Press Release 3Q25

11-10-2025

Telecom Argentina Press Release 9M25 & 3Q25

734,991

1. Telecom does not set TMA's commercial or pricing policies.

2. Includes seven months of TMA revenues not reflected in the comparative consolidated period (9M24).

3. Includes three months of TMA revenues not reflected in the comparative consolidated period (3Q24).

   	IAS 29 9M25	IAS 29 9M24	Δ $	Δ %
   Consolidated Revenues (MMP$)	5,622,561	3,758,165	1,864,396	49.6%
   Net income (loss) attributable to Controlling Company (MMP$)	(289,156)	1,236,724	(1,525,880)	N/A
   Net income (loss) attributable to Controlling Company per Share (P$)	(134.3)	574.2	(708.5)
   Net income (loss) attributable to Controlling Company per ADR (P$)	(671.3)	2,871.2	(3,542.5)
   Operating Income before D, A & I *	30.5%	28.8%
   Operating Income (loss)*	6.3%	(3.7%)
   Net income (loss)*	(4.8%)	33.4%

   *As a percentage of Consolidated Revenues

   Note: The average of ordinary shares outstanding considered amounted to and 2,153,688,011 as of 9M25 and 9M24.

   Consolidated Revenues

   Mobile Services

   Mobile Services Revenues (in billions P$)

   As of September 30, 2025, total subscribers for Telecom (excluding TMA) in Argentina and Paraguay reached 23.0 million, while TMA subscribers totaled 19.1 million. During 9M25, consolidated mobile service revenues amounted to P$2,735,909 million (+P$1,214,134 million or +79.8% vs. 9M24), positioning mobile services as the Company's main business in terms of service revenues (accounting for 51.4% and 43.1% of service revenues in 9M25 and 9M24, respectively). Mobile internet revenues represented 98% of total mobile service revenues in both 9M25 and 9M24. Excluding the impact of TMA's consolidation, Telecom (excluding TMA) registered a 10.6%

   9M24 9M25 9M24

   IAS 29

   2,735.9

   2,558.2

965.1

1,147.1

609.0

585.3

345.2

618.9

294.7

1. 1. the current income tax, determined based on the current tax legislation applicable to Telecom,

   2. the effect of applying the deferred tax method with respect to temporary differences determined by comparing our asset and liability valuation according to tax and financial accounting criteria which includes the effect of the income tax inflation adjustment.

      Income tax shows a gain of P$64,409 million in 9M25 (vs. a loss of P$556,137 million in 9M24). Losses related to current income tax amount to P$145,789 million in 9M25 (vs. a loss of P$28,975 million in 9M24), and the income tax charge related to the application of the deferred tax method in 9M25 is a gain of P$210,198 million (vs. a loss of P$527,162 million in 9M24).

      Income tax for 9M25 includes a loss of P$40,574 million corresponding to the

      consolidation of TMA's results.

      Consolidated Net Financial Debt

      As of September 30, 2025, our net financial debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF* minus loans) is negative and amounted to P$4,433,988 million, which represents an increase of P$1,360,474 when

      compared to the net financial debt as of December 31, 2024, restated by inflation. This increase was mainly driven by the financing obtained for the acquisition of TMA.

      * Contemplates rate s

      aps and NDF (non-delivery for
      ards) agreements.
      
      

      Investments in PP&E, intangible assets and rights of use assets

      As of September 30, 2025, consolidated CAPEX (additions of PP&E and intangible assets) totaled P$849,370 million (+73.3% vs. 9M24). CAPEX for Telecom (excluding TMA) totaled P$ 593,201 million (21% vs. 9M24). Including additions from rights of use, total investments amounted to P$989,760 million, of which P$279,459 million correspond to TMA.

      The investments were focused on:

      • Expansion of both fixed and mobile data services to improve transmission and access speed offered to customers, the deployment of 4G coverage and capacity, and continued expansion of 5G to support mobile internet growth and enhance service quality.

      • Deployment and modernization of 4G mobile access sites to improve coverage and increase mobile network capacity. The 4G/LTE rollout reached 98% population coverage. According to the latest benchmark conducted by Ookla in September 2025, our mobile network customers with access to our 4G network experienced improved service quality, reaching average speeds of 85 Mbps, compared to 66 Mbps in the same period in 2024.

      • During 2025, we continued expanding our 5G network with the addition of 351 sites.

      • Additionally, we continued deploying mobile site connectivity to improve quality and capacity by replacing radio links with high-capacity fiber optic connections.

        Relevant financial events of the period

        Loan Agreement with Bank of China ("BoC")

        On September 19, 2025, the Company entered into a loan agreement with Bank of China Limited (Panama Branch) (the "Loan"). As of the date of this report, the following disbursements have been received:

      • On September 23, the Company received a disbursement from BoC for an amount of RMB 530,000,000 (Renminbi five hundred thirty million), maturing in September 2028.

      • On November 7, the Company received a disbursement from BoC for an amount of RMB 500,000,000 (Renminbi five hundred million), maturing in September 2028.

      Resignation of Director

      On September 30, the Company received the resignation letter from Director Julián Ackerman, appointed at the proposal of FGS Anses, for personal reasons.

      Investments (in billions P$) (Includes rights of use assets)

      709.0

      989.8

      9M24 IAS 29 9M25 IAS 29

      Relevant events after September 30, 2025

      Ordinary General Shareholders' Meeting

      The Ordinary Shareholders' Meeting of Telecom held on November 6, 2025, resolved, among other matters, the following:

      Appoint Mr. Diego Miguel Bianchi as director to serve from November 6, 2025, to the end of Fiscal Year 2026; to appoint Mr. Alberto Viglino as alternate to Mr. Diego Miguel Bianchi and to approve the performance of resigning director Mr. Julián Akerman.

      *******

      Telecom Argentina is a leading telecommunications company in Argentina, offering local and long distance fixed-line telephone, cellular, data transmission, and pay TV and Internet services, among other services. Additionally, Telecom Argentina offers mobile, broadband and satellite TV services in Paraguay and pay TV services in Uruguay. The Company commenced operations on November 8, 1990, upon the Argentine government's transfer of the telecommunications system in the northern region of Argentina.

      
      
      

      As of September 30, 2025, Telecom Argentina owns 2,153,688,011 issued and outstanding shares.

      *Trustees: Hector Horacio Magnetto and David Manuel Martínez Guzmán

      For more information, please contact Investor Relations:

      Luis Fernando Rial Ubago lfrialubago@teco.com.ar

      Tomfis Pellicori tlpellicori@teco.com.ar

      Lucas Gaeta lgaeta@teco.com.ar

      For information about Telecom Argentina's services, visit:

      https://www.telecom.com.ar https://www.personal.com.ar https://www.personal.com.py

      Disclaimer

      This document may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisión S.A. (or the "Merger") and/or the acquisition or Telefónica Móviles Argentina S.A. (or the "Acquisition"); (iii) the implementation of the Company's business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company's outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward-looking statements may be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "will," "may" and "should" or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company's ability to successfully implement our business strategy and to achieve synergies resulting from the Merger and/or the Acquisition; (ii) the Company's ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company's suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company's supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii) the Company's ability to compete and develop our business in the future; (xviii) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance. 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 United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.

      (Financial tables follow)

      *******

      1- Consolidated Balance Sheet

      (Restated by inflation, comparative figures in constant currency as of September 2025)

      	09/30/25	12/31/24	Δ $	Δ %
      Cash and cash equivalents*	397,893	388,241	9,652	2.5%
      Financial Investments**	291,056	42,490	248,566	-
      Trade receivables	776,936	361,010	415,926	115.2%
      Other Receivables	183,090	53,057	130,033	-
      Inventories	86,909	73,721	13,188	17.9%
      Other Assets	2,792	2,153	639	29.7%
      Total current assets	1,738,676	920,672	818,004	88.8%
      Financial Investments	13,023	16,598	(3,575)	-21.5%
      Trade receivables	814	527	287	54.5%
      Goodwill	4,122,236	4,113,535	8,701	0.2%
      Property, plant and equipment ('PP&E')	5,998,155	5,281,751	716,404	13.6%
      Intangible assets	2,612,974	2,312,933	300,041	13.0%
      Right-of-use assets	692,795	599,242	93,553	15.6%
      Other Receivables	451,770	99,961	351,809	-
      Total non-current assets	13,891,767	12,424,547	1,467,220	11.8%
      TOTAL ASSETS	15,630,443	13,345,219	2,285,224	17.1%
      Trade payables	961,988	542,367	419,621	77.4%
      Financial debt	1,433,449	1,308,379	125,070	9.6%
      Salaries and social security payables	356,894	275,963	80,931	29.3%
      Income tax liabilities	40,700	5,562	35,138	-
      Taxes payables	241,607	110,577	131,030	118.5%
      Dividend Payable	1,027	837	190	22.7%
      Lease liabilities	141,454	90,902	50,552	55.6%
      Client Funds	15,036	10,657	4,379	41.1%
      Other liabilities	61,024	38,616	22,408	58.0%
      Provisions	72,279	4,737	67,542	-
      Total current liabilities	3,325,458	2,388,597	936,861	39.2%
      Trade payables	17,692	20,095	(2,403)	-12.0%
      Financial debt	3,687,475	2,201,807	1,485,668	67.5%
      Salaries and social security payables	55,649	11,548	44,101	-
      Deferred income tax liabilities	1,479,121	1,720,619	(241,498)	-14.0%
      Taxes payables	1	2	(1)	-50.0%
      Lease liabilities	224,455	168,856	55,599	32.9%
      Other liabilities	50,840	18,696	32,144	171.9%
      Provisions	251,427	64,459	186,968	-
      Total non-current liabilities	5,766,660	4,206,082	1,560,578	37.1%
      TOTAL LIABILITIES	9,092,118	6,594,679	2,497,439	37.9%
      Equity attributable to Controlling Company	6,436,731	6,616,647	(179,916)	-2.7%
      Non-controlling interest	101,594	133,893	(32,299)	-24.1%
      TOTAL EQUITY	6,538,325	6,750,540	(212,215)	-3.1%
      TOTAL LIABILITIES AND EQUITY	15,630,443	13,345,219	2,285,224	17.1%

      *As of September 30, 2025, it includes restricted availability funds amounting to $15,036 million corresponding to client funds

      ** Includes NDF

      2- Consolidated Loans
      (Monetary items)
      	09/30/25		12/31/24		Δ $		Δ %
      Bank overdrafts - principal	255,896		150,561		105,335		70.0%
      Bank and other financial entities loans - principal	186,761		172,370		14,391		8.3%
      Notes - principal	526,104		793,618		(267,514)		-33.7%
      Loans for purchase of equipment	11,917		7,855		4,062		51.7%
      Remeasurement, interest and related expenses	452,771		183,975		268,796		146.1%
      Total Current Loans	1,433,449		1,308,379		125,070		9.6%
      Notes - principal	2,060,921		1,591,161		469,760		29.5%
      Bank and other financial entities loans - principal	537,764		166,068		371,696		-
      Loans for purchase of equipment	15,917		9,668		6,249		64.6%
      Remeasurement, interest and related expenses	1,072,873		434,910		637,963		146.7%
      Total Non Current Loans	3,687,475		2,201,807		1,485,668		67.5%
      Total Loans	5,120,924		3,510,186		1,610,738		45.9%
      Cash and cash equivalents, and Financial Investments	686,936		436,672		250,264		57.3%
      Net Financial Debt	(4,433,988)		(3,073,514)		(1,360,474)		44.3%

      1. Segment Information

         (Segment information for periods ended as of September 30 of 2025 and 2024 as analyzed by the CEO, who periodically receives the financial information of Telecom and its subsidiaries (in historical values))

         As of September 30, 2025	ICT Services in Argentina Telecom Network			ICT Services 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	3,359,594	274,274	3,633,868	1,679,463	104,726	1,784,189	266,454	20,974	287,428	(82,924)	5,622,561
         Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments	(803,493)	(64,584)	(868,077)	(440,721)	(24,314)	(465,035)	(23,635)	(1,868)	(25,503)	-	(1,358,615)
         Fees for services, maintenance, materials and supplies	(402,941)	(52,882)	(455,823)	(214,278)	(11,862)	(226,140)	(35,482)	(2,772)	(38,254)	5,664	(714,553)
         Taxes and fees with the Regulatory Authority	(282,073)	(22,903)	(304,976)	(158,436)	(9,468)	(167,904)	(11,231)	(904)	(12,135)	-	(485,015)
         Commissions and advertising	(141,089)	(11,189)	(152,278)	(94,511)	(5,704)	(100,215)	(45,502)	(4,229)	(49,731)	4,691	(297,533)
         Programming and content costs	(191,442)	(15,564)	(207,006)	(32,373)	(1,879)	(34,252)	(23,612)	(1,910)	(25,522)	-	(266,780)
         Other operating costs without depreciation, amortization and impairment of Fixed Assets	(382,537)	(54,656)	(437,193)	(328,772)	(34,384)	(363,156)	(51,693)	(4,205)	(55,898)	72,569	(783,678)
         Adjusted EBITDA	1,156,019	52,496	1,208,515	410,372	17,115	427,487	75,299	5,086	80,385	-	1,716,387

         Depreciation, amortization and impairment of Fixed Assets	(1,364,066)
         Operating income	352,321
         Earnings from associates and joint ventures	(4,073)
         Financial results from borrowings	(679,159)
         Other financial results, net	(6,041)
         Loss before income tax	(336,952)
         Income tax expense	64,409
         Net loss	(272,543)
         Attributable to:
         Controlling Company	(289,156)
         Non-controlling interest	16,613

         As of September 30, 2024	ICT Services 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	2,204,084	1,263,821	3,467,905	192,888	117,909	310,797	(20,537)	3,758,165
         Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments	(564,737)	(322,428)	(887,165)	(17,356)	(10,564)	(27,920)	-	(915,085)
         Fees for services, maintenance, materials and supplies	(272,431)	(197,017)	(469,448)	(26,042)	(16,023)	(42,065)	4,941	(506,572)
         Taxes and fees with the Regulatory Authority	(179,416)	(102,509)	(281,925)	(7,326)	(4,403)	(11,729)	-	(293,654)
         Commissions and advertising	(86,687)	(47,840)	(134,527)	(46,095)	(26,829)	(72,924)	2,673	(204,778)
         Programming and content costs	(116,779)	(65,864)	(182,643)	(18,849)	(11,500)	(30,349)	-	(212,992)
         Other operating costs without depreciation, amortization and impairment of Fixed Assets	(290,773)	(206,362)	(497,135)	(35,491)	(21,947)	(57,438)	12,923	(541,650)
         Adjusted EBITDA	693,261	321,801	1,015,062	41,729	26,643	68,372	-	1,083,434

         Depreciation, amortization and impairment of Fixed Assets	(1,223,579)
         Operating loss	(140,145)
         Earnings from associates and joint ventures	(10,783)
         Financial results from borrowings	1,779,364
         Other financial results, net	181,914
         Income before income tax	1,810,350
         Income tax expense	(556,137)
         Net income	1,254,213
         Attributable to:
         Controlling Company	1,236,724
         Non-controlling interest	17,489

      2. Segment Information

      (Segment information for periods ended as of September 30 of 2025 and 2024 as analyzed by the CEO, who periodically receives the financial information of Telecom and its subsidiaries (in historical values))

      Three Months Comparison

      As of September 30, 2025	ICT Services in Argentina Telecom Network			ICT Services 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	1,213,558	24,229	1,237,787	746,777	10,779	757,556	99,070	1,487	100,557	(30,689)	2,065,211
      Operating costs without depreciation, amortization and impairment of Fixed Assets Employee benefit expenses and severance payments	(295,141)	(5,979)	(301,120)	(193,156)	(3,783)	(196,939)	(9,086)	(188)	(9,274)	-	(507,333)
      Fees for services, maintenance, materials and supplies	(146,203)	(8,159)	(154,362)	(96,103)	(1,166)	(97,269)	(14,429)	(301)	(14,730)	2,260	(264,101)
      Taxes and fees with the Regulatory Authority	(102,509)	(2,032)	(104,541)	(68,401)	(1,458)	(69,859)	(4,142)	(79)	(4,221)	-	(178,621)
      Commissions and advertising	(52,339)	(1,090)	(53,429)	(37,728)	(770)	(38,498)	(13,480)	(286)	(13,766)	1,778	(103,915)
      Programming and content costs	(68,727)	(1,368)	(70,095)	(14,635)	(285)	(14,920)	(8,570)	(174)	(8,744)	-	(93,759)
      Other operating costs without depreciation, amortization and impairment of Fixed Assets	(124,522)	(11,479)	(136,001)	(145,695)	731	(144,964)	(14,212)	170	(14,042)	26,651	(268,356)
      Adjusted EBITDA	424,117	(5,878)	418,239	191,059	4,048	195,107	35,151	629	35,780	-	649,126

      Depreciation, amortization and impairment of Fixed Assets	(483,338)
      Operating income	165,788
      Earnings from associates and joint ventures	(2,225)
      Financial results from borrowings	(444,833)
      Other financial results, net	(12,150)
      Loss before income tax	(293,420)
      Income tax expense	100,939
      Net loss	(192,481)
      Attributable to:
      Controlling Company	(200,363)
      Non-controlling interest	7,882

      As of September 30, 2024	ICT Services 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	884,375	323,489	1,207,864	67,564	24,884	92,448	(4,954)	1,295,358
      Operating costs without depreciation, amortization and impairment of Fixed Assets
      Employee benefit expenses and severance payments	(236,823)	(87,127)	(323,950)	(6,140)	(2,241)	(8,381)	-	(332,331)
      Fees for services, maintenance, materials and supplies	(106,353)	(50,791)	(157,144)	(9,207)	(3,495)	(12,702)	1,560	(168,286)
      Taxes and fees with the Regulatory Authority	(72,330)	(26,456)	(98,786)	(2,783)	(1,023)	(3,806)	-	(102,592)
      Commissions and advertising	(38,332)	(14,017)	(52,349)	(18,659)	(6,857)	(25,516)	1,126	(76,739)
      Programming and content costs	(48,423)	(17,707)	(66,130)	(9,148)	256	(8,892)	-	(75,022)
      Other operating costs without depreciation, amortization and impairment of Fixed Assets	(120,298)	(55,840)	(176,138)	(10,853)	(3,684)	(14,537)	2,268	(188,407)
      Adjusted EBITDA	261,816	71,551	333,367	10,774	7,840	18,614	-	351,981

      Depreciation, amortization and impairment of Fixed Assets	(400,385)
      Operating loss	(48,404)
      Earnings from associates and joint ventures	(6,392)
      Financial results from borrowings	121,748
      Other financial results, net	(60,120)
      Income before income tax	6,832
      Income tax expense	(22,042)
      Net Loss	(15,210)
      Attributable to:
      Controlling Company	(21,557)
      Non-controlling interest	6,347

2. Consolidated Income Statements - restated by inflation (constant figures) (Allows the understanding of the variations of the Income Statement in real terms)

   09/30/25		09/30/24	Δ $	Δ %
   Revenues	5,622,561	3,758,165	1,864,396	49.6%
   Consolidated Operating Costs	(5,270,240)	(3,898,310)	(1,371,930)	35.2%
   Operating income (loss)	352,321	(140,145)	492,466	-
   Net Financial results and earnings from associates and joint ventures	(689,273)	1,950,495	(2,639,768)	-135.3%
   Net income (loss) before income tax expense	(336,952)	1,810,350	(2,147,302)	-118.6%
   Income tax expense	64,409	(556,137)	620,546	-111.6%
   Net income (loss)	(272,543)	1,254,213	(1,526,756)	-121.7%
   Attributable to: Controlling Company	(289,156)	1,236,724	(1,525,880)	-123.4%
   Non-controlling interest	16,613	17,489	(876)	-5.0%
   Operating income before D, A & I	1,716,387	1,083,434	632,953	58.4%
   As % of Revenues	30.5%	28.8%
   Financial results, net	09/30/25	09/30/24	Δ $	Δ %
   Financial cost Interests on borrowings	(259,558)	(114,808)	(144,750)	126.1%
   Remeasurement in borrowings	2,695	(114,464)	117,159	-102.4%
   Foreign currency exhange gains (losses) on borrowings	(422,296)	2,005,495	(2,427,791)	-121.1%
   Borrowings renegotiation results	-	2,646	-	-
   Repurchase Notes	-	495	-	-
   Total financial cost	(679,159)	1,779,364	(2,458,523)	-138.2%
   Other financial results, net Fair value gains/(losses) on financial assets at fair value through profit or loss	(10,017)	(58,949)	48,932	-83.0%
   Other foreign currency exhange gains (losses)	24,308	220,575	(196,267)	-89.0%
   Other interests, net	(13,397)	20,550	(33,947)	-165.2%
   Other taxes and bank expenses	(82,437)	(110,619)	28,182	-25.5%
   Financial expenses on pension benefits	(4,726)	(3,102)	(1,624)	52.4%
   Financial discounts on assets, debts and other	(13,899)	(29,914)	16,015	-53.5%
   RECPAM*	94,127	143,373	(49,246)	-34.3%
   Total other financial results, net	(6,041)	181,914	(187,955)	-103.3%
   Total Financial results, net * Inflation restatement gain / (loss)	(685,200)	1,961,278	(2,646,478)	-134.9%

3. Consolidated Income Statements - restated by inflation (constant figures)

   Three Months Comparison

   09/30/25		09/30/24 Δ $ Δ %
   Revenues	2,065,211	1,295,358	769,853	59.4%
   Consolidated Operating Costs	(1,899,423)	(1,343,762)	(555,661)	41.4%
   Operating income (loss)	165,788	(48,404)	214,192	-
   Net Financial results and earnings from associates and joint ventures	(459,208)	55,236	(514,444)	-
   Net income (loss) before income tax expense	(293,420)	6,832	(300,252)	-
   Income tax expense	100,939	(22,042)	122,981	-
   Net Income (loss)	(192,481)	(15,210)	(177,271)	-
   Attributable to:
   Controlling Company	(200,363)	(21,557)	(178,806)	-
   Non-controlling interest	7,882	6,347	1,535	24.2%
   Operating income before D, A & I	649,126	351,981	297,145	84.4%
   As % of Revenues	31.4%	27.2%
   Net Financial results	09/30/25	09/30/24	Δ $	Δ %
   Three Months Comparison
   Financial cost
   Interests on borrowings	(120,826)	(36,325)	(84,501)	-
   Remeasurement in borrowings	1,071	(5,117)	6,188	-120.9%
   Foreign currency exhange gains (losses) on borrowings	(325,078)	160,049	(485,127)	-
   Borrowings renegotiation results	-	2,646	-	-
   Repurchase Notes	-	495	-	-
   Total financial cost	(444,833)	121,748	(566,581)	-
   Other financial results, net
   Fair value gains/(losses) on financial assets at fair value through profit or loss	22,547	(36,675)	59,222	-161.5%
   Other foreign currency exhange gains (losses)	3,160	(3,180)	6,340	-199.4%
   Other interests, net	(35,051)	8,404	(43,455)	-
   Other taxes and bank expenses	(26,483)	(37,951)	11,468	-30.2%
   Financial expenses on pension benefits	(1,378)	(869)	(509)	58.6%
   Financial discounts on assets, debts and other	(4,363)	(18,771)	14,408	-76.8%
   RECPAM*	29,418	28,922	496	1.7%
   Total other financial results, net	(12,150)	(60,120)	47,970	-79.8%
   Total financial results, net	(456,983)	61,628	(518,611)	-
   * Inflation restatement gain / (loss)

4. Breakdown of consolidated revenues - restated by inflation (constant figures)

   (Revenues as of 2024 restated to 2025 values include a variation due to the restatement of approximately 57.6% vs. a restatement variation of 7.6% for

   revenues as of 2025)

   09/30/25

   09/30/24

   9M25 IAS 29 vs. 9M24 IAS 29

   9M25 IAS 29

   IAS 29

   Adjustment

   9M24 IAS 29

   IAS 29

   Adjustment

   Δ $

   Δ %

   REVENUES FROM SERVICES	5,327,305	373,169		3,534,133	1,294,299		1,793,172	50.7%
   Mobile Services	2,735,909	177,689		1,521,775	556,653		1,214,134	79.8%
   Internet Services	1,235,080	87,934		955,895	346,932		279,185	29.2%
   Cable TV Services	631,457	46,155		545,155	199,976		86,302	15.8%
   Fixed Telephony and Data Services	676,563	57,640		471,251	176,577		205,312	43.6%
   Other service revenues	48,296	3,751		40,057	14,161		8,239	20.6%
   REVENUES FROM EQUIPMENT SALES	295,256	22,024		224,032	79,703		71,224	31.8%
   REVENUES	5,622,561	395,193		3,758,165	1,374,002		1,864,396	49.6%

5. Breakdown of consolidated revenues - restated by inflation (constant figures)

   Three Months Comparison

   09/30/25			09/30/24			3Q25 IAS 29		vs. 3Q24 IAS 29
   3Q25 IAS 29		IAS 29 Adjustment	3Q24 IAS 29		IAS 29 Adjustment	Δ $		Δ %
   REVENUES FROM SERVICES	1,977,671	34,444		1,210,771	324,322		766,900	63.3%
   Mobile Services	1,035,232	14,844		528,354	141,806		506,878	95.9%
   Internet Services	446,089	8,674		338,231	90,532		107,858	31.9%
   Cable TV Services	221,680	4,346		186,059	49,907		35,621	19.1%
   Fixed Telephony and Data Services	258,358	6,279		144,281	38,676		114,077	79.1%
   Other service revenues	16,312	301		13,846	3,401		2,466	17.8%
   REVENUES FROM EQUIPMENT SALES	87,540	1,883		84,587	22,750		2,953	3.5%
   REVENUES	2,065,211	36,327		1,295,358	347,072		769,853	59.4%

6. Consolidated Income Statements - restated by inflation (constant figures)

   (Allows the understanding of the variations of the Income Statement in real terms)

   09/30/25	09/30/24	9M25 IAS 29 vs. 9M24 IAS 29
   9M25 IAS 29 IAS 29	9M24 IAS 29 IAS 29	Δ $ Δ %
   Adjustment	Adjustment

   Revenues	5,622,561	395,193		3,758,165		1,374,002		1,864,396		49.6%
   Employee benefit expenses and severance payments	(1,358,615)	(90,765)		(915,085)		(332,993)		(443,530)		48.5%
   Interconnection and transmission costs	(200,813)	(15,994)		(112,382)		(42,896)		(88,431)		78.7%
   Fees for services, maintenance, materials and supplies	(714,553)	(67,099)		(506,572)		(211,112)		(207,981)		41.1%
   Taxes and fees with the regulatory authority	(485,015)	(33,275)		(293,654)		(106,912)		(191,361)		65.2%
   Commissions and advertising	(297,533)	(20,794)		(204,778)		(73,734)		(92,755)		45.3%
   Cost of equipments and handsets	(224,740)	(32,835)		(173,620)		(84,956)		(51,120)		29.4%
   Programming and content costs	(266,780)	(19,353)		(212,992)		(77,364)		(53,788)		25.3%
   Bad debt expenses	(97,299)	(6,966)		(77,335)		(29,210)		(19,964)		25.8%
   Other operating expenses	(260,826)	(33,413)		(178,313)		(66,382)		(82,513)		46.3%
   Subtotal Operating costs before D, A & I	(3,906,174)	(320,494)		(2,674,731)		(1,025,559)		(1,231,443)		46.0%
   Operating income before D, A & I	1,716,387	74,699		1,083,434		348,443		632,953		58.4%
   Depreciation, amortization and impairment of fixed assets ("D, A & I")	(1,364,066)	(1,008,300)		(1,223,579)		(1,069,035)		(140,487)		11.5%
   Operating income (loss)	352,321		(933,601)		(140,145)		(720,592)		492,466		-
   Earnings (losses) from associates and joint ventures	(4,073)		(837)		(10,783)		(28,424)		6,710		-62.2%
   Financial results from borrowings	(679,159)		820,169		1,779,364		2,564,835		(2,458,523)		-138.2%
   Other financial results, net	(6,041)		94,643		181,914		214,819		(187,955)		-103.3%
   Net income (loss) before income tax expense	(336,952)		(19,626)		1,810,350		2,030,638		(2,147,302)		-118.6%
   Income tax expense	64,409		8,905		(556,137)		(564,235)		620,546		-111.6%
   Net income (loss) before income tax expense	(272,543)		(10,721)		1,254,213		1,466,403		(1,526,756)		-121.7%
   Attributable to: Controlling Company	(289,156)		(11,769)		1,236,724		1,459,929		(1,525,880)		-123.4%
   Non-controlling interest	16,613		1,048		17,489		6,374		(876)		-5.0%

7. Consolidated Income Statements - restated by inflation (constant figures)