Telecom Argentina S A : Press Release 3Q25

About this update from Telecom Argentina Sa Class B

¡ 11-10-2025 Telecom Argentina Press Release 9M25 & 3Q25 Market Cap (NYSE: TEO): US$ 5,121.5 million 1 Contacts: Luis Fernando Rial Ubago - [email protected] Tomás Pellicori - [email protected] Telecom Argentina S.A. announces consolidated results for the nine-month period ("9M25") and third quarter of fiscal year 2025 ("3Q25") 2 Note: 9M25 figures include the effects of the adoption of inflationary accounting in accordance ith IAS 29. Therefore, comments regarding 9M25 results and changes in 9M24 results mentioned in this press release correspond to "restated for inflation" or "constant" figures. Moreover, Table 3 shos information broken do n by segment for the periods ended as of September 30 of 2025 and 2024, as analyzed by the Executive Committee and the CEO, ho periodically receive the economic-financial information of Telecom and its subsidiaries (in historical values). The comments corresponding to the consolidated results for 9M25 include the results of Telefónica Móviles Argentina ("TMA") for the seven-month period from March 1 to September 30, 2025 , unless other ise specified. For further details, please refer to the headings of the financial tables beginning on page 12 . For analysis purposes, it is important to highlight that the comparative results (September 2024) reflect the year-over-year effect of inflation through September 2025, which reached 31.8%. Additionally, the consolidated results for 9M25 include seven months of contributions from TMA , which were not present in the comparative period 9M24. During 9M25, consolidated revenues reached P$5,622,561 million. Service revenues totaled P$5,327,305 million in 9M25, with the following performance: Telecom (excluding TMA) 3 : +4.1% vs. 9M24 (vs. -9.1% in real terms in 9M24 vs. 9M23). TMA: +5.3% vs. 9M24. Telecom does not determine TMA's commercial or pricing policies. Consolidated: +50.7% vs. 9M24, including seven months of TMA revenues not present in the comparative consolidated period (9M24). During 9M25, the customer base in Argentina showed positive evolution: Telecom (excluding TMA): Total mobile accesses decreased by 5.0%, reaching 20.3 million. This decline was mainly due to disconnections of lines with no traffic, with no impact on mobile service revenues. Pay TV subscribers increased to 3.2 million (+44 thousand or +1.4% vs. 9M24). Fixed broadband accesses grew by 2.5%, totaling 4.1 million (+102 thousand vs. 9M24). TMA: Total mobile accesses (including M2M) reached 19.1 million (+305 thousand or +1.6% vs. 9M24). Fixed broadband totaled 1.6 million accesses (+92 thousand or +6.0% vs. 9M24). Pay TV subscribers reached 0.4 million (-29 thousand or -6.9% vs. 9M24). During 9M25, consolidated Operating Income Before Depreciation, Amortization and Impairment of Fixed Assets ("Operating Income before D, A & I") margin was 30.5% (+1.7 p.p. vs. 9M24), and 31.4% in 3Q25. Telecom's margin (excluding TMA) expanded to 33.0% in 9M25 (+4.2 p.p. vs. 9M24) and 34.0% in 3Q25 (+6.8 p.p. vs. 3Q24). Operating Income before D, A & I totaled P$1,716,387 million (+58.4% vs. 9M24, including seven months of TMA). During 9M25, a consolidated net loss of P$272,543 million was recorded (vs. a net income of P$1,254,213 million in 9M24). This was mainly due to a higher loss from exchange rate differences recorded in financial results, measured in real terms, as a result of lower inflation (22.0%) vs. a depreciation of the Argentine peso against the US dollar of 33.7% (vs. inflation of 101.6% and peso depreciation of 20.0% in 9M24). Consolidated CAPEX (excluding rights of use) represented 15.1% of consolidated revenues in 9M25. Consolidated Net Financial Debt totaled P$4,433,988 million as of September 30, 2025, increasing in real terms (+44.3% in constant currency vs. December 31, 2024). This increase was mainly driven by the financing obtained for the acquisition of TMA. Market capitalization as of November 7, 2025 Unaudited non-financial information This refers to the exclusion of the consolidated results from the segment "ICT Services Provided in Argentina - TMA Networks," as presented in Table 3. The same criterion will apply going forward to any results labeled as "Telecom (excluding TMA)." (in million P$ adjusted by inflation, except where noted)* IAS 29 As of September 30, 2025 IAS 29 As of September 30, 2024 Δ $ Δ % Consolidated Revenues 5,622,561 3,758,165 1,864,396 49.6% Consolidated Operating Income before D, A & I 1,716,387 1,083,434 632,953 58.4% Consolidated Operating Income (loss) 352,321 (140,145) 492,466 - Consolidated Net Income (loss) before income tax expense (336,952) 1,810,350 (2,147,302) -118.6% Consolidated Net Income (loss) attributable to Controlling Company (289,156) 1,236,724 (1,525,880) -123.4% Consolidated Shareholders' equity attributable to Controlling Company 6,436,731 6,770,444 (333,713) -4.9% Consolidated Net Financial Debt (4,433,988) (3,063,752) (1,370,236) 44.7% Consolidated Investments in PP&E, intangible assets & rights of use assets ** 989,760 709,011 280,749 39.6% Telecom Fixed lines in service (in thousand lines) *** 2,757 2,692 65 2.4% Mobile customers (in thousand) 23,038 23,914 (877) -3.7% Personal (Argentina) 20,348 21,424 (1,076) -5.0% Núcleo (Paraguay) -including Wimax customers- 2,689 2,490 199 8.0% Broadband accesses in Argentina (in thousand) 4,146 4,044 102 2.5% Pay TV Subscribers (Includes Argentina, Uruguay and Paraguay - in thousand) 3,445 3,413 32 0.9% Average Revenue per user (ARPU) Mobile Services (in P$ - Restated by inflation) 8,171.1 7,192.5 978.6 13.6% Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation) 25,041.5 24,582.9 458.6 1.9% Average Revenue per user (ARPU) Pay TV (in P$ - Restated by inflation) 17,264.4 16,731.3 533.1 3.2% Telefónica Móviles Argentina (TMA) Fixed lines in service (in thousand lines) *** 2,107 2,149 (42) -2.0% Mobile customers (in thousand) 19,064 18,760 305 1.6% Prepaid + Postpaid (excluding M2M) 16,192 16,184 8 0.1% Machine-to-machine (M2M) 2,872 2,576 296 11.5% Broadband accesses (in thousand) 1,610 1,519 92 6.0% Pay TV Subscribers (in thousand) 395 425 (29) -6.9% Average Revenue per user (ARPU) Mobile Services (in P$ - Restated by inflation)**** 7,607.0 7,218.3 388.7 5.4% Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation)**** 22,805.0 20,674.3 2,130.7 10.3% Average Revenue per user (ARPU) Pay TV (in P$ - Restated by inflation)**** 22,072.4 18,475.2 3,597.2 19.5% * Figures may not add up due to rounding. ** In constant currency - includes additions from rights of use as of September 30, 2025 for P$140,390 million and as of September 30, 2024 for P$218,871 million. *** Telecom figures include IP telephony lines, hich totaled approximately 2.15 million and 1.78 million as of September 30, 2025 and September 30, 2024, respectively. TMA figures include IP telephony lines, hich totaled approximately 1.54 million and 1.39 million as of September 30, 2025 and September 30, 2024, respectively. ****ARPUs in constant currency as of September 30, 2025, ere calculated by applying the corresponding average inflation index to the historical ARPU of each segment. Consolidated Revenues (in millions P$) Operating Income before D, A & I (EBITDA) (in millions P$) 5,622,561 395,193 3,758,165 5,227,368 1,374,002 2,384,163 9M24 9M25 9M24 IAS 29 9M25 IAS 29 30.8% 31.4% 28.8% 30.5% 1,641,688 1,083,434 348,443 1,716,387 74,699 734,991 IAS 29 Adjustment (Inflation Adjustment) 9M24 9M25 9M24 IAS 29 EBITDA Margin 9M25 IAS 29 Quarterly Service Revenues 4- Net Income (Loss) (in millions P$) (in millions P$) 1,977,671 34,444 1,943,227 1,210,771 324,322 886,449 3Q24 3Q25 3Q24 IAS 29 3Q25 IAS 29 1,254,213 (212,190) 9M24 (261,822) 9M25 9M24 IAS 29 (272,543) 9M25 IAS 29 IAS 29 Adjustment (Inflation Adjustment) Buenos Aires, November 10, 2025 - Telecom Argentina S.A. ("Telecom Argentina", "Telecom" or the "Company") - (NYSE: TEO; BYMA: TECO2), announced today a consolidated Net Loss of P$272,543 million for the nine-month period ended September 30, 2025. The consolidated Net Loss attributable to the Controlling Company amounted to P$289,156 million. Comparative figures for the previous fiscal year have been restated by inflation so that the resulting information is presented in terms of the current measurement unit as of September 30, 2025. The following table shows the evolution of the national consumer price index (National CPI - according to INDEC's official statistics) as of December 31, 2024, and as of September 30, 2024, and 2025: As of September 30, 2024 As of December 31, 2024 As of September 30, 2025 Annual 209.0% 117.8% 31.8% 3-month cumulative (since June) 12.1% n/a 6.0% During 9M25, consolidated revenues reached P$5,622,561 million, of which P$5,327,305 million corresponded to Service Revenues. It is worth noting that, during this period, Service Revenues showed a positive evolution relative to inflation, as detailed below. Consolidated Telecom Consolidated (Excluding TMA) TMA 1 9M25 vs. 9M24 +50.7% 2 +4.1% +5.3% 3Q25 vs. 3Q24 +63.3% 3 +4.7% +1.2% Telecom does not set TMA's commercial or pricing policies. Includes seven months of TMA revenues not reflected in the comparative consolidated period (9M24). 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 2,558.2 965.1 177.7 1,521.8 556.7 9M25 IAS 29 increase in mobile service revenues, mainly driven by higher average monthly revenue per customer ("ARPU"). Mobile Services in Argentina As of September 30, 2025, Telecom's mobile subscribers in Argentina (excluding TMA) totaled approximately 20.3 million (-1.1 million or -5.0% vs. 9M24). This decline was primarily due to disconnections of lines with no traffic, with no impact on mobile service revenues. As of September 30, 2025, 61% of customers were prepaid and 39% postpaid, compared to 62% prepaid and 38% postpaid as of September 30, 2024. As of September 30, 2025, TMA's mobile subscribers totaled approximately 19.1 million (+305 thousand or +1.6% vs. 9M24), including M2M accesses. The postpaid base increased 4.0% vs. 9M24, while prepaid decreased 0.6%. As of September 30, 2025, postpaid accesses represented 50% of total mobile accesses. TMA's average monthly churn stood at 1.8% in 9M25 (vs. 2.0% in 9M24). In 9M25, consolidated mobile service revenues in Argentina reached P$2,612,748 million (+P$1,227,724 million or +88.6% compared to 9M24). This increase was mainly driven by the consolidation of TMA's results in 9M25, which totaled P$1,052,077 million. IAS 29 Adjustment Mobile Consumption of Personal in Argentina Excluding the impact of TMA's consolidation, the growth was mainly attributable to a 13.6% real increase in ARPU. 7,193 7,270 8,171 8,111 The ARPU for Telecom (excluding TMA) was P$8,171.1 in 9M25 (+13.6% in real terms vs. 9M24). The effect of restatement to the current measurement unit as of September 30, 2025 included in ARPU amounted to P$605.7 and P$2,608.1 in 9M25 and 9M24, respectively. The average monthly churn stood at 2.1% in 9M25 (vs. 1.5% in 9M24). The ARPU for TMA was P$7,607.0 in 9M25 (+5.4% in real terms vs. 9M24). The effect of restatement to the current measurement unit as of September 30, 2025 included in ARPU amounted to P$574.0 and P$2,663.4 in 9M25 and 9M24, respectively. Personal in Paraguay ("Núcleo") As of September 30, 2025, Núcleo's subscriber base totaled 2.7 million, increasing by 8% compared to 9M24. Of total accesses, 71% corresponded to prepaid and 29% to postpaid, while as of September 30, 2024, prepaid accesses represented 74% and postpaid 26%. The average monthly churn stood at 2.3% in 9M25 vs. 2.6% in 9M24. During 9M25, mobile service revenues in Paraguay reached P$123,161 million, decreasing in real terms (-P$13,590 million vs. 9M24). This decrease is attributed to the widespread use of Wi-Fi networks, which impacted mobile data usage. The effect was partially offset by the real appreciation of the Guaraní. 9M24 9M25 ARPU ($/month) MBOU(month) Internet Services Consolidated internet service revenues reached P$1,235,080 million in 9M25, growing in real terms (+P$279,185 million or +29.2% vs. 9M24). Telecom's subscriber base (excluding TMA) reached 4.1 million subscribers (+102 thousand or +2.5% vs. 9M24) during 9M25. The monthly churn for internet services stood at 1.2% and 1.6% as of September 30, 2025 and 2024, respectively. The revenue increase was mainly driven by the consolidation of TMA's results in 9M25, which totaled P$249,910 million. Excluding the impact of TMA's consolidation, Telecom (excluding TMA) registered a 3.1% increase, primarily due to higher ARPU and subscriber growth. TMA's subscriber base reached 1.6 million subscribers (+92 thousand or +6.0% vs. 9M24) during 9M25. The average monthly churn for internet services as of September 30, 2025 stood at 1.9% (vs. 1.9% in 9M24). In 9M25, Telecom's broadband ARPU (excluding TMA) (restated in constant currency as of September 30, 2025) reached P$25,041.5 (+1.9% in real terms vs. 9M24). The effect generated by the restatement in terms of the current measurement unit as of September 30, 2025, included in ARPU amounts to P$1,656.4 and P$8,895.5 for 9M25 and 9M24, respectively. Additionally, in 9M25, TMA's broadband ARPU (restated in constant currency as of September 30, 2025) reached P$22,805.0 (+10.3% in real terms vs. 9M24). The effect generated by the restatement in terms of the current measurement unit as of September 30, 2025, included in ARPU amounts to P$1,720.7 and P$7,628.4 for 9M25 and 9M24, respectively. As of September 30, 2025, accesses with speeds of 100 Mbps or higher represented 97% of the total subscriber base (vs. 87% as of September 30, 2024). Cable TV Services Internet Services Revenues (In billions P$) 1,235.1 1,147.1 609.0 955.9 87.9 346.9 9M24 9M25 9M24 9M25 IAS 29 IAS 29 IAS 29 Adjustment Consolidated revenues from cable television services reached P$631,457 million in 9M25 (+P$86,302 million or +15.8% compared to 9M24). The number of TV subscribers for Telecom (excluding TMA) , including Uruguay and Paraguay, reached 3.4 million (+32 thousand or +0.9% vs. 9M24). TV subscribers for TMA totaled 0.4 million (-29 thousand or -6.9% vs. 9M24). The positive variation in revenues in Argentina is mainly due to the consolidation of TMA's results in 9M25, which amounted to P$63,729 million. Excluding the impact of TMA's consolidation, the increase of 4.1% for Telecom (excluding TMA) was mainly driven by a 3.2% increase in ARPU and a 1.4% increase in the subscriber base compared to 9M24. Telecom's subscriber base in Argentina (excluding TMA) totaled 3.2 million accesses Pay TV Service Revenues 585.3 345.2 545.2 46.2 200.0 (In billions P$) 9M24 9M25 9M24 IAS 29 631.5 9M25 IAS 29 as of September 30, 2025, with an increase of 1.4% compared to 9M24, driven by Flow Full and Flow Flex products, the latter being fully digital (no decoder or installation required). Of this customer base, 1.7 million are subscribed to Flow Flex. Flow continues to strengthen its positioning in the entertainment segment, enhancing customer experience through services such as the recent launch of Flow+ (a flexible entertainment offering that includes two interchangeable subscriptions every 30 days among Pack Fútbol, HBO, Disney+ Premium, and Universal+, all under a single plan). The monthly TV ARPU for Telecom (excluding TMA) (restated in constant currency as of September 30, 2025) reached P$17,264.4 during 9M25 (+3.2% in real terms vs. IAS 29 Adjustment 9M24). The effect generated by the restatement in terms of the current measurement unit as of September 30, 2025, included in ARPU amounts to P$808.8 and P$5,887.8 for 9M25 and 9M24, respectively. On the other hand, the monthly TV ARPU for TMA (restated in constant currency as of September 30, 2025) reached P$22,805.0 during 9M25 (+19.5% in real terms vs. 9M24). The effect generated by the restatement in terms of the current measurement unit as of September 30, 2025, included in ARPU amounts to P$1,665.4 and P$6,817.0 for 9M25 and 9M24, respectively. The monthly churn for cable television for Telecom (excluding TMA) stood at 1.5% as of September 30, 2025, and 1.8% as of September 30, 2024, while for TMA it was 4.0% and 3.7% as of September 30, 2025, and 2024, respectively. Fixed Telephony and Data Services Consolidated revenues from fixed voice and data services reached P$676,563 million in 9M25 (+P$205,312 million or +43.6% compared to 9M24). The variation in Argentina is mainly due to the consolidation of TMA's results in 9M25, which amounted to P$282,029 million. Fixed voice and data revenues for Telecom (excluding TMA) decreased by 16.3%, mainly because the company has not been able to increase its prices in line with inflation, considering accumulated inflation over the last twelve months of 31.8%, and despite a 2.4% increase in the fixed customer base. Telecom's fixed voice customer base (excluding TMA) reached 2.8 million in 9M25, of which 2.2 million correspond to customers with IP lines. TMA's telephony customer base reached 2.1 million, of which 1.5 million are customers with IP lines. Fixed Telephony Data Services Revenues (In billions P$) 618.9 294.7 57.6 471.3 176.6 676.6 Other Service Revenues Consolidated revenues from other service revenues, which primarily include revenues related to fintech services, billing and collection services on behalf of third parties, administrative fees, and advertising space sales, among others, reached P$48,296 million (+P$8,239 million or +20.6% vs. 9M24). The main variation was driven by the increase in fintech services in Argentina, primarily due to the growth in usage of the Personal Pay digital wallet and the rise in the number of users, which reached 4.4 million in 9M25 vs. 3.3 million in 9M24. Revenues from equipment sales Consolidated equipment sales revenues totaled P$295,256 million (+P$71,224 million or +31.8% vs. 9M24). This variation was mainly driven by the consolidation of TMA's results in 9M25, which amounted to P$114,447 million, while equipment sales for Telecom (excluding TMA) declined by 19.3% in real terms. Consolidated Operating Costs Consolidated Operating Costs including Depreciation, Amortization and Impairment of Fixed Assets amounted to P$5,270,240 million in 9M25 (+P$1,371,930 million or +35.2% vs. 9M24). Excluding Depreciation, Amortization and Impairment of Fixed Assets, consolidated operating costs increased by P$1,231,443 million or 46.0% in real terms during the same period. Operating costs for 9M25 include P$1,320,584 million corresponding to the consolidation of TMA. During 9M25, Telecom's operating costs (excluding TMA) decreased by 3.3% in real terms. 9M24 9M25 9M24 IAS 29 IAS 29 Adjustment 9M25 IAS 29 The cost breakdown was as follows: Labor costs and severance payments totaled P$1,358,615 million in 9M25 (+P$443,530 million or +48.5% vs. 9M24). The increase is mainly due to the consolidation of TMA's results in 9M25, whose contribution amounts to P$465,035 million. Telecom's headcount totaled 18,977 employees as of September 30, 2025. Interconnection and transmission costs, which also include roaming, correspondent services, and line and circuit rentals, amounted to P$200,813 million in 9M25 (+P$88,431 million or +78.7% vs. 9M24). The increase is mainly due to the consolidation of TMA's results in 9M25, whose contribution amounts to P$135,344 million. Excluding the impact of TMA's consolidation, the decrease is mainly due to optimization in the use of links and sites and lower traffic levels. Fees for services, maintenance and materials: P$714,553 million in 9M25 (+P$207,981 million or +41.1% vs. 9M24). The increase is mainly due to the consolidation of TMA's results in 9M25, whose contribution amounts to P$226,140 million. Excluding the impact of TMA's consolidation, the decrease is explained mainly by greater efficiencies, which reduced maintenance and material costs and service fees compared to 9M24. Taxes, fees, and regulatory charges: P$485,015 million (+P$191,361 million or +65.2% vs. 9M24). Operating costs for taxes, fees and regulatory charges in 9M25 include P$167,904 million corresponding to TMA. Commissions and advertising (agents, collection commissions and other commissions): Charges totaled P$297,533 million in 9M25 (+P$92,755 million or +45.3% vs. 9M24). The increase is mainly due to the consolidation of TMA's results in 9M25, whose contribution amounts to P$100,215 million. Costs of equipment sold totaled P$224,740 million in 9M25 (+P$51,120 million or +29.4% vs. 9M24). This variation is mainly due to the consolidation of TMA's results in 9M25, whose contribution amounts to P$89,655 million. Programming and content costs: P$266,780 million (+P$53,788 million or +25.3% vs. 9M24). Programming and content costs for 9M25 include P$34,252 million corresponding to TMA. Other costs totaled P$358,125 million (+P$102,477 million or +40.1% vs. 9M24), including bad debts, which totaled P$97,299 million (+P$19,964 million or +25.8% vs. 9M24). Bad debt expenses in 9M25 include P$38,926 million corresponding to TMA. The charge for bad debt continued to show a favorable trend: it represented 1.7% of total revenues as of September 30, 2025 (vs. 2.1% in 9M24). Other operating costs, which include litigation and contingency charges, energy and other utilities, insurance, rentals, and internet capacity, among others, amounted to P$260,826 million (+P$82,513 million or +46.3% vs. 9M24). TMA's contribution for 9M25 totaled P$63,113 million. Depreciation, amortization, and impairment of fixed assets: totaled P$1,364,066 million (+P$140,487 million or +11.5% vs. 9M24). The charge for the period includes P$345,469 million corresponding to the consolidation of TMA and reflects the impact of amortizations from additions after September 30, 2024, partially offset by the effect of assets that reached the end of their useful life after that date. Net Financial Results Net financial results (including financial debt costs and other net financial results) showed a consolidated loss of P$685,200 million in 9M25 (vs. a gain of P$1,961,278 million in 9M24). The consolidation of TMA's results contributes with a loss of P$53,854 million in 9M25. This variation was mainly driven by: In millions of $ 9M25 9M24 Δ $ Exchange differences (397,988) 2,226,070 (2,624,058) Net interest (272,955) (94,258) (178,697) RECPAM 94,127 143,373 (49,246) Fair value gains/(losses) on financial assets at fair value through profit or loss (10,017) (58,949) 48,932 Remeasurement in borrowings* 2,695 (114,464) 117,159 Others (101,062) (140,494) 39,432 Total (685,200) 1,961,278 (2,646,478) *Related to Notes issued in UVA The variation in consolidated net financial results in 9M25 was mainly explained by a higher loss from foreign exchange differences, measured in real terms, of P$2,624,058 million. This was driven by inflation of 22.0% versus a 33.7% depreciation of the Argentine Peso against the U.S. dollar (vs. inflation of 101.6% and a 20.0% depreciation of the Argentine Peso against the U.S. dollar in 9M24). Additionally, there were higher financial debt interest expenses of P$144,750 million due to increased borrowing, partially offset by higher gains from loan adjustments of P$117,159 million, resulting from the maturity of UVA-denominated notes, which reduced the outstanding principal balance and, consequently, the associated financial charges. Income Tax Telecom's income tax includes the following effects: the current income tax, determined based on the current tax legislation applicable to Telecom, 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 [email protected] Tomfis Pellicori [email protected] Lucas Gaeta [email protected] 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% 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 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 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% 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) 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% 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% 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% Consolidated Income Statements - 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 2,065,211 36,327 1,295,358 347,072 769,853 59.4% Employee benefit expenses and severance payments (507,333) (9,950) (332,331) (89,369) (175,002) 52.7% Interconnection and transmission costs (100,726) (5,542) (33,558) (9,010) (67,168) - Fees for services, maintenance, materials and supplies (264,101) (9,581) (168,286) (53,780) (95,815) 56.9% Taxes and fees with the regulatory authority (178,621) (3,569) (102,592) (27,479) (76,029) 74.1% Commissions and advertising (103,915) (2,111) (76,739) (20,574) (27,176) 35.4% Cost of equipments and handsets (67,986) (9,600) (64,517) (23,486) (3,469) 5.4% Programming and content costs (93,759) (1,827) (75,022) (17,451) (18,737) 25.0% Bad debt expenses (27,124) (342) (25,207) (6,779) (1,917) 7.6% Other operating expenses (72,520) 4,994 (65,125) (19,754) (7,395) 11.4% Subtotal Operating costs before D, A & I (1,416,085) (37,528) (943,377) (267,682) (472,708) 50.1% Operating income before D, A & I 649,126 (1,201) 351,981 79,390 297,145 84.4% Depreciation, amortization and impairment of fixed assets ("D, A & I") (483,338) (337,558) (400,385) (339,731) (82,953) 20.7% Operating income (loss) 165,788 (338,759) (48,404) (260,341) 214,192 - Losses from associates and joint ventures (2,225) (856) (6,392) (23,613) 4,167 -65.2% Financial costs (444,833) 288,537 121,748 361,310 (566,581) - Other financial results, net (12,150) 20,834 (60,120) (18,218) 47,970 -79.8% Net income (loss) before income tax expense (293,420) (30,244) 6,832 59,138 (300,252) - Income tax expense 100,939 5,725 (22,042) (10,232) 122,981 - Net Income (loss) (192,481) (24,519) (15,210) 48,906 (177,271) - Attributable to: Controlling Company (200,363) (24,666) (21,557) 46,356 (178,806) - Non-controlling interest 7,882 147 6,347 2,550 1,535 24.2% 10- Summary of comparative consolidated statements of cash flow 09/30/25 09/30/24 Total cash flows provided by operating activities 1,296,377 631,125 Investing Activities Payments for PP&E (688,580) (271,300) Payments for intangible asset acquisitions (87,374) (39,380) Dividends received from associates - 1,229 Proceeds from the sale of PP&E and intangible assets 33,983 4,498 Payments for acquisition of subsidiary, net of cash acquired (1,209,041) (17,020) Integration contributions in joint ventures (204) - Compensation received for acquisition of companies - 3,901 Proceeds from DFI liquidations 20,538 4,808 Proceeds from sale of investments not considered as cash and cash equivalents 281,163 330,941 Payments for investments not considered as cash and cash equivalents (416,138) (346,798) Total cash flows used in investing activities (2,065,653) (329,121) Total cash flows provided (used) from financing activities 742,872 (411,848) Net foreign exchange differences and RECPAM on cash and cash equivalents 36,056 (73,647) Total cash and cash equivalents provided (used) during the period 9,652 (183,491) 11- Breakdown of revenues - restated by inflation (constant figures) 09/30/25 9M25 IAS 29 09/30/24 9M24 IAS 29 9M25 IAS 29 Δ $ vs. 9M24 IAS 29 Δ % REVENUES FROM SERVICES 2,145,517 2,038,243 107,274 5.3% Mobile Services 1,371,634 1,268,177 103,457 8.2% Internet Services 321,983 269,741 52,242 19.4% Cable TV Services 81,807 69,629 12,178 17.5% Fixed Telephony and Data Services 365,410 425,071 (59,661) -14.0% Other service revenues 4,683 5,625 (942) -16.7% REVENUES FROM EQUIPMENT SALES 150,797 214,375 (63,578) -29.7% REVENUES 2,296,314 2,252,618 43,696 1.9% 12- Breakdown of 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 3Q24 IAS 29 Δ $ Δ % REVENUES FROM SERVICES 724,894 716,577 8,317 1.2% Mobile Services 461,097 447,691 13,406 3.0% Internet Services 110,079 101,062 9,017 8.9% Cable TV Services 27,583 26,933 650 2.4% Fixed Telephony and Data Services 125,306 139,043 (13,737) -9.9% Other service revenues 829 1,848 (1,019) -55.1% REVENUES FROM EQUIPMENT SALES 37,868 81,365 (43,497) -53.5% REVENUES 762,762 797,942 (35,180) -4.4% 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 9M24 IAS 29 Δ $ Δ % Revenues 2,296,314 2,252,618 43,696 1.9% Employee benefit expenses and severance payments (575,073) (494,415) (80,658) 16.3% Interconnection and transmission costs (218,480) (241,058) 22,578 -9.4% Fees for services, maintenance, materials and supplies (300,411) (368,015) 67,604 -18.4% Taxes and fees with the regulatory authority (217,635) (200,123) (17,512) 8.8% Commissions and advertising (132,255) (169,348) 37,093 -21.9% Cost of equipments and handsets (111,323) (159,909) 48,586 -30.4% Programming and content costs (44,607) (37,675) (6,932) 18.4% Bad debt expenses (52,923) (54,428) 1,505 -2.8% Other operating expenses (96,607) (164,593) 67,986 -41.3% Subtotal Operating costs before D, A & I (1,749,314) (1,889,564) 140,250 -7.4% Operating income before D, A & I 547,000 363,054 183,946 50.7% Depreciation, amortization and impairment of fixed assets ("D, A & I") (422,053) (533,050) 110,997 -20.8% Operating income (loss) 124,947 (169,996) 294,943 -173.5% Other financial results, net (122,237) 46,199 (168,436) - Net loss before income tax expense 2,710 (123,797) 126,507 -102.2% Income tax expense 135,004 34,810 100,194 - Net income (loss) 137,714 (88,987) 226,701 - Income Statements - restated by inflation (constant figures) (Allows the understanding of the variations of the Income Statement in real terms) Three Months Comparison 09/30/25 09/30/24 3Q25 IAS 29 vs. 3Q24 IAS 29 3Q25 IAS 29 3Q24 IAS 29 Δ $ Δ % Revenues 762,762 797,942 (35,180) -4.4% Employee benefit expenses and severance payments (196,938) (160,438) (36,500) 22.8% Interconnection and transmission costs (78,904) (70,909) (7,995) 11.3% Fees for services, maintenance, materials and supplies (98,725) (126,597) 27,872 -22.0% Taxes and fees with the regulatory authority (69,858) (72,213) 2,355 -3.3% Commissions and advertising (38,499) (74,540) 36,041 -48.4% Cost of equipments and handsets (30,536) (63,401) 32,865 -51.8% Programming and content costs (14,921) (14,078) (843) 6.0% Bad debt expenses (16,753) (21,188) 4,435 -20.9% Other operating expenses (22,524) (59,669) 37,145 -62.3% Subtotal Operating costs before D, A & I (567,658) (663,033) 95,375 -14.4% Operating income before D, A & I 195,104 134,909 60,195 44.6% Depreciation, amortization and impairment of fixed assets ("D, A & I") (138,702) (203,172) 64,470 -31.7% Operating loss 56,402 (68,263) 124,665 -182.6% Other financial results, net (11,703) (17,803) 6,100 -34.3% Net loss before income tax expense 44,699 (86,066) 130,765 -151.9% Income tax expense (18,487) 5,142 (23,629) - Net income (loss) 26,212 (80,924) 107,136 -132.4%

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