET DECREASE IN CASH AND CASH EQUIVALENTS (42,856) (89,708) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 366,376 400,456 NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND 7,432 (80,694) CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 330,952 230,054 CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.) (In millions of Argentine pesos in current currency - Note 1.d) Main non-cash transactions from the consolidated statement of cash flows are the following: Classification of activities Six month period ended June 30, Description 2025 2024 PP&E and intangible assets acquisition financed with accounts payable Investing - Operating 31,480 97,032 Right of use assets acquisition owed Investing - Financing 92,053 127,366 Trade payables cancelled with government bonds Investing - Operating - 15,926 Issuance costs payable Financing - Operating 1,389 - Trade payables cancelled with borrowings Financing - Operating - 14,650 Dividend payable from subsidiaries Financing - Operating - 949 Dividends distribution from associates uncollected Investing - Operating - 99 Investing - Operating - 8,881 Investing - Operating - 5,170 Acquisition of companies and joint ventures financed by other liabilities Other receivables offset with acquisition of companies and joint ventures The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025, AND 2024 (In millions of Argentine pesos in current currency, except as otherwise indicated) INDEX Note 1 - Basis of preparation of the unaudited condensed consolidated financial statements and significant accounting policies Page F-10 Note 2 - Cash and cash equivalents and Investments. F-18 Note 3 - Goodwill F-19 Note 4 - PP&E F-19 Note 5 - Intangible assets F-20 Note 6 - Right of use assets F-21 Note 7 - Borrowings F-21 Note 8 - Income tax and Deferred income tax assets/liabilities F-23 Note 9 - Provisions and allowances F-24 Note 10 - Additional information of financial assets and liabilities F-25 Note 11 - Purchase commitments F-27 Note 12 - Revenues F-27 Note 13 - Operating expenses F-27 Note 14 - Financial results F-28 Note 15 - Balances and transactions with Related parties F-28 Note 16 - Recent developments corresponding to the six-month period ended June 30, 2025 F-30 Note 17- Subsequent events to June 30, 2025 F-33 NOTE 1 - BASIS OF PREPARATION OF THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES Basis of preparation and significant accounting policies These unaudited condensed consolidated financial statements as of June 30, 2025, and for the six and three-month periods ended on June 30, 2025, have been prepared in accordance with IAS 34 "Interim Financial Reporting". Therefore, these financial statements do not include all the information required in an annual financial statement and, consequently, they must be read jointly with the annual financial statements as of December 31, 2024 included in form 20F 2024, which can be consulted at the Company´s website ( https:// https://inversores.telecom.com.ar/en/quarterly-earnings.html ). It should be noted that the annual financial statements have been measured in terms of current pesos as of December 31, 2024, applying the guidance in IAS 29. These unaudited condensed consolidated financial statements have been measured in terms of current pesos as of June 30, 2025, applying the guidance in IAS 29. (See Note 1.d). We have not recast our annual financial statements to measure them in terms of current pesos as of June 30, 2025, the most recent financial period for which consolidated financial statements are available. Therefore, the annual financial statements and the unaudited condensed consolidated financial statements are not comparable. These unaudited condensed consolidated financial statements were prepared following the same accounting policies as in the most recent annual financial statements, except for those policies incorporated due to the acquisition of TMA: measurement of financial assets: assets that are held for collection of contractual cash flows and for selling, where the assets' cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognized in profit or loss, within "Other financial results, net". When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss, Investment properties, which is recorded initially at cost, and then at cost less accumulated depreciation, and comprise primarily land and buildings that are not occupied for its own operations, and the depreciation is calculated on a straight-line basis for the estimated useful life of 50 years, (calculated in accordance with technical studies, periodically reviewed) and termination benefits plans: additionally to what is mentioned in Note 3.o) to the annual financial statements as of December 31, 2024, Telecom recognizes costs for a restructuring according to IAS 37 (i.e., it has a detailed formal plan for the restructuring, and it has raised a valid expectation in those affected that it will carry out the restructuring) and when involves the payment of terminations benefits. These termination benefit plans correspond to the TMA subsidiary and are recognized in the line "Salaries and social security payables" in the consolidated statements of financial position. In addition to the termination benefits plans in effect at the time of the acquisition of TMA, during the six- and three-month periods ending June 30, 2025 this subsidiary recognized a new restructuring plan, which had an impact of $52,314 million on results, recognized as "Employee benefit expenses and severance payments" for the six and three-month periods ended on June 30, 2025. The balance of the mentioned termination plan currently in execution amounted to $18,830 million as of June 30, 2025. These unaudited condensed consolidated financial statements were prepared including in the consolidation process the following companies: Company Main activity Country Telecom Argentina's direct/indire ct interest in capital stock and votes TMA (a) ICT Services and Audiovisual Communication Services Argentina 99.999625% Micro Sistemas 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 Investment 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 Community Closed-Circuit Television Argentina 100.00% 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 (b) Holding Uruguay 100.00% Opalker Cybersecurity, content platform and related services Uruguay 100.00% Parklet (c) 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% Company acquired on February 24, 2025. See Note 16. Adesol acquired 100% of the equity interests in the following companies incorporated in the Eastern Republic of Uruguay, which render subscription television services in various locations of that country: 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. 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. Until May 19, 2025, Telecom Argentina indirectly held 100% of the company through Opalker. On May 19, 2025, Opalker transferred to the unrelated company "Tech-Co Enablers, LLC", shares representing 49% of Parklet's capital and voting rights. As a result, from that date, Opalker's interest in Parklet is 51%. On the same date, the parties signed a shareholders' agreement ("Agreement") which sets forth, among other matters, the rights and obligations of both parties regarding their participation in the company. According 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, accounting for its investment as a joint venture from the date the share transfer transaction was completed, which value as of June 30, 2025, is $0.2 million. The preparation of these unaudited condensed consolidated financial statements in accordance with IAS 34 requires that the Company's Management make estimates that affect the figures disclosed in the financial statements or its complementary information. Actual results may differ from these estimates. These unaudited condensed consolidated financial statements are expressed in millions of Argentine pesos, on an accrual basis of accounting (except for the consolidated statement of cash flows), 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 June 30, 2025. The figures as of December 31, 2024, and for the six and three-month periods ended on June 30, 2024, which are disclosed in these unaudited condensed consolidated financial statements for comparative purposes, are a result of restating the financial statements as of such dates to values in current currency as of June 30, 2025. This is as a consequence of the restatement process of the financial information described in point d). As disclosed in Note 16.a) to these unaudited condensed consolidated financial statements, the Company has consolidated TMA as from February 24, 2025, and, therefore, the Company's financial statements as of June 30, 2025, and the results for the six and three-month periods ended June 30, 2025, are not comparable to the comparative information presented in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements as of June 30, 2025, were authorized for issuance and approved by resolution of the Board of Directors' meeting held on August 11, 2025. These unaudited condensed consolidated financial statements contain all disclosures required under IAS 34. Some additional disclosures required by the LGS and/or by the CNV have been also included. Segment information The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit, according to the current regulatory context of the converged ICT Services industry (adding to the same segment both the activities related to the 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 (in current currency as of the date of each transaction), 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 the Company 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 are not allocated specifically to one of them. Following the acquisition of TMA, dated February 24, 2025 (see Note 16), the Company identified a new reportable segment, "ICT Services provided in Argentina - TMA Networks" 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. 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 provided in Argentina- Telecom Networks" segment 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 way 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 June 30, 2025, are the following: ICT Services provided in Argentina - Telecom Networks: Corresponds to the operations carried out by the Company and its subsidiaries located in Argentina (excluding TMA) engaged in the provision of ICT services. ICT Services provided in Argentina - TMA Networks: Corresponds to the operations carried out by the subsidiary TMA as from the acquisition date. Other segments: Corresponds to the operations for a) ICT services provided aboard (Paraguay, USA, Uruguay and Chile) and b) the development of activities in the fintech industry, through the subsidiaries Micro Sistemas and Personal Envíos in Argentina and Paraguay, respectively. 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 intangible assets. Presented below is the segment financial information as it is analyzed by the Executive Committee and the CEO for the six and three-month periods ended June 30, 2025 and 2024, respectively: Consolidated Income Statement for the six-month period ended June 30, 2025 ICT Services provided in Argentina - Telecom Network ICT Services provided in Argentina - TMA 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 Currency of the transaction date Inflation restatement In current currency Revenues 2,146,036 115,100 2,261,136 932,686 36,128 968,814 167,384 8,963 176,347 (49,293) 3,357,004 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 without depreciation, amortization and impairment of Fixed and intangible assets (508,352) (256,738) (179,564) (88,750) (122,715) (258,015) (26,675) (27,745) (9,583) (4,532) (6,485) (26,214) (535,027) (284,483) (189,147) (93,282) (129,200) (284,229) (247,565) (118,175) (90,035) (56,783) (17,738) (183,077) (5,432) (3,438) (2,488) (1,458) (505) (22,827) (252,997) (121,613) (92,523) (58,241) (18,243) (205,904) (14,549) (21,053) (7,089) (32,022) (15,042) (37,481) (766) (1,146) (379) (1,918) (792) (2,018) (15,315) (22,199) (7,468) (33,940) (15,834) (39,499) -3,212 - 2,749 - 43,332 (803,339) (425,083) (289,138) (182,714) (163,277) (486,300) Adjusted EBITDA 731,902 13,866 745,768 219,313 (20) 219,293 40,148 1,944 42,092 - 1,007,153 Depreciation, amortization and impairment of Fixed and intangible assets (831,126) Operating income 176,027 Losses from associates and joint ventures (1,744) Financial results from borrowings (221,129) Other financial results, net 5,765 Loss before income tax (41,081) Income tax expense (34,473) Net loss (75,554) Attributable to: Controlling Company (83,792) Non-controlling interest 8,238 (75,554) Consolidated Income Statement for the three-month period ended June 30, 2025 ICT Services provided in Argentina - Telecom Network ICT Services provided in Argentina - TMA 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 Currency of the transaction date Inflation restatement In current currency Revenues 1,117,314 17,319 1,134,633 700,476 19,823 720,299 89,430 1,567 90,997 (34,251) 1,911,678 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 without depreciation, amortization and impairment of Fixed and intangible assets (279,798) (132,288) (93,645) (47,869) (64,581) (135,829) (4,783) (8,363) (1,450) (717) (1,007) (8,399) (284,581) (140,651) (95,095) (48,586) (65,588) (144,228) (204,073) (90,862) (68,276) (44,203) (13,190) (125,487) (2,817) (1,796) (1,180) (702) (232) (19,364) (206,890) (92,658) (69,456) (44,905) (13,422) (144,851) (7,659) (10,824) (3,767) (14,954) (8,003) (20,563) (115) (176) (60) (225) (120) (522) (7,774) (11,000) (3,827) (15,179) (8,123) (21,085) -1,580 - 1,530 - 31,141 (499,245) (242,729) (168,378) (107,140) (87,133) (279,023) Adjusted EBITDA 363,304 (7,400) 355,904 154,385 (6,268) 148,117 23,660 349 24,009 - 528,030 Depreciation, amortization and impairment of Fixed and intangible assets (470,631) Operating income 57,399 Losses from associates and joint ventures (1,842) Financial results from borrowings (311,912) Other financial results, net (10,478) Loss before income tax (266,833) Income tax benefit 92,472 Net loss (174,361) Attributable to: Controlling Company (178,207) Non-controlling interest 3,846 (174,361) Consolidated Income Statement for the six-month period ended June 30, 2024 ICT Services provided in Argentina - Telecom 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 1,319,709 813,049 2,132,758 125,324 80,728 206,052 (14,706) 2,324,104 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 without depreciation, amortization and impairment of Fixed and intangible assets (327,914) (166,078) (107,086) (48,355) (68,356) (170,475) (203,581) (128,637) (65,739) (29,195) (41,595) (132,443) (531,495) (294,715) (172,825) (77,550) (109,951) (302,918) (11,216) (16,835) (4,543) (27,436) (9,701) (24,638) (7,223) (10,875) (2,934) (17,302) (10,548) (15,847) (18,439) (27,710) (7,477) (44,738) (20,249) (40,485) -3,191 -1,460 - 10,055 (549,934) (319,234) (180,302) (120,828) (130,200) (333,348) Adjusted EBITDA 431,445 211,859 643,304 30,955 15,999 46,954 - 690,258 Depreciation, amortization and impairment of Fixed and intangible assets (776,833) Operating loss (86,575) Losses from associates and joint ventures (4,144) Financial results from borrowings 1,564,261 Other financial results, net 228,403 Income before income tax 1,701,945 Income tax expense (504,015) Net income 1,197,930 Attributable to: Controlling Company 1,187,416 Non-controlling interest 10,514 1,197,930 Consolidated Income Statement for the three-month period ended June 30, 2024 ICT Services provided in Argentina - Telecom 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 760,560 345,513 1,106,073 65,579 29,738 95,317 (7,836) 1,193,554 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 without depreciation, amortization and impairment of Fixed and intangible assets (192,799) (90,375) (61,713) (28,309) (40,307) (102,957) (87,749) (52,288) (28,031) (12,869) (18,320) (62,771) (280,548) (142,663) (89,744) (41,178) (58,627) (165,728) (5,841) (8,768) (2,364) (15,004) (4,010) (12,992) (2,653) (4,048) (1,078) (6,758) (5,646) (5,884) (8,494) (12,816) (3,442) (21,762) (9,656) (18,876) -1,612 -807 - 5,417 (289,042) (153,867) (93,186) (62,133) (68,283) (179,187) Adjusted EBITDA 244,100 83,485 327,585 16,600 3,671 20,271 - 347,856 Depreciation, amortization and impairment of Fixed and intangible assets (391,207) Operating loss (43,351) Losses from associates and joint ventures (1,898) Financial results from borrowings 245,382 Other financial results, net 37,443 Income before income tax 237,576 Income tax expense (155,508) Net income 82,068 Attributable to: Controlling Company 76,134 Non-controlling interest 5,934 82,068 Additional required information is disclosed below: Three month period ended Six month period ended June 30, June 30, Revenues 2025 2024 2025 2024 Revenues from customers in Argentina 1,821,984 1,105,186 3,196,073 2,129,367 Revenues from foreign customers 89,694 88,368 160,931 194,737 1,911,678 1,193,554 3,357,004 2,324,104 CAPEX CAPEX corresponding to the segment "ICT Services provided in Argentina - Telecom Network" 322,058 274,103 CAPEX corresponding to the segment "ICT Services provided in Argentina - TMA Network" CAPEX corresponding to the segment "Other segments" 121,853 37,278 n/a 39,024 481,189 313,127 Fixed and intangible assets June 30, 2025 December 31, 2024 10,859,453 11,156,013 1,431,251 n/a 468,177 458,302 12,758,881 11,614,315 4,377,108 3,258,185 5 n/a 39,287 54,311 4,416,400 3,312,496 Fixed and intangible assets corresponding to the segment "ICT Services provided in Argentina - Telecom Network" Fixed and intangible assets corresponding to the segment "ICT Services provided in Argentina - TMA Network" Fixed and intangible assets corresponding to the segment "Other segments" Borrowings Borrowings corresponding to the segment "ICT Services provided in Argentina - Telecom Network" Borrowings corresponding to the segment "ICT Services provided in Argentina - TMA Network" Borrowings corresponding to the segment "Other segments" Net earnings per share Basic earnings per share is calculated by dividing the net income attributable to the Controlling Company by the weighted average number of ordinary shares outstanding during the period. On the other hand, diluted earnings per share is computed by dividing the net income attributable to the Controlling Company for the period by the weighted average number of common shares issued and to be potentially issued at the end of the period. Since the Company has no dilutive potential common stock outstanding, basic and dilutive earnings per share amounts do not differ. For the six and three-month periods ended June 30, 2025, and 2024, the weighted average number of shares outstanding amounted to 2,153,688,011. 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 June 30, 2025. The table below shows the evolution of the indexes as of June 30, 2025, and 2024 and December 31, 2024 according to official statistics (INDEC) in accordance with Resolution No. 539/18 of the FACPCE and the devaluation of the Argentine peso vs. de US dollar for the same years / periods: As of June 30, 2024 As of December 31, 2024 As of June 30, 2025 6,351.7 7,694.0 8,855.6 271.5% 117.8% 39.4% 79.8% n/a 15.1% 18.6% n/a 6.0% 912.0 1,032.0 1,205.0 255.3% 27.7% 32.1% 12.8% n/a 16.8% 6.3% n/a 12.2% National Consumer Price Index (National CPI) (December 2016=100) Variation in prices Annual Accumulated six months Accumulated three months since March 2024/2025 Banco Nación US$/$ exchange rate Variation in the exchange rate Annual Accumulated six months Accumulated three months since March 2024/2025 The Company followed the same restatement policies for items identified in the annual consolidated financial statements as of December 31, 2024. New Standards and Interpretations issued by the IASB New standards and amendments - applicable on January1, 2025 Standards and amendments Description Mandatory application date for years beginning on or after Amendments to IAS 21 Lack of Exchangeability: Evaluation when a currency is exchangeable into another currency; January 1, 2025 The application of the detailed amendment did not generate any impact on the results of operations or the financial situation of the Company. NOTE 2 - CASH AND CASH EQUIVALENTS AND INVESTMENTS Cash and cash equivalents June 30, 2025 December 31, 2024 Cash and Banks (1) 109,233 140,134 Time deposits 92,027 120,822 Mutual funds 129,692 105,420 Total cash and cash equivalents 330,952 366,376 As of June 30, 2025 and December 31, 2024 includes restricted funds for $8,032 million and $10,057 million, respectively, corresponding to the funds to be paid to clients. Investments Current Government bonds and Notes at fair value through profit or loss 11,130 13,105 Government bonds and Notes at fair value through OCI 33,013 - Mutual funds 814 23,747 Others investment at amortized cost 880 1,802 45,837 38,654 Non- current Government bonds and Notes at fair value through OCI 17,295 - Investments in associates and joint ventures (a) 13,409 15,662 Other investments 29 1 30,733 15,663 Total investments 76,570 54,317 Information on Investments in associates and joint ventures is detailed below: Financial position information: Companies Nature of relationship Main activity Countr y Percentage of capital stock owned and voting rights (%) Valuation as of 06.30.2025 Valuation as of 12.31.2024 La Capital Cable (1) (2) Associate Closed-circuit television Argentina 50.00 5,581 5,422 OPH (1) Joint venture Holding USA 50.00 7,828 10,240 Total 13,409 15,662 Data about the issuer arises from extra-accounting information. Direct and indirect interest. The evolution of investments in associates and joint ventures is as follows: Balances as of December 31, 2024 Earnings (loss) of the period Currency translation adjustments Balances as of June 30, 2025 La Capital Cable 5,422 159 - 5,581 OPH 10,240 (1,899) (513) 7,828 15,662 (*) (1,740) (513) 13,409 (*) In addition, a result of $(4) million corresponding to the sale of Parklet's equity stake in May 2025 was recognized (see Note 1.a). Balances as of December 31, 2023 Dividends Earnings (loss) of the period Currency translation adjustments Balances as of June 30, 2024 Ver TV 26,300 (563) (1,017) - 24,720 TSMA 9,560 (18) (217) - 9,325 La Capital Cable 5,634 (583) 35 - 5,086 OPH 18,175 - (2,945) (3,026) 12,204 59,669 (1,164) (4,144) (3,026) 51,335 NOTE 3 - GOODWILL Movements in Goodwill are as follows: June 30, 2025 2024 At the beginning of the year 3,881,864 3,869,779 Increases - 21,101 Decreases (1) (4) - Currency translation adjustments 3,417 (10,100) At the end of the period 3,885,277 3,880,780 Corresponds to the sale of Parklet's equity stake in May 2025. NOTE 4 - PP&E June 30, December 31, 2025 2024 PP&E 5,719,015 5,037,236 Allowance for obsolescence and impairment of materials (38,457) (37,132) Accumulated impairment of others PP&E (15,469) (15,817) 5,665,089 4,984,287 Movements in PP&E (without allowance for obsolescence and impairment of materials and accumulated impairment of others PP&E) are as follows: June 30, 2025 2024 At the beginning of the year 5,037,236 5,755,453 Acquisitions through business combination (*) 868,422 2,546 CAPEX 430,744 289,612 Currency translation adjustments 4,945 (170,459) Net carrying value of decreases (951) (537) Reclassified to Assets classified as held for sale (**) (98) (2,483) Depreciation of the period (621,283) (593,709) At the end of the period 5,719,015 5,280,423 (*) For June 30, 3025, it corresponds to the acquisition of TMA (see Note 16). For June 30, 2024, it corresponds to the acquisition of Naperville. (**) Corresponds to properties that the Company has considered available for sale and meet the requirements of IFRS 5 for their classification. Movements in the allowance for obsolescence and impairment of materials are as follows: June 30, 2025 2024 At the beginning of the year (37,132) (55,123) (Increases)/Decreases (1,303) 9,198 Currency translation adjustments (22) 534 At the end of the period (38,457) (45,391) Movements in the accumulated impairment of others PP&E are as follows: June 30, 2025 2024 At the beginning of the year (15,817) (6,214) Decreases 348 558 At the end of the period (15,469) (5,656) NOTE 5 - INTANGIBLE ASSETS June 30, 2025 December 31, 2024 Intangible assets 2,569,533 2,267,701 Impairment allowance (85,030) (85,030) 2,484,503 2,182,671 Movements in Intangible assets (without considering the impairment allowance) are as follows: June 30, 2025 2024 At the beginning of the year 2,267,701 2,356,869 Acquisitions through business combination (*) 342,750 - CAPEX 50,445 23,515 Currency translation adjustments 98 (8,792) Amortization of the period (91,461) (68,525) At the end of the period 2,569,533 2,303,067 (*) See Note 16. The evolution of the provision for impairment of intangible assets is as follows: June 30, 2025 2024 At the beginning of the year (85,030) Increases - (85,011) - At the end of the period (85,030) (85,011) NOTE 6 - RIGHT OF USE ASSETS Movements in right of use assets are as follows: June 30, 2025 2024 At the beginning of the year 565,493 540,608 Acquisitions through business combination (*) 134,547 - Increase 92,053 127,366 Net carrying value of decreases (4,818) (413) Currency translation adjustments 324 (16,277) Amortization of the period (116,089) (115,118) At the end of the period 671,510 536,166 (*) See Note 16. NOTE 7 - BORROWINGS June 30, December 31, Current 2025 2024 Bank overdrafts - principal 316,754 142,083 Bank and other financial entities loans - principal 145,872 162,662 Notes - principal 594,379 748,922 Loans for purchase of equipment 11,082 7,412 Interest and related expenses 303,886 173,613 1,371,973 1,234,692 Non-current Notes - principal 1,779,487 1,501,549 Bank and other financial entities loans - principal 374,771 156,715 Loans for purchase of equipment 14,239 9,124 Interest and related expenses 875,930 410,416 3,044,427 2,077,804 Total borrowings 4,416,400 3,312,496 Movements in Borrowings are as follows: Cash items Non-cash items Total At the beginning of the year 3,312,496 Proceeds from borrowings - principal 2,330,382 1 2,330,383 Issuance costs payable - (1,389) (1,389) Payment of borrowings - principal (1,322,855) - (1,322,855) Repurchase of Notes (4,801) - (4,801) Payment of interests and related expenses (321,693) - (321,693) Payment of DFI (1,381) - (1,381) Proceed from bank overdrafts net of payment (*) 201,194 - 201,194 Accrued interest and other financial cost - 129,386 129,386 Foreign currency exchange gains - 94,399 94,399 Currency translation adjustments - 661 661 Total at 06.30.25 880,846 223,058 4,416,400 Cash items Non-cash items Total At the beginning of the year 5,333,844 Proceeds from borrowings - principal 93,181 14,650 107,831 Payment of borrowings - principal (313,797) - (313,797) Payment of interests and related expenses (214,000) - (214,000) Payment of DFI (1,029) - (1,029) Proceed from bank overdrafts net of payment (*) 275,069 - 275,069 Accrued interest and other financial cost - 179,185 179,185 Foreign currency exchange gains - (1,742,121) (1,742,121) Currency translation adjustments - (50,262) (50,262) Total at 06.30.24 (160,576) (1,598,548) 3,574,720 (*) Includes $(273) million and $(14) million as of June 30, 2025 and 2024, respectively, related to payment of bank overdrafts. Recent developments of Borrowings for the six-month period ended June 30, 2025, are detailed below: Notes Series Currency Amount involved (in millions) Issuance date Maturity date Amortization Interest rate Interest payment date 24 US$ 800 (1) May 28, 2025 May 28, 2033 In two installments: and 9.25% Semiannual basis 50% in 05/2032 50% in 05/2033 The Company issued Notes for a nominal value of US$800 million. Since the issuance was made below par, the amount involved was US$789 million and the Company received net proceeds of US$785 million (equivalent to $925,109 million in current currency as of June 30, 2025), which were used to prepay part of the loans obtained for the acquisition of TMA. Bank and other financing entities loans Loans related to the acquisition of TMA The acquisition of TMA, described in Note 16, was financed through two loans totaling US$1,170 million (net of issuance costs US$ 1,142 million, equivalent to $ 1,364,891 million in current currency as of June 30, 2025). Its main characteristics are: Entities Currency Principal residual nominal value (in millions) Residual Nominal Capital (in millions) Maturity date Amortization Interest rate Spread Interest payment date Syndicated loan (1) US$ 970 320 02/2029 In one installment at maturity date Variable annual rate: SOF 3 months Between 4.00% and 7.00% Quarterly basis Bilateral loan (2) US$ 200 66 Between 02/2028 and 02/2030 Semiannually from 02/2028 Variable annual rate: SOF 3 months 4.00% Quarterly basis An unsecured syndicated loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A. An unsecured bilateral loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U., governed by Argentine law. On May 29, 2025 the Company applied proceeds from Notes Series 24 to: (i) prepay a principal amount equal to US$650 million and interest equal US$0.3 million under the Syndicated Loan (equivalent to $782,177 million in current currency as of June 30, 2025) and, (ii) prepay a principal amount equal to US$134 million and interest equal to US$0.1 million under the Bilateral Loan (equivalent to $161,002 million in current currency as of June 30, 2025). As of June 30, 2025 the outstanding balance of these loans amounts to $433,897 million. These loans establish, among other provisions, the obligation to comply with certain financial ratios, which are calculated based on contractual definitions, on a quarterly basis, along with the presentation of the Company's consolidated financial statements: i) "Net Debt/EBITDA" and ii) "EBITDA/Interest Net". Compliance with covenants As of the date of issuance of these unaudited condensed consolidated financial statements, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established in the loan agreements in force as of June 30, 2025, and is also in compliance with the rest of the covenants established. NOTE 8 - INCOME TAX AND DEFERRED INCOME TAX ASSETS/LIABILITIES Movements in income tax liabilities are as follows: June 30, 2025 2024 At the beginning of the year (5,248) (3,915) Current income tax expense (223,343) (7,721) Payments 5,215 4,137 RECPAM and currency translation adjustments 21,480 1,916 Income tax withholdings 57,802 180 At the end of the period (144,094) (5,403) Movements in Deferred Income tax assets/(liabilities), net are as follows: June 30, 2025 2024 At the beginning of the year (1,585,745) (1,121,176) Increases in Deferred tax 188,870 (496,294) Currency translation adjustments 132 (5,319) Other comprehensive income (311) (488) Acquisitions through business combination (*) 343,912 - Other - (298) At the end of the period (1,053,142) (1,623,575) Net deferred tax assets 366,099 29,144 Net deferred tax liabilities (1,419,241) (1,652,719) (*) See Note 16. As of June 30, 2025, Telecom and some subsidiaries have cumulative tax loss carryforwards of $172,761 million, that represents a deferred tax asset of $60,169 million. Income tax expense differed from the amounts computed by applying the statutory income tax rate of each company to pre-tax income as a result of the following: June 30, 2025 2024 Profit (loss) Income (expenses) before income tax (41,081) 1,701,945 Non-taxable items - Losses from associates and joint ventures 1,744 4,144 Non-taxable items - Other (16,917) (2,597) Restatement in current currency of Equity, goodwill and other 450,253 966,544 Subtotal 393,999 2,670,036 Average statutory income tax rate 33.10% 34.69% Income tax expense at statutory tax rate of each company (130,428) (926,223) Deferred tax liability restatement in current currency and other 294,043 1,268,391 Income tax inflation adjustment (196,330) (845,463) Income tax on cash dividends of foreign companies (1,758) (720) Income tax expense (*) (34,473) (504,015) Current tax (223,343) (7,721) Deferred tax 188,870 (496,294) Income tax expense (34,473) (504,015) (*) Includes $(485) million and $3,780 million for the six-month periods ended June 30, 2025 and 2024, respectively, corresponding to adjustments made in the respective 2024 and 2023 tax returns. It also includes $298 million for the six-month period ended June 30, 2024, related to a creditable withholding originated in the subsidiary MFH, which is not an income tax liable entity. NOTE 9 - PROVISIONS AND ALLOWANCES The evolution of the allowances deducted from the asset (excluding PP&E and intangible assets) is detailed below: 06.30.25 06.30.24 06.30.25 06.30.24 06.30.25 06.30.24 (109,028) (88,033) (1,553) (4,396) (8,959) (3,426) (66,223) (49,192) (152) (514) (932) (2,307) (113,385) - - - - - 23,755 (1,200) - - 556 177 24,951 47,401 94 1,969 (2) - (239,930) (91,024) (1,611) (2,941) (9,337) (5,556) Trade receivables Other receivables Inventories At the beginning of the year (Increases) Acquisitions through business combination (*) Uses and others RECPAM and currency translation adjustments At the end of the period (*) See Note 16. The evolution of provisions as of June 30, 2025, and 2024 is as follows: Legal Claims and contingent liabilities Asset retirement obligations Total provisions Current provisions At the beginning of the year Acquisitions through business combination (*) Increases - Principal Payments Reclassifications RECPAM, currency translation adjustments and others Total current provisions Non-current provisions At the beginning of the year Acquisitions through business combination (*) Capital - Other operating costs, net Capital - Right-of-use assets Increase - Other interest, net Payments Reclassifications RECPAM, currency translation adjustments and others Total non-current provisions (*) See Note 16. 06.30.25 06.30.24 06.30.25 06.30.24 06.30.25 06.30.24 4,470 13,384 - - 4,470 13,384 13,279 - 3,552 - 16,831 - 350 238 - - 350 238 (23,503) (14,480) - - (23,503) (14,480) 33,667 15,013 7,452 - 41,119 15,013 6,393 (4,778) (85) - 6,308 (4,778) 34,656 9,377 10,919 - 45,575 9,377 26,252 32,099 34,577 33,360 60,829 65,459 169,196 - 52,919 - 222,115 - 14,964 9,870 - - 14,964 9,870 - - 8,459 18,742 8,459 18,742 29,454 10,143 4,649 - 34,103 10,143 (63) (39) (1,023) - (1,086) (39) (33,667) (15,013) (7,452) - (41,119) (15,013) (25,027) (9,231) (10,303) (16,491) (35,330) (25,722) 181,109 27,829 81,826 35,611 262,935 63,440 TMA is subject to various lawsuits and claims in labor, tax, regulatory, and other matters, considered in the course of its ordinary business. Information on legal claims and contingent liabilities by their nature is detailed below: Labor contingencies 140,567 Tax contingencies 5,315 Civil and regulatory contingencies 36,593 Total 182,475 Labor contingencies mainly derive from: Joint and several liabilities in labor matters; Occupational accidents and diseases; and Salary differences and other compensation payments. Tax contingencies mainly derive from claims from ARCA, provincial tax authorities and municipalities. In this case, they primarily relate to: Municipal fees; and National and provincial taxes. Civil and regulatory contingencies relate to civil, commercial, administrative litigation, regulatory, and other matters. In this case, they primarily relate to: damages; regulatory claims; claims relating to accountability; and fines imposed by regulatory authorities. Given the nature of the risks covered by these provisions, it is not possible to precisely determine the probable dates of potential payments. In addition to the aforementioned contingencies, there are other claims filed against TMA by different customer associations related to the industry and market common issues, some of which are in their initial stages. Considering the time elapsed since the acquisition, these claims are being analysed for the purpose of making an appropriate estimation and valuation to be considered in the final allocation of the PPA within the timeframes provided by IFRS 3, given that these estimations involve significant judgments that require more time and additional information for their final allocation. However, based on this preliminary assessment, the final impact of these contingencies, if they occur, is not expected to significantly affect the Company's financial position, results of operation or liquidity. NOTE 10 - ADDITIONAL INFORMATION OF FINANCIAL ASSETS AND LIABILITIES Financial assets and liabilities denominated in foreign currencies Financial assets and liabilities denominated in foreign currencies as of June 30, 2025, and December 31, 2024 are the following: 06.30.2025 12.31.2024 In equivalent millions of Argentine pesos Assets 464,701 409,138 Liabilities (4,715,823) (3,024,694) Net Liabilities (4,251,122) (2,615,556) Offsetting of financial assets and financial liabilities The following table presents financial assets and liabilities that are offset as of June 30, 2025, and December 31, 2024: As of June 30, 2025 Trade receivables Other receivables Trade payables Other liabilities Current and non-current assets (liabilities) - Gross value 732,773 51,099 (957,344) (13,748) Offsetting (3,764) (3,613) 3,764 3,613 Current and non-current assets (liabilities) - Book value 729,009 47,486 (953,580) (10,135) As of December 31, 2024 Trade receivables Other receivables Trade payables Other liabilities Current and non-current assets (liabilities) - Gross value 360,092 26,964 (549,702) (24,259) Offsetting (18,917) (4,089) 18,918 4,089 Current and non-current assets (liabilities) - Book value 341,175 22,875 (530,784) (20,170) Fair value hierarchy and other disclosures The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 13: Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (e.g. as prices) or indirectly (e.g. derived from prices). Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions. Financial assets and liabilities recognized at fair value as of June 30, 2025, and December 31, 2024, and the level of hierarchy are listed below: As of June 30, 2025 Level 1 Level 2 Total Assets Current Assets Mutual Funds (1) (2) 133,718 - 133,718 Government bonds (1) (2) 44,143 - 44,143 Other receivables: Compensation received for company acquisitions (3) - 1,169 1,169 Other receivables: DFI (4) - 377 377 Non-current Assets Government bonds (1) - 17,295 17,295 Other receivables: Compensation received for company acquisitions (3) - 2,068 2,068 Total assets 177,861 20,909 198,770 Liabilities Current Liabilities Other liabilities: Debt for acquisition of NYSSA (3) - 625 625 Total liabilities - 625 625 As of December 31, 2024 Level 1 Level 2 Total Assets Current Assets Mutual Funds (1) (2) 107,222 - 107,222 Government bonds (1) (2) 13,105 - 13,105 Other receivables: Compensation received for company acquisitions (3) Non-current Assets - 1,242 1,242 Other receivables: Compensation received for company acquisitions (3) - 2,782 2,782 Total assets 120,327 4,024 124,351 Liabilities Current Liabilities Other liabilities: Debt for acquisition of NYSSA (3) - 740 740 Non-current Liabilities Other liabilities: Debt for acquisition of NYSSA (3) - 692 692 Total liabilities - 1,432 1,432 The Mutual funds are included in Cash and cash equivalents, Investments and Guarantee of financial operations included in Other receivables. The Government bonds are included in Investments. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of period-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos. DFI for forward purchases of US dollars, calculated by the variation between the market prices at the end of the period and the time of agreement. In relation to the fair values set forth above, as of June 30, 2025, there were no changes in the methods and assumptions used with respect to what was reported in Note 22 to the consolidated financial statements as of December 31, 2024. The Company also has certain financial instruments that are not measured at fair value for which the book value approximates their fair value, except for: Borrowings As of June 30, 2025, the fair value of borrowings is as follows: Carrying Value Fair Value Notes 3,328,903 3,238,817 Other borrowings 1,087,497 1,137,137 4,416,400 4,375,954

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