Presentación de Resultados 2Q25

Telecom Argentina

1H25 & 2Q25 Earnings Release

August 2025

2

Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company's management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company's Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the SEC, as well as the presentations periodically filed before the CNV and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.

This document also contains pro-forma financial information to show the impact of the Acquisition of Telefónica Móviles Argentina S.A. The pro-forma financial information has not been audited or reviewed by the Company's auditors. The pro-forma financial information provided in this document is for illustrative purposes only and is not represented as being indicative of the Company's (nor anyone else's) views on its future financial condition and/or performance. Investors should note that the pro-forma financial information has not been prepared in accordance with, and does not purport to comply with, Article 11 of Regulation S-K under the U.S. Securities Act. The pro-forma financial information has been prepared in accordance with reasonable assumptions and the adjustments used therein are appropriate to give effect to the Acquisition.

The Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores ("CNV"), which establishes that the restatement for inflation will be applied to the annual financial statements, for intermediate and special [periods ended as of December 31, 2018 inclusive]. Accordingly, the reported figures corresponding to 1H25 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional figures of the income statements are included, which are non-restated for inflation and which were used as the base for the information presented in constant pesos.

1H25 REVENUES

5.8% 0.9% Mobile Services

Market Leader

Subscribers

Market Leader

Subscribers

11.8%

US$

Internet Services Pay TV

11.5%

2.8 BN

22.2%

47.8%

Fixed & Data Handsets Other

1H25 ADJUSTED EBITDA

Market Leader

Subscribers

1H24

1H25

1H25

onboarded clients

#2 Fintech in Argentina

EBITDA margin

1H25 CAPEX

considering total remunerated account balances

+54% vs 1H24

Focused on mobile & FTTH network deployment

NET DEBT / Estimated proforma EBITDA3

LTM1H25 = 1.9x

May: successful issuance of Class 24 Notes for 800M July: successful tap of our Class 24 Notes for 200M

Reducing the bond's average financing cost from 9.50% to 9.36% in just 60 days

Successfully extending the average life of our maturity profile

* Figures of 1H25 in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205). (1) Theoretical EBITDA excluding the increase in severance charges of TMA (2) Includes only PPE & intangibles (3) Calculated as Net Financial Debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF minus financial loans) / EBITDA. This ratio is included here solely for reference and may be calculated differently according to the definitions incorporated in some of the Company's debt contracts. The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,194 million, plus TMA's proforma EBITDA of USD 566 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs. (4) Include 2.8 million M2M accesses

Update on Telefonica Móviles Argentina

5

1H25

1H25

1,201

Sum of the parts

1,991

+40%

111

Proforma

Eliminations of balances

TMA Proforma (includes reclassifications)

439

Proforma

28.2%

EBITDA Mg as

reported FY24

Proforma

TMA Proforma

(includes reclassifications & eliminations)

276

+29%

Sum of the parts

188

648

Proforma

24.8%

Sum of the parts

101

+34%

EBITDA Mg

Proforma FY24

326

Sum of the parts

159

(1) Adjustments to the unaudited pro forma income statement include: reclassification of TMA's figures to align with the Company's format; elimination of intercompany telecom transactions; reclassification of depreciation/amortization due to asset revaluation; and removal of brand/management fees from TMA's prior parent, discontinued post-acquisition.

Telecom 1H25 Revenue/EBITDA figures reflect consolidated data and may not represent TEO's standalone performance.

TMA: OIBDA excludes depreciation, amortization, and impairments; EBITDA margin = EBITDA/Revenues; Capex includes intangible assets and PP&E.

*2024 figures in constant pesos (Dec 31, BNA rate: 1,032.0); 1H25 figures in constant pesos (Jun 30, BNA rate: 1,205).

The 1H25 figures include just four months of TMA contribution

Reported figures for TMA as of 1H25

+59%

TMA EBITDA Mg

TMA - Actions to improve margins

• Elimination of management and brand fees

• Reduction of redundant mobile sites costs

• DONE / IN PROGRESS / IN ANALYSIS

  
  
  

  6

  29.7%

  EBITDA Mg as reported 1H24

  30%

  EBITDA Mg as reported 1H25

  32.5% excluding

  TMA contribution

  11%

  EBITDA Mg as reported FY24

  22.9%

  EBITDA Mg as reported 1H25

  26.7%** excluding severance charges

  EFFICIENCY PLAN

As of 1Q25 Current Status

11.0%

2024 2025 2026 2027 2028 2029 2030

TMA: 'OIBDA' (EBITDA in the presentation) is calculated as operating income excluding depreciation and amortization and impairment loss.

EBITDA Margin calculated as EBITDA/Revenues

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

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Required Regulatory Approvals Post-Transaction

Formal response by Telecom to the request for additional information issued by the CNDC

Telecom appeal: RESOL-2025-63-APN-SIYC#MEC

suspended

Telecom receives official notification of the CNDC's statement of objections

Telecom Argentina submitted its comments to the CNDC regarding the June 19 technical opinion

Approval Period Based on Precedents (6 to 12/14 Months Post-Transaction)

>>>>>>>>>>>>>>>>>>>>>>>>>>>>

The companies continue to

operate separately and independently

6 Months 12-14 Months

Antitrust Approval Request

Formal Approval Request

Consolidated Business Review

2,275,618

885,368

9

Telecom consolidated figures

8% growth for TEO Service Revenues (excluding TMA)

if we exclude Fixed & Data from the calculation

Δ% Y/Y

2,192,512

+44%

+4%

3,160,986

Mobile ARPU evolution in US$

5.2

5.2

TMA TEO

6.2

6.0

19.7

+15%

+19%

+12%

1H24 1H25

TMA 1H25 figures

+7%

Broadband ARPU evolution in US$

1,247,228

1,340,611

Pay - TV ARPU

17.6

14.6

TMA TEO

17.8

12.6

16.9

+22%

+34%

+11%

evolution in US$

12.2 13.5

TMA TEO

1H24 1H25

1H24

As reported

1H25

*Figures of 1H24 in constant pesos as of June 30, 2024, converted at the BNA ask rate as of June 01, 2024 (912,0). Figures of 1H25 in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205).

10

Combined

Growth

In thousands of accesses

MOBILE*

13,066 12,700

8,147 8,235

43%

48%

48%

2Q24 2Q25

Machine-to-machine accesses

Δ% Y/Y

Prepaid

+2.1%

Postpaid

+1.9%

Prepaid

+3.1%

Postpaid

Prepaid

Postpaid

9,322

2,759

9,949

9,044

2,472

9,764

Prepaid

+1.1%

2Q25

2Q24

Postpaid

POSTPAID %

38%

39%

BROADBAND

4,051 4,111

2Q24 2Q25

1,496

1,586

+6.0%

94% FTTH

Broadband

2Q25

2Q24

26%

FTTH

435

PAY TV**

3,107 3,178

2Q24 2Q25

409

Pay TV

-6.1%

2Q24

2Q25

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

**Includes only Argentina.

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REVENUES

Million of P$

REVENUES BREAKDOWN

Mobile

REVENUES COMPOSITION

Billion of P$

CONSOLIDATED

HISTORICAL FIGURES

INFLATION ADJUSTED

CONSOLIDATED

47.8%

CONSOLIDATED

(MODELING PURPOSES)

+123%

3,198,484

FIGURES

+44%

3,357,004

158,520

2.324.104

Other 0.9%

Handsets 5.8%

Fixed &

Other

Handsets

30

25

196

132

+22%

+49%

4

4 +2%

107 -15%

126

1,435,877

888,227

1,435,877

3,198,484

Data 11.8%

Pay TV 11.5%

Broadband 22.2%

Fixed & Data

395

309

+28%

227

270

-16%

1H24 1H25

1H24 IAS 29 1H25 IAS 29

IAS 29 Adjustment

Mobile 59.4%

Pay TV

387

339

+14% 51

40

+27%

INFLATION ADJUSTED FIGURES

+5%

1,372,747 1,447,180

1H24 1H25

Figures may not add up due to rounding.

Other 0.3%

Handsets

7.4%

Fixed & Data 15.7%

Pay TV

3.5%

Broadband 13.8%

Broadband

Mobile

745

937

583

1H25 IAS 29

1H24 IAS 29

+28%

1,605

+71%

200

159

859

774

+26%

+11%

12

Paraguay key figures

REVENUES EBITDA

+8.0%

102 102

50 54

Paraguay

1H24 1H25

SUSCRIBERS*

1H24 1H25

Mobile: 2.7M (+10%)

Broadband: 328k (+10%)

Pay TV: 112k (+1%)

Pay: 957k (+26%)

Uruguay

Pay TV: 107k* (-9%)

OUR DIGITAL WALLET

A relevant player in the market with high growth potential

+ 4.2 million total onboarded clients (+44% y/y)

X2.6 times TPV and 41% TPN vs June 2024

+ P$ 325BNin clients' remunerated account balance

#2 Fintech in Argentina considering remunerated balances

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

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EBITDA

Million of P$

HISTORICAL FIGURES (MODELING PURPOSES) INFLATION ADJUSTED FIGURES

32.2% 31.0%

29.7% 30.0%

15,792

690,258 1,007,153

1H24 1H25 1H24 IAS 29 1H25 IAS 29

MARGIN EVOLUTION

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

31.6%

Theoretical EBITDA excluding the increase in severance charges of TMA

EBITDA EVOLUTION 1H25

Million of P$.

+44% +44%

+46%

1,007,153

1H24 1H25

Strong improvement

Revenues Operating Costs before D&A

EBITDA

14

IFRS, Million of P$

968,474

Y/Y Variation

64,426

+P$316,895 (+46%)

44,968 105,849

253,405

20,065

44%

49%

44%

33%

46%

61,886

51%

108,836

27%

60%

33,077

25%

87,919

56%

690,258

1,007,153

Salaries, social security expenses and benefits

Severance charges

31.6%**

AS % OF REVENUES

Others*

Taxes

Commisions & Adv

ITX Costs

Effective cost management: contributing to stabilize EBITDA Mg.

4% 4%

14%

13%

24% 24%

3%

3%

5%

5%

8%

9%

6%

5%

7% 7%

Programming &

content costs

"Others" includes bad debt expenses and other costs.

Handsets Costs Fees for services,

maintenance and materials

Labor Costs

Figures may not add up due to rounding.

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

15

OPERATING INCOME (LOSS)

IFRS, Million of P$

NET INCOME

IFRS, Million of P$

HISTORICAL FIGURES (MODELING PURPOSES)

INFLATION ADJUSTED FIGURES

HISTORICAL FIGURES (MODELING PURPOSES)

INFLATION ADJUSTED FIGURES

+112%

IAS 29 Adjustment

368,510

781,375

(86,575)

176,027

(455,085)

(605,348)

1,197,930

(148,074)

(93,860)

(75,554)

1H24

1H25

1H24 IAS 29

1H25 IAS 29

1H24 1H25 1H24 IAS 29 1H25 IAS 29

OPERATING

INCOME MARGIN:

26%

24%

16

CAPEX*

Million of P$

TEO, Excluding TMA

TMA 1H25

+54%

481,189

121,853

+3%

38 new sites were deployed, and another

197 sites were upgraded.

191,763

We built out our FTTH network across

6,352 new blocks.

contribution

313,127 359,336

185,646

An additional 4,170 blocks received FTTH overlay

CONSOLIDATED TECHNICAL CAPEX BREAKDOWN

57%

10%

33%

We added 211 new 5G Sites.

*CAPEX considers investments in PP&E and Intangible Assets

** Figures of 2024 in constant pesos as of June 30, 2024 converted at the BNA ask rate as of June 30, 2024 (912,0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0).

*** Includes: CAPEX in Datacenter/IT and other investments in Argentina. TMA Capex includes investments in capital goods, covering both intangible assets and Property, Plant and Equipment (PP&E).

17

FCF GENERATION 1H24 FCF GENERATION 1H25

Million of P$ Million of P$

1,007,153

690,258

313,127

174,493

202,638

4,137

198,501

481,189

198,061

327,903

83,070 5,215

239,618

US$

MM**

IFRS, U$D Million

US$ 48

Y/Y Variation

*CAPEX considers investments in PP&E and Intangible Assets

** Figures of 2024 in constant pesos as of June 30, 2024 converted at the BNA ask rate as of June 30, 2025 (912,0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0).

FCF calculation considers: (Cash flows from Operating Activities + Cash Flows from Investment Activities - Payments for investments not considered as cash and cash equivalents - -Proceeds from sale of investments not considered as cash and cash equivalents - Proceeds from DFI liquidations- Dividends from associates- Payments for acquisition of subsidiary, net of cash acquired)

***Payments corresponding to taxes, including compensatory interest, arising from the acquisition of TMA by Telecom Argentina, in consideration of some specific requisites under Argentine tax regulations (please refer to the 6-K filed on May 15, 2025).

1: Figures of 2024 in constant pesos as of December 31, 2024 converted at the BNA ask rate as of December 31, 2024 (1,032.0). Figures of 2025 in constant pesos as of June 30, 2025 converted at the BNA ask rate as of June 30, 2025 (1,205.0). // 2: The EBITDA figure considered includes Telecom's last twelve months standalone EBITDA of USD 1,194 million, plus TMA's proforma EBITDA of USD 566 million. The proforma calculation for TMA primarily includes adjustments for management fees, brand fees, debit and credit tax and customer acquisition and installation costs.// 3: Excludes NDF //. 4: This ratios are included here solely for reference and may be calculated differently according to the definitions incorporated in some of the Company's debt contracts. // 5: Calculated as Net Financial Debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF minus financial loans) / EBITDA.

The figures in dollars included in this presentation result from converting figures in constant pesos at the close of a specific period, using the closing exchange rate of that same period. These figures are included solely for the purpose of providing a general reference and are not obtained through any form of dual currency accounting conducted by the Company

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Telecom Argentina - Class 24 Notes due 2033 TAP

US$ 0.2 billion

July 24, 2025

Telecom Argentina - Class 24

Notes due 2033

US$ 0.8 billion

May 22, 2025

Successfully reducing the bond's average financing cost from 9.50% to

9.36% in just 60 days (Reopening of Class 24 Notes)

*For local loans with institutions, the BNA ask rate ($1,294.2) July 31, 2025. For Class 26 notes due 2026, the BNA ask rate ($1,286.00) July 18, 2025.

20

We have been able to maintain the financial cost* and average life* of our maturity profile even under a challenging

macroeconomic environment in Argentina and globally

22.0%

17.4%

16.9%

19.1%

13.7%

8.2%

6.8%

6.8%

6.7%

6.3%

8.0%

7.3%

6.6%

13.7%

2.7%

1.9%

3.9%

3.9%

4.6%

11.2%

7.4%

4.2%

0.9%

1.5%

7.0%

7.2%

4.2%

1H25 Proforma

1H25 Proforma

2018 2019 2020 2021 2022 2023 2024 1Q25

TEO avg. cost of dollar debt

EMBI: Emerging Markets Bonds Index

2018 2019 2020 2021 2022 2023 2024 1Q25

Proforma debt maturity profile as of June 2025, including (i) the tap of the new bond (Class 24 Notes) maturing in 2033 for USD 200 million, (ii) the use of proceeds for the partial prepayment of the syndicated loan and the bilateral loan with ICBC for an amount of US$ 169 million and US$ 35 million, respectively, both loans originally obtained to finance the acquisition of Telefónica

*Includes Dollar Linked Local Notes

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

21

Cross-Border Notes

Vendors, multilateral and export credit agencies

Núcleo (GUA) 16 15 31

Local Debt (Argentina and subsidiaries)

180

Local Notes 94 94

Local Notes Dollar-linked 268 98 62 608

Local Notes Hard-dollar 75 75

Other (ARS) 295 295

Approximately

TMA has no significant debt as of June 30, 2025

*Figures may not add up due to rounding.

Figures in constant pesos as of June 30, 2025, converted at the BNA ask rate as of June 30, 2025 (1,205.0) .

Proforma debt maturity profile as of June 2025, including (i) the tap of the new bond (Class 24 Notes) maturing in 2033 for USD 200 million, (ii) the use of proceeds for the partial prepayment of the syndicated loan and the bilateral loan with ICBC for an amount of US$ 169 million and US$ 35 million, respectively, both loans originally obtained to finance the acquisition of Telefónica

72% in US$, RMB & GUA

17% in US$ Local DDLL

11% in ARS

22

• strengthens our ESG strategy with international standards.
• Strengthens our response to increasing scrutiny from investors and corporate clients regarding measurable and credible climate plans. Enhances our CDP score.
• Provides a strategic advantage in accessing sustainable financing (green bonds, ESG-linked loans, climate-focused investment funds) by having robust and verifiable targets.
• SBTi near-term targets' approval reinforces our previous main environmental commitments:

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• upscale the operations of Telecom Sustained commitment to operational efficiency in a context of improvement of the economic
• environment, driving improvements in customer experience and profitability Regulatory process being conducted normally, with all required filings submitted to the relevant
• authorities and timelines being met. Ongoing reinforcement of our premium network infrastructure through our CAPEX plan,
• consolidating our leadership in service quality. Strong access to international markets and financial institutions, enhancing our ability to
• secure competitive and diversified funding
• Balanced debt maturity profile, reflecting a prudent and proactive financial management strategy.
• Strengthening our environmental commitment.

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