Telecom Argentina (TEO) investor relations material

Executive summary

• TMA acquisition integrated, contributing to revenue and cost increases, with proforma results reflecting four months of TMA in 1H25 and ongoing regulatory review.

• Maintained market leadership in mobile, broadband, and pay TV, with subscriber and ARPU growth across key markets.

• Net income for 1H25 was P$1,197,930 million, reversing a net loss in 1H24, but a consolidated net loss of P$75,554 million was also reported due to financial losses and higher debt.

• Strong access to international capital markets, with successful bond issuances, refinancing, and improved debt maturity profile.

• Environmental strategy strengthened by SBTi-approved decarbonization targets and ongoing ESG initiatives.

Financial highlights

• 1H25 consolidated revenues reached US$4,009 million (P$3,357,004 million), up 44% year-over-year, driven by TMA consolidation and service revenue growth.

• Adjusted EBITDA was US$1,568 million (P$1,007,153 million), up 29% year-over-year, with margin at 30.0%.

• Net financial results swung to a loss of P$215,364 million from a gain in 1H24, mainly due to FX losses and higher interest expenses.

• CAPEX for 1H25 totaled US$399 million (P$573,242 million), up 54% year-over-year, focused on mobile and FTTH expansion.

• Free cash flow for 1H25 was US$151 million, a significant improvement from US$48 million in 1H24.

Outlook and guidance

• Continued focus on operational efficiency, cost management, and network investments to sustain margin improvements and service quality.

• Regulatory approval for TMA acquisition expected within 6–14 months, with integration synergies anticipated.

• Management expects proposed remedies to regulatory concerns will not materially impact business or financial obligations.