Summarized below are the financial instruments we held as of December 31, 2025, that are sensitive to changes in foreign exchange rates, market prices and interest rate, if any. As a matter of policy, we may enter into forward exchange contracts, foreign currency swaps or other derivatives to manage the exposure attributed to foreign exchange rate and interest rate fluctuations associated with the principal amount of our liabilities in foreign currencies. We use these instruments to reduce risk by creating offsetting market exposures. The instruments we hold are not held for financial trading purposes. No foreign exchange forward or other derivatives for speculative purposes were outstanding during the reporting periods covered by this Annual Report. We do not have any other material market risk exposure. a) Foreign Exchange Rate Risk Foreign exchange exposure arises from our funding operations, and, to a lesser extent, our capital expenditures and expenses denominated in foreign currencies. The Peso/U.S. dollar exchange rate is determined by a free market with certain controls. See “Item 10—Additional Information—Foreign Investment and Exchange Controls in Argentina.” Our results of operations are sensitive to changes in the Peso/dollar exchange rates because our primary assets are in Argentina and most of our revenues are denominated in Pesos (our functional currency) while some parts of our liabilities are denominated in foreign currencies. Additionally, the Company has cash and cash equivalents, and investments denominated in U.S. dollars and other currencies that are also sensitive to changes in Peso/U.S. dollar exchange rates and contribute to reduce the exposure to commercial and financial obligations in foreign currency. The devaluation of the Argentine Peso over the last few years, which was 41.0% in 2025, has had and continues to have a negative impact on the payment and revaluation of debts denominated in foreign currency, and any further devaluation may adversely affect our financial situation and operating results. Also, the devaluation rate was higher than the inflation rate of the Argentine Peso, which amounted to 31.5%. Fluctuations in exchange rates may adversely affect the value, translated or converted into U.S. dollars, of our net assets, earnings and any declared dividends. We cannot give any assurance that any future movements in the exchange rate of the Peso against the U.S. dollar and other foreign currencies will not adversely affect our results of operations, financial condition and cash flows. However, we believe that a significant depreciation in the Peso against major foreign currencies may have a material adverse impact on our capital expenditure program and in our operating expenses denominated in foreign currencies. b) Interest Rate Risk Within its structure of borrowings, Telecom has bank overdrafts denominated in Argentine Pesos accruing interest at rates that are reset at maturity, notes and other financial entities’ loans denominated in Argentine Pesos, U.S. dollar, RMB and Paraguayan Guaraníes that bear interest at fixed and variable rates, so it is exposed to the risk of interest rate fluctuation, mainly through the fluctuation of the SOFR. c) Price Risk The Company’s investments in financial assets at fair value through profit or loss are subject to the risk of changes in market prices arising from fluctuations in the future value of these assets. The Company conducts an ongoing monitoring of the evolution of these assets’ prices. See Note 27 to our Consolidated Financial Statements for a description of financial risk management. ​ ​ ​ ​ PART I - ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK TELECOM ARGENTINA S.A. ​ 176 Table of Contents