INTRODUCTION The Company Telecom Argentina was created by Decree No. 60/90 of the PEN dated January 5, 1990, and incorporated as “Sociedad Licenciataria Norte S.A.” on April 23, 1990. In November 1990, its legal name was changed to “Telecom Argentina STET-France Telecom S.A.” and on February 18, 2004, it was changed to “Telecom Argentina S.A.” Telecom Argentina is organized as a corporation (sociedad anónima) under Argentine law. The duration of Telecom Argentina is 99 years from the date of registration with the IGJ (July 13, 1990). On January 1, 2018, the Merger between Telecom Argentina and Cablevisión became effective, and on such date, Telecom assumed Cablevisión’s then existing operations. On February 24, 2025, the Company acquired 86,460,983,849 common shares of TMA, representing 99.999625% of its capital stock, acquiring control, see “—Recent Developments—Acquisition of TMA.” TMA is one of the largest telecommunications and data transmission service providers in Argentina in terms of customers. TMA services in Argentina encompass mobile telephony, cable television, internet data and fixed telephony services. We are one of the largest private-sector companies in Argentina in terms of revenues, net income (loss), capital expenditures and number of employees. In terms of customers, we are one of the largest telecommunications, cable television and data transmission service providers in Argentina and one of the largest cable television services providers across Latin America. Additionally, we are an important Multiple Systems Operator (“MSO,” a company that owns multiple cable systems in different locations under the control and management of a single, common organization) in Argentina in terms of customers. We provide over 62.1 million customers with high-speed fixed and mobile connectivity, offering a flexible and dynamic digital experience across all devices, complemented by a live and on-demand content platform that integrates series, movies, music, and TV programs, and Fintech Services. We also provide data transmission and IT solutions outsourcing and we install, operate and develop cable television and data transmission services. We provide our services in Argentina (mobile, cable television, internet, fixed and data services, among others), Paraguay (mobile, internet, satellite TV services, among others), Uruguay (cable television services, internet and cybersecurity services and products), the United States (fixed and voice interconnection wholesale services) and Chile (cybersecurity services and products). In 2025, our revenues amounted to P$8,328,814 million, our net loss amounted to P$145,304 million, our Adjusted EBITDA amounted to P$2,525,535 million and we had total assets of P$16,622,552 million. For more information on the use of Adjusted EBITDA and reconciliation of net income to Adjusted EBITDA in “Item 5—Operating and Financial Review and Prospects—(A) Consolidated Results of Operations—Adjusted EBITDA.” The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Telecom Argentina’s telephone number is +54-11-5359-2752, and its principal executive offices are located in Gral. Hornos 690, (C1272ACK) Buenos Aires, Argentina. Our internet address is https://institucional.telecom.com.ar. The contents of our website and other websites referred to herein are not part of this Annual Report. Our authorized agent in the United States for SEC reporting purposes is Puglisi & Associates, 850 Library Avenue, Suite 204, P.O. Box 885, Newark, Delaware 19711. Subsidiaries As of December 31, 2025, Telecom Argentina’s subsidiaries were TMA, Núcleo, PEM, Cable Imagen, Televisión Dirigida and its subsidiaries, Adesol and its subsidiaries, Inter Radios, Telecom Argentina USA, Personal Smarthome and its subsidiary, Opalker and its subsidiary, Micro Fintech Holding and its subsidiaries, and TSMA. TMA is the only significant subsidiary of the Company. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 43 Table of Contents For further information on our subsidiaries, see Note 1 to our Consolidated Financial Statements and see Exhibit 8.1 to this Annual Report. Recent Developments Acquisition of TMA On February 24, 2025 (the “Acquisition Date”), Telecom Argentina completed the acquisition of TMA for a purchase price of US$1,245 million (“consideration paid” pursuant to IFRS 3 was US$1,119 million). TMA is a company incorporated in Argentina that provides mobile and fixed telephony, fixed broadband and video services nationwide in Argentina. The purpose of the acquisition was to enhance the quality of existing services and to expand the coverage and capacity of both mobile and fixed networks. As of the date of this Annual Report, Telecom Argentina has duly and timely made all required presentations related to the acquisition of TMA and has initiated the necessary proceedings before the CNDC and ENACOM in order to obtain (i) the antitrust approval from the Secretary of Industry and Commerce (or from any succeeding enforcement authority under Law No. 27,442, as applicable) for the economic concentration resulting from the Acquisition, and (ii) the approval of ENACOM to the change of control that occurred in TMA as a consequence of the Acquisition. The filing before the CNDC was made on March 3, 2025, while the filing before ENACOM was made on March 7, 2025, both in accordance with the applicable regulatory framework. Both administrative procedures are currently underway. On March 21, 2025, the Secretary of Industry and Commerce issued the March 2025 Resolution, requiring Telecom Argentina as a provisional measure in accordance with Article 44 of Law No. 27,442 to refrain, for a period of six months or until the Secretary of Industry and Commerce issues a decision pursuant to Article 14 of Law No. 27,442 either approving or subordinating the acquisition to the fulfillment of conditions, or denying authorization of the transaction—whichever occurs first—from carrying out any legal, corporate or commercial act relating directly or indirectly to the integration or consolidation of TMA’s businesses with Telecom Argentina. This included any initiative that entails integrating TMA’s equipment with that of Telecom Argentina, as well as any exchange of competitively sensitive information with TMA, such as prices and pricing strategies, costs and margins, business plans and commercial strategies, information on customers and suppliers, investment plans, among others. Telecom Argentina must also respect the agreements regarding the reciprocal use of infrastructure previously entered into between Telecom Argentina and TMA. The Resolution does not modify the manner in which Telecom Argentina and TMA operate. As of the date of this Annual Report, TMA operates as an independent business under a separate business segment from Personal, and the members of the Board of Directors and the management of Telecom Argentina and TMA are independent of each other. On April 6, 2025, Telecom Argentina filed an appeal before the Secretary of Industry and Commerce and the CNDC against the Resolution No. 63/2025, as well as against the note from the Secretary of Industry and Commerce dated March 27, 2025 to the CNDC appointing a monitoring agent for the Telecom Argentina and TMA to oversee compliance with the measure. On June 5, 2025, Telecom Argentina was notified of the decision issued by Chamber III of the Federal Civil and Commercial Court of Appeals, which granted the appeal with suspensive effect and ordered the Secretary of Industry and Commerce to refrain from adopting any measure that would contravene the suspensive effect with which the appeal was granted. In addition, on June 19, 2025, Telecom Argentina was notified of a resolution by the Secretary of Industry and Commerce that included (i) a statement of objection to the transaction; (ii) a request for Telecom Argentina to present its arguments against the objections within 15 days, and (iii) a call for a special hearing to consider the measures proposed by Telecom Argentina to overcome these objections. ​ This resolution does not represent a final resolution or the imposition of penalties, but rather a procedural stage affording the parties the opportunity to exercise their right of defense, submit responses, or propose commitments to mitigate potential anticompetitive effects. ​ ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 44 Table of Contents Telecom Argentina believes that the aforementioned objection report was issued and notified prematurely, at an early stage of the process, without all the necessary information being considered and before all relevant procedures established under the antitrust laws were completed. In this regard, Telecom Argentina does not agree with the preliminary conclusions expressed in the objection report and has focused on analyzing all CNDC statements therein and submitting all appropriate presentations and technical data in response to the report (including Form F-2 as required by antitrust law, which was submitted by Telecom Argentina on June 29, 2025) to advance the review process and obtain the relevant approvals. ​ On August 5, 2025, Telecom Argentina duly and timely submitted its response to the preliminary objection report issued by the CNDC. Together with that submission, and without this being construed in any way as an acknowledgment that the transaction raises an antitrust concern, Telecom Argentina expressed its willingness, as a procedural safeguard contemplated under Law No. 27,442, to consider potential commitments to address the provisional concerns outlined in the objection report, should the authorities deem it necessary. Telecom Argentina believes that any such potential commitments, if required, would be limited, proportionate, and would not have a material adverse effect on Telecom Argentina’s business, financial condition, or ability to meet its financial obligations. Subsequently, the CNDC held the special hearing provided for in Article 14 of Law No. 27,442. The first hearing took place on September 19, 2025, and the second hearing on October 6, 2025, at which time the CNDC decided to adjourn the proceedings, leaving their continuation subject to the CNDC’s evaluation of the observations and submissions previously made by Telecom Argentina, as well as of the information still pending submission by third parties at the CNDC’s request. On November 17, 2025, pursuant to Decree No. 810/2025, the Argentine government established the Argentine National Competition Authority (Autoridad Nacional de Competencia) (the “ANC”), a decentralized and autonomous entity that replaced the CNDC. The ANC became operational upon the appointment of its authorities in accordance with Law No. 27,442, which designates the ANC as the body responsible for protecting and promoting competition and safeguarding the general economic interest. As a result, the regulatory review of the Acquisition is conducted under the supervision of the ANC. On December 23, 2025, Chamber III of the National Court of Appeals in Civil and Commercial Matters issued its decision regarding the appeal filed by Telecom Argentina against Resolution No. 63/2025 of the Secretary of Industry and Commerce. The Court held that ruling on the appeal had become moot, given that at the time the judgment was rendered, the precautionary measure had already expired. In this regard, the Chamber expressly stated that no evidence had been submitted in the case file demonstrating an extension of the precautionary measure and therefore concluded that there was no longer an existing case or controversy that would warrant consideration of the appeal. The Argentine Government filed a Federal Extraordinary Appeal against this resolution, which has been notified to Telecom Argentina on February 23, 2026. Telecom Argentina has duly responded within the established timeframe, requesting that the appeal be dismissed as inadmissible. ​ Likewise, on that same date, a new hearing was held within the framework of the procedure established in Article 14 of Law No. 27,442 before the ANC, which constituted a continuation of the previously mentioned hearings. With this hearing, the hearing stage contemplated by the procedure was deemed concluded, leaving the case under review by the ANC for the issuance of the corresponding resolution within the framework of the operation’s review process. ​ Telecom Argentina will exercise all rights available to it to review or challenge any decisions that it considers to be inconsistent with applicable Argentine law or the actual competitive conditions in each relevant market and jurisdiction. ​ Although there can be no assurance regarding the outcome of the post-closing review of the Acquisition by regulatory authorities, Telecom Argentina and its legal advisors have arguments to support the its position. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 45 Table of Contents Acquisition Financing The Acquisition was financed by Telecom Argentina through the Existing Loans totaling US$1,170 million: ● An unsecured syndicated loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A., governed by New York law (the “Syndicated Loan”); and ● An unsecured bilateral loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U., governed by Argentine law (the “Bilateral Loan”). On May 28, 2025, we issued US$800 million in aggregate principal amount of 9.250% senior notes due 2033 (the “2033 Notes”) in the international markets pursuant to Rule 144A and Regulation S of the Securities Act. We applied the proceeds from the 2033 Notes to (i) partially prepay the Syndicated Loan in a principal amount equal to US$650.3 million, reducing the outstanding principal amount thereunder to US$319.7 million, and (ii) partially prepay the Bilateral Loan in a principal amount equal to US$134.1 million, reducing the outstanding principal amount thereunder to US$65.9 million. On June 24, 2025, we issued an additional US$200 million in aggregate principal amount of 2033 Notes. Following such issuance, the aggregate principal amount of outstanding 2033 Notes increased to US$1,000 million. We applied the proceeds from the reopening to partially prepay the Syndicated Loan in a principal amount equal to US$168.8 million, reducing the outstanding principal amount thereunder to US$150.9 million, and to prepay the Bilateral Loan in a principal amount equal to US$34.8 million, reducing the outstanding principal amount thereunder to US$31.1 million. On January 20, 2026, we applied the proceeds from the Notes described below under “Debt Transactions” to fully prepay the Existing Loans. For further information about our borrowing, see Note 14 of our Consolidated Financial Statements and “Item 5—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Borrowings Developments during 2025.” Debt Transactions On January 20, 2026, we issued US$600 million in aggregate principal amount of US$600 million 8.5% senior amortizing notes due 2036 (the “2036 Notes”) in the international markets pursuant to Rule 144A and Regulation S of the Securities Act. We applied the proceeds from the 2036 Notes to (i) prepay in full the Existing Loans (principal amount outstanding of US$182 million plus accrued interest), and (ii) redeem in full our outstanding 8.000% Senior Notes due 2026, at a redemption price of US$164 million, plus accrued interest. ​ On March 5, 2026, we issued US$81 million aggregate principal amount of our 6.50% fixed rate notes due 2029 (the “Series 28 Notes”) in the Argentine local capital markets. The Series 28 Notes were issued at an issue price of 100% of their principal amount and will mature on March 5, 2029. The Series 28 Notes accrues interest at a fixed nominal annual rate of 6.50% and is payable semi-annually. Changes in Senior Management On July 3, 2025, Telecom Argentina’s Chief Financial Officer, Gabriel Blasi, informed the Board of his intention to retire from his position during the last quarter of 2025. This decision was made strictly for personal reasons and in full agreement with the Company. During the interim period prior to his departure and as of the date of this Annual Report, Telecom Argentina is considering a succession plan to ensure the continuity and quality of its management. Pending completion of this process, the duties of Chief Financial Officer will be performed on an interim basis by Telecom Argentina’s Director of Finance, Federico Pra as of December 23, 2025. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 46 Table of Contents Agreement between Telecom Argentina, Micro Fintech Holding and Micro Sistemas with Banco Macro S.A. On January 22, 2026, Telecom Argentina and its direct and indirect subsidiaries Micro Fintech Holding and Micro Sistemas entered into a framework agreement with Banco Macro S.A. (“Banco Macro”) aimed at fostering the growth and expansion of the business of Micro Sistemas, a payment services provider operating under the “Personal Pay” brand. This strategic alliance will enable the development of a differentiated and comprehensive value proposition for customers operating on the “Personal Pay” platform, while also expanding the range of financial products and services offered to a broader customer base, supported by Banco Macro’s leading position in the financial sector. For these purposes, Banco Macro will contribute its expertise in financial products, while Micro Sistemas will contribute its extensive base of active customers and recurring use cases with genuine transaction activity, thereby promoting a more efficient and broader market with customers at its core. Pursuant to this agreement, Banco Macro made a capital contribution and, therefore, subscribed for shares representing 50% of the share capital and voting rights of Micro Sistemas, for an amount in pesos equivalent to US$75 million. As a result of this transaction, the Company no longer holds the majority of the voting rights required to exercise control over Micro Sistemas and, accordingly, the Company now has joint control over such entity. The transaction is subject to the corresponding approval by the National Antitrust Authority, in accordance with applicable regulations. ​ ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 47 Table of Contents THE BUSINESS The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit. This reflects the current regulatory context of the converged ICT Services industry, under which mobile services, internet services, cable television and fixed and data services, are all governed by the same regulatory framework and therefore consolidated into a single segment. To exercise their functions, both the Executive Committee and the CEO periodically receive the economic-financial information of Telecom Argentina and its subsidiaries located in Argentina except TMA (stated in historic currency at the transaction date) prepared as a single segment and evaluate the evolution of the business as a single results-generating unit, administrating the resources in a unique way to achieve the objectives. Costs are not specifically allocated to a type of service, as Telecom Argentina has a single payroll and operating expenses that affect all services in general. Further, decisions on capital expenditures affect all types of services provided by Telecom Argentina and its subsidiaries in Argentina except TMA and are not allocated specifically to one of them. Following the Acquisition, dated February 24, 2025, the Company identified a new reportable segment, “ICT Services provided in Argentina – TMA Network” corresponding to the provision of mobile and fixed telephony services, fixed broadband, and video services on a nationwide scale in Argentina, using TMA’s own networks, with its own infrastructure. See “—Recent Developments—Acquisition of TMA.” TMA is managed as a separate business unit, and therefore, the Executive Committee and the CEO review its economic and financial information (stated in historic currency at the transaction date) separately. Costs are not specifically allocated to a type of service, as TMA has a single payroll and operating expenses that affect all services in general. Further, decisions on capital expenditures affect all types of services provided by TMA and are not allocated specifically to one of them. Additionally, Telecom, through Micro Sistemas, develops activities in the fintech industry in Argentina. Telecom also carries out activities abroad (Paraguay, USA, Uruguay and Chile). The operations that Telecom develops through Micro Sistemas, and those developed abroad, are not analyzed as a separate segment by the Executive Committee and the CEO, considering that they are not considered as individually significant. These operations do not meet the aggregation criteria established by the standard to be grouped within the “ICT Services provided in Argentina– Personal Network” segment and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category “Other segments.” As a result, segments as of December 31, 2025, are the following: ● ICT Services provided in Argentina – Personal Network: Corresponds to the operations carried out by Telecom Argentina and its subsidiaries located in Argentina (excluding TMA) engaged in the provision of ICT services. ● ICT Services provided in Argentina – TMA Network: Corresponds to the operations carried out by the subsidiary TMA as from the acquisition date. ● Other segments: Corresponds to the operations for a) ICT services provided abroad (Paraguay, USA, Uruguay and Chile) and b) the development of activities in the fintech industry, through the subsidiaries Micro Sistemas in Argentina and Personal Envíos and CrediPay in Paraguay. The Executive Committee and the CEO evaluate the profitability for each reportable segment based on the measure of the Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income less income tax, financial results, earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangible Assets, reviewing this information in the currency of the date of each transaction. For a breakdown of total revenues by category of activity, please see “Item 5—Operating and Financial Review and Prospects.” For more information, see Note 1.b) of our Consolidated Financial Statements. Main Products and Services We offer our customers an ecosystem of services and platforms, leveraged by robust connectivity inside and outside the home, along with the best entertainment experiences, and technological solutions for people, startups, industries and governments. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 48 Table of Contents To achieve this, we use the latest technologies available for our networks, systems, and business models, partnering with renowned global companies. Our focus remains on expanding and enhancing our fixed and mobile networks, as well as increasing Broadband coverage and capacity. We are also pursuing new business opportunities through a digital platform and marketplace development model that allows us to maximize opportunities across the region. We extend our footprint to other markets, with new businesses based on the development of APIs and applications, highlighting our infrastructure and network capabilities for developers around the world. In line with our vision of innovation and diversification, we explore new business opportunities and seek to go beyond connectivity and accompany the challenges of the digital economy. We intend to become a relevant player in the Latin American financial industry by developing products that generate monetization in the digital ecosystem, leveraging 5G and positioning ourselves regionally. With new businesses such as IoT, Fintech Services, cybersecurity, entertainment, OpenXpand and smart home, among others, we are committed to constant innovation to offer comprehensive solutions and adapt to changing market demands. As of December 31, 2025, we offered our customers a diverse range of services, which are presented below and categorized by reportable segment: Ø ICT Services provided in Argentina – Personal Network Toward the end of 2025, we took a decisive step in our company’s evolution by unifying our brand identity with a core conviction: to streamline, simplify, and scale our value proposition to support the digital needs of individuals, households, and organizations across the country. Since December 2025, Personal has been consolidated as the brand that integrates our entire ecosystem of services. With this new architecture, all our solutions are consolidated under a single identity: Personal Móvil and Personal Fibra guarantee mobile and fixed connectivity with cutting-edge technology; Personal Flow enhances the entertainment experience with live TV and on-demand content; Personal Pay provides simple and secure digital financial solutions; Personal Smarthome and Tienda Personal expand access to affordable smart home solutions; and Personal Tech supports businesses, organizations, and governments in their digital transformation processes. This rebranding positions Personal for the future with a clear vision: to lead the country’s digital ecosystem through integrated, simple, and people-centered experiences. ​ Brand: Personal Móvil Personal Fibra Personal Flow Personal Pay Tienda Personal Personal Smarthome Personal Tech Services Mobile Telecommunications Services Internet Services Cable Television Services Fintech Services (a) Smart home solutions. Cybersecurity, cloud, IoT, datacenter and infrastructure (a) These services are not included as part of the segment “ICT Services provided in Argentina – Personal Network,” and are aggregated in “Others segments.” In January 2026, Banco Macro subscribed for shares representing 50% of the share capital and voting rights of Micro Sistemas, see “—Information on the Company—Recent Developments—Agreement between Telecom Argentina, Micro Fintech Holding and Micro Sistemas with Banco Macro S.A.” ●Mobile Telecommunications Services Overview Mobile telecommunications service offerings include voice communications, high-speed mobile internet content and applications download and online streaming, among others, as well as the sale of mobile communication devices (handsets, Modems MiFi and wingles, smart watches). The services are supported by the different technologies of the mobile network (4G/5G). ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 49 Table of Contents As of December 31, 2025, we had approximately 19.9 million mobile customers, consisting of 60% prepaid customers and 40% postpaid customers. We provide mobile services on 850 MHz in the Northern Region and AMBA, 1,900 MHz, 700 MHz and AWS (paired frequencies in 1,700 MHz and 2,100 MHz) in the whole country and 900 MHz and 2,600 MHz assigned by towns and cities. Additionally, we provide 3,500 MHz in the whole country for 5G services. During 2025, Personal Movil expanded its 5G footprint by adding 819 new sites, reaching a total of 1,084 by the end of the year. In addition, the number of customers with 5G-enabled devices was 3.5 million by year-end. Residential and Corporate Services We offer mobile telecommunication services to residential and corporate customers through a variety of flexible options. These options include prepaid, post-paid and “Abono Fijo” (fixed subscription plans). ● Prepaid Plans. Under prepaid plans, customers pay in advance for services, using prepaid credit. Since there are no monthly bills, prepaid plans allow customers to communicate with maximum flexibility while maintaining control over their consumption. Prepaid credit can be purchased through prepaid cards or virtual credit on our website, by phone, at ATMs and drugstores, or through authorized agents. Our mobile telecommunication customers may browse the internet, make and receive local, national and international calls and buy multimedia content. We offer a variety of “packs” which enable customers to use the abovementioned services at lower prices. These packs may include a fixed number of minutes to make national or international calls, SMSs, and a quota of megabytes for browsing the internet, among other services. ● Post-Paid Plans. Under post-paid plans, customers pay a monthly fee for a particular plan, plus charges for additional services not included in that plan. Most of the plans we offer include a quota of megabytes for browsing the internet and unlimited airtime for on-network calls and SMS. Depending on the price, some plans include a number of free seconds or unlimited airtime for off-network calls. Once the included seconds have been used, customers can continue using the mobile service at a set price per second. Customers can also purchase additional megabytes to continue browsing the internet after using the megabytes included in their monthly plan. Charges for additional airtime, megabytes or multimedia content are added to the following month’s bill. These plans also include gigabytes or roaming minutes to communicate abroad. Among the post-paid plans, we also offer M2M plans based on the IoT concept, which refers to the digital interconnection of everyday objects to the internet, and are specifically aimed at business customers. These plans include solutions such as geolocation and fleet monitoring, refrigeration control, information security solutions, sales management solutions, and cloud solutions for information storage and protection. ● Fixed Subscription (Abono Fijo). Under the Fixed Subscription (Abono Fijo) plans, a customer pays a set monthly bill. As in post-paid plans, most of these plans include a quota of megabytes for browsing the internet, unlimited airtime for on-net and off-net calls, SMS and a fixed amount of credit that can be used to buy packs or multimedia contents. Once the prepaid seconds have been used or the internet quota has been met, the subscriber can obtain additional credit by recharging its line through the prepaid system. Our strategy during 2025 focused on continuing to lead in mobile services, promoting the consumption of high-speed services by providing upgrades and improving the experiences of certain customers, and more generally addressing the needs of small, medium and large customers and continuing to grow in the Digital Solutions business (Cloud & Infrastructure, Datacenter, Cybersecurity and IoT). In addition, we worked on strengthening the value proposition of our mobile products by renewing all aspects related to the management of gigas included in customer plans and introducing new benefits, such as higher gigas allowances, automatic gigas doubling for convergent customers, gigas sharing across lines, and the Video Pass benefit, which allows streaming videos and Flow content with 5G connectivity without consuming gigas from the plan. These initiatives aimed to deliver greater value, flexibility, and a superior experience. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 50 Table of Contents The main developments in our residential and corporate services during 2025 were the following: ● we continued offering mobile services ranging from prepaid plans to postpaid plans, and between four gigabytes and 50 gigabytes for residential and corporate services; ● we continued focusing on the development of convergent offers for our customers, offering additional bonuses upon the purchase of various services, to increase customer loyalty. We extended the initiative to corporate customers, seeking to increase services convergence; ● we continued adding benefits for mobile and convergent subscription customers; ● we focused on expanding international service capabilities, reinforcing coverage and technologies and improving performance metrics to ensure superior quality and customer experience. These efforts were complemented by initiatives to optimize traffic management and control costs, supporting the evolution of our roaming offer and maximizing data benefits. As a result, 80% of our customers used our international roaming service when traveling abroad; and ● we prioritized the development of 5G Roaming and VoLTE Roaming to enhance data and voice experiences, achieving coverage across 61 countries—ensuring that more than 80% of our customers travel to destinations where this technologies are available. These actions allowed us to consolidate the best market experience, reflected in an NPS above 50 points. Wholesale Services Our mobile telecommunications infrastructure also enables us to offer a range of wholesale services, as summarized below. ● International Business. During 2025, inbound international visitors to Argentina declined by 19.7%; however, revenue from inbound roaming increased by 15.7% driven by new roaming agreements, the retention of existing agreements, and improved commercial terms. We continued focusing on reducing outbound traffic costs. In 2025, the number of Data Roamers (mobile subscribers who consume mobile data services while accessing a visited network outside the coverage area of their home operator, either under national or international roaming agreements - these users generate data traffic on third‑party networks pursuant to inter‑operator roaming arrangements, regardless of the underlying service plan or the amount of data consumed) grew by 54% and total outbound traffic increased by 86%, reinforcing the importance of continually improving our commercial agreements to sustain margins. With respect to our SMS A2P business, traffic declined by 6%. Nevertheless, revenues decreased by only 4%, supported by the reactivation of domestic SMS A2P activity, which helped mitigate the impact of reduced volumes. We initiated the monetization of our network capabilities through aggregator facilitated services, generating new revenues from the launch of our first standardized API — SIM Swap validation. With the subsequent rollout of five additional APIs, we consider this an emerging business line with significant potential and expect it to become a relevant contributor to future revenue streams. ● Domestic Business. revenues and costs mainly related to interconnection traffic charges (call origination/termination, long distance transport and transit, both on the mobile network and on the fixed network); sale of interconnection service resources, sale of infrastructure to Large Groups (such as Datacenter Services, Mobile Backhaul, Links, etc.), national roaming, and infrastructure sharing (including RAN sharing and lease of conventional and non-conventional sites, among others). ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 51 Table of Contents Network and Equipment In terms of infrastructure, during 2025 we continued to improve the services we provide by deploying the 4G/LTE network and the deployment of fiber optics to connect homes with Broadband, which also had an impact on fixed and data network. This allowed us to stand out from our competitors, significantly improving the NPS of our customers. The deployment of 4G/LTE has achieved a coverage of 97% of the urban population in more than 2,245 towns and cities as of December 31, 2025. Furthermore, we have reached a 98% coverage of the population in major cities of Argentina, as of December 31, 2025. Customers who access our 4G network experience enhanced service quality, enjoying speeds of up to 84 Mbps and, approximately 85% of calls are now made using VoLTE, a technology that enables voice calls over the 4G network, resulting in significant improvements in audio and video quality. In addition, we have continued the deployment of mobile site connectivity to enhance quality and capacity, replacing radio links with high-capacity fiber optic connections. Furthermore, the initiative to connect remote and low-density areas through satellite backhaul remains ongoing. Regarding 5G, by the end of 2023, and through the Argentine government-launched tender, we have acquired spectrum that will accelerate the growth of our 5G service. Currently, we have reached 1,084 sites with 5G. Competition The market for residential, corporate and wholesale mobile telecommunications services in Argentina is characterized by intense competition. Operators are free from regulation to determine the pricing of services, except that ENACOM sets prices for wholesale local interconnection services. During 2025, three mobile operators offered nationwide service: Personal, TMA and AMX Argentina. ● Internet Services Overview We provide Broadband internet services with Personal Fibra brand. Broadband can be delivered through three technologies: cable modem (HFC), fiber optic (FTTC and FTTH - and dedicated for corporate services-) and wireless (and satellite for corporate services); being cable Modem and FTTH the most widely used for residential services. We market our services through HFC and FTTH technologies. During 2025, such services provide speeds for up from 100 MB to 1,000 MB During 2025, our home products strategy focused on accelerating migrations to our preferred fiber network, offering in-home coverage solutions, and providing more options to ensure service continuity. In addition, we continued promoting Broadband offers by delivering higher speeds to customers with technical availability. Our strategy for access networks aimed to meet the growing demand for Broadband, mainly driven by video and multimedia content consumption. To achieve this, we continued expanding our fiber optic access infrastructure through different modalities and technologies, optimized according to service demand and geographic location. During 2025, we continued deploying our FTTH network both in greenfield areas (an area where we have not deployed any of our technology networks: HFC or FTTH) and in the reconversion of brownfield areas (an area where we have network deployment), granting more customers access to ultra-high internet velocity with speeds of 1,000 MB and also upgrading the customer base average speed by migrating customers to our HFC and FTTH network (i.e., technologies that replace copper with fiber optics in different points of the transmission network). As of December 31, 2025, the number of customers with access to FTTH technology grew 37% compared to December 31, 2024. In May 2025, we introduced our new Fixed Wireless Access (FWA) product, a technological solution that provides broadband connectivity through mobile networks. The goal of this launch is to bring high-speed internet to areas where fiber optic has not yet reached, expanding our coverage, ensuring that more communities can access quality services, and reducing the digital divide. This product also enables us to offer customers internet service in areas where obsolete networks have been shut down. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 52 Table of Contents Finally, we also added Wi-Fi signal extenders to our portfolio, designed to ensure coverage in every corner of the home. This product directly addresses the need expressed by our customers who experienced connectivity issues in certain areas. The extenders are available in our online store and can also be offered by our technical service during home visits, ensuring that every customer enjoys a stable and high-quality connection experience. Residential and Corporate Services As of December 31, 2025, we had approximately 4.2 million internet customers. During 2025, we continued with the reconversion of Personal Fibra’s fixed internet network, expanding in 2025 by 17,000 FTTH blocks in new locations and/or XDSL / HFC one way and 16,000 FTTH blocks in HFC two-way (Overlay) areas. Key projects included completing FTTH coverage in the main capitals and major cities across the northern region, consolidating our footprint in strategic areas. Additionally, the overlay strategy aimed to accelerate the migration from HFC to FTTH in the largest urban centers, including CABA, AMBA, Rosario, and Córdoba. The migration of customers towards the best available technology (XDSL to HFC/FTTH and HFC to FTTH) and the selective shutdown of obsolete networks continued, seeking efficiency and improving customer service. The internet connectivity products we offer through the Personal Fibra brand are specially tailored to the needs of each residential or corporate user and include specific solutions such as virtual private network services, traditional IP links and corporate products that offer additional services. We offer internet products ranging from 100MB to 1,000 MB. Customers with a service of 100 MB or more represent 98% and 89% of the total customer base as of December 31, 2025, and 2024, respectively. Within this range, customers have contracted service plans of 100 MB, 300 MB, 600 MB and 1,000 MB which, as of December 31, 2025, amount to 1.4 million, 2.2 million, 0.2 million and 0.1 million, respectively, positioning our Personal Fibra brand as the technological benchmark brand of the industry. Additionally, we offer international IP access through well-known global Backbone providers. We also offer Personal Wifi Zone, a connectivity experience available to our customers with Personal Fibra internet at home, which is the largest WiFi network in Argentina. Personal WiFi Zone currently has a coverage of more than 2.4 million locations distributed throughout the country. The service is used by 180 thousand customers on a monthly basis. Network and Equipment In order to continue bringing fiber optics closer to customers, we consolidated the deployment of FTTH networks, substantially improving the possibility of offering high-speed services. This rollout encompassed both residential and corporate customers, new neighborhoods, gated communities, buildings, and shopping malls. With respect to HFC networks, investments were focused on increasing the capacity of existing networks to keep up with our customers’ traffic demand by reducing service areas and increasing upstream capacity. In addition, the deployment of a new FTTH network superimposed on the HFC network continued, seeking to connect the new customers to this new network. In this way, the traffic on the HFC network is relieved, and better services are provided to our customers. In addition to the renewal of the access network described above, the transformation process of the transport network continued, allowing not only greater capacity, but also greater operational efficiency and scalability. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 53 Table of Contents Competition In Argentina, the internet service market includes operators such as TMA, AMX Argentina, Gigared and Telecentro (providing a triple-play offer), as well as satellite-based broadband services such as Starlink, which may compete in certain customer segments, particularly in regions with lower population density or limited access to fixed broadband infrastructure. During 2025, AMX Argentina continued its investments for the construction of their fixed FTTH networks, increasing its penetration and ability to serve households in different areas of the country. The data services business includes providers such as AMX Argentina and several providers of niche data services such as Cirion Technologies, IPlan, Metrotel and others. ● Cable Television Services Overview We provide cable television services in different locations in Argentina. Through Personal Flow, the Company seeks to consolidate itself as an “entertainment meeting point,” offering access to a platform with live and on-demand content. During 2025, we worked to improve the performance and stability of our TV and streaming products, focusing on delivering exceptional customer experience. These efforts resulted in a significant improvement in our NPS compared to 2024, reflecting the trust and satisfaction of our users. Personal Flow continues to evolve year after year to offer the best entertainment experience. We have consolidated our position as the leading platform in Argentina and among the most advanced in the region. We connect people with their passions, offering a wide variety of content—live TV, movies and series, music, sports, and Kids—accessible anytime, anywhere. In recent years, Personal Flow has continued promoting local production with high-quality, original content featuring local talent. During 2025, we have released different quality national co-productions with Warner. Additionally, it has strengthened its position in live music streaming by broadcasting events featuring both national and international artists, as well as major festivals. During 2025, we delivered a two-way network with a bandwidth capacity of more than one GHz to approximately 96% of the homes passed through our cable network (99.9% in AMBA). Through these networks, we offer additional revenue-generating services and products, such as premium services and pay-per-view. As of December 31, 2025, we had approximately 3.3 million cable television customers, which represented a 37% of the Argentine market share for cable television services. Our Cable Television Networks and Operating Regions As of December 31, 2025, our principal cable networks were located in AMBA. We also operated cable networks in other cities within the provinces of Buenos Aires, Santa Fe, Entre Ríos, Córdoba, Corrientes, Formosa, Misiones, Salta, Chaco, Neuquén, Río Negro, Mendoza, Tucumán and San Juan. As of December 31, 2025, Personal Flow’s fiber optic network covered approximately 98,000 kilometers, of which approximately 35,000 kilometers correspond to the interurban network. Retail and Corporate Programming and Other Cable Television Services In 2025, we continued investing significant resources to expand the variety of programming options in order to appeal to potential new customers and meet their needs. Our cable television services revenues are derived primarily from monthly subscription fees for cable service. To a lesser extent, our cable television services revenues also derived from connection fees and advertising and fees for premium and pay-per-view programming services, Flow, and video-on-demand services (“VOD”). We purchase basic and premium programming from more than 100 signal providers in Argentina. Programming arrangements are primarily denominated in Argentine Pesos. Fees paid to signal providers under these arrangements are linked to the growth of our cable television subscriber base and the fees charged. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 54 Table of Contents Premium Services (Premium Packages) Our customers are given the option to acquire Premium Packages not included in the basic package by paying an additional fee. These packages and services include channels in addition to those included in the basic package, provide exclusive content, and divide such content by movie genres and sports, or a combination of these categories. Flow and OTT Services Flow positions itself as an innovative TV & Streaming service in an industry that is constantly evolving to keep up with customer behavior and preferences. Through distinctive experience, users can discover, enjoy, or relive original, high-quality content that is part of a unified, easily accessible catalog. In June 2025, we launched Flow Plus to take entertainment to the next level. This flexible, intuitive, and innovative offering allows users to personalize their experience with two included subscriptions that can be swapped every month. Customers can choose between Football Pack, HBO Max, Disney+ Premium, and Universal+, switching them every 30 days —all within a single plan. In addition, Flow Plus includes the entire Flow offering: live TV, movies and series, music, sports, and Paramount+ content. With Flow Plus, users bring their platforms together under one bill and manage their subscriptions quickly and independently through the app or website. It is the most complete and personalized plan, designed to adapt to each customer’s tastes and needs. Our plans, Flow Full and Flow Plus, can be purchased with Android TV set-top boxes to maximize the home experience, or in a 100% digital version compatible with Smart TVs, PCs, smartphones, and tablets. Flow also offers to our customers a single platform through which they can access different OTT services. Additionally, Flow continues evolving with new facilities, innovative and quality content based on alliances with renowned national and international production companies such as Disney+, Paramount+, Universal+, Netflix, Prime Video and HBO Max. Another key aspect in 2025 was to continue promoting the streaming platform for live music shows and festivals and enrich the content catalog with films of high global relevance that we were able to make available to all customers almost simultaneously with their film release. Competition In Argentina, with respect to cable television transmission, we face competition from other cable television operators and providers of other television services, including direct broadcasting, satellite and wireless transmission services. As a result of the non-exclusive nature of our licenses, our cable systems frequently have been overbuilt by one or more competing cable networks, in addition to the satellite television service that is also available. Free broadcasting services are currently available in Argentina. In the AMBA, these services primarily include four privately-owned channels and their local affiliates, and one state-owned national public television network. Paid television industry is highly fragmented, and our largest competitors are Telecentro S.A., which is focused in the AMBA, and DirecTV Argentina S.A. (“DirecTV”) (satellite television), present throughout the entire country. In addition, AMX Argentina consolidated its offer of video products together with fixed Broadband, in the context of the development of their fixed network. Flow also considers OTT internet video system providers such as Netflix, Disney+, Prime Video and On Video, among others, as competitors. Among paid television systems, competition is driven primarily by price, programming services offered, customer satisfaction and quality of the system. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 55 Table of Contents Network and Equipment Our network’s trunk or Backbone portion in AMBA consists entirely of fiber optic cable. We built a fiber optic cable ring around the City of Buenos Aires that provides network redundancy (which helps ensure network availability in the event of a network device or path failure resulting in unavailability) and improves overall network reliability. We have deployed a similar fiber optic network architecture in other major cities. In addition, cable television service is also provided through FTTH networks with IP technology, combining state-of-the-art networks to provide high-capacity internet with video services through the same physical link. ●Fixed and Data Services Overview Through Personal Tech we offer voice communications, supplementary services, interconnection with other operators, data services (mainly virtual private networks, dedicated transit, signal transport), IT solution outsourcing and advanced cybersecurity solutions, among others. Fixed and Data Services comprise the following: Residential and Corporate Telephony and Smarthome Services ● Basic Telephone Services. We provide Basic Telephone Services, including local, domestic and international long-distance telephone services. As of December 31, 2025, we had approximately 2.7 million fixed telephony lines in service, including TOIP lines. ● Other telephone services. We provide our customers other related supplementary services such as call waiting, call forwarding, conference calls, caller ID, voice mail, itemized billing and maintenance services. During 2025, we continued to strengthen our TOIP services and position through the evolution of the portfolio of security services solutions, together with a communication and dissemination campaign throughout the year, aiming to bring our wide range of services closer to corporate customers. We took an important step in the evolution of home connectivity with the launch of self-installable VoLTE (Voice over LTE), in November 2024. In this way, we consolidated our technological transformation, focused on self-management, operational efficiency and leadership in connectivity. In 2025, we focused on enhancing this experience by implementing smarter support, clearer guidance flows, and comprehensive assistance from purchase to installation. Our goal is to empower customers to install VoLTE with autonomy and confidence, while feeling fully supported throughout the process. These efforts reflect our commitment to delivering simpler, modern, and self-managed solutions that improve connectivity and elevate customer experience. Additionally, we offer Smarthome services, a solution designed to keep customers connected to their home at all times. The main objective is to offer peace of mind and comfort. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 56 Table of Contents Our first device was an advanced camera that allows customers to monitor their home in real time and is equipped with a proactive alert system that notifies users about specific preconfigured events. Furthermore, during 2025, we added new devices to the Smarthome ecosystem, such as smoke and water sensors. Some features that can be used from the application: ● Look at every corner through a 360º movement. ● Receive notifications in real time. ● Store clips in the cloud to view them whenever you want. ● Communicate via two-way audio. ● Use night vision so you don’t miss anything. As an added value, we offer a cloud storage service for up to 14 days, available for an additional cost. For the year ended December 31, 2025, we have sold more than 93,000 cameras, with 49,500 unique users. Wholesale Services During 2025, we remained one of the leading providers of wholesale telecommunications solutions for various operators in the market, including cable operators, ISPs cooperatives and other service providers. Wholesale services include: ● Infrastructure services. This primarily refers to: Interconnection services, including dedicated links, layer 2 (Lan to Lan) and layer 3 (IP VPN (Virtual Private Network)). Datacenter services, including housing, connections and cross-connections. ● Internet services. During 2025, Personal Tech focused most of our business on IP transit, a service demanded by ISP to provide internet connectivity to their customers across different market segments. This resulted in a significant increase in both local and international bandwidth consumption. ● Value Added services. This includes Virtual Private Servers, Security, IoT, and other complementary solutions. ● International Long-Distance Service. We hold a non-expiring license to provide international telecommunications services in Argentina, including voice, data services, housing and international point-to-point leased circuits. We are connected to international telecommunications networks, mainly through various submarine fiber optic cables and VoIP technology. Corporate Data Services The data services business includes nationwide data transmission services, virtual private networks, symmetric internet access, national and international signal transport and videoconferencing services. These services are provided mainly to corporations and governmental agencies. We also provide certain value - added services, including electronic standard documents telecommunication software exchange. Our corporate data services business also includes the lease of networks to other providers, telecommunications consulting services, operation and maintenance of telecommunications systems, supply of telecommunications equipment and provision of related services. The corporate data transmission services we provide are mainly Ethernet and IP services. We provide services to leading companies in the Argentine market, as well as primarily digital solutions to businesses with branches across Latin America, in addition to serving the national government, provincial governments, and municipalities. These large customers demand cutting-edge technology and solutions tailored to their needs, including voice, data, internet and value-added services. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 57 Table of Contents In response to the constant changes demanded by the market, we maintained our strategy to position ourselves as an integrated service provider for large customers by offering convergent ICT solutions, including fixed and mobile voice, data, internet, multimedia, datacenter and application services through sales, consulting, management and specialized and targeted post-sale customer services. At Personal, we have evolved from an ICT company to a Tech-Co, offering a comprehensive portfolio of technical architecture and infrastructure solutions. As a multi-cloud provider, we integrate major international hyperscalers and leverage our Datacenters to host edge solutions, provide world-class brand equipment, and deliver professional services for implementation, migration, and application support. Additionally, we have expanded our connectivity security services to include user identification and security technologies, addressing the growing needs of hybrid work models. We continue to strengthen strategic partnerships with leading companies such as IBM, AWS, Google, Microsoft, Huawei, Oracle, and Dell, among others. In terms of Cybersecurity, our proposal is based on innovative and comprehensive solutions with what we view as state-of-the-art and world-class technology. We aim to provide protection of information and IT and OT infrastructure against internal and external threats, high caliber solutions designed to ensure the security, integrity and availability of IT systems to protect confidential corporate information and personal information of employees and customers in organizations (Cybersecurity Services), comprehensive solutions to achieve a secure digital transformation (Governance, Risk and Compliance) and advanced Consulting Services through qualified teams of experts who provide review and analysis of cybersecurity in organizations, network infrastructure designs, network perimeter protection, antimalware strategies, health check, hardening and best practices, thereby helping us comply with various industry standards (ISO/IEC27001/27002, NIST, SWIFT, PCI, among others). Furthermore, our differentiation lies in the offer of solutions designed and developed by our Software Factory, thus offering a comprehensive and personalized approach for each customer, ranging from the review and analysis of cybersecurity in their organization to the creation of solid network infrastructures. In relation to IoT solutions, we provide the necessary technology for customers to connect to their data, applying intelligence for better and faster decision-making, helping them develop and improve the efficiency of their business. During 2022, we focused on Platforms for Industry and Utilities, IoT Connectivity (LPWAN and Managed) and Tracking (people, assets and vehicles), growing our offer. During 2023, the project was addressed to bring urban connectivity to rural areas through an innovative business model where a group of agricultural actors can create a value cluster so that together they can contribute to the creation of the LTE network and in return, Telecom returns the value invested, in valuable solutions (Cloud, Cybersecurity, IoT, Connectivity, etc.). This project not only brought the possibility of incorporating technology into agriculture, but it was also possible to connect schools, doctors, firefighters, police, people in general, etc. In 2025 we continue to consolidate our offer of Hybrid Architectures, being one of the most complete in the country (combining public cloud, private cloud, infrastructure, colocation and applications). In 2025, Personal Tech reinforced its position as a key enabler of smart cities by integrating IoT technologies that connect infrastructure, optimize resource management, and enhance urban experiences. Through secure platforms and intelligent data flows, our solutions support energy efficiency, water management, mobility, and public safety. These innovations contribute to more sustainable, resilient, and data-driven urban environments across Argentina. We are constantly working to strengthen our strategic alliances with large companies such as Soflex, Exosite, Huawei and Cisco, among others. In addition, we continued investing in our major datacenter in the city of Pacheco, province of Buenos Aires consolidating its position as leader in the market and enhancing the level of services supplied. These investments are intended to support business growth in the next few years with the highest market standards. Lastly, in 2024 we announced the creation of OpenXpand platform, jointly developed with Intraway, that support and feed with information by mobile operators primarily in Latin America. The platform follows the comprehensive development of the Open Gateway business model in order to accelerate the monetization of network and data services through APIs. OpenXpand will ensure seamless interoperability with other industry solutions. This product will provide both information of business intelligence, user risk ratings and consulting services for API integration, product design and architecture. It aims to be positioned as the primary partner for regional operators looking to embrace and accelerate the implementation of this new business paradigm. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 58 Table of Contents Network and equipment Our network strategy, for the medium and long-term, focuses on satisfying the demand for the services we provide, improving our customers’ experience and promoting technology evolution. With respect to the “core” network, we seek to continuously increase the capacities and availability of the services offered to our customers. In addition, we continued implementing the standardization of protocols and network architectures, to enhance the efficiency of our operation and maintenance, with cost reductions on those activities. We also continue with the unification of the trunk networks, consolidating network buildings, achieving not only operational efficiency but also reducing costs, such as energy and maintenance. Competition As of the date of this Annual Report, the main licensees providing local and/or fixed long-distance telephony services include Telmex, AMX Argentina, Cirion Technologies (formerly Centurylink, Level 3 Communication, and Global Crossing), IPlan, Telecentro, TMA (primarily in the Southern Region), and Personal (primarily in the Northern Region). TMA has the dominant market share for the provision of telecommunications services to retail customers in the Southern Region. If our competitors increase their presence in the Northern Region, we expect that we will face additional pricing pressure and experience a slight loss in market share in the Northern Region. Regarding data services, our main competitors are Cirion Technologies and Edgeconnex. In the cybersecurity space, our competitors are companies that have a multiproduct/multiservice offering such as RAN, NeoSecure, NovaRed, Nextvision Point IT, Murc IT, and Base 4, among others. Personal Tech’s differentiation lies in the offering of Digital Solutions. Personal Tech has a robust offering of services and products, and a team with a broad and diverse skill set. Our team holds the most recognized certifications in each practice and is kept up to date through continuous certifications. Personal Tech is a customer of its own solutions, demonstrating its commitment to the excellence of the services offered. In terms of consulting services and risk management, Personal Tech competes with the Big Four consulting firms. We are actively seeking continuous improvement to increase our market share in Argentina and establish ourselves as cybersecurity leaders. Finally, and regarding wholesale services, the main competitors in Argentina for connectivity services are Cirion Technologies, ARSAT (a Government owned company) and Silica (Datco Group). This competition causes permanent pricing pressure and forces Personal Tech to deploy commercial strategies to mitigate the impact of those initiatives on its market share. On the other hand, and in relation to local interconnection traffic, ENACOM sets prices for this service. Through strategic investments and a continued focus on innovation, Personal Tech aims to maintain its leadership in the region, meet competitive challenges and continue to provide advanced solutions in cybersecurity, IoT, cloud and other digital services. ØICT Services provided in Argentina – TMA Network: Overview of the TMA Business TMA is a corporation (sociedad anónima) organized under the laws of Argentina in 1994 with a term of existence of 99 years from its initial registration. Prior to the Acquisition, TMA was an indirect wholly-owned subsidiary of Telefónica, S.A., a corporation (sociedad anónima) organized under the laws of the Kingdom of Spain (“Telefónica Parent”). Prior to the Acquisition, TMA conducted its business under the commercial name “Telefónica” and was part of the Telefónica Parent’s “Telefónica Hispam” reporting segment, which included Telefónica Parent’s operators in Colombia, Mexico, Venezuela, Ecuador, Argentina, Chile, Peru and Uruguay. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 59 Table of Contents Prior to the Acquisition TMA had several agreements with Telefónica Parent governing the use of several of Telefónica Parent’s brands (including Movistar), trademarks and other intellectual property in Argentina. As of the date of this Annual Report, TMA continues to use the “Telefónica,” “Movistar” and “Tuenti” Trademarks. ​ In February 2025, TMA entered into a trademark license agreement (the “Trademark License Agreement”) with Telefónica S.A., pursuant to which Telefónica S.A. granted TMA a non-exclusive, royalty-bearing and generally non-sublicensable and non-transferable license to continue using certain trademarks, service names, brand names, logos and domain names (collectively, the “Trademarks”) that were used by TMA prior to the Acquisition, including the “Telefónica,” “Movistar” and “Tuenti” Trademarks. In connection with the Movistar Trademark, the agreement was originally valid for one year from the Acquisition date, expiring in February 2026; in September 2025, the term of use of the trademark was extended for an additional five years. ​ TMA operates through a comprehensive portfolio of fixed and mobile connectivity services, digital entertainment and technological solutions, serving residential, corporate and wholesale customers. During 2025, TMA focused its efforts on consolidating sustainable growth, prioritizing the expansion of high-capacity networks, the evolution toward convergent offerings and the digitalization of commercial and customer care processes, in line with new consumption dynamics and the demands of the digital economy. Brand: Movistar Tuenti Services * Mobile Telecommunications Services * Internet Services – Voice services * Cable Television Services Mobile Telecommunications Services ​ · Mobile Telecommunications Services Overview TMA provides mobile telecommunications services under prepaid and postpaid modalities, supported by a nationwide network mainly operating with 4G and 5G technologies. The offering includes voice communications, high-speed mobile internet access and associated digital services, as well as the sale of mobile communication devices—handsets, under the Movistar and Tuenti brands. As of December 31, 2025, TMA’s mobile telecommunications services served approximately 19.1 million customers, consisting of 51% prepaid customers and 49% postpaid customers. ​ During 2025, TMA focused on expanding network coverage and capacity, improving the connectivity experience, and supporting the continued growth in mobile data consumption. In parallel, TMA continued to optimize its commercial offering by incorporating more flexible plans and benefits aimed at enabling more efficient customer consumption management. Residential and Corporate Services TMA provides mobile telecommunications services to a broad base of residential and corporate customers through prepaid and postpaid plans tailored to different usage profiles and connectivity needs. For prepaid customers, TMA’s “Armá Tu Pack” plan allows customers to select the amount of data and usage time according to their consumption needs. For postpaid customers, TMA offers features such as “Guarda Gigas,” “Pasa Gigas” and “Extra Gigas,” providing greater flexibility in mobile data management and enabling customers to adjust their consumption preferences based on their usage patterns. Additionally, TMA provides international roaming services, allowing residential and corporate customers to use voice, messaging and mobile data services abroad through agreements with international operators. This offering supports customers’ connectivity needs while traveling outside the country, ensuring service continuity and integrated consumption management. Under the Tuenti brand, TMA maintained its digital proposition aimed at customers who prioritize self-management and fully online contracting, offering simple prepaid plans and an experience centered on digital service usage. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 60 Table of Contents Wholesale Services TMA telecommunications infrastructure also enables TMA to provide wholesale services, which are summarized below: International Business: During 2025, TMA continued to focus on maintaining a balance between inbound and outbound roaming traffic flows in order to support the offering of attractive commercial proposals in the retail business. In particular, TMA prioritized reciprocal agreements with neighboring countries, which represent the main source of visitor traffic. Domestic Business: Revenues and costs related to TMA’s wholesale business with domestic operators are primarily associated with interconnection traffic charges (call origination and termination, long-distance transport and transit, both on mobile and fixed networks); the sale of interconnection service resources; national roaming; and infrastructure sharing arrangements (including RAN sharing and the leasing of conventional and non-conventional sites, among others). Network and Equipment In terms of infrastructure, during 2025 TMA continued to improve the services we provide by deploying the 4G/LTE and 5G networks. This allowed TMA to stand out from its competitors, significantly improving the NPS of its customers. ​ The deployment of 4G/LTE has achieved coverage of 99.4 % of the urban population across 2,218 towns and cities as of December 31, 2025. Furthermore, TMA has reached 100 % population coverage in Argentina’s major cities —including provincial capitals and key urban centers such as Rosario and Mar del Plata— as of December 31, 2025. Customers who access TMA’s 4G network experience enhanced service quality, enjoying speeds of up to 66 Mbps. Approximately 53% of calls are now made using VoLTE, a technology that enables voice calls over the 4G network, resulting in significant improvements in audio and video quality. In relation to 5G network, TMA has reached 715 sites. ​ In addition, TMA has continued the deployment of mobile site connectivity to enhance quality and capacity, replacing radio links with high-capacity fiber optic connections. ​ Furthermore, the initiative to connect remote and low-density areas through satellite backhaul remains ongoing. ​ Competition ​ The market for residential, corporate and wholesale mobile telecommunications services in Argentina is characterized by intense competition. Operators are free from regulation to determine the pricing of services, except that ENACOM sets prices for wholesale local interconnection services. During 2025, three mobile operators offered nationwide service: Personal, TMA and AMX Argentina. ●Internet Services Overview TMA provides high-speed internet services primarily through its FTTH network, offering different speed tiers depending on geographic location and network availability. This infrastructure enables TMA to meet growing demand associated with intensive data usage, multiple connected devices and digital content consumption, supported by a network designed to handle high traffic volumes and simultaneous transmission. During 2025, TMA focused on expanding the fiber footprint, progressively migrating customers to higher-capacity technologies and continuously improving service quality, consolidating fixed connectivity as a core pillar of TMA’s service portfolio. ​ Additionally, TMA continued to develop connectivity solutions for corporate customers and low-density population areas. In this context, TMA maintains an agreement to provide satellite connectivity services aimed at the corporate business, expanding internet access in remote areas and complementing the terrestrial infrastructure-based offering. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 61 Table of Contents Residential and Corporate Services As of December 31, 2025, TMA had approximately 1.6 million internet customers. TMA provides fixed broadband services to residential and corporate customers through a range of fiber-based plans designed to support different usage profiles and connectivity requirements. As of December 31, 2025, customers subscribed to services with speeds of 100 Mbps or higher representing 94% of the total customer base, reflecting the progressive adoption of higher-capacity connectivity solutions. Within this business, customers were contracted under plans of 100 Mbps, 300 Mbps, 600 Mbps and up to 940 Mbps, supporting diverse household and business needs. Network and Equipment In terms of fixed access infrastructure, during 2025 TMA continued strengthening its broadband capabilities through the deployment of new fiber optic networks and the modernization of existing infrastructure. These initiatives were oriented toward improving service quality, expanding high-speed access and enhancing the overall customer experience. Throughout the year, TMA advanced the rollout of FTTH in new residential areas, buildings and commercial zones, deploying more than 400,000 new homes passed across over 11,000 city blocks. Approximately half of this expansion was carried out in the province of Buenos Aires, reinforcing its presence in regions with strong demand for broadband services. TMA also progressed with the modernization of its access network by replacing legacy platforms, including the renewal of multiple OLTs, incorporating technology capable of supporting XGSPON and 50GSPON evolution paths. In parallel, through strategic partnership agreements, TMA added an additional 170,000 homes passed, complementing its own deployment and enabling broader network reach. As a result, by the end of 2025 TMA ’s total footprint amounted approximately 5.2 million homes passed, with 4.2 million on its own network and 1.0 million though partner networks. Furthermore, TMA made progress in the gradual shutdown of copper-based technologies, completing the decommissioning of more than 480 XDSL systems across 200 Central Offices, resulting in improved energy efficiency and reduced operational complexity. These efforts allowed TMA to continue improving the capacity, reliability and scalability of its fixed access network, reinforcing its ability to deliver enhanced connectivity solutions to residential and corporate customers. Competition In Argentina, the internet service market includes operators such as AMX Argentina, Personal, Gigared and Telecentro (providing a triple-play offer), as well as satellite-based broadband services such as Starlink, which may compete in certain customer segments, particularly in regions with lower population density or limited access to fixed broadband infrastructure. During 2025, AMX Argentina continued its investments for the construction of their fixed FTTH networks, increasing its penetration and ability to serve households in different areas of the country. The data services business includes providers such as Personal, AMX Argentina and several providers of niche data services such as Cirion Technologies, IPlan, Metrotel and others. ● Cable Television Services Overview Through Movistar TV, TMA offers a digital entertainment proposition that integrates live television, on-demand content and access to third-party OTT platforms, enabling customers to consume content across different devices and locations. The platform operates over IP infrastructure and is supported by high-capacity networks, accompanying the evolution toward digital television models and multiplatform experiences. As of December 31, 2025, TMA had approximately 0.4 million television customers. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 62 Table of Contents Residential Services Movistar TV integrates streaming services and content provided by well-known market platforms such as Prime Video, Disney+, HBO Max and Paramount+, among others, expanding the entertainment offering available to customers and consolidating a flexible content ecosystem adaptable to different audiovisual consumption habits. During 2025, the evolution of the service focused on strengthening the digital television proposition, expanding content offerings and improving access and navigation functionalities, supporting the progressive migration toward more digital and on-demand consumption models, in line with customer expectations and market trends. Additionally, Movistar TV Digital represents a fully digital subscription option, designed to deliver a flexible, accessible and competitive entertainment offering. Through this modality, customers can access live television, on-demand content and subscribe to premium packages and streaming applications, without the need for set-top boxes or technical installation. The proposition includes platform functionalities such as pausing and rewinding live programming, catch-up viewing, content recording and multi-device consumption, allowing users to manage their entertainment experience in a simple and autonomous manner. This digital offering supports the evolution of audiovisual consumption habits and contributes to expanding the reach of TMA’s television services. Network and Equipment Service delivery is supported by TMA’s own networks (FTTH and mobile), enabling the deployment of the digital television offering in line with network expansion and customer demand. ​ This allows TMA to combine state-of-the-art networks to provide high-capacity internet with video services through the same physical link. Competition In Argentina, with respect to cable television transmission, TMA faces competition from other cable television operators and providers of other television services, including direct broadcasting, satellite and wireless transmission services. As a result of the non-exclusive nature of TMA’s licenses, its cable systems frequently have been overbuilt by one or more competing cable networks, in addition to the satellite television service that is also available. Free broadcasting services are currently available in Argentina. In the AMBA, these services primarily include four privately-owned channels and their local affiliates, and one state-owned national public television network. ​ Paid television industry is highly fragmented, and TMA’s largest competitors are Personal, Telecentro S.A., which is focused in the AMBA, and DirecTV Argentina S.A. (“DirecTV”) (satellite television), present throughout the entire country. In addition, AMX Argentina consolidated its offer of video products together with fixed Broadband, in the context of the development of their fixed network. TMA also considers OTT internet video system providers such as Netflix, Disney+, Prime Video and On Video, among others, as competitors. ​ Among paid television systems, competition is driven primarily by price, programming services offered, customer satisfaction and quality of the system. ●Fixed and Data Services Overview TMA offers a comprehensive portfolio of fixed services including voice communications, value added services, interconnection with other operators and data solutions, serving residential, corporate and wholesale customers, supported by a high-availability network infrastructure. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 63 Table of Contents During 2025, the strategy for fixed services focused on optimizing operational efficiency, strengthening network quality and reliability, and prioritizing the development of higher value-added data and interconnection solutions. This approach supported evolving demand, promoted the digitalization of corporate and wholesale customers, and consolidated fixed services as a relevant pillar of TMA’s integrated service portfolio. Wholesale Services TMA delivers infrastructure services, internet access, interconnection, international long-distance services and other value-added solutions, strengthening its role as a provider of connectivity and network capabilities for operators, service providers and strategic partners. TMA’s wholesale business strengthened relationships with strategic partners with operations in several Latin American countries, creating opportunities to develop new businesses and expand existing ones (such as FTTH). During 2025, TMA’s wholesale services revenues were primarily driven by: (i) increased commercial activity, through the expansion of the customer base and service offerings; (ii) the transformation of the optical layer of the network and IP nodes, which enabled the expansion of the Ethernet network; (iii) improvements in the quality of IP transit services as a result of agreements with Google, Netflix and Facebook, which in turn supported higher sales volumes; and (iv) new business opportunities arising from various digital services, such as Managed Services, Cloud and DDoS Shield. Corporate Data Solutions TMA provides virtual private networks (VPNs), signal transport, dedicated transit and advanced connectivity services, complemented by managed IT services and cybersecurity services, designed to address organizations’ connectivity, operational and data protection needs. TMA’s B2B services serve self-employed professionals and companies of all sizes, from small and medium enterprises to large corporations as well as government entities. The service has experienced sustained growth due to the increasing digitalization of companies and the demand for integrated connectivity, storage, cybersecurity and advanced technology solutions. Network and equipment TMA is progressing with the standardization of protocols and network architecture to boost operational and maintenance efficiency, while reducing related costs. Additionally, TMA is moving forward with the integration of trunk networks and the consolidation of network facilities, which not only improves operational efficiency but also lowers expenses such as energy and maintenance. Competition As of the date of this Annual Report, the main licensees providing local and/or fixed long-distance telephony services include Telmex, AMX Argentina, Cirion Technologies, IPlan, Telecentro, TMA (primarily in the Southern Region), and Personal (primarily in the Northern Region). TMA has the dominant market share for the provision of telecommunications services to retail customers in the Southern Region. Regarding data services, TMA’s main competitors are AMX Argentina, Personal and Cirion Technologies. In the cybersecurity space, TMA’s competitors are companies that have a multiproduct/multiservice offering such as Deloitte, NeoSecure, NovaRed, Beygoo, Point IT, Telecom and Base 4, among others. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 64 Table of Contents Finally, the wholesale market is characterized by intense competition. The population within TMA’s incumbent service area is highly concentrated in large and medium-sized cities, most of which are served by networks operated by two or more providers. This market structure requires a dynamic pricing strategy and the provision of high-quality services that are attractive to wholesale customers. Operators are generally free, from a regulatory standpoint, to set service prices, except for wholesale local interconnection prices, which are established by ENACOM. The main competitors in Argentina for connectivity services are Cirion Technologies, ARSAT (a state-owned company), SION and Silica (Datco Group). This competitive environment results in ongoing pricing pressure and requires TMA to implement commercial strategies to mitigate the impact of these initiatives on its market share. Ø Other segments ●Fintech Services Overview Personal Pay is our digital wallet, through which people can pay, send, save and manage their money however they choose. In 2025, we focused on increasing the number of users and transactions, key elements for the platform’s monetization. In January 2026, Banco Macro subscribed for shares representing 50% of the share capital and voting rights of Micro Sistemas. Personal Pay’s business is carried out through our subsidiary Micro Sistemas. See “Item 4—Information on the Company—Recent Developments—Agreement between Telecom Argentina, Micro Fintech Holding and Micro Sistemas with Banco Macro S.A.” Main products and services The following functions are enabled through Personal Pay: ● create a 100% digital account, free and in a few steps; ● deposit money through transfers or physical collection networks; ● send and receive money to/from other banks and/or digital wallets; ● recharge mobile phone lines; ● recharge transport cards; ● pay for services; ● request a VISA Personal Pay prepaid card; ● withdraw from ATMs; ● reinvestment of outstanding amounts; ● sell recharges (B2B); ● access QR Acceptor; ● make QR Payments; ● obtain Personal Insurance (an option to hire insurance from “La Caja”, which consists of coverage offered by this insurance company for protected purchases, fraudulent charges, or identity theft); ● create personalized savings goals; ● access ExtraPay (extra money users can use in the app when they run out of balance to pay bills, top up services, and make purchases. Users pay it back the funds used with Extra Pay when they load money into their wallet again); ● access benefits and discounts in shops; and ● access to credit and lending opportunities. The commercial campaigns for Personal Pay focus on strengthening the integration and synergy between the products and services within the Company’s digital ecosystem. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 65 Table of Contents Personal Pay is fully managed within the application, allowing the user to clearly and easily visualize all deposits, withdrawals and transfers made. All users have access to the VISA Personal Pay international prepaid card. Our digital wallet offers a customizable card in physical format. With the prepaid card, the customer can make purchases online and in physical stores, subscribe to entertainment services and withdraw money at ATMs. The objective is to continue promoting financial inclusion through the fintech industry in Argentina, which is why we expect that new solutions will be incorporated to reach segments of the population that currently do not have access. During 2025, our strategy focused on adding new capabilities to our value proposition: QR Payments allows merchants to receive payments quickly and securely using a QR code. Customers simply scan the code with their mobile device, select the amount to pay, and the transaction is processed instantly, without the need for physical contact or cash. This option streamlines the payment experience for both customers and merchants, providing an efficient and modern solution. Credits: offers users the possibility to access financing quickly and easily through the digital platform. Customers can apply for loans with flexible terms, without the need for complex procedures. This service is designed to provide an accessible, agile, and convenient financial solution, tailored to users’ needs. Personal Pay Paraguay: offers a range of features, such as QR payments, reloading the Tarjeta Más (Electronic Ticketing in Paraguay that allows the user to pay for trips without the need to use cash), and access to exclusive benefits. Additionally, it provides a detailed transaction history, the ability to locate points for loading, money transfers, and withdrawals, as well as the option to select favorites to streamline transactions. The integration with other Personal products and services, known as “Conexión Total,” ensures a seamless experience for users. Pix Payments: allows payments at merchants in Brazil in a simple and seamless manner by scanning a Pix QR code (Brazil’s digital wallet system). In the context of our project for the year 2026, some strategic initiatives have been outlined with the purpose of promoting the growth and strengthening of our organization. These initiatives cover different key areas, each with the objective of enhancing specific aspects of our business. As of December 31, 2025, Personal Pay has approximately 4.7 million users in Argentina and 1.0 million users in Paraguay. These customers completed the onboarding process, have been assigned a digital wallet (CVU) and are able to operate the service. In 2025, Personal Pay users grew mainly due to a cashback strategy (customer benefits), and the “Buy Now Pay Later” (BNPL) service in Argentina, which allows users to pay in installments or make financed purchases. Network and technology Personal Pay strives to carefully balance its resources, both human and technological, seeking operational and financial efficiency. Each addition to the team is planned with the goal of proportionally increasing delivery capabilities. Personal Pay’s software architecture and hardware requirements are designed to be highly scalable, adapting to the expected growth of the company. This strategic planning ensures a technological infrastructure that will effectively support future expansion and operations. Furthermore, strategic investments and acquisitions are intended to align with the Company’s long-term vision. In our constant pursuit of strengthening internal capabilities and enhancing the value proposition, we engage in strategic partnerships and make selective acquisitions. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 66 Table of Contents While a significant portion of the software is developed internally, Personal Pay acknowledges the value of technological partners. This collaboration allows leveraging the expertise of partners, strengthening the robustness, efficiency, and security of solutions. Strategic outsourcing enables Personal Pay to optimize operational efficiency and flexibility. Ongoing engagement with suppliers and active participation in technological events are essential for Personal Pay to stay updated on the latest trends in fintech. This strategy ensures that the Company is equipped with the knowledge and resources necessary to address the constantly evolving challenges of the financial market. In summary, in its short time of existence, Personal Pay has demonstrated a strong commitment to sustainable growth and continuous innovation. The comprehensive strategy addresses not only staff augmentation but also resource optimization, excellence in internal development, strategic collaboration, and adaptability to emerging technological trends. This presentation reflects Personal Pay’s transparency and commitment to efficiency and excellence in all areas of its fintech business. Competition The fintech ecosystem in Argentina has been expanding in recent years and is one of the industries with the greatest evolution and innovation, with positive changes in consumer payment behavior. According to information from the BCRA and the fintech chamber, electronic payments are increasing, while cash payments are decreasing. In Argentina there are more than 134 digital wallets, but the consolidated players with comprehensive solutions and use case portfolios are Mercado Pago, Naranja X and Ualá. In Paraguay, the financial services ecosystem has expanded significantly in recent years and has become one of the industries with the highest levels of evolution and innovation, driven by positive changes in consumer payment behavior. The proportion of Paraguayan residents with access to financial accounts has increased substantially—from two out of 10 a decade ago to eight out of 10 today—primarily as a result of mobile technology and instant payment systems. Electronic payment transactions increased by 44% in the third quarter of 2025 compared to the same period of the prior year. Currently, 6 out of 10 payments are conducted through mobile devices, mainly using QR codes. The Central Bank of Paraguay (BCP) is actively promoting interoperability across the different payment ecosystems. Digital lending solutions are now well established in the market, with consolidated players such as Mango, Eko and Ueno. ● Paraguay – ICT Services We provide mobile telecommunications services nationwide and distribution of audio and satellite signals to customers’ homes in Paraguay through our subsidiary Núcleo, under the “Personal” brand. Núcleo obtained licenses to provide commercial mobile services, Internet access, Flow service and videoconferencing and data transmission services in Paraguay. As of December 31, 2025, Núcleo had approximately 2.6 million mobile customers, 0.3 million internet customers and 0.1 million cable television customers. Regarding postpaid mobile services, in 2025, Núcleo maintained its customer acquisition strategy through competitive offers and a focus on converged customers. As for prepaid mobile services, Núcleo continued to offer packages with data usage advantages, as well as generalized discounts with little relevance to each user. Regarding internet services, in Paraguay we continue to expand our FTTH network, and reinforce the “WiFi in my home” campaign, consolidating the concept that we have the fastest fiber optic network in the country. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 67 Table of Contents Network and Equipment In Paraguay, the mobile access network continued to expand with the addition of 41 new sites. Regarding internet services, in 2025, Núcleo continued the rollout of its fixed network, which allowed us to improve connectivity and affordability for our customers in the country, and consolidate our position as the company with the largest fiber optic coverage in the country. Regarding internet services, in 2025, Núcleo continued with the deployment of its fixed network, which allowed us to improve the country’s connectivity and economic convenience for our customers and consolidate ourselves as the Company with the greatest fiber optic coverage in the country. Competition In Paraguay, there are currently four participants in the mobile telecommunications services market. The Paraguayan market is highly competitive. As of December 31, 2025, Núcleo’s main competitor was Tigo (a subsidiary of Millicom International Cellular). Tigo has a significant market share in terms of revenue. The main competitor for Núcleo regarding internet services is Tigo, followed by AMX Paraguay. In relation to Flow services, there are two other operators that offer similar services in the Paraguayan market, Tigo and Claro, with Tigo being the main competitor with its “OneTV” service. ● Uruguay - ICT Services Telecom provides management and administration services to companies that render pay TV services under the brand Personal Flow through Telemás S.A., one of the Adesol’s subsidiaries. Flow is consolidated as the meeting point for entertainment, and customers discover on this platform a wide variety of content, from the place they choose and through the device they prefer, in a flexible and simple way. The increasingly diversified access offered through Flow TV, Flow Box and Flow App allows the arrival of entertainment to all Uruguayan homes, providing not only pay TV services but also streaming services. As of December 31, 2025, Adesol had approximately 0.1 million customers in Uruguay, providing them with pay TV services under different technological platforms, DTH (Direct to Home), cable, MMDS (Multichannel Multipoint Distribution System) and IPTV services, which offers our customers the possibility of watching television programs and on - demand content, not only in the traditional way but also from any device, through a modern platform. In December 2024, we launched the commercialization of internet FTTH services in the city of Salto. These deployments also took place in the cities of Paysandú, Rivera, the areas of Tacuarembó, Artigas and Paso de los Toros, completing all the “cable” licenses, transforming them into “cable plus internet.” In the last quarter of this year, tasks began for the rollout in Artigas, Tacuarembó, and Paso de los Toros. Network and Equipment Adesol offered services through DTH Platform in Montevideo and the metropolitan area comprising Ciudad del Plata and different locations in the department of Canelones and in rural areas of northern of Uruguay. Adesol also offered services through cable TV in the capital cities of Artigas, Salto, Paysandú, Rivera, Tacuarembó and Paso de los Toros. During 2025, the deployment of fiber to the home (FTTH) continued in the towns of Salto, Paysandú and Rivera, reaching more than 1,100 city blocks. By the end of 2025, 1097 city blocks will be deployed in those three towns ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 68 Table of Contents Competition The television market in Uruguay has approximately 0.4 million customers, of which Flow holds a 22% share, after DirecTV, who holds a 28%. Then, the rest is divided among different local distributors. Only DirecTV can sell its paid TV services across the whole country, while Flow and the rest of the pay television operators have only territorial licenses. The market continues showing a downward trend, marked by the increase of online entertainment alternatives, mainly Netflix, YouTube, and because of piracy and free services. The exclusive distribution for the local football streaming rights is still held by Disney+. Antel (a public company) kept increasing its global convergence strategy with aggressive promotions bundling with internet and mobile services, continuing with the Disney+ and local channels agreements, as well as sports rights. Also, during the last quarter of 2024, Antel entered into a commercial agreement with DirecTV bundling its internet and streaming entertainment services. Antel remains the dominant competitor for internet services. ● USA - ICT Services Data Services - Wholesale Services During 2025, we continued developing commercial strategies aimed at increasing the profitability of wholesale products, among which are the services for OTTs. Our presence in the United States, through our subsidiary Telecom Argentina USA, has enabled us to develop links with major North American cloud content and service providers. ● Chile - ICT Services Data Services – Corporate Data Services Ubiquo provides IT and OT cybersecurity services as well as IoT, hybrid multi-cloud and connectivity. During 2025, we continued working to position the “Ubiquo” brand regionally (through our subsidiaries Ubiquo and Opalker). We developed and continue developing service agreements with companies in Chile, Peru and Mexico. Accordingly, the 2026 action plan responds to both brand continuity, regional positioning and market share growth. INFORMATION TECHNOLOGY STRATEGY In 2025 we continued to work with a clear focus on technology transformation. This year, our initiatives are structured around platformization, delivery and always thinking digital first. We have continued to evolve our platforms towards scalable and reusable solutions, ensuring that each development is designed to adapt to different markets and businesses, consolidating a single platform that optimizes our regional operations. Each project has been developed with the objective of delivering incremental value, ensuring that the solutions implemented not only meet current needs, but also drive future growth and innovation. We work based on the “digital first” concept, which is about prioritizing a digital focus in all our initiatives, ensuring that every solution is designed with a digital environment in mind, to meet the demands of today’s market and deliver optimal experiences to our customers. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 69 Table of Contents Highlights of 2025 for Telecom Argentina and subsidiaries (excluding TMA) Business Support Systems Transformation (the “#FAN Program”): In 2025, the #FAN Program continues to evolve to deliver a more connected, personalized and efficient experience in the markets of Argentina and Uruguay, while we are beginning to explore expansion into Paraguay. We advanced the digitalization of commercial processes, enabling customers to self-manage a greater number of operations quickly, easily, and securely through digital channels. We incorporated data-driven and advanced analytics capabilities that improve segmentation and optimize the efficiency of our commercial resources. This evolution not only enhances customer experience but also maximizes operational productivity. Aligned with continuous improvement, we began offering self-installable fixed products, reducing waiting times, facilitating service activation, and contributing to a more efficient cost structure. In addition, we implemented innovative solutions such as Reintegro Plus and Cashback in Personal Pay, strengthening our value proposition and generating operational and tax benefits for the company. These initiatives consolidate the purpose of the #FAN Program: standardizing processes, removing friction, and delivering a consistent, high-value experience across the region. Business Support Systems B2B (the “#WIN B2B Program”): WIN Program is underway to improve the B2B customer experience by unifying and simplifying the End-to-End processes, products and platforms. #WIN B2B is a transformation program for customer relationship management (“CRM”) platforms, starting with the quote, sale, provisioning, billing, collections and post-sale of our services supported by world-class solutions. This flagship initiative collects the experiences acquired from the #FAN program for the B2C services. We have managed to complete on time the development of a convergent quoting solution that started to be progressively deployed in March 2025 to boost efficiency and customer experience. The plan estimates to progress with the remaining processes supported by new IT components that will build up the integrated solution 2026, allowing to move forward to progressive shutdowns. The stage known as MVP4 will be implemented in March 2026, achieving the complete process chain experience for a set of products that represents 34% of the catalogue portfolio. SWITCH - Digital experiences: In 2025, the SWITCH program continued to strengthen its role as the foundation of our digital ecosystem, consolidating a common strategy for all digital channels and positioning our app as the company’s flagship application. This evolution is driven by a vision of simplicity for customers, omnichannel consistency, and a seamless experience across all service touchpoints, underpinned by a digital-first approach that ensures every interaction and service is primarily accessible through digital channels. A key focus this year was personalized services (“personalization”). In Argentina, we fully implemented our personalization platform and launched new use cases, including retention strategies, while beginning deployment in Uruguay, which will be completed in 2026. In Paraguay, we contributed to transforming commercial operations, achieving improvements in resolution times and operational costs. These initiatives reinforce our commitment to delivering tailored experiences that meet customer needs across the region. Our ecosystem integrates web, e-commerce, and mobile experiences, complemented by solutions such as our self-management app, conversational bots, social media support, and digital store. Joint initiatives with Personal Pay further enhance this ecosystem, delivering a unified and frictionless experience. The My Personal Flow app reached 9.5 million active users and more than 16.3 million monthly transactions, reflecting the success of our digital-first strategy. These efforts not only optimize the customer journey but also strengthen loyalty and operational efficiency, paving the way for a more connected and personalized experience across Argentina, Paraguay, and Uruguay. The SWITCH program aims to help us to consolidate a common strategy for all our Digital Channels, seeking to be the preferred option for users to solve their needs in a simple, agile and effective way. This approach is not only intended to optimize the experience at each stage of the funnel but also is intended to strengthen customer loyalty and promote efficiency in customer service. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 70 Table of Contents CoNEXT: Transforming Field Operations with Salesforce Field Service and AI In 2025, we launched CoNEXT, one of the most significant initiatives aimed at transforming our field operations through the adoption of Salesforce Field Service. This project was designed to enhance operational efficiency, consolidate workflows, and simplify the administration, dispatch, and execution of technical orders across Argentina, Paraguay, and Uruguay. By migrating to this new platform, we impacted more than 10,000 technicians and managed over 400,000 orders per month, achieving this transformation with minimal disruption to both internal and external customers. Beyond the migration, CoNEXT enables the integration of AI capabilities in field operations, opening new opportunities to automate repetitive tasks and improve decision-making. In 2025, we conducted proofs of concept with more than six use cases, focused on reducing manual work and capturing richer information directly from the field. These advancements strengthen our ability to deliver value through agility and collaboration, optimizing processes and elevating the customer experience to the next level. Data Phoenix project: Completing the Transformation The Data Phoenix project reaffirms the objective of transforming ourselves into a Data Driven company by adopting world class methodologies and platforms to drive leadership. It involves having a unique ecosystem of data, analytics and change management products. In 2025, we successfully completed the Data Phoenix project, achieving the target architecture envisioned for this three-year initiative. We consolidated our entire data ecosystem in the cloud through Google Cloud Platform (“GCP”) Phoenix, delivering a robust, scalable, and future-ready platform. This milestone included the most significant user-level shutdown: SAS BI, along with the migration and decommissioning of multiple legacy components, reducing complexity and operational risk. Today, our data environment operates fully within the Phoenix ecosystem on Google Cloud, enabling advanced analytics, improved governance, and greater efficiency to support our vision of becoming a truly data-driven company. Gen AI: From exploration to scaled adoption This year marked a turning point in our AI strategy: we moved from initial proofs of concept to productive solutions that automate complex processes, scale personalization, and free up talent for higher-value tasks. More than 26 solutions were deployed in production, impacting the daily work of our teams with tangible results in time reduction and quality improvement. These include bots to optimize interactions and reduce calls, advanced document and sentiment analysis to enrich decision-making, and data integration in conversational channels to deliver more personalized experiences. We also implemented intelligent agents across multiple areas of the company, enhancing personalized attention and automating operational tasks. We foster innovation across all teams through an AI-driven culture and continuous learning: over 10,000 employees certified in AI fundamentals, the Gen AI Community surpassed 3,500 members sharing best practices and real use cases, and we hosted workshops and hackathons. We consolidated the Gen AI Office portal as a single access point for catalogs, policies, sandboxes, and training materials, and updated secure playgrounds with more than 100 approved models to enable safe experimentation and risk-free innovation. Additionally, this year we advanced in several benchmarks with leading industry players in agentic platforms, conducting comparative tests that laid the foundation for designing our agnostic, agentic governance platform. This approach ensures vendor independent integration capabilities while enabling the creation and orchestration of reusable AI agents across the organization. As a result, the platform provides centralized control, full traceability, and key benefits such as cost optimization, regulatory compliance, and secure scalability. Open Gateway and OpenXpand: In 2025, we continued to strengthen our position as a key player in the GSMA Open Gateway initiative, which enables mobile operators worldwide to expose network capabilities through standardized APIs. This approach allows developers and enterprises to integrate these APIs into their business flows, creating scalable and secure solutions. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 71 Table of Contents As of this Annual Report, we have expanded our portfolio to seven certified APIs, reinforcing our commitment to innovation and monetization: ● SIM SWAP: Assists banks in verifying if a customer has recently changed their SIM card, helping detect suspicious transactions. (Argentina and Paraguay) ● Number Verification: Provides secure, real-time validation of a customer’s phone number to streamline authentication processes. (Argentina and Paraguay) ● Device Status: Offers visibility into the current status of a customer’s device to enhance decision-making for service delivery. (Argentina) ● Device Location Verification & Device Location Retrieval: Enables precise location tracking and real-time data to improve service delivery and security measures. (Argentina) ● Know Your Customer (KYC): Facilitates identity verification processes for businesses, enhancing compliance and security. (Argentina) ● Device Swap: Streamlines device replacement workflows to improve customer experience and operational efficiency, with real-time detection of SIM card transfers between devices, helping prevent potential fraud. In addition to these initiatives TMA has implemented the API Customer Insights, which provide an analysis of user behavior based on interactions with the telecommunications network. A user score is achieved. Through OpenXpand, our dedicated platform for API exposure and monetization, we have consolidated our leadership in Argentina and Paraguay. We have signed multiple B2B agreements and established seven wholesale partnerships, validating our strategy to integrate connectivity and digitalization securely without compromising customer experience. This initiative underscores our commitment to driving innovation, enabling scalable solutions, and generating value through collaboration within the mobile ecosystem. Highlights of 2025 for TMA New ONT for FTTH Customers During 2025 TMA launched a new initiative for ONT/AP devices to support best class equipment for FTTH services improving customer experience. TMA switched from proprietary solutions to partners’ solutions that simplify the roadmap. This has allowed TMA to define a roadmap to go to WIFI 7 Technology in the future in a fast way, that includes a strategy to start XGS-PON solutions tests so that customers could get much more bandwidth for new services to be deployed in the next years. Full Stack Amdocs modernization and upgrade (PMX Project) TMA upgraded the Full Stack Amdocs (T3) technology with the primary objective of ensuring proper support for base software, reducing risks related to technological obsolescence, and strengthening the cybersecurity posture of the BSS/OSS ecosystem. This initiative included the upgrade of three modules using cloud technology, enabling the modernization of the FTTH provisioning ecosystem and the adoption of CI/CD practices, delivering greater agility, scalability, and growth capacity across all fiber-based products. API Monetization – OpenGateway on OpenXpand Through OpenXpand, TMA exposes capabilities such as SIM Swap, Number Verification, Device Location, Device Status, Device Swap, KYC Match, and Customer Insights, enabling new B2B and B2B2C business models and positioning TMA as a key player in the digital ecosystem. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 72 Table of Contents Hybrid and Multicloud Enablers (TechCo Platform Model) TMA consolidated hybrid and multicloud enablers that underpin a platform based operating model, enabling scalable capabilities, solution reuse, and accelerated digital delivery. The platform is built on reproducible infrastructure using IaC and GitOps, with security and DevSecOps governance integrated by design. FinOps was incorporated as a core practice, achieving over 95% multicloud visibility and enabling end-to-end spending control through tagging, showback, and chargeback mechanisms. This model delivered more than 10% in cost savings and positions TMA as a scalable, governed, and economically efficient technology platform, ready for increased automation and artificial intelligence adoption. Digital solutions for customer self-management During 2025, TMA consolidated its digital channels, including Mi Movistar and Tuenti Web/Apps and the Magento-based eCommerce platform, deepening the digital transformation initiated in previous years. The Mi Movistar App achieved a 4.7 rating on the Android store, supported by 5 million monthly active users (MAU) generating approximately 26 million sessions per month. App/Web products evolved beyond self-service inquiries and transactions, with 93% of customer interactions now being digital and automated. From a business perspective, digital monetization reached 4.5 million transactions per month, and the digital retention process was transformed, achieving 16% digital retention of approximately 250,000 monthly churn intentions, with overall customer satisfaction at 46%. Additionally, the eCommerce channel continued its strong growth, reaching a 51.4% digital sales mix and 80.1% end-to-end automation, covering handset sales, fiber + TV, and mobile products, with 72.9% customer satisfaction. This transformation enabled TMA, in 2025, to modernize the Self-Service Web for Enterprise customers (B2B), adopting the same technology stack and DevSecOps practices, ensuring CI/CD, faster time-to-market, and a more stable and scalable operation aligned with the TechCo model. Processing of supplier and utility invoices using AI TMA implemented AI-based solutions to automate the supplier invoices processing (such as electricity, gas and water) received from multiple third parties and in heterogeneous formats. The initiative reduces manual processing, improves data accuracy, accelerates validation cycles and strengthens operational efficiency and control within internal financial operations ​ ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 73 Table of Contents MARKETING AND CUSTOMER CARE Sales and Marketing Telecom’s Marketing strategy is grounded in building a convergent ecosystem of solutions aimed at strengthening its value proposition, increasing brand awareness, and delivering personalized experiences that simplify and enhance our customers’ daily lives. As part of this framework, Personal continues to broaden its portfolio with innovative offerings such as Flow Plus and the evolution of the Smarthome platform, while offering differentiated benefits for convergent customers—including Reintegro Plus through Personal Pay—in line with its focus on personalization and added value. Digital transformation continues to be a strategic pillar, with a sustained increase in investment in digital media and the intensive use of data, automation, and artificial intelligence to optimize commercial efficiency, segmentation, and personalization. The Company further deepened the adoption of AI-based technologies in collaboration with strategic partners such as Google and Meta, as well as the use of generative AI for the large-scale development of creative assets. At the brand level, we continue to strengthen Personal’s positioning in the Fiber segment and reinforce its role as a central component of our ecosystem, with the objective of increasing Top-of-Mind awareness and brand understanding. Some of the key marketing activities carried out by Personal included: ● Large-scale campaigns in our core markets, prioritizing investment in digital and Out-of-Home (OOH) media, complemented by television, radio, and other national and local channels. ● Strengthening Personal’s presence in regional markets, particularly in the southern provinces and the Patagonia region. ● Expansion of performance marketing campaigns, including catalog-based campaigns, region-specific initiatives, and additional investment across social media platforms. ● CRM-driven campaigns delivered through email, WhatsApp, and other channels to provide personalized messaging to both existing customers and prospects. ● Events and experiences for our current and prospective customers, designed to bring our brands closer and strengthen engagement, including some carried out in collaboration with partners. TMA’s marketing model is oriented toward sustainable growth, operational efficiency, and the continuous improvement of the customer experience, leveraged by service convergence, the use of data, and the evolution of its commercial channels. Customer Support Both Personal’s and TMA’s customer service models are focused on supporting customers throughout their entire lifecycle, prioritizing an agile, simple, and high-quality experience through an integrated omnichannel approach. During 2025, the Company further advanced its service digitalization strategy by strengthening self-service capabilities, incorporating artificial intelligence to optimize query resolution, and progressing in the specialization of human service teams, with the objective of improving first-contact resolution levels. At Personal, digital interaction was strengthened through WhatsApp, the web browsing experience was redesigned, and a new version of the Mi Personal Flow App was launched, enabling customers to manage their products autonomously. In addition, contact channels were expanded through virtual assistants, email, and social media. In the case of TMA, customers have access to extensive self-service capabilities through the “Mi Movistar” mobile application and the WhatsApp channel, allowing them to manage products and services, review usage, complete transactions, and resolve issues autonomously. These digital solutions are continuously enhanced to improve accessibility, simplify processes, and accelerate response times, incorporating advanced cognitive platforms powered by generative artificial intelligence, which enable more efficient interactions and improved issue resolution. ​ ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 74 Table of Contents For customers who require or prefer personalized assistance, TMA provides assisted customer care through telephone and digital channels, including WhatsApp and social media platforms. In this context, TMA advanced specialized service models focused on key customer journeys and critical issues, with the objective of strengthening first-contact resolution and raising service quality standards. Additionally, TMA implemented end-to-end onboarding models for new customers, enabling proactive engagement from service activation and generating continuous insights to optimize processes under a customer-centric approach. Telecom provides customer service 24 hours a day, 365 days a year, through a broad ecosystem of channels—including WhatsApp, telephony, mobile apps, social media, and customer service centers—ensuring a consistent and uniform experience. Customer perception is continuously monitored through indicators such as the Net Promoter Score (NPS) across products, services, and key moments along the customer journey. SUSTAINABILITY At Telecom Argentina, sustainability is a management model integrated into our corporate policy, allowing us to carry out our operations with a focus on generating value in our economic, social and environmental performance. Telecom Argentina has been a member of the United Nations Global Compact since 2004 and complies with the 10 principles on human rights, quality employment, environmental protection and anti-corruption. The Company’s commitment to complying with these principles is ratified each year and is part of its sustainability model. We are leaders in an industry that is very important for social and economic development of the country. We have a Sustainability Policy that provides the framework for the sustainable management of the Company and sets out the principles under which activities are expected to be carried out. The Sustainability Policy is available on this website: https://institucional.telecom.com.ar/assets/files/sustainability/policies/Politica-Sustentabilidad-en.pdf. The contents of our website and our Sustainability Policy are not part of this Annual Report. Sustainability management is based on three axes with the following objectives: ● Environmental: Drive technological evolution while seeking to protect the environment. ● Social: Transform people’s digital experience, recognizing that connectivity is a driver of economic and social development. ● Governance: Develop our business with integrity and transparency. Regarding environmental management, we have an Environmental Policy that drives us to conduct our business activities with a focus on protecting the environment. It is available at https://institucional.telecom.com.ar/sustentabilidad/contenido-esg. The contents of our website and our environmental policy are not part of this Annual Report. The policy seeks to mitigate the impact of our operations on natural resources and biodiversity, reduce greenhouse gas (GHG) emissions and the impact on climate change, promote a circular economy, encourage clean technologies for sustainable development, and ensure transparency with our stakeholders. ● Climate Change: We are committed to achieving carbon neutrality in our operations and have therefore developed a climate action strategy. This strategy includes comprehensive measurement of our carbon footprint in its three scopes, in order to accurately identify where GHG emissions are released into the atmosphere. In 2025 we set a target to reduce our GHG emissions by almost 60% by 2034, validated by the international Science Based Targets initiative (SBTi). Since 2022, we have been reporting our carbon footprint to the Carbon Disclosure Project (CDP). ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 75 Table of Contents We also assessed the risks and opportunities arising from climate change in accordance with the framework established by the Task Force on Climate-related Financial Disclosures (TCFD). Although climate-related risks are not significant for the Company (see “Item 3 —Key Information—Detailed Risk Factors”), we have identified that the most significant risks are related to heavy rains and heat waves. ● Circular Economy: We have a circular economy strategy based on three axes: operational, which includes efficiency practices in our business; suppliers, whom we involve in sustainability criteria; and customers, to whom we offer more sustainable digital services and solutions. Our policy is available at: https://institucional.telecom.com.ar/assets/files/sustainability/policies/EconomiaCircularV4.pdf. The contents of our website and our environmental policy are not part of this Annual Report. ● Cleantech: This refers to technologies that seek to reduce the impact of human activities on the environment. Through digital products and services, we offer clean technological solutions, aware of the industry’s responsibility to reduce its own emissions and encourage the entire value chain to join forces to decarbonize the industry. ● Biodiversity: In line with our commitment to protecting and conserving biodiversity, maintaining ecosystem services and sustainably managing natural resources, we have begun to align ourselves with the Taskforce on Nature-Related Financial Disclosures (TNFD) framework regarding our dependencies, impacts, risks and opportunities with nature. We promote the growth and development of society through connectivity, entertainment, and technological solutions, and we encourage training in digital skills to empower people and enable them to improve their lives through technology. In this regard, Telecom has developed a community-focused social investment plan that centers on promoting the use of technology as a tool for community progress and growth. The plan currently includes four initiatives: ● Digitalers: free programming courses for young people interested in developing their future in the technology industry; ● Chicas digitalers (Digitalers Girls): free courses for young women who are in their final years of high school, which seek to bring them closer to the world of technology and thus reduce the gender gap in the tech industry; ● Nuestro Lugar (Our Place): a program that promotes the responsible, safe and creative use of technology among children and teenagers, through cyber-citizenship and educational workshops at schools. It also includes teacher training on the use of technology in the classroom; ● Academia Digitalers (Digitalers Academy): a digital learning website that offers the community a selection of the best courses from leading companies in the digital industry. Developed by Telecom together with some of its key partners, it offers high-quality, flexible, self-paced, asynchronous, and 100% free courses. It is open to anyone over the age of 18 and requires no prior experience or technical training. Another dimension addressed from the social perspective concerns Telecom employees. We empower teams to reach their full potential in a culture that promotes autonomy, enjoyment, and innovation. We also train our employees to learn more about ESG, identify critical issues in sustainability management, and develop action plans to comply with ESG commitments. In terms of Governance, we work on the following: ● Ethics and Transparency: We adhere to the highest standards of ethics, transparency, and legality, fostering respectful and honest relationships and conduct. We participate in investor reporting on ESG requirements and learn about the latest trends in this subject through conferences, webinars and meetings with experts. ● Value Chain: We seek to achieve sustainable management throughout our value chain, promoting the adoption of best practices. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 76 Table of Contents We communicate these initiatives to our stakeholders through our Integrated Annual Report, which describes our progress and challenges in building a sustainable business while creating value for stakeholders and society. Since 2020, we have reported on our ESG impacts through financial and non-financial information in this document, and since 2022, we have also integrated the annual corporate information required by the GCL. The Integrated Annual Report complies with the international sustainability guidelines issued by the Global Reporting Initiative (“GRI”) and follows the guidelines defined by The International <IR> Framework. It describes our contribution to the United Nations Sustainable Development Goals (“SDG”) and its 2030 Agenda, the 10 principles of the United Nations Global Compact, and our compliance with the international standard ISO 26.000:2010. In addition, since 2011, we have submitted the Company’s indicators to an external assurance review. The content of the Integrated Annual Report is not part of this Annual Report. At TMA, sustainability is a management model integrated into its corporate policy, allowing TMA to carry out its operations with a focus on generating value in our economic, social and environmental performance. MANAGEMENT OF CHURN Churn refers to the termination of a mobile telephony, cable television or internet services customer’s account. The churn rate is determined by calculating the total number of terminated customers of each of our mobile telephony, cable television and internet services over a given period as a percentage of the initial number of customers for such services as of the beginning of the applicable measurement period. We seek to enforce a strict policy for terminations due to non-payment, which provides for the termination of cable television services, internet services and mobile telephony services after a 180-day period (for Personal), and 150-day period (for TMA) of non-payment and delivery of a notice of disconnection. REGULATORY AUTHORITIES AND FRAMEWORK Our activities are affected by, and will continue to be affected by, among others, rules and regulations applicable in Argentina, Paraguay, Uruguay and United States, which we describe below. REGULATORY AUTHORITIES The regulatory authorities described below are primarily responsible for regulating the services we provide. Other authorities also have jurisdiction over different aspects of our operations, including, without limitation, antitrust authorities, the CNV, the public registry of commerce and tax authorities. Argentina The regulatory authority for ICT services provided by the Company and certain subsidiaries in Argentina is ENACOM. Through Decree No. 89/2024 dated January 26, 2024, ENACOM was placed under intervention for a period of 180 consecutive days, which has been extended on several occasions—the most recent being Decree No. 938/2025, extending the intervention until January 4, 2027—with the purpose of redefining obsolete regulations that hinder technological progress, among other matters. As of the date of this Annual Report, there have been no effects on the Company’s operations due to this intervention. The Company will continue to monitor the matter for any potential impacts. Our subsidiary Micro Sistemas is registered as a PSP (Payment Service Providers) that offer payment accounts with registration for the functions of “acceptor” and “aggregator,” as an Interoperable Digital Wallet and as Other Non-Financial Credit Provider and is under the oversight of the BCRA. In addition, it is subject to the terms of “Financial Information Unit” (“FIU” - Unidad de Información Financiera) regulations for this type of operations, as it falls within the scope of the terms of Section 20 of Law No. 25,246 (as amended), which provides for the persons obliged to report to the FIU. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 77 Table of Contents Paraguay Our mobile telecommunications services in Paraguay are subject to the authority of the CONATEL. Our subsidiary Personal Envíos (which received authorization to operate as an Electronic Payment Company) is supervised by the Central Bank of Paraguay. Uruguay Our subsidiary Adesol is a related party of Bersabel S.A. and Visión Satelital S.A., entities that own licenses to provide subscription broadcasting services in Uruguay and are subject to the authority of the URSEC. United States Our fixed wholesale telecommunications operations in the United States are subject to the authority of the Federal Communications Commission. REGULATORY FRAMEWORK In Argentina, the provision of fixed and mobile telecommunications services, internet services and cable television services (subscription broadcasting services) are highly regulated, and the regulatory framework is continuously evolving. The regulatory framework applicable to our business includes: ● LAD and its amendments; ● Law No. 19,798 (to the extent it does not conflict with the LAD); ● the Privatization Regulations, which regulated that process. ● the Transfer Agreement; ● the licenses for providing telecommunication services and the List of Conditions and their respective regulations; and ● current service regulations. The Argentine Digital Law The LAD provides for a single country-wide license and individual registration for information and communication technologies services (Licencia Única Argentina Digital). Pursuant to the LAD, licensees of ICT Services are required to set prices that (i) are fair and reasonable, (ii) cover the exploitation costs and (iii) tend to maximize the efficiency of the supply of these services while maintaining a reasonable operating margin. The LAD also amended the Universal Service (see “—Universal Service”), includes a declaration of public interest of the development of ICT and its associated resources in order to ensure complete neutrality of ICT networks and grant all users the right to access, use, send, receive or offer any content, application, service or protocol through internet without any restrictions or discrimination. The LAD allows licensees of ICT Services to provide subscription broadcasting services through physical or radio-electric link, including this service within its regulatory scope. Telecom Argentina’s License According to the LAD, Telecom Argentina holds a non-expiring Unique Argentine Digital License (Licencia Única Argentina Digital), which allows Telecom to provide a wide range of fixed and mobile telecommunications services, internet accesses, subscription broadcasting services (by physical and/or radio electric link) and radio electric service of concentration of links. TMA’s License On February 24, 2025, the Company acquired TMA, which holds a non-expiring Unique Argentine Digital License (Licencia Única Argentina Digital), which allows TMA to provide a wide range of fixed and mobile telecommunications services, internet access and subscription broadcasting services (by physical and/or radio electric link). ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 78 Table of Contents UNIVERSAL SERVICE Pursuant to the newly enacted Resolution 1,182/25 which regulates the Universal Service, the licensees of ICT Services provided in Argentina are required to make contributions to the Universal Service Fiduciary Fund equivalent to 1% of the total accrued revenues from the provision of ICT Services, net of taxes and charges. SPECTRUM 5G Reliable and Intelligent Telecommunications Services (STeFI, for its Spanish acronym) Through Resolution No. 1,285/2023, published on August 29, 2023, ENACOM authorized the call for bids for the allocation of frequency bands for the provision of STeFI and approved the General and Particular Bidding Terms and Conditions for the Allocation of Frequency Bands from 3,300 to 3,600 MHz (“Bid Form”), divided into three lots of 100 MHz each. The base price for each lot was set at US$350 million. On October 24, 2023, at the Auction held for the above-mentioned bid, Telecom was awarded Lot 2 (3,400-3,500 MHz Band). On February 24, 2025, the Company acquired TMA, which was opportunely awarded Lot 3B (3,550–3,600 MHz Band). Furthermore, through ENACOM Resolution No. 611/2025, ENACOM amended Article 1 of Resolution No. 1285/2023, establishing a maximum spectrum accumulation limit for STeFI at 150 MHz. OTHER MATERIAL REGULATIONS Argentina Telecom is also subject to other material regulations in Argentina, such as the Regulation of ICT Services, the General Rules Governing ICT Service Customers, the Number Portability Regulation, General Rules Governing Interconnection and Access, Quality Rules for ICT Services, National Rules for Contingencies, International Roaming Agreement between Chile and Argentina, Infrastructure Sharing Regulation and Regulatory Authority’s Penalty, among others. Paraguay In Paraguay, Núcleo has a license to provide mobile telecommunication services (STM and PCS), a license for the installation and provision of internet and data services throughout the country and a license to provide DATDH services. These licenses have been granted for renewable five-year periods. Personal Envíos is authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE), and its corporate purpose is restricted to such service. Uruguay In Uruguay, Adesol has contractual relationships with several licensees that provide subscription television services through various systems in such country. On October 21, 2024, Law No. 20,383 repealed Law No. 19,307 and its associated regulatory decrees. This new law establishes a revised framework for the provision of radio, television and other audiovisual communication services in Uruguay. For further information on the most relevant regulatory framework matters, see Note 2 to our Consolidated Financial Statements. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 79 Table of Contents DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT OF 2012 (ITRSHRA) Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 added Section 13(r) to the Exchange Act, which requires a 34’ Exchange Act registrant to disclose in its annual or quarterly reports furnished to the SEC whether the issuer or any of its affiliates has knowingly engaged in certain activities, transactions or dealings with the government of Iran, relating to Iran or with designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the annual or quarterly report. Disclosure is required even when the activities were conducted outside the United States by non-U.S. entities and even when such activities were conducted in compliance with applicable law. In accordance with our Code of Ethics and Conduct, we seek to comply with all applicable laws. Activities relating to Iran Commercial Agreements with International Carriers (fixed services): During 2025, we have provided international telecommunications services agreements with international carriers (fixed services), which cover delivery of traffic to Iran through non-Iranian carriers. We maintain commercial agreements with international carriers located in countries other than Iran, which permit those carriers to deliver traffic from Iran to our networks and from our networks to Iran. Our total expenses under commercial agreements with international carriers regarding delivery of traffic to Iran were approximately US$66.22 as of December 31, 2025. During 2025, and regarding outgoing traffic, we have sent traffic to Iran only through Telecom Italia Sparkle S.p.A (Italy). Regarding incoming traffic, we charge the relevant international carrier for traffic ending in our network. Consequently, we do not know the country of origin of such traffic. Accordingly, our total payables and receivables from international carriers include balances arising from traffic related to Iran but it is not possible to segregate them. The outbound costs are wholly immaterial with respect to the Company’s consolidated operating expenses for the period presented. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 80 Table of Contents CAPITAL EXPENDITURES AND RIGHTS OF USE ASSETS The following table sets forth our capital expenditures by operating segment for each of the years ended December 31, 2025 and 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICT Services in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICT Services in Argentina – ​ Argentina – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personal Network ​ ​ ​ TMA Network ​ ​ ​ Other segments ​ ​ ​ Total ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2025 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (P$ million) ​ (P$ million) ​ (P$ million) ​ (P$ million) Real estate ​ — ​ — ​ 1,042 ​ — ​ 398 ​ 63 ​ 245 ​ 398 ​ 63 ​ 1,287 Switching equipment 662 ​ 601 ​ 18,017 ​ — ​ 498 ​ 808 ​ 2,918 ​ 1,160 1,409 20,935 Mobile network access, external wiring & transmission 263,154 ​ 238,229 ​ 190,628 ​ 85,162 ​ 3,630 ​ 5,450 ​ 3,380 ​ 351,946 243,679 194,008 Computer equipment and software 122,121 ​ 127,455 ​ 172,322 ​ — ​ 4,014 ​ 1,348 ​ 1,388 ​ 126,135 128,803 173,710 Construction in progress ​ 106,696 ​ 82,611 ​ 148,496 ​ 121,897 ​ 61,203 ​ 51,094 ​ 39,557 ​ 289,796 ​ 133,705 ​ 188,053 Materials ​ 339,256 ​ 143,258 ​ 143,569 ​ 186,862 ​ 7,490 ​ 10,407 ​ 33,071 ​ 533,608 ​ 153,665 ​ 176,640 Other ​ 28,152 ​ 14,074 ​ 47,597 ​ 5,780 ​ 14,130 ​ 15,154 ​ 14,868 ​ 48,062 ​ 29,228 ​ 62,465 Subtotal tangible capital expenditures ​ 860,041 ​ 606,228 ​ 721,671 ​ 399,701 ​ 91,363 ​ 84,324 ​ 95,427 ​ 1,351,105 ​ 690,552 ​ 817,098 Licenses ​ — ​ — ​ 496,601 ​ — ​ 217 ​ 643 ​ 1,877 ​ 217 ​ 643 ​ 498,478 Subscribers acquisition costs ​ 5,979 ​ 7,072 ​ 11,536 ​ 56,901 ​ 4,887 ​ 4,938 ​ 3,675 ​ 67,767 ​ 12,010 ​ 15,211 Other ​ 58,536 ​ 40,394 ​ 48,179 ​ — ​ 7,952 ​ 5,375 ​ 5,227 ​ 66,488 ​ 45,769 ​ 53,406 Subtotal intangible capital expenditures ​ 64,515 ​ 47,466 ​ 556,316 ​ 56,901 ​ 13,056 ​ 10,956 ​ 10,779 ​ 134,472 ​ 58,422 ​ 567,095 Total capital expenditures in PP&E and intangible assets ​ 924,556 ​ 653,694 ​ 1,277,987 ​ 456,602 ​ 104,419 ​ 95,280 ​ 106,206 ​ 1,485,577 ​ 748,974 ​ 1,384,193 Right of use assets ​ 176,393 ​ 289,865 ​ 149,842 ​ 11,573 ​ 7,746 ​ 22,298 ​ 95,427 ​ 195,712 ​ 312,163 ​ 245,269 Total capital expenditures in PP&E and intangible assets and Right of use assets ​ 1,100,949 ​ 943,559 ​ 1,427,829 ​ 468,175 ​ 112,165 ​ 117,578 ​ 201,633 ​ 1,681,289 ​ 1,061,137 ​ 1,629,462 ​ For additional information on capital expenditures, see Notes 9, 10 and 11 to our Consolidated Financial Statements. Our total capital expenditures were P$1,485,577 million in 2025, P$748,974 million in 2024 and P$1,384,193 million in 2023, and represented 17.8%, 13.8% and 23.5% of our consolidated revenues, respectively. We estimate that our capital expenditures in 2026 will be approximately P$1,349,643 million for ICT services provided in Argentina – Personal Network, P$641,367 million for ICT services provided in Argentina – TMA Network, and P$120,075 million for other segments. See “Item 5—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Capital Expenditures.” We expect to finance these expenditures through cash flows generated by our operations and financing provided by third parties. PP&E As detailed below, our principal physical properties consist of transmission equipment, access facilities, outside plant (external wiring) and switching equipment. These assets are, at present, mainly located throughout AMBA, the Northern Region and the Southern Region. Some of our assets are located in areas that may be subject to natural disasters and severe weather, and which may be adversely affected in the future by climate change. ​ ​ PART I - ITEM 4 INFORMATION ON THE COMPANY TELECOM ARGENTINA S.A. 81 Table of Contents We believe that our assets are, and for the foreseeable future will be, adequate and suitable for their respective uses. The table below shows the carrying amount of PP&E by reportable segment as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ ​ ​ ICT Services in ​ ​ ​ ​ ​ ​ ​ ​ ​ Argentina – ​ ICT Services in ​ ​ ​ ​ ​ ​ ​ Personal ​ Argentina – ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ Network ​ ​ ​ TMA Network ​ ​ ​ segments ​ ​ ​ Total (1) ​ ​ ​ (P$ million) ​ (P$ million) ​ (P$ million) ​ (P$ million) ​ Real estate 896,556 293,450 3,632 ​ 1,193,638 ​ Switching equipment 169,663 24,213 57,688 ​ 251,564 ​ Mobile network access, external wiring & transmission 2,578,264 503,231 199,897 ​ 3,281,392 ​ Computer equipment and software 412,792 4,394 15,503 ​ 432,689 ​ Construction in progress ​ 190,775 ​ 130,050 ​ 16,669 ​ 337,494 ​ Materials 498,761 121,170 20,889 ​ 640,820 ​ Others 529,247 122,709 70,065 ​ 722,021 ​ Total PP&E, net carrying value 5,276,058 1,199,217 384,343 ​ 6,859,618 ​ (1) Excluding valuation allowance for obsolescence and impairment of materials for P$42,217 million and impairment of PP&E for P$28,283 million. All the above-mentioned assets were used to provide services to our customers. As of December 31, 2025, we have entered into purchase commitments relating to PP&E totaling P$389,817 million. Our current major suppliers of PP&E are IATEC S.A., Newsan S.A., Huawei Tech Investment Co. LTD Argentina, ZTE Corporation, Huawei International Co. Limited, Radio Victoria TCL ARG S.A., FTTMAS Limited, Solnik S.A., Electroson Telecomunicacion S.A., Shenzhen Skyworth Digital technology Co. LTD, Plantel S.A. and Retesar S.A. ​