You should read the following discussion in conjunction with the rest of this Annual Report, in particular, the sections “Presentation of Financial Information,” “Item 4 —Information on the Company” and the Consolidated Financial Statements, including the notes to those financial statements, which appear elsewhere in this Annual Report. Our Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The following discussion and analysis are presented by the Management of our company and provide a view of our financial condition, operating performance and prospects from the Management’s perspective. The strategies and expectations referred to in this discussion are considered forward-looking statements and may be strongly influenced or changed by shifts in market conditions, new initiatives that we implement and other factors. Since much of this discussion is forward-looking, you are urged to review carefully the factors referenced elsewhere in this Annual Report that may have a significant influence on the outcome of such forward-looking statements. We cannot provide assurance that the strategies and expectations referred to in this discussion will come to fruition. Forward-looking statements are based on current plans, estimates and projections, and therefore, you should not rely solely on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. We caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. Please refer to “Forward-Looking Statements,” “Item 3—Key Information—Risk Factors” and “—Trend Information” below for descriptions of some of the factors relevant to this discussion and other forward-looking statements in this Annual Report. Management Overview We operate with a global vision, integrating sustainability into every aspect of our business. We firmly believe in the transformative power of technology, as it supports the digital lives of individuals and organizations and evolves in alignment with social and environmental demands, contributing to an increasingly sustainable future. We continue to advance our business strategy, with a focus on the digital evolution of society, strengthening our position as a technology company with regional scale. This is reflected in the ecosystem of digital products, services, and solutions that we offer to our customers. Our commitment to digitalization drives continuous innovation. We have adopted collaborative and efficient ways of working that strengthen our management practices and foster the development of our workforce community. Thousands of people make this transformation possible through their talent, creativity, and commitment, contributing every day to the development of a more dynamic company that is well positioned for the future. One of the most significant milestones of the year was the acquisition of TMA, completed on February 24, for a contractual purchase price of US$1,245 million (“consideration paid” pursuant to IFRS 3 was US$1,119 million). This acquisition was carried out as part of the Company’s expansion plan, which includes the deployment and densification of fiber-optic networks, 5G mobile sites, and value-added services. This transaction reinforces our long-term vision and our commitment to the development of strategic infrastructure supporting the digital economy in the country and the region. In a global context of transformation and consolidation across the industry, this investment represents a decisive step toward strengthening our capabilities, achieving greater scale, and generating synergies that support the long-term sustainability of our business. We continue to evolve our value proposition for the B2B business by offering tailored and scalable solutions to our enterprise customers, supported by a portfolio built on key technological pillars: fixed and mobile connectivity, cybersecurity, cloud solutions, and IoT. We continued to advance the extension of Argentina’s 5G network, which strengthens our connectivity infrastructure and underscores our commitment to the digital development of the country and its future opportunities. At the same time, we continued the deployment of FTTH technology across various cities in Argentina. ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 83 Table of Contents Along this path, we received a new recognition from Ookla, which underscores the superior performance of the Personal Network across the attributes most valued by users, as the fastest mobile network through Personal Fibra in Argentina. We continued to further develop OpenXpand, a digital platform designed to promote the adoption of Open Gateway across Latin America and reinforces us as a technological leader at the regional level, by offering digital, secure, and scalable solutions. With respect to our environmental commitment, during the year we adopted short-term decarbonization targets that were validated by the international Science Based Targets initiative (SBTi), aligned with our commitment to achieve carbon neutrality by 2050. Energy efficiency, driven by our use of technologies such as cloudification, virtualization, AI, and automation, along with an increase in renewable energy supply, are some of the practices we have developed. Additionally, we have made progress in circular economy initiatives and cleantech solutions. The year 2025 presented significant challenges, particularly in terms of financial sustainability. We obtained bank loans totaling US$1,170 million, the proceeds of which were used to finance the acquisition of TMA. Through the issuance of Notes, we were able to refinance those loans and repay other obligations, thereby improving our financial costs. We issued Notes for an aggregate principal amount of US$1,051 million and P$58,000 million, which enabled us to repay and refinance a portion of our loans, improving terms and financing costs. Additionally, during 2025, we distributed dividends for an aggregate of P$220,482 million (P$226,756 million in current currency as of December 31, 2025). Looking ahead, we remain confident that integration and innovation are fundamental pillars for continuing to deliver high-quality services, accelerating technological deployment, and supporting the digital evolution of our customers and communities. In pursuit of this objective, we continue to evolve our business model to place people at the center and to provide technology, solutions, and opportunities that enhance their world. We unified our brand identity under Personal as the single integrating brand across our entire digital ecosystem, encompassing connectivity, entertainment, digital financial services, smart homes and offices, and enterprise and government solutions—enabling individuals, communities, and organizations to progress, engage, and transform. This forward-looking perspective is grounded in the relationship of trust we build every day with those who choose our services. Consolidated revenues in 2025 amounted to P$8,328,814 million as compared to P$5,442,958 million in 2024 and P$5,898,611 million in 2023. The increase of P$2,885,856 million in 2025 (a 53% increase) was mainly due to the consolidation of TMA’s results as of December 31, 2025, which contributed P$2,748,493 million of total revenues. The decrease of P$455,653 million in 2024 (a 7.7% decrease) was mainly due to the fact that the inflation rate for the last twelve months amounted to 117.8% and the Company (and other competitors in the ICT industry) did not transfer the totality of this inflation to its prices. Net loss in 2025 amounted to P$145,304 million as compared to a net income of P$1,359,230 million and a net loss of P$715,266 million in 2024 and 2023, respectively. Net loss for 2025 increased by P$1,504,534 million as compared to 2024. For a detailed analysis of our results of operations for fiscal year 2025, see “—Years ended December 31, 2025, 2024 and 2023” below. For a discussion of the factors that may affect our results of operations see “Item 3—Key Information—Risk Factors” and “—Years ended December 31, 2025, 2024 and 2023—Factors Affecting Results of Operations” and “—Trend Information” below. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 84 Table of Contents Non-IFRS Accounting Standards Measures The following discussion and analysis summarizes relevant measures of results of operations presenting items by nature. The Company believes that the presentation of the measures “Adjusted EBITDA,” “Operating Working Capital,” “Net Current Financial Liability” and “Working Capital” provide investors and financial analysts with appropriate information that is relevant to understanding the Company’s past and present performance and liquidity as well as our projections of future performance and liquidity. Moreover, Adjusted EBITDA is one of the key performance measures used by Management for monitoring the Company’s profitability and financial position, at consolidated levels. For more information on the use of Adjusted EBITDA and reconciliation of net income/(loss) to Adjusted EBITDA, see “—(A) Consolidated Results of Operations—Adjusted EBITDA.” Also, for more information on the use of Operating Working Capital, Net Current Financial Liability and Working Capital and reconciliation of these measures, see “—Liquidity and Capital Resources—Liquidity—Working Capital.” Years ended December 31, 2025, 2024 and 2023 For purposes of these sections, the fiscal years ended December 31, 2025, 2024 and 2023 are referred to as “2025,” “2024” and “2023,” respectively. Our results of operations are determined in accordance with IFRS Accounting Standards as issued by the IASB. Telecom provides customers with a broad range of telecommunication services. To fulfill its purpose, Telecom conducts different activities distributed among the companies in the Group. For further information about our main products and services, see “Item 4—The Business—Main Products and Services.” Factors Affecting Results of Operations Described below are certain factors that may be helpful in understanding our operating results. These factors are based on the information currently available to our Management and may not represent all the factors that are relevant to an understanding of our current or future results of operations. See also “Item 3—Key Information—Risk Factors.” Additional information regarding trends expected to influence our results of operations is analyzed below under “Trend Information.” The Argentine Economy Although a significant portion of our financial liabilities are denominated in foreign currencies, a substantial majority of our assets, operations and customers are located in Argentina. Accordingly, our financial condition, results of operations and cash flows depend to a significant extent on economic and political conditions prevailing in Argentina. The Argentine government has exercised and continues to exercise significant influence over many aspects of the Argentine economy. Accordingly, Argentine governmental actions concerning the economy could significantly affect private sector entities in general and our operations in particular, as well as affect market conditions, prices and returns on Argentine securities, including our outstanding securities and our shares. Our operating results, financial condition and cash flows have been and will be affected by fluctuations in the Argentine economy. For more information on these macroeconomic and political conditions, see “Item 3—Key Information—Risk Factors—Risks Relating to Argentina.” During the first half of 2025, global economic conditions remained subject to uncertainty, with monetary policy normalization proceeding at different speeds across jurisdictions and continued volatility in international capital flows affecting emerging market economies, including Argentina. Economic activity in Argentina expanded throughout 2025. The GDP increased by 5.8% in the first quarter, 6.3% in the second quarter, and 3.3% in the third quarter of 2025, compared to the same quarters of previous years. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 85 Table of Contents In 2025, public spending declined significantly compared to 2024. According to the latest estimates from the Argentine Ministry of Economy, a primary surplus of approximately 1.4% of GDP was recorded as well as a financial surplus of approximately 0.2% of GDP. This fiscal surplus resulted from measures implemented by the administration to streamline public sector accounts and maintain fiscal balance. As of December 31, 2025, the Argentine Peso depreciated in official markets 41% relative to December 31, 2024, as the Central Bank operated a banded exchange rate system designed to allow gradual adjustments of the peso while limiting excessive volatility, while inflation reached approximately 31.5% year-on-year. In 2025, the trade balance recorded a surplus of US$11,286 million. Argentina’s exports totaled US$87,077 million, reflecting a 9.2% increase, while imports amounted to US$75,791 million, representing a 24.6% increase. Following Argentina’s foreign-currency debt restructuring in 2020 and the subsequent approval of an IMF-supported Extended Fund Facility (“EFF”) confirmed by the Argentine Senate in 2022 and periodically reviewed since then, the IMF and Argentine authorities continued to implement the 48-month EFF program throughout 2025. The IMF Executive Board completed the first review of the program in July 2025, enabling a disbursement of approximately US$2 billion. The review welcomed Argentina’s commitments to safeguard the fiscal anchor, enhance the monetary framework, rebuild reserves, and pursue reforms consistent with the program’s objectives with strong policy implementation supporting continued growth and disinflation. As of December 31, 2025, Argentina’s country risk stood at 571 points, improving 64 points from December 31, 2024. Effect of Inflation Pursuant to IAS 29, the financial statements of entities whose functional currency is that of a hyperinflationary economy must be restated. IAS 29 does not prescribe when hyperinflation arises but includes several factors of hyperinflation. Since July 1, 2018, Argentina has been categorized as a hyperinflationary country, since certain macroeconomic indicators and events during 2018 evidenced that the qualitative and quantitative factors identified in IAS 29 (the quantitative factor being when the country’s projected three-year cumulative inflation rate exceeds 100%) were satisfied. Therefore, we have restated our Consolidated Financial Statements and the financial information in current Argentine Pesos as of December 31, 2025, for all the periods reported in this Annual Report based on certain price indexes to consider the effect of inflation in Argentina. See “Item 3—Key Information—Risk Factors—Risks Relating to Argentina—Inflation is high and could accelerate further, causing adverse effects on the economy and negatively impacting Telecom’s margins and/or ratios,” and Note 1.d) to our Consolidated Financial Statements. The CPI index has registered an increase of 31.5%, 117.8% and 211.4% on a year-over-year comparison for 2025, 2024 and 2023, respectively. See Note 1.d) to our Consolidated Financial Statements. The financial information issued for comparative purposes must also be presented in the current currency as of December 31, 2025, and must be restated using the annual index of the current year. As a result of applying the comprehensive inflation restatement, the Company will record an increase in the value of non-monetary items, such as Fixed and Intangible Assets, with an impact on deferred taxes and an increase in the Company’s equity, including shareholders’ contributions. Income Tax Inflation Adjustment In accordance with the provisions of the regulations in force in the Income Tax Law, the Company applies the income tax inflation adjustment set out in Title VI of the income tax law since fiscal year 2019, as that is the year the variation of the required CPI was verified. On December 1, 2022, Law No. 27,701 was enacted, which provided that taxpayers who determine a positive inflation adjustment in the first and second fiscal years beginning on January 1, 2022, may allocate one-third in that fiscal period and the remaining two-thirds in equal parts to the two immediately following fiscal periods. Said computation will proceed for those subjects who make investments in the purchase, construction, manufacture, elaboration or import of Fixed and Intangible Assets (except automobiles) during each of the two immediate fiscal periods following the computation of the first third, for an amount greater than or equal to P$30 billion. As the Company invested over P$30 billion per year in 2023, 2024 and 2025, it has determined the tax inflation adjustment as of December 31, 2022 and 2023 by imputation, as provided for in Law No. 27,701. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 86 Table of Contents Additionally, the update of the cost of several assets in case of disposal and the update of computable depreciation of Fixed and Intangible Assets, to all acquisitions or investments made in fiscal years beginning on January 1, 2018, based on changes in the CPI was generally established. On March 6, 2026, Law No. 27,802 (“Labor Modernization Law”) was published in the Official Gazette, introducing certain tax amendments. With respect to the Income Tax and inflation adjustment, the law provides that tax losses generated in fiscal years beginning on or after January 1, 2025, shall be adjusted based on the variation of the CPI recorded between the month-end of the fiscal year in which the losses were incurred and the month-end of the fiscal year being assessed. Accordingly, and pursuant to a comprehensive interpretation of applicable regulations, the Company recognized the corresponding accounting impact, that amounted to a loss of P$449,199 million as of December 31, 2025. Effects of Fluctuations in Exchange Rates between the Argentine Peso and the U.S. dollar and other major foreign currencies According to exchange rate information published by the Banco de la Nación Argentina, the Argentine Peso depreciated by 41.0% against the U.S. dollar during the year ended December 31, 2025 (compared to 27.7% and 356.3% in the years ended December 31, 2024, and 2023, respectively). The Milei administration has stated its intention to implement policies aimed at modifying Argentina’s macroeconomic conditions. In this regard, the BCRA announced the transition to a new macroeconomic stability framework, establishing a 2% monthly sliding path of the official exchange rate (this rate was adjusted to 1% during 2025). Additionally, the Relevamiento de Expectativas de Mercado (“REM”), published by the BCRA on January 9, 2025, estimated an annual inflation of 25.9 % for the year 2025. However, the effective inflation rate for 2025 was 31.5%. According to the REM, inflation for 2026 is projected to be approximately 22.4%. See “Item 10—Additional Information—Foreign Investment and Exchange Controls in Argentina.” and “Item 3—Key Information—Risk Factors—Risks Relating to Argentina—Devaluation of the Argentine Peso and foreign exchange restrictions may adversely affect our results of operations, our capital expenditures and our ability to service our liabilities and pay dividends.” The majority of our revenues are in Pesos whereas a portion of the costs regarding materials and supplies related to the construction and maintenance of our networks and services are incurred in foreign currencies. Also, the high level of competition limited our ability to transfer to our customers the fluctuations in the exchange rates between the Peso and the U.S. dollar and other major foreign currencies. In addition, any devaluation of the Peso against foreign currencies may increase operating costs (partially offset by the increase of revenues in foreign currencies), capital expenditures and the cost of debt, which will adversely affect our results of operations, considering the net effect on revenues and costs. Additionally, any significant devaluation of the Peso will result in an increase in the cost of servicing our debt and, therefore, may have a material adverse effect on our results of operations. See “Item 3—Key Information—Risk Factors—Risks Relating to Argentina—Devaluation of the Argentine Peso and foreign exchange restrictions may adversely affect our results of operations, our capital expenditures and our ability to service our liabilities and pay dividends.” The following tables show, for the periods indicated, certain information regarding the exchange rates for U.S. dollars, expressed in nominal Pesos per dollar (ask price published by Banco de la Nación Argentina). See “Item 10—Additional Information—Foreign Investment and Exchange Controls in Argentina.” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average(1) ​ ​ ​ End of Period Year Ended December 31, 2023 ​ ​ 295.29 ​ ​ 808.45 Year Ended December 31, 2024 ​ 916.17 ​ 1,032.00 Year Ended December 31, 2025 ​ 1,245.02 ​ 1,455.00 March 2026 (through March 9, 2026) ​ — ​ 1,416.00 (1) Yearly data reflect average of month-end rates. Source: Banco de la Nación Argentina ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 87 Table of Contents Internal Growth A monthly operational measure used in our services is ARPU, which we calculate by dividing adjusted total service revenues by the average number of customers during the period. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the customer base of our services. The following table shows certain information regarding calculation of ARPU as of the dates specified: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICT Services provided in Argentina – ​ ​ ICT Services provided in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personal Network ​ ​ Argentina – TMA Network ​ ​ Other segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ 2025 ​ ​ ​ date ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Number of fixed telephony services lines (millions) (1) ​ ​ 2.7 ​ 2.7 ​ 2.9 ​ ​ 2.1 ​ 2.1 ​ ​ n/a ​ n/a ​ n/a Number IP fixed telephony services lines (millions) ​ ​ 2.3 ​ 1.9 ​ 1.5 ​ ​ 1.6 ​ 1.5 ​ ​ n/a ​ n/a ​ n/a Internet access (millions) ​ 4.2 4.0 4.1 ​ 1.6 1.6 ​ 0.3 0.3 0.3 ARPU Internet (in P$/month) (2) ​ ​ 27,062.6 ​ 26,860.4 ​ 24,841.1 ​ ​ 24,192.3 ​ n/a ​ ​ n/a ​ n/a ​ n/a Mobile telephony services lines (millions) ​ ​ 19.9 ​ 21.6 ​ 21.0 ​ ​ 19.1 ​ 18.9 ​ ​ 2.6 ​ 2.6 ​ 2.3 ARPU Mobile (in P$/month) (2) ​ ​ 9,081.9 7,840.3 8,754.7 ​ ​ 8,175.7 n/a ​ ​ 5,886.9 6,516.9 7,663.2 MBOU Mobile (in Mb per user/month) ​ ​ 8,296.1 7,343.1 5,754.7 ​ ​ n/a n/a ​ ​ 8,442.9 8,236.0 8,788.6 Cable TV customers (million) ​ 3.3 3.2 3.1 ​ 0.4 0.4 ​ 0.2 0.2 0.3 Núcleo’s customers (millions) ​ n/a n/a n/a ​ n/a n/a ​ 0.1 0.1 0.2 Uruguay’s customers (millions) ​ n/a n/a n/a ​ n/a n/a ​ 0.1 0.1 0.1 ARPU Cable TV (in P$/month) (2) ​ 18,643.2 18,143.6 24,610.8 ​ 23,800.1 n/a ​ n/a n/a n/a Fintech Services users (million) ​ n/a n/a n/a ​ n/a n/a ​ 5.7 4.6 2.0 Argentina’s users (millions) ​ n/a n/a n/a ​ n/a n/a ​ 4.7 3.6 2.0 Paraguay’s users (millions) ​ n/a n/a n/a ​ n/a n/a ​ 1.0 1.0 — (1) Includes lines customers own usage, public telephony, Integrated Services Digital Network (“ISDN”) channels and Fibertel IP lines. (2) Includes restatement in current currency as of December 31, 2025, for further information please see “—Years ended December 31, 2025, 2024 and 2023-Consolidated Results of Operations below.” Price of services The LAD established that licensees of ICT services may freely set their prices provided such prices are fair and reasonable, to offset the costs of operation and to tend to the efficient supply and reasonable margin of operation. However, ENACOM is entitled to observe the prices we set if it understands that they do not comply with the provisions of Section 48 of the LAD. If prices were observed and we are forced to reduce them, our operating margins may be negatively affected. Competition The fixed and mobile telephony, cable television and internet businesses are competitive. We are required to make significant investments to refurbish and maintain our existing network infrastructure to comply with regulatory obligations and remain competitive with respect to the quality of our services. For more information, see “Item 4- The Business- Main Products and Services.” ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 88 Table of Contents Technology Developments and Capital Expenditures Improvements in technology influence our customers’ demand for services and equipment. For example, demand for fixed-line telecommunications services has been affected by continued significant growth in the mobile business. Growth in the telephony as well as cable television services businesses at present is being affected by the expansion of Broadband for individuals and corporations and our continuous updating of commercial and support systems. The increase in Broadband adoption has also proven to be a critical factor in facilitating the offering of Value Added Services to customers and the combination of products made available to customers. In internet services, we must constantly upgrade our access to technology and software, embrace emerging transmission technologies and improve the responsiveness, functionality, coverage and features of our services. In the mobile business, to provide customers with new and better services, Telecom must enhance its mobile networks extending 4G/4G+ technology and bandwidth for mobile data transmission. Moreover, Telecom is developing an LTE infrastructure expeditiously, in response to regulatory requirements and development in the market for mobile services. For more information regarding our LTE infrastructure developments, please see “Item 4—The Business—Mobile Telecommunications Services—Network and Equipment” and “Item 5—Liquidity and Capital Resources—Capital Expenditures.” We are continuing with the deployment and expansion of 5G technology that will allow us to expand our product portfolio and meet market demands in the future. In addition, as new technologies develop, equipment may need to be replaced or upgraded, and network facilities (in particular, mobile and internet network facilities) may need to be rebuilt in whole or in part, at substantial cost, to remain competitive. These enhancements and the implementation of new technologies will continue requiring increased capital expenditures. See “Item 4—Information on the Company—Capital Expenditures” and “Item 5—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Capital Expenditures.” Tax pressures and litigation Local municipalities in the regions where we operate have introduced regulations and proposed various taxes and fees for the installation of infrastructure, equipment and expansion of fixed-line and mobile networks. Local and federal tax authorities have brought an increasing number of claims against us. We disagree with these proceedings and are generally contesting them. Also, jurisprudential changes in labor and pension matters have generated higher claims from employees and former employees and increased claims from employees of a contractor or subcontractor alleging joint liability. We cannot assure you that current laws and regulations applicable to the economy generally or specifically to the telecommunications industry will not become more burdensome, that the claims will be resolved in our favor, or that any changes to the existing laws and regulations will not adversely affect our business, financial condition, results of operations and cash flows as well. (A) Consolidated Results of Operations As disclosed “Item 4—Information on the Company— Recent Developments—Acquisition of TMA,” on February 24, 2025, the Company acquired 99.999625% of TMA’s capital stock. Since that date, the Company has consolidated TMA, and, as a result, the Company’s results of operations for 2025 include TMA’s results as of the Acquisition date and are not directly comparable to the Company’s results of operations for 2024. For 2025, we reported a net loss of P$145,304 million, compared to a net income of P$1,359,230 million in 2024 and a net loss of P$715,266 million in 2023. Net loss for 2025 increased by P$1,504,534 million compared to 2024, while the net income for 2024 increased by P$2,074,496 million compared to 2023. Consolidated revenues in 2025 amounted to P$8,328,814 million as compared to P$5,442,958 million in 2024 and P$5,898,611 million in 2023. The increase of P$2,885,856 million in 2025 (a 53% increase) was mainly due to the consolidation of TMA’s results as of December 31, 2025, which contributed P$2,748,493 million of total revenues. The decrease of P$455,653 million in 2024 (a 7.7% decrease) was mainly due to the fact that the inflation rate for the last twelve months amounted to 117.8% and the Company (and other competitors in the ICT industry) did not transfer the totality of this inflation to its prices. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 89 Table of Contents In 2025, operating costs (including depreciation, amortization and impairment of Fixed and Intangible Assets) amounted to P$7,878,767 million, representing an increase of P$2,243,133 million, or 39.8% as compared to 2024. The increase in operating costs in 2025 was mainly due to the consolidation of TMA’s results as of December 31, 2025, which contributed P$2,683,747 million. In 2024, operating costs (including depreciation, amortization and impairment of Fixed and Intangible Assets) amounted to P$5,635,634 million, representing a decrease of P$621,246 million, or 9.9% as compared to 2023. The decrease in operating costs in 2024 was mainly due to lower Depreciation, amortization and impairment of Fixed and Intangible Assets costs. 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 of TMA, 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. 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 the 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. ● ICT Services provided in Argentina – TMA Network ● Other segments. 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. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 90 Table of Contents (A.1) 2025 Compared to 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ Total Change ​ (P$ million) ​ % ​ (P$ million) Revenues ​ 8,328,814 5,442,958 53.0 2,885,856 Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) ​ (5,803,279) (3,910,577) 48.4 (1,892,702) Depreciation, amortization and impairment of Fixed and Intangible Assets ​ (2,075,488) (1,725,057) 20.3 (350,431) Operating income (loss) ​ 450,047 (192,676) n/a 642,723 Losses from associates and joint ventures ​ (3,742) (15,094) (75.2) 11,352 Financial results from borrowings ​ (748,840) 1,914,786 n/a (2,663,626) Other financial results, net ​ 110,799 190,451 (41.8) (79,652) Income tax benefit (loss) ​ 46,432 (538,237) n/a 584,669 Net income (loss) ​ (145,304) 1,359,230 n/a (1,504,534) ​ ​ ​ ​ ​ ​ Net income (loss) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ Telecom Argentina (Controlling Company) ​ (170,006) 1,331,805 n/a (1,501,811) Non-controlling interest ​ 24,702 27,425 (9.9) (2,723) ​ ​ ​ ​ ​ ​ Adjusted EBITDA(1) ​ 2,525,535 ​ 1,532,381 ​ 64.8 ​ 993,154 (1) Adjusted EBITDA is a non-GAAP measure, defined as our net (loss) income less income tax, financial results (Financial results from borrowings and other financial results, net), earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangible Assets. For further information on the use of Adjusted EBITDA, see “—Adjusted EBITDA” below. In 2025, net loss amounted to P$145,304 million compared to a net income of P$1,359,230 million in 2024, representing (1.7)% and 25% of consolidated revenues in 2025 and 2024, respectively. The increase in net loss in 2025 compared to 2024 was mainly due to the P$2,743,278 million increase in net financial loss, partially offset by higher operating results of P$642,723 million, a lower income tax loss of P$584,669 million and lower losses from associates and joint ventures of P$11,352 million. Net loss attributable to controlling shareholders amounted to P$170,006 million in 2025 compared to net income of P$1,331,805 million in 2024. Net loss contains an income of P$61,044 million corresponding to the consolidation of TMA’s results. During 2025 revenues increased 53%, or P$2,885,856 million, compared to 2024, amounting to P$8,328,814 million. The increase in revenues was mainly due to the consolidation of TMA’s results, which contributed P$2,748,493 million of total revenues. As a result of the restatement in current currency as of December 31, 2025, revenues included a restatement effect of P$895,695 million and P$2,029,239 million in 2025 and 2024, respectively. For further information about revenue see “Explanations by segments” below. Total operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets totaled P$5,803,279 million in 2025, representing an increase of P$1,892,702 million or 48.4% compared to 2024. Operating costs include P$2,104,182 million corresponding to the consolidation of TMA’s results. As a result of the restatement in current currency as of December 31, 2025, the restatement effect included in operating costs without depreciation, amortization and impairment of Fixed and intangible Assets amounted to P$727,963 million and P$1,511,055 million in 2025 and 2024, respectively. For further information regarding operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets see “Explanations by segments” below. Depreciation, amortization and impairment of Fixed and Intangible Assets Depreciation, amortization and impairment of Fixed and Intangible Assets amounted to P$2,075,488 million in 2025, representing an increase of P$350,431 million or 20.3% compared to 2024. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 91 Table of Contents This increase was primarily driven by P$579,565 million corresponding to the consolidation of TMA’s results. Excluding the impact of the consolidation of TMA, depreciation, amortization and impairment of Fixed and Intangible Assets decreased primarly due to the effect of those assets that ended their useful life after December 31, 2024, partially offset by the depreciation and amortization of registrations after that date, which, in turn, decreased compared to 2024. As a result of the restatement in current currency as of December 31, 2025, the restatement effect included in depreciation, amortization and impairment of Fixed and Intangible Assets amounted to P$1,411,462 million and P$1,499,317 million in 2025 and 2024, respectively. Operating income (loss) Operating income in 2025 amounted to P$450,047 million compared to an operating loss of P$192,676 million in 2024. Operating income / (loss) represented 5.4 % and (3.5) % of revenues in 2025 and 2024, respectively. Operating income for 2025 includes P$64,746 million corresponding to the consolidation of TMA’s results. Financial results: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Total Change ​ ​ P$ million ​ P$ million ​ ​ ​ % Interests on borrowings (386,126) (173,837) ​ (212,289) ​ n/a Remeasurement in borrowings 4,477 (135,137) ​ 139,614 ​ n/a Foreign currency exchange gains (losses) on borrowings (367,191) 2,220,302 ​ (2,587,493) ​ n/a Borrowings renegotiation results and repurchase of Notes — 3,458 ​ (3,458) ​ n/a Total financial results from borrowings (748,840) 1,914,786 ​ (2,663,626) ​ n/a Other foreign gains (losses) currency exchange gains 39,855 246,837 ​ (206,982) ​ (83.9) Fair value gains (losses) on financial assets at fair value through profit or loss 88,469 (59,723) ​ 148,192 ​ n/a Other interests, net (63,399) 31,964 ​ (95,363) ​ n/a RECPAM 183,617 170,007 ​ 13,610 ​ 8.0 Other (137,743) (198,634) ​ 60,891 ​ (30.7) Total other financial results, net 110,799 190,451 ​ (79,652) ​ (41.8) Total financial results, net (638,041) 2,105,237 ​ (2,743,278) ​ n/a ​ Telecom incurred a net financial loss of P$638,041 million in 2025, compared to a net financial gain of P$2,105,237 million in 2024. Financial results, net contain an income of P$35,461 million, corresponding to the consolidation of TMA’s results. The variation in financial results, net for 2025 was mainly driven by a higher loss from foreign exchange differences, measured in real terms, of P$2,794,475 million, reflecting the aggregate effect of foreign currency exchange losses on borrowings and other foreign currency exchange losses. This loss was driven by an inflation rate of 31.5% versus an appreciation of the U.S. dollar against the Argentine peso of 41%, compared to an inflation rate of 117,8% and a U.S. dollar appreciation of 27.7% in 2024. Additionally, interest on borrowings increased by P$212,289 million and other net adverse movements for P$24,320 million. These factors were partially offset by a higher gain from changes in the fair value of financial assets of P$148,192 million, resulting from the 31.5% inflation impact on the quoted value of such instruments (compared to 117.8% inflation in 2024), and a higher gain from remeasurement in borrowings of P$139,614 million, as the UVA index adjustment lagged inflation, resulting in positive results. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 92 Table of Contents Income tax benefit (loss) Telecom’s income tax includes the following effects: (i) the current tax payable pursuant to tax legislation applicable to Telecom, and (ii) the effect of applying the deferred tax method on temporary differences arising out of the Company’s asset and liability valuation according to tax versus financial accounting criteria, including the income tax inflation effect. Income tax benefit amounted to P$46,432 million in 2025 compared to an expense of P$538,237 million in 2024. It includes the following effects: (i) current tax expenses, Telecom generated a P$196,068 million tax expense in 2025 (compared to an expense of P$14,344 million in 2024), (ii) regarding the deferred tax in 2025, Telecom recorded a deferred tax benefit of P$242,500 million compared to an expense of P$523,893 million in 2024. Income tax benefit (loss) includes P$39,163 million corresponding to the consolidation of TMA’s results. For more information on income tax, see Notes 3 and 16 to our Consolidated Financial Statements. Adjusted EBITDA An important operational performance measure used by the Company’s Chief Operating Decision Maker (as this term is defined in IFRS Accounting Standards 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net income (loss), less income tax, financial results, earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangible Assets. We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation and the useful lives and book depreciation and amortization of PP&E and intangible assets, which may vary for different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with IFRS Accounting Standards (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies. The following table shows the reconciliation of Net income (loss) to Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Total Change ​ (P$ million) ​ % ​ ​ ​ (P$ million) Net income (loss) ​ (145,304) 1,359,230 n/a (1,504,534) Income tax (benefit) expense ​ (46,432) 538,237 n/a (584,669) Other financial results, net ​ (110,799) (190,451) (41.8) 79,652 Financial results from borrowings ​ 748,840 (1,914,786) n/a 2,663,626 Losses from associates and joint ventures ​ 3,742 15,094 (75.2) (11,352) Operating income (loss) ​ 450,047 (192,676) n/a 642,723 Depreciation, amortization and impairment of Fixed and Intangible Assets ​ 2,075,488 1,725,057 20.3 350,431 Adjusted EBITDA ​ 2,525,535 1,532,381 64.8 993,154 ​ Our consolidated Adjusted EBITDA amounted to P$2,525,535 million in 2025, representing an increase of P$993,154 million or 64.8% as compared to P$1,532,381 million in 2024. The increase was mainly due to the consolidation of TMA’s results, which contributed P$644,311 million of Adjusted EBITDA. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 93 Table of Contents Adjusted EBITDA represented 30.3% and 28.2% of our total consolidated revenues in 2025 and 2024, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ % of Change ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025-2024 ​ ​ ​ ​ ​ ​ Increase/ ​ ​ (P$ million / %) ​ (Decrease) Adjusted EBITDA ​ 2,525,535 1,532,381 64.8 As % of revenues ​ 30.3 28.2 ​ Depreciation, amortization and impairment of Fixed and Intangible Assets ​ (2,075,488) (1,725,057) 20.3 As % of revenues ​ (24.9) (31.7) ​ Operating income (loss) ​ 450,047 (192,676) n/a As % of revenues ​ 5.4 (3.5) ​ ​ Explanation by segments: The table below details the evolution of Revenues and Operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets by reportable segment for 2025 and 2024, in accordance with the information disclosed in Note 1.b) to our Consolidated Financial Statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICT Services provided in Argentina – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personal Network ​ TMA Network ​ ​ Other segments ​ Eliminations ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ acquisition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ date to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ 2025 ​ ​ 2025 ​ 2024 ​ ​ 2025 ​ 2024 ​ ​ 2025 ​ 2024 ​ ​ ​ P$ million Revenues ​ 5,284,148 5,038,236 ​ 2,748,493 ​ 431,331 435,016 ​ (135,158) (30,294) ​ 8,328,814 5,442,958 Operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets ​ (3,523,481) (3,603,261) ​ (2,104,182) ​ (293,377) (337,610) ​ 117,761 30,294 ​ (5,803,279) (3,910,577) Adjusted EBITDA ​ 1,760,667 1,434,975 ​ 644,311 ​ 137,954 97,406 ​ (17,397) — ​ 2,525,535 1,532,381 ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 94 Table of Contents ●ICT Services provided in Argentina – Personal network ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICT Services provided in Argentina – ​ ​ ​ ​ ​ ​ ​ ​ ​ Personal Network ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ 2024 ​ ​ Total Change ​ ​ ​ P$ million ​ ​ P$ ​ ​ % Mobile Services ​ ​ 2,280,290 ​ ​ 2,018,793 ​ 261,497 ​ 13.0 Internet Services ​ ​ 1,343,007 ​ ​ 1,317,402 ​ 25,605 ​ 1.9 Cable Television Services ​ ​ 730,903 ​ ​ 691,813 ​ 39,090 ​ 5.7 Fixed and Data Services ​ ​ 569,178 ​ ​ 648,736 ​ (79,558) ​ (12.3) Other services revenues ​ ​ 109,584 ​ ​ 38,352 ​ 71,232 ​ n/a Equipment revenues ​ ​ 251,186 ​ ​ 323,140 ​ ​ (71,954) ​ ​ (22.3) Revenues ​ ​ 5,284,148 ​ ​ 5,038,236 ​ ​ 245,912 ​ ​ 4.9 Operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee benefit expenses and severance payments ​ ​ (1,237,441) ​ ​ (1,307,052) ​ ​ 69,611 ​ ​ (5.3) Fees for services, maintenance, materials and supplies ​ ​ (655,777) ​ ​ (672,541) ​ ​ 16,764 ​ ​ (2.5) Taxes and fees with the Regulatory Authority ​ ​ (443,828) ​ ​ (410,843) ​ ​ (32,985) ​ ​ 8.0 Commissions and advertising ​ ​ (227,669) ​ ​ (208,927) ​ ​ (18,742) ​ ​ 9.0 Programming and content costs ​ ​ (301,703) ​ ​ (272,109) ​ ​ (29,594) ​ ​ 10.9 Other operating costs ​ ​ (657,063) ​ ​ (731,789) ​ ​ 74,726 ​ ​ (10.2) Adjusted EBITDA ​ ​ 1,760,667 ​ ​ 1,434,975 ​ ​ 325,692 ​ ​ 22.7 ​ Revenues for ICT Services provided in Argentina – Personal Network are comprised as follows: Mobile Services Mobile services revenues in 2025 amounted to P$2,280,290 million, representing an increase of P$261,497 million, or 13%, as compared to 2024, and were the principal contributor to our total services revenues for ICT Services provided in Argentina – Personal Network for 2025 accounting for 45% of services revenues in 2025 compared to 43% in 2024. Mobile internet services revenues represented 98% of the mobile services revenues for the year ended December 31, 2025, and 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Mobile services revenues amounted to P$254,754 million and P$749,297 million in 2025 and 2024, respectively. This increase was mainly due to a 15.8% increase in ARPU, partially offset by a 7.8% decrease in the number of customers. Personal’s ARPU amounted to P$9,081.9 for the year ended December 31, 2025, compared to P$7,840.3 for the year ended December 31, 2024. This increase was mainly explained by price increases. The effect generated by the restatement in current currency as of December 31, 2025, included in ARPU amounted to P$1,016.1 and P$2,906.3 as of December 31, 2025 and 2024, respectively. ​ Personal’s mobile customers amounted to 19.9 million and 21.6 million as of December 31, 2025, and 2024, respectively. The decrease is mainly due to: (a) a change implemented in 2025 for the prepaid customer base in the measurement of line useful life, which was reduced from 360 days to 242 days to consider the definitive disconnection since the last top-up date, resulting in a 10.7% reduction in the prepaid customer base; and (b) higher disconnections in postpaid customers, associated with changes in commercial strategies, with the postpaid customer base declining by 3.2%. As of December 31, 2025, 60% of total mobile customers were prepaid customers and 40% were postpaid customers, compared to 62% and 38%, respectively, as of December 31, 2024. Additionally, the average monthly churn rate amounted to 2.1% in 2025, compared to 1.4% in 2024. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 95 Table of Contents ARPU of Mobile Services in ICT Services provided in Argentina – Personal Network A monthly operational measure used in the mobile services is ARPU, which we calculate by dividing adjusted total service revenues—excluding out collect wholesale roaming, cell site rental, reconnection fees revenues and others—(divided by 12 months) by the average number of customers during the year. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Personal’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of mobile services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ 2024 ​ (P$ million) Total Mobile service revenues ​ 2,280,290 ​ 2,018,793 Components of service revenues not included in the ARPU calculation: out collect wholesale roaming, cell sites rental, reconnection fees revenues and others ​ (2,554) ​ (16,520) Adjusted total service revenues included in the ARPU calculation ​ 2,277,736 ​ 2,002,273 Average number of customers during the year (millions) ​ 20.9 ​ 21.3 ARPU of Mobile Services – Personal Network ​ 9,081.9 ​ 7,840.3 ​ Internet Services Internet services revenues amounted to P$1,343,007 million in 2025 (equivalent to 27% and 28% of total services revenues for ICT Services provided in Argentina – Personal Network in 2025 and 2024, respectively), increasing P$25,605 million or 1.9%, as compared to P$1,317,402 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in internet services revenues amounted to P$152,971 million and P$487,820 million in 2025 and 2024, respectively. The increase in internet services revenues in 2025 was mainly due to the increase in the Broadband Internet access ARPU of 0.8% and a 3.2% increase in the customer base. ARPU reached P$27,062.6 in 2025 as compared to P$26,860.4 in 2024. This increase in ARPU is mainly explained by price increases, partially offset by an increase in discounts granted to customers compared to 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in ARPU amounted to P$2,929.7 and P$9,934.2 as of December 31, 2025 and 2024, respectively. The customer base reached 4.2 million as of December 31, 2025, representing a 3.2% increase compared to December 31, 2024. The monthly Internet services churn rate stood at 1.2% in 2025 and 1.5% in 2024. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 96 Table of Contents ARPU of Internet Services in ICT Services provided in Argentina – Personal Network A monthly operational measure used in the internet services is ARPU, which we calculate by dividing adjusted total service revenues - excluding connection and rehabilitation fees revenues and others - (divided by 12 months) by the average number of customers during the year. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Internet’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of internet services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ 2024 ​ ​ (P$ million) Total Internet service revenues ​ 1,331,484 ​ 1,321,532 Components of service revenues not included in the ARPU calculation ​ — ​ — Adjusted total service revenues included in the ARPU calculation ​ 1,331,484 ​ 1,321,532 Average number of customers during the year (millions) ​ 4.1 ​ 4.0 ARPU of Internet service revenues – Personal Network ​ 27,062.6 ​ 26,860.4 ​ Cable Television Services Cable television service revenues amounted to P$730,903 million in 2025 (equivalent to 15% of total services revenues for ICT Services provided in Argentina – Personal Network in 2025 and 2024), increasing P$39,090 million or 5.7%, as compared to P$691,813 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in cable television services revenues amounted to P$83,100 million and P$256,087 million in 2025 and 2024, respectively. The increase in cable television service revenues in 2025 was mainly due to a 2.8% increase in ARPU and a 1.4% increase in the customer base. The ARPU amounted to P$18,643.2 in 2025, compared to an ARPU of P$18,143.6 in 2024. The increase in ARPU reflects the impact of price increases implemented throughout the year. The effect generated by the restatement in current currency as of December 31, 2025 included in ARPU amounts to P$1,704.9 and P$6,456.3 as of December 31, 2025 and 2024, respectively As of December 31, 2025, the customer base in Argentina amounted to 3.3 million customers, representing a 1.4% increase compared to 2024, driven by Flow Full and Flow Plus products. Flow Plus, which combines live TV, on-demand content, and streaming platforms in a flexible manner, was launched in June 2025 and began to be marketed as main product from the fourth quarter of 2025. Additionally, the average monthly churn rate amounted to 1.5% and 1.8% in 2025 and 2024, respectively. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 97 Table of Contents ARPU of Cable Television Services of ICT Services provided in Argentina – Personal Network An important monthly operational measure used in the Cable Television services is ARPU, which we calculate by dividing adjusted total service revenues - excluding connection and administration fees, advertising services and others - (divided by 12 months) by the average number of customers during the year. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Cable Television’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of cable television services. The following table shows the reconciliation of total cable television service revenues to such revenues included in the ARPU calculations of 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ 2024 ​ ​ (P$ million) Total Cable television service revenues 716,297 ​ 686,055 Components of service revenues not included in the ARPU calculation: connection and reconnection fees and others ​ (400) ​ (751) Adjusted total service revenues included in the ARPU calculation ​ 715,897 ​ 685,304 Average number of customers during the year (millions) 3.2 ​ 3.1 ARPU of Cable Television Services – Personal Network 18,643.2 ​ 18,143.6 ​ Fixed and Data Services Revenues generated by fixed and data services amounted to P$569,178 million in 2025 (representing 11% and 14% of total services revenues for ICT Services provided in Argentina – Personal Network in 2025 and 2024, respectively) decreasing P$79,558 million, or 12.3%, as compared to P$648,736 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in fixed and data services revenues amounted to P$63,923 million and P$248,500 million in 2025 and 2024, respectively. The decrease was primarily attributable to the Company’s inability to adjust prices at a pace consistent with inflation, considering accumulated inflation of 31.5% over the last twelve months, while the customer base remained stable. The customer base of fixed telephony services amounted to 2.7 million (of which 2.3 million are IP fixed telephony service base) in 2025, compared to 2.7 million in 2024 (of which 1.9 million are IP fixed telephony service base). Other services revenues Other services revenues generated by other services amounted to P$109,584 million in 2025 (equivalent to 2% and 1% of total services revenues for ICT Services provided in Argentina – Personal Network in 2025 and 2024, respectively), increasing P$71,232 million as compared to P$38,352 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in other services revenues amounted to $10,675 million and $14,083 million in 2025 and 2024, respectively. The increase in 2025 compared to 2024 is mainly due to interconnection services provided to the ICT Services segment in Argentina – TMA Network provided during 2025. These revenues are eliminated at the consolidated level as part of the consolidation process, as they constitute a transaction between subsidiaries. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 98 Table of Contents Equipment Equipment revenues amounted to P$251,186 million in 2025 (representing 4.8% of total revenues for ICT Services provided in Argentina – Personal Network), decreasing P$71,954 million, or 22.3%, as compared to P$323,140 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in equipment revenues amounted to P$30,192 million and P$116,713 million in 2025 and 2024, respectively. The decrease was mainly due to the fact that the Company was unable to increase its prices to the same extent as the increase in inflation, partially offset by an increase in the number of handsets sold compared to 2024. Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) for ICT Services provided in Argentina – Personal Network are comprised as follows: Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) for ICT Services provided in Argentina – Personal Network totaled P$3,523,481 million in 2025, representing a decrease of P$79,780 million or 2.2% compared to P$3,603,261 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) amounted to P$453,616 million and P$1,391,905 million in 2025 and 2024, respectively. Employee benefit expenses and severance payments Employee benefit expenses and severance payments decreased P$69,611 million to P$1,237,441 million in 2025 as compared to P$1,307,052 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Employee benefit expenses and severance payments amounted to P$140,974 million and P$483,077 million in 2025 and 2024, respectively. The decrease was mainly due to lower severance payments and a reduction in headcount of 6.7%, amounting to 18,085 employees as of December 31, 2025, and, partially offset by compensation increases for employees covered by collective bargaining agreements (as agreed by the Company with the various labor unions) as well as for employees not covered by such agreements. Fees for services, maintenance, materials and supplies Fees for services, maintenance, materials and supplies decreased P$16,764 million or 2.5%, amounting to P$655,777 million in 2025 as compared to P$672,541 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Fees for services, maintenance, materials and supplies amounted to P$93,997 million and P$279,499 million in 2025 and 2024, respectively. The variation is mainly explained by the efficiency and management of resources through which fees for services decreased by P$15,492 million and maintenance and materials costs by P$3,164 million compared to 2024. Taxes and fees with the Regulatory Authority Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes, increased P$32,985 million or 8.0%, amounting to P$443,828 million in 2025 as compared to P$410,843 million in 2024. Taxes and fees with the Regulatory Authority represent 8.4% and 8.2% of total revenues in 2025 and 2024, respectively. ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 99 Table of Contents The effect generated by the restatement in current currency as of December 31, 2025, included in Taxes and fees with the Regulatory Authority amounted to P$49,872 million and P$152,324 million in 2025 and 2024, respectively. ​ The increase is mainly driven by the effect of tax charges arising from the higher revenue’s levels described above. Commissions and advertising Commissions and advertising increased P$18,742 million or 9.0%, amounting to P$227,669 million in 2025, as compared to P$208,927 million in 2024. ​ The effect generated by the restatement in current currency as of December 31, 2025, included in Commissions and advertising amounted to P$24,785 million and P$74,995 million in 2025 and 2024, respectively. ​ The increase is mainly due to higher advertising costs related to Flow campaigns (such as Flow Music, Flow Content, Flow Sports, among others). In addition, there was an increase in expenditure aimed at strengthening the positioning and visibility of the Personal brand. Programming and content costs Programming and content costs increased by P$29,594 million or 10.9%, amounting to P$301,703 million in 2025 as compared to P$272,109 million in 2024. ​ The effect generated by the restatement in current currency as of December 31, 2025, included in Programming and content costs amounted to P$33,898 million and P$99,687 million in 2025 and 2024, respectively. ​ The increase corresponds to the rise in Premium channel services, mainly in the Football Pack. Other operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets Other operating expenses (which include legal claims and contingent liabilities, energy and other public services, insurance, rentals and internet capacity, interconnection and transmission costs, cost of equipment, among others) decreased P$74,726 million or 10.2%, amounting to P$657,063 million in 2025 as compared to P$731,789 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Other operating expenses amounts to P$110,090 million and P$302,323 million in 2025 and 2024, respectively. The decrease is mainly explained by: i) lower costs of equipment sold ‒although the number of mobile devices sold increased compared to 2024, their costs did not increase in line with the accumulated inflation of 31.5% over the past twelve months; ii) lower interconnection costs were recorded, resulting from changes in contracting criteria associated with the new business dynamics, which allowed for optimization of link and site usage, together with lower traffic levels, partially offset by higher roaming costs; and iii) a reduction in bad debt expense, attributable to the continuation of the recovery actions implemented by the Company. These effects were partially offset by legal proceedings and other contingencies, as well as rental and internet capacity costs. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 100 Table of Contents ● ICT Services provided in Argentina – TMA Network ​ ​ ​ ​ ​ ​ ​ ICT Services provided in Argentina – ​ ​ ​ TMA Network ​ ​ ​ From the acquisition date until December 31, 2025 ​ ​ ​ P$ million Mobile Services ​ ​ 1,625,205 Internet Services ​ ​ 386,450 Cable Television Services ​ ​ 96,327 Fixed and Data Services ​ ​ 430,003 Other services revenues ​ ​ 42,045 Equipment revenues ​ ​ 168,463 Revenues ​ ​ 2,748,493 Operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets ​ ​ ​ Employee benefit expenses and severance payments ​ ​ (685,615) Fees for services, maintenance, materials and supplies ​ ​ (360,546) Taxes and fees with the Regulatory Authority ​ ​ (259,255) Commissions and advertising ​ ​ (150,748) Programming and content costs ​ ​ (111,810) Other operating costs ​ ​ (536,208) Adjusted EBITDA ​ ​ 644,311 ​ Revenues for ICT Services provided in Argentina – TMA Network are comprised as follows: Mobile Services Mobile services revenues in 2025 amounted to P$1,625,205 million, representing 63% of total services revenues for ICT Services provided in Argentina – TMA Network. The effect generated by the restatement in current currency as of December 31, 2025, included in Mobile services revenues amounted to P$152,749 million. TMA’s ARPU amounted to P$8,175.7 for the period from the Acquisition date to December 31, 2025. The effect generated by the restatement in current currency as of December 31, 2025, included in ARPU amounted to P$769. TMA’s mobile customers amounted to 19.1 million as of December 31, 2025, representing a 1.4% increase since the Acquisition date. Out of the total mobile customers as of December 31, 2025, 51% were prepaid customers and 49% were postpaid customers. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 101 Table of Contents ARPU of Mobile Services in ICT Services provided in Argentina – TMA Network A monthly operational measure used in the mobile services is ARPU, which TMA calculates by dividing adjusted total service revenues—excluding out collect wholesale roaming, cell site rental, reconnection fees revenues and others by the average number of customers during the period. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and TMA’s measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from TMA’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of mobile services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations: ​ ​ ​ ​ ​ ​ ​ Period from the ​ Acquisition date to ​ December 31, 2025 ​ (P$ million) Total Mobile service revenues 1,625,205 Components of service revenues not included in the ARPU calculation: out collect wholesale roaming, cell sites rental, reconnection fees revenues and others (63,654) Adjusted total service revenues included in the ARPU calculation 1,561,551 Average number of customers during the year (millions) 19.1 ARPU of Mobile Services – TMA Network 8,175.7 ​ Internet Services Internet services revenues amounted to P$386,450 million since the Acquisition date, representing 15% of total services revenues for ICT Services provided in Argentina – TMA Network. The effect generated by the restatement in current currency as of December 31, 2025, included in internet services revenues amounted to P$36,249 million. During the period from the acquisition date to December 31, 2025, price increases were below inflation of 31.5%. The customer base as of December 31, 2025, was 1.6 million, representing a 4.9% increase over the period from the acquisition date through December 31, 2025. ARPU reached P$24,192.3 in 2025 since the Acquisition date. The effect generated by the restatement in current currency as of December 31, 2025, included in ARPU amounted to P$2,269.2. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 102 Table of Contents ARPU of Internet Services in ICT Services provided in Argentina – TMA Network A monthly operational measure used in internet services is ARPU, which TMA calculates by dividing adjusted total service revenues - excluding connection and rehabilitation fees revenues and others by the average number of customers during the period. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and TMA’s measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Internet’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of internet services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations: ​ ​ ​ ​ ​ ​ ​ Period from the ​ Acquisition date to ​ December 31, 2025 ​ (P$ million) Total Internet service revenues 386,450 Components of service revenues not included in the ARPU calculation — Adjusted total service revenues included in the ARPU calculation 386,450 Average number of customers during the year (millions) 1.6 ARPU of Internet service revenues – TMA Network 24,192.3 ​ Cable Television Services Cable television service revenues amounted to P$96,327 million for the period from the Acquisition date to December 31, 2025, representing 3.7% of total services revenues for ICT Services provided in Argentina – TMA Network. The effect generated by the restatement in current currency as of December 31, 2025, included in cable television services revenues amounted to P$9,220 million. The customer base amounted to 0.4 million for the period from the Acquisition date to December 31, 2025, representing a 6.8% decrease since the Acquisition date. ARPU amounted to P$23,800.1 for the period from the Acquisition date to December 31, 2025. The effect generated by the restatement in current currency as of December 31, 2025, included in ARPU amounts to P$2,277.4. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 103 Table of Contents ARPU of Cable Television Services of ICT Services provided in Argentina – TMA Network An important monthly operational measure used in the Cable Television services is ARPU, which TMA calculates by dividing adjusted total service revenues - excluding connection and administration fees, advertising services and others by the average number of customers during the period. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and TMA’s measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Cable Television’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of cable television services. The following table shows the reconciliation of total cable television service revenues to such revenues included in the ARPU calculations: ​ ​ ​ ​ ​ ​ ​ Period from the ​ Acquisition date to ​ December 31, 2025 ​ (P$ million) Total Cable television service revenues 96,327 Components of service revenues not included in the ARPU calculation: connection and reconnection fees and others (72) Adjusted total service revenues included in the ARPU calculation 96,255 Average number of customers during the year (millions) 0.4 ARPU of Cable Television Services in Argentina – TMA Network 23,800.1 ​ Fixed and Data Services Revenues generated by fixed and data services amounted to P$430,003 million in 2025 for the period from the Acquisition date to December 31, 2025, representing 16.7% of total services revenues for ICT Services provided in Argentina – TMA Network since the Acquisition date. The effect generated by the restatement in current currency as of December 31, 2025, included in fixed and data services revenues amounted to P$46,653 million. The customer base amounted to 2.1 million as of December 31, 2025, of which 1.6 million were IP customers. Other services revenues Other services revenues amounted to P$42,045 million in 2025 for the period from the Acquisition date to December 31, 2025. This mainly corresponds to interconnection services provided to the segment ICT Services provided in Argentina – Personal Network. These sales are eliminated at the consolidated level as part of the consolidation process, as they represent an intercompany transaction between subsidiaries. The effect generated by the restatement in current currency as of December 31, 2025, included in other services revenues amounted to $3,808 million. Equipment Equipment revenues amounted to P$168,463 million in 2025 for the period from the Acquisition date to December 31, 2025, representing 6.1% of total revenues for ICT Services provided in Argentina – TMA Network since the Acquisition date. The effect generated by the restatement in current currency as of December 31, 2025, included in equipment revenues amounted to P$17,100 million. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 104 Table of Contents Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) for ICT Services provided in Argentina – TMA Network are comprised as follows: Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) for ICT Services provided in Argentina – TMA Network totaled P$2,104,182 million in 2025. The effect generated by the restatement in current currency as of December 31, 2025, included in Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) amounted to P$244,947 million. Employee benefit expenses and severance payments Employee benefit expenses and severance payments amounted to P$685,615 million for the period from the Acquisition date to December 31, 2025, which includes P$157,349 million related to restructuring costs. The effect generated by the restatement in current currency as of December 31, 2025, included in Employee benefit expenses and severance payments amounted to P$65,877 million. Fees for services, maintenance, materials and supplies Fees for services, maintenance, materials and supplies amounted to P$360,546 million for the period from the Acquisition date to December 31, 2025, with the most significant items being consulting, advisory and surveillance fees, as well as maintenance costs. The effect generated by the restatement in current currency as of December 31, 2025, included in Fees for services, maintenance, materials and supplies amounted to P$35,240 million. Taxes and fees with the Regulatory Authority Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes, amounted to P$259,255 million for the period from the Acquisition date to December 31, 2025, representing 12.3% of total operating costs from ICT Services provided in Argentina - TMA Network. This expense is closely related to the impact of taxes applicable to related sales and mainly includes turnover tax and fees to the Regulatory Authority. The effect generated by the restatement in current currency as of December 31, 2025, included in Taxes and fees with the Regulatory Authority amounted to P$24,819 million. Commissions and advertising Commissions and advertising amounted to P$150,748 million for the period from the Acquisition date to December 31, 2025, consisting primarily of collection fees. The effect generated by the restatement in current currency as of December 31, 2025, included in Commissions and advertising amounted to P$14,658 million. Programming and content costs Programming and content costs amounted to P$111,810 million for the period from the Acquisition date to December 31, 2025, consisting primarily of signal fees. The effect generated by the restatement in current currency as of December 31, 2025, included in Programming and content costs amounted to P$10,598 million. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 105 Table of Contents Other operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets Other operating expenses amounted to P$536,208 million for the period from the Acquisition date to December 31, 2025, with the most significant costs being interconnection and transmission costs and the cost of equipment sold. Other operating expenses also include legal claims and other contingent liabilities, energy and other public services, insurance, rentals and internet capacity, among others. ​ The effect generated by the restatement in current currency as of December 31, 2025, included in Other operating expenses amounts to P$93,755 million. ● Other segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other segments ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Total Change ​ ​ 2025 2024 ​ ​ ​ ​ ​ ​ ​ P$ million ​ P$ ​ ​ % Mobile Services 186,667 ​ 190,351 ​ (3,684) ​ ​ (1.9) Internet Services 79,070 ​ 73,089 ​ 5,981 ​ ​ 8.2 Cable Television Services 87,816 ​ 97,656 ​ (9,840) ​ ​ (10.1) Fixed and Data Services 12,347 ​ 10,594 ​ 1,753 ​ ​ 16.5 Other services revenues 58,309 ​ 52,940 ​ 5,369 ​ ​ 10.1 Equipment revenues 7,122 ​ 10,386 ​ (3,264) ​ ​ (31.4) Revenues 431,331 ​ 435,016 ​ (3,685) ​ ​ (0.8) Operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ Employee benefit expenses and severance payments (38,041) ​ (39,685) ​ 1,644 ​ ​ (4.1) Fees for services, maintenance, materials and supplies (57,824) ​ (58,459) ​ 635 ​ ​ (1.1) Taxes and fees with the Regulatory Authority (17,405) ​ (17,509) ​ 104 ​ ​ (0.6) Commissions and advertising (65,830) ​ (100,717) ​ 34,887 ​ ​ (34.6) Programming and content costs (37,185) ​ (42,314) ​ 5,129 ​ ​ (12.1) Other operating (77,092) ​ (78,926) ​ 1,834 ​ ​ (2.3) Adjusted EBITDA 137,954 ​ 97,406 ​ 40,548 ​ ​ 41.6 ​ Revenues for Other segments are comprised as follows: Mobile Services Mobile services revenues in 2025 amounted to P$186,667 million (a decrease of P$3,684 million or 1.9% as compared to 2024), remaining our primary business line in terms of services revenues (44% of total services revenues from Other segments in 2025 as compared to 44.8% in 2024). These revenues correspond to services provided in Paraguay. The effect generated by the restatement in current currency as of December 31, 2025, included in Mobile services revenues amounted to P$19,996 million and P$74,135 million in 2025 and 2024, respectively. The decrease in 2025 compared to 2024 was primarily attributable to a decrease in ARPU, mainly driven by lower top-up levels from prepaid customers. This effect is partially offset by the appreciation of the Guaraní against the Argentine peso in real terms (40.1% over the last twelve months), compared to an accumulated inflation rate of 31.5% in 2025. ​ Paraguay’s ARPU amounted to P$5,886.9 for the year ended December 31, 2025 (compared to P$6,516.9 for the year ended December 31, 2024), representing a 9.7% decrease. Our customer base in Paraguay remained stable at 2.6 million as of December 31, 2025, and 2024. As of December 31, 2025, 70% of our customers were prepaid and 30% were postpaid, compared to 73% prepaid and 27% postpaid as of December 31, 2024. Average monthly churn reached 2.6% in 2025 compared to 2.7% in 2024. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 106 Table of Contents Internet Services Internet services revenues amounted to P$79,070 million in 2025 (equivalent to 18.6% of total services revenues from Other segments), representing an increase of P$5,981 million or 8.2%, compared to P$73,089 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in internet services revenues amounted to P$8,379 million and P$28,162 million in 2025 and 2024, respectively. These revenues include P$78,771 million from services provided in Paraguay and P$299 million from services provided in Uruguay. The increase in sales is attributable to the appreciation of the Guaraní against the Argentine peso in real terms (40.1% over the last twelve months), compared to an accumulated inflation rate for the fiscal year of 31.5% and the increase in the customer base of 10.1%, as a result of commercial efforts to capture new customers. ​ The total customer base considering Paraguay and Uruguay amounted to 0.3 million as of December 31 2025 and 2024, respectively. Cable Television Services Cable television service revenues amounted to P$87,816 million in 2025 (equivalent to 20.7% of total services revenues from Other segments), representing a decrease of P$9,840 million or 10.1% compared to P$97,656 million in 2024. ​ The effect generated by the restatement in current currency as of December 31, 2025, included in cable television services revenues amounted to P$9,798 million and P$38,059 million in 2025 and 2024, respectively. ​ For the years ended December 31, 2025 and 2024, these revenues include P$63,075 million and P$72,587 million, respectively from services provided in Uruguay and P$24,741 million and P$25,069 million, respectively from services provided in Paraguay. ​ The decrease in cable television service revenues in Uruguay is attributable to a 10.4% reduction in the customer base, mainly due to customer migration to streaming and OTT platforms and increased competitive pressure. This decrease was partially offset by price increases implemented during the year and by the appreciation of the Uruguayan peso against the Argentine peso (57.5% over the last twelve months), compared to an accumulated inflation rate for the fiscal year of 31.5%. ​ The decrease in cable television service revenues in Paraguay is attributable to a 1.9% reduction in the customer base, partially offset by price increases and by the appreciation of the Guaraní against the Argentine peso (40.1% over the last twelve months), compared to an accumulated inflation rate for the fiscal year of 31.5%. Fixed and Data Services Revenues generated by fixed and data services amounted to P$12,347 million in 2025 (equivalent to 2.9% of total services revenues from Other segments), representing an increase of P$1,753 million or 16.5% as compared to P$10,594 million in 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in fixed and data services revenues amounted to P$1,347 million and P$3,993 million in 2025 and 2024, respectively. These revenues include P$11,710 million from services provided in USA and P$637 million from services provided in Paraguay. Other services revenues Other services revenues generated by other services amounted to P$58,309 million in 2025 (equivalent to 13.7% of total services revenues from Other segments), representing an increase of P$5,369 million or 10.1% as compared to P$52,940 million in 2024. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 107 Table of Contents The effect generated by the restatement in current currency as of December 31, 2025, included in other services revenues amounted to $6,455 million and $19,288 million in 2025 and 2024, respectively. These services mainly include revenues related to fintech services, administrative fees, and advertising space sales, among others. The variation was primarily driven by the increase in fintech services in Argentina, mainly due to the growth in the adoption of the “Personal Pay” digital wallet and the expansion in the number of users, which reached 4.7 million in 2025 compared to 3.6 million in 2024, representing a 28.8% increase. On January 22, 2026, Telecom Argentina, together with its subsidiaries Micro Fintech Holding and Micro Sistemas, entered into a framework agreement with Banco Macro, pursuant to which Banco Macro made a capital contribution and, as a result, subscribed for shares representing 50% of the share capital and voting rights of Micro Sistemas. For additional information, see “Item 4—Information on the Company—Recent Developments—Agreement between Telecom Argentina, Micro Fintech Holding and Micro Sistemas with Banco Macro S.A.” Equipment Equipment revenues amounted to P$7,122 million in 2025, representing a decrease of P$3,264 million or 31.4% as compared to P$10,386 million in 2024. These revenues correspond to equipment sold in Paraguay. The effect generated by the restatement in current currency as of December 31, 2025, included in equipment revenues amounted to P$726 million and P$4,464 million in 2025 and 2024, respectively. Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) for Other segments are comprised as follows: Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) for Other segments totaled P$293,377 million in 2025, representing a decrease of P$44,233 million or 13.1% compared to 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) amounted to P$33,919 million and P$130,512 million in 2025 and 2024, respectively. Employee benefit expenses and severance payments Employee benefit expenses and severance payments decreased by P$1,644 million, or 4.1%, to P$38,041 million in 2025 as compared to P$39,685 million in 2024, and mainly correspond to salary expenses, social security contributions and bonuses in Paraguay and Uruguay. The effect generated by the restatement in current currency as of December 31, 2025, included in Employee benefit expenses and severance payments amounted to P$4,148 million and P$15,235 million in 2025 and 2024, respectively. Fees for services, maintenance, materials and supplies Fees for services, maintenance, materials and supplies decreased P$635 million or 1.1%, amounting to P$57,824 million in 2025 as compared to P$58,459 million in 2024. The variation is mainly explained by efficiency measures and resources management, under which maintenance and materials costs decreased by P$4,548 million, partially offset by an increase in service fees of P$3,933 million compared to 2024. These costs mainly relate to Paraguay and the Fintech business. The effect generated by the restatement in current currency as of December 31, 2025, included in Fees for services, maintenance, materials and supplies amounted to P$6,184 million and P$22,620 million in 2025 and 2024, respectively. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 108 Table of Contents Taxes and fees with the Regulatory Authority Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes, decreased P$104 million or 0.6%, amounting to P$17,405 million in 2025 compared to P$17,509 million in 2024. The decrease was mainly due to the decrease in revenues in 2025. Taxes and fees with the Regulatory Authority represent 4% of total revenues in 2025 and 2024. The effect generated by the restatement in current currency as of December 31, 2025, included in Taxes and fees with the Regulatory Authority amounted to P$1,972 million and P$6,578 million in 2025 and 2024, respectively. Commissions and advertising Commissions and advertising decreased P$34,887 million or 34.6%, amounting to P$65,830 million in 2025, as compared to P$100,717 million in 2024. The decrease is mainly due to lower advertising costs related to Personal Pay campaigns in the fintech services. The effect generated by the restatement in current currency as of December 31, 2025, included in Commissions and advertising amounted to P$8,447 million and P$38,240 million in 2025 and 2024, respectively. Programming and content costs Programming and content costs decreased by P$5,129 million or 12.1%, amounting to P$37,185 million in 2025 as compared to P$42,314 million in 2024. The decrease is the result of commercial efficiencies, partially offset by price increases in almost all channels. These costs mainly relate to Uruguay and Paraguay. The effect generated by the restatement in current currency as of December 31, 2025, included in Programming and content costs amounted to P$4,170 million and P$16,744 million in 2025 and 2024, respectively. Other operating costs without depreciation, amortization and impairment of Fixed and Intangible Assets Other operating expenses (which mainly include interconnection and transmission costs, rentals and internet capacity, cost of equipment sold and bad debt expenses, among others) decreased P$1,834 million or 2.3%, amounting to P$77,092 million in 2025 as compared to P$78,926 million in 2024. These costs related to Paraguay, Uruguay, USA and the Fintech services. The effect generated by the restatement in current currency as of December 31, 2025, included in Other operating expenses amounts to P$8,998 million and P$31,095 million in 2025 and 2024, respectively. ● Eliminations Eliminations represent services and costs incurred between reportable segments. These transactions are eliminated at the consolidated level but reported within each individual segment. They mainly relate to interconnection services provided between Telecom Argentina and TMA, and to foreign subsidiaries. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 109 Table of Contents (A.2) 2024 Compared to 2023 As of December 31, 2024, Telecom carried out its activities in Argentina and abroad (Paraguay, Uruguay, the United States and Chile). These operations were not analyzed as a separate segment by the Executive Committee and the CEO, who analyzed the consolidated information from Telecom Argentina and its ICT services subsidiaries (in currency of the transaction’s dates) treating all operations as a single segment. Additionally, Telecom, through Micro Sistemas, developed activities in the fintech industry in Argentina. The operations that Telecom developed through Micro Sistemas, and those developed abroad, were not analyzed as a separate segment by the Executive Committee and the CEO, considering that they are not considered as individually significant. These operations do not meet the aggregation criteria established by the standard to be grouped within the “ICT Services in Argentina” segment and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category “Other segments.” Since operations of Fintech Services and abroad were not material, the explanations set forth below reflect mainly developments and information attributable to our ICT services in Argentina. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Total Change ​ (P$ million) ​ % ​ (P$ million) Revenues ​ 5,442,958 5,898,611 (7.7) (455,653) Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) ​ (3,910,577) (4,238,842) (7.7) 328,265 Depreciation, amortization and impairment of Fixed and Intangible Assets (1,725,057) (2,018,038) (14.5) 292,981 Operating loss ​ (192,676) (358,269) (46.2) 165,593 Losses from associates and joint ventures ​ (15,094) (5,408) n/a (9,686) Financial results from borrowings ​ 1,914,786 (1,817,071) n/a 3,731,857 Other financial results, net ​ 190,451 496,492 (61.6) (306,041) Income tax (loss) benefit ​ (538,237) 968,990 n/a (1,507,227) Net income (loss) ​ 1,359,230 (715,266) n/a 2,074,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to: ​ ​ ​ ​ ​ Telecom Argentina (Controlling Company) ​ 1,331,805 (738,306) n/a 2,070,111 Non-controlling interest ​ 27,425 23,040 19.0 4,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA (1) ​ 1,532,381 ​ 1,659,769 ​ (7.7) ​ (127,388) (1) Adjusted EBITDA is a non-GAAP measure, defined as our net (loss) income less income tax, financial results (Financial results from borrowings and other financial results, net), earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangible Assets. For further information on the use of Adjusted EBITDA, see “—Adjusted EBITDA” below. In 2024, net income amounted to P$1,359,230 million, representing 25% of consolidated revenues. The increase in net income in 2024 compared to 2023 was mainly due to an increase in positive financial results of P$3,425,816 million, partially offset by an increase in income tax loss of P$1,507,227 million. In 2024, Adjusted EBITDA totaled P$1,532,381 million, representing 28.2% of consolidated revenues. The decrease in 2024 compared to 2023 was mainly due to a decrease in consolidated revenues of P$455,653 million, partially offset by the decrease in operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) of P$328,265 million. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 110 Table of Contents Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Total Change ​ (P$ million) ​ % ​ (P$ million) Mobile Services 2,209,144 2,376,379 (7.0) (167,235) Internet Services 1,390,491 1,288,819 7.9 101,672 Cable Television Services 789,469 1,040,921 (24.2) (251,452) Fixed and Data Services 659,330 699,002 (5.7) (39,672) Other services revenues 60,998 54,714 11.5 6,284 Services Revenues 5,109,432 5,459,835 (6.4) (350,403) Equipment revenues 333,526 438,776 (24.0) (105,250) Revenues 5,442,958 5,898,611 (7.7) (455,653) ​ During 2024, total consolidated revenues decreased by 7.7%, amounting to P$5,442,958 million compared to P$5,898,611 million in 2023. Despite increased demand for services, consolidated revenues decreased mainly due to the 117.8% inflation rate over the past twelve months, as the Company and other competitors in the ICT industry did not transfer the totality of this inflation to its prices. Services revenues amounted to P$5,109,432 million in 2024, decreasing 6.4% as compared to P$5,459,835 million in 2023 and represented 93.9% of consolidated revenues. Equipment revenues amounted to P$333,526 million in 2024 as compared to P$438,776 million in 2023 and represented 6.1% of consolidated revenues. The effect generated by the restatement in current currency as of December 31, 2025, increased consolidated revenues by P$2,029,239 million and P$4,768,781 million in 2024 and 2023, respectively. Consolidated revenues for 2024 and 2023 are comprised as follows: Mobile Services Mobile services revenues in 2024 amounted to P$2,209,144 million (a decrease of P$167,235 million or 7.0% as compared to 2023), being the principal contributor to our total services revenues for 2024 (43.2% of consolidated services revenues in 2024 as compared to 43.5% in 2023). Mobile internet services revenues represented 95% of the mobile services revenues as of December 31, 2024 and 2023. The effect generated by the restatement in current currency as of December 31, 2025, included in Mobile services revenues amounted to P$823,432 million and P$1,921,758 million in 2024 and 2023, respectively. Mobile services revenues ICT Services provided in Argentina – Personal Network amounted to P$2,018,793 million (a decrease of P$167,061 million as compared to 2023). This decrease was mainly due to a 10.4% decrease in the ARPU, partially offset by a 3.0% increase in the number of customers. Personal’s ARPU amounted to P$7,840.3 for the year ended December 31, 2024 (compared to P$8,754.7 for the year ended December 31, 2023). This decrease was mainly explained by the fact that, as a consequence of the 117.8% inflation in Argentina, the Company (and other competitors in the ICT industry) was unable to increase its prices during 2024 to the same extent as the increase in inflation (the effect generated by the restatement in current currency as of December 31, 2025 included in ARPU amounted to P2,906.3 and P$7,081.0 as of December 31, 2024 and 2023, respectively). Additionally, the decrease in ARPU is also explained by the fact that we granted greater discounts to customers in order to maintain the customer base, considering the intense competition in the market and an increase in customers of prepaid services of 4.2% (which have a lower ARPU than postpaid customers). ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 111 Table of Contents Personal’s mobile customers amounted to 21.6 million and 21.0 million as of December 31, 2024, and 2023, respectively. Out of the total mobile customers as of December 31, 2024, 62% were prepaid customers and 38% were postpaid customers, whereas as of December 31, 2023, 61% were prepaid customers and 39% were postpaid customers. During 2024, we observed a change in customer behavior, resulting in an increase of 4.2% in prepaid services customers and 0.9% in the postpaid services customers. Additionally, the average churn rate per month amounted to 1.4% in 2024 (compared to a 1.8% average in 2023). ARPU of Mobile Services – ICT Services provided in Argentina – Personal Network A monthly operational measure used in the mobile services is ARPU, which we calculate by dividing adjusted total service revenues—excluding out collect wholesale roaming, cell site rental, reconnection fees revenues and others—(divided by 12 months) by the average number of customers during the year. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Personal’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of mobile services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ (P$ million) Total Mobile service revenues Network ​ 2,018,793 2,185,854 Components of service revenues not included in the ARPU calculation: out collect wholesale roaming, cell sites rental, reconnection fees revenues and others ​ (16,520) ​ (18,071) Adjusted total service revenues included in the ARPU calculation ​ 2,002,273 ​ 2,167,783 Average number of customers during the year (millions) ​ 21.3 ​ 20.6 ARPU of Mobile Services - ICT Services provided in Argentina - Personal Network ​ 7,840.3 ​ 8,754.7 ​ Mobile services revenues generated in Paraguay amounted to P$190,351 million in 2024 (compared to P$190,525 million in 2023, representing a 0.1% decrease). This variation was mainly due to the decrease in Núcleo’s ARPU of 15.0%, partially offset by an increase of a 10.6% in the customer base. Núcleo’s ARPU amounted to P$6,516.9 for the year ended December 31, 2024 (compared to P$7,663.2 for the year ended December 31, 2023). The decrease in ARPU was mainly due to the fact that we granted greater discounts to customers in order to maintain the customer base, considering the intense competition. Núcleo’s customer amounted to 2.6 million and 2.3 million as of December 31, 2024, and 2023, respectively. Out of the total mobile customers as of December 31, 2023, 73% were prepaid customers and 27% were postpaid customers, whereas as of December 31, 2023, 76% were prepaid customers, and 24% were postpaid customers. Additionally, the average churn rate per month amounted to 2.7% and 2.9% in 2024 and 2023, respectively. Internet Services Internet services revenues amounted to P$1,390,491 million in 2024 (equivalent to 27.2% of total consolidated services revenues), increasing P$101,672 million or 7.9% as compared to P$1,288,819 million in 2023. The effect generated by the restatement in current currency as of December 31, 2025, included in internet services revenues amounted to P$515,982 million and P$1,039,317 million in 2024 and 2023, respectively. The increase in internet services revenues in 2024 was mainly due to the increase in the Broadband Internet access ARPU of 8.1%. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 112 Table of Contents The ARPU reached P$26,860.4 in 2024 as compared to P$24,841.1 in 2023. This increase in ARPU is mainly explained by the fact we granted less discounts to customers in these services. The effect generated by the restatement in current currency as of December 31, 2025, included in ARPU amounted to P$9,934.2 and P$20,015.7 as of December 31, 2024 and 2023, respectively. The customer base remained stable, which was a product of the Company’s efforts to maintain the customer base, considering the intense competition. Additionally, the churn rate per month amounted to 1.5% in 2024 and 1.8% in 2023. ARPU of Internet Services - ICT Services provided in Argentina - Personal Network A monthly operational measure used in the internet services is ARPU, which we calculate by dividing adjusted total service revenues - excluding connection and rehabilitation fees revenues and others - (divided by 12 months) by the average number of customers during the year. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Internet’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of internet services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ (P$ million) Total Internet service revenues ​ 1,310,927 1,218,833 Components of service revenues not included in the ARPU calculation ​ — ​ — Adjusted total service revenues included in the ARPU calculation ​ 1,310,927 ​ 1,218,833 Average number of customers during the year (millions) ​ 4.0 ​ 4.1 ARPU of Internet service revenues in Argentina - ICT Services provided in Argentina - Personal Network ​ 26,860.4 ​ 24,841.1 ​ Cable Television Services Cable television service revenues amounted to P$789,469 million in 2024 (equivalent to 15.5% of total consolidated services revenues), decreasing P$251,452 million or 24.2% as compared to revenues in 2023. The effect generated by the restatement in current currency as of December 31, 2025, included in cable television services revenues amounted to P$294,146 million and P$844,987 million in 2024 and 2023, respectively. The decrease in cable television service revenues in 2024 was mainly due to the decrease in ARPU, a 26.3% decrease compared to 2023, partially offset by a 1.9% increase in the customer base compared to 2023. The ARPU amounted to P$18,143.6 for the year ended December 31, 2024, compared to an ARPU of P$24,610.8 for the year ended December 31, 2023. The decreased is mainly explained since inflation during 2024 amounted to 117.8%, the Company (and other competitors in the ICT industry) was unable to increase its prices during 2024 to the same extent as the increase in inflation (the effect generated by the restatement in current currency as of December 31, 2025 included in ARPU amounts to P$6,456.3 and P$19,991.6 as of December 31, 2024 and 2023, respectively). Additionally, greater commercial discounts have been applied as part of the customer retention strategy. As of December 31, 2024, the customer base for ICT Services provided in Argentina – Personal Network amounted to 3.2 million customers, increasing by 2.0% compared to 2023, leveraged by Flow Full and Flow Flex products, where from the third quarter of 2024, Flow Flex, began to be marketed as main product. Out of the total customers as of December 31, 2024, 1.5 million were Flow’s customer base and 1.1 million were Premium Package’s customer base, whereas as of December 31, 2023, 1.4 million were Flow’s customer base and 1.2 were Premium Package’s customer base. Additionally, the average churn rate per month amounted to 1.8% in 2024 and 2023. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 113 Table of Contents ARPU of Cable Television Services - ICT Services provided in Argentina – Personal Network An important monthly operational measure used in the Cable Television services is ARPU, which we calculate by dividing adjusted total service revenues - excluding connection and administration fees, advertising services and others - (divided by 12 months) by the average number of customers during the year. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. Certain components of service revenues are excluded from Cable Television’s ARPU calculations presented in this Annual Report. Management believes this measure is helpful in assessing the development of the subscriber base of cable television services. The following table shows the reconciliation of total cable television service revenues to such revenues included in the ARPU calculations of 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ ​ (P$ million) Total Cable television service revenues ​ 686,055 936,318 Components of service revenues not included in the ARPU calculation: connection and reconnection fees and others ​ (751) ​ (2,536) Adjusted total service revenues included in the ARPU calculation ​ 685,304 ​ 933,782 Average number of customers during the year (millions) ​ 3.1 ​ 3.1 ARPU of Cable Television Services in Argentina - ICT Services provided in Argentina - Personal Network ​ 18,143.6 ​ 24,610.8 ​ Fixed and Data Services Revenues generated by fixed and data services amounted to P$659,330 million in 2024 (representing 12.9% of our total consolidated services revenues) decreasing P$39,672 million or 5.7% as compared to P$699,002 million in 2023. The effect generated by the restatement in current currency as of December 31, 2024, included in fixed and data services revenues amounted to P$252,493 million and P$563,939 million in 2024 and 2023, respectively. The decrease in fixed and data services in 2024 was mainly due to a decrease in ARPU, decreasing 1.1% as compared to 2023, and a decrease in the customer base of 7.6% compared to 2023, partially offset by the appreciation of data service subscriptions that are agreed in U.S. dollars. The customer base of fixed telephony services amounted to 2.7 million (of which 1.9 million are IP fixed telephony service base) in 2024, compared to 2.9 million in 2023. The customer base decreased mainly due to changes in the consumption behaviour of customers. Other services revenues Other services revenues generated by other services amounted to $60,998 million in 2024, increasing $6,284 million or 11.5% compared to 2023. The effect generated by the restatement in current currency as of December 31, 2024, included in other services revenues amounted to $22,009 million and $43,845 million in 2024 and 2023, respectively. These services include mainly revenues related to Fintech Services, revenues from billing remuneration and collection management on behalf of third parties, administrative revenues and revenues from the sale of advertising space, among others. The increase in other services revenue in 2024 was mainly due to the increase in Fintech Services in Argentina, principally due to the growth in the use of the “Personal Pay” digital wallet and the increase in the number of users, which amounted to 3.6 million and 2.0 million in 2024 and 2023, respectively. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 114 Table of Contents Equipment Equipment revenues amounted to P$333,526 million in 2024 (representing 6.1% of our total consolidated revenues) decreasing P$105,250 million or 24.0% as compared to 2023. The effect generated by the restatement in current currency as of December 31, 2025, included in equipment revenues amounted to P$121,177 million and P$354,935 million in 2024 and 2023, respectively. The decrease was mainly due to a lower number of handsets sold compared to 2023 (14%). Operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ 2023 ​ ​ ​ Total Change ​ ​ ​ ​ (P$ million) ​ % ​ ​ ​ (P$ million) Employee benefit expenses and severance payments ​ ​ (1,346,737) ​ (1,473,756) ​ (8.6) ​ 127,019 Interconnection and transmission costs ​ ​ (155,918) ​ (174,151) ​ (10.5) ​ 18,233 Fees for services, maintenance, materials and supplies ​ ​ (724,120) ​ (741,134) ​ (2.3) ​ 17,014 Taxes and fees with the Regulatory Authority ​ ​ (428,352) ​ (453,157) ​ (5.5) ​ 24,805 Commissions and advertising ​ ​ (305,491) ​ (345,483) ​ (11.6) ​ 39,992 Cost of equipment ​ ​ (259,216) ​ (318,199) ​ (18.5) ​ 58,983 Programming and content costs ​ ​ (314,423) ​ (332,792) ​ (5.5) ​ 18,369 Bad debt expenses ​ ​ (112,102) ​ (127,913) ​ (12.4) ​ 15,811 Other operating expenses ​ ​ (264,218) ​ (272,257) ​ (3.0) ​ 8,039 Total operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) ​ ​ (3,910,577) ​ (4,238,842) ​ ​ (7.7) ​ 328,265 ​ Total operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) decreased P$328,265 million or 7.7% in 2024, amounting to P$3,910,577 million, as compared to 2023. Despite being in a context in which year-on-year inflation was 117.8%, the Company has managed to make its operating costs more efficient and achieve a reduction. The effect generated by the restatement in current currency as of December 31, 2024, included in operating costs (without depreciation, amortization and impairment of Fixed and Intangible Assets) amounted to P$1,511,055 million and P$3,437,361 million in 2024 and 2023, respectively. Employee benefit expenses and severance payments Employee benefit expenses and severance payments decreased P$127,019 million to P$1,346,737 million in 2024 as compared to P$1,473,756 million in 2023. The decrease was mainly due to a reduction in headcount of 6.0%, amounting to 19,987 employees as of December 31, 2024, and, partially offset by increases in salaries agreed by the Company with several trade unions for unionized employees, and for non-unionized employees, together with related social security charges and an increase in severance payments. The effect generated by the restatement in current currency as of December 31, 2025, included in Employee benefit expenses and severance payments amounted to P$498,312 million and P$1,184,876 million in 2024 and 2023, respectively. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 115 Table of Contents Interconnection and transmission costs Interconnection and transmission costs (including charges for Roaming and cost of international outbound calls and lease of circuits) decreased P$18,233 million or 10.5%, amounting to P$155,918 million in 2024 as compared to P$174,151 million in 2023, respectively. The decrease was mainly due to new dynamics of the business that imply an optimization of links and sites and partially offset by increases in the foreign exchange rate in relation to fixed services denominated in U.S. dollars. The effect generated by the restatement in current currency as of December 31, 2024, included in Interconnection and transmission costs amounted to P$61,364 million and P$140,262 million in 2024 and 2023, respectively. Fees for services, maintenance, materials and supplies Fees for services, maintenance, materials and supplies decreased P$17,014 million or 2.3%, amounting to P$724,120 million in 2024 as compared to P$741,134 million in 2023. The variation is mainly explained by the efficiency and management of resources through which fees for services decreased by P$38,402 million compared to 2023 partially offset by higher costs of maintenance and materials for P$20,348 million compared to 2023. The effect generated by the restatement in current currency as of December 31, 2025, included in Fees for services, maintenance, materials and supplies amounted to P$299,520 million and P$600,926 million in 2024 and 2023, respectively. Taxes and fees with the Regulatory Authority Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes, decreased P$24,805 million or 5.5%, amounting to P$428,352 million in 2024 as compared to P$453,157 million in 2023. The decrease was mainly due to the decrease in sales in 2024. Taxes and fees with the Regulatory Authority represent a 7.9% and 7.7% of total revenues in 2024 and 2023, respectively. The effect generated by the restatement in current currency as of December 31, 2024, included in Taxes and fees with the Regulatory Authority amounted to P$158,902 million and P$366,598 million in 2024 and 2023, respectively. Commissions and advertising Commissions and advertising decreased P$39,992 million or 11.6%, amounting to P$305,491 million in 2024, as compared to P$345,483 million in 2023. The decrease is mainly due to lower charges for agent commissions and collection commissions partially offset by advertising costs related to Flow and Personal Play campaigns. The effect generated by the restatement in current currency as of December 31, 2025, included in Commissions and advertising amounted to P$111,771 million and P$280,264 million in 2024 and 2023, respectively. Cost of equipment Cost of equipment decreased P$58,983 million or 18.5%, amounting to P$259,216 million in 2024 as compared to P$318,199 million in 2023. The variation is mainly due to a decrease in handsets sold of 14%. The effect generated by the restatement in current currency as of December 31, 2025, included in Cost of equipment amounted to P$122,100 million and P$266,655 million in 2024 and 2023, respectively. Programming and content costs Programming and content costs decreased by P$18,369 million or 5.5%, amounting to P$314,423 million in 2024 as compared to P$332,792 million in 2023. The decrease was mainly due to commercial efficiency, partially offset by price increases in almost all cable television signals. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 116 Table of Contents The effect generated by the restatement in current currency as of December 31, 2025, included in Programming and content costs amounted to P$116,431 million and P$268,943 million in 2024 and 2023, respectively. Bad debt expenses Bad debt expenses decreased P$15,811 million, amounting to P$112,102 million in 2024, representing 2.1% and 2.2% of the revenues in 2024 and 2023, respectively. The decrease is mainly due to continuing credit recovery actions. The effect generated by the restatement in current currency as of December 31, 2025, included in Bad debt expenses amounted to P$42,728 million and P$104,750 million in 2024 and 2023, respectively. Other operating expenses Other operating expenses (which include legal claims and contingent liabilities, energy and other public services, insurance, rentals and internet capacity, among others) decreased P$8,039 million to P$264,218 million in 2024 as compared to P$272,257 million in 2023. The decrease is mainly due to lower charges in legal claims and contingent liabilities and postage, freight and travel expenses, partially offset by higher costs of energy, insurances and rentals. The effect generated by the restatement in current currency as of December 31, 2024, included in Other operating expenses amounts to P$99,927 million and P$224,087 million in 2024 and 2023, respectively. Adjusted EBITDA An important operational performance measure used by the Company’s Chief Operating Decision Maker (as this term is defined in IFRS Accounting Standards 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net income (loss), less income tax, financial results, earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangible Assets. We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation and the useful lives and book depreciation and amortization of PP&E and intangible assets, which may vary for different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with IFRS Accounting Standards (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies. The following table shows the reconciliation of Net income (loss) to Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Total Change ​ ​ (P$ million) ​ % ​ ​ ​ (P$ million) Net income (loss) ​ 1,359,230 (715,266) n/a 2,074,496 Income tax loss (benefit) ​ 538,237 (968,990) n/a 1,507,227 Other financial results, net ​ (190,451) (496,492) (61.6) 306,041 Financial results from borrowings ​ (1,914,786) ​ 1,817,071 ​ n/a ​ (3,731,857) Losses from associates and joint ventures ​ 15,094 5,408 n/a 9,686 Operating loss ​ (192,676) (358,269) (46.2) 165,593 Depreciation, amortization and impairment of Fixed and Intangible Assets ​ 1,725,057 2,018,038 14.5 (292,981) Adjusted EBITDA ​ 1,532,381 1,659,769 (7.7) (127,388) ​ Our consolidated Adjusted EBITDA amounted to P$1,532,381 million in 2024, representing a decrease of P$127,388 million or 7.7% as compared to P$1,659,769 million in 2023. Adjusted EBITDA represented 28.2% and 28.1% of our total consolidated revenues in 2024 and 2023, respectively. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 117 Table of Contents Depreciation, Amortization and Impairment of Fixed and Intangible Assets Depreciation, amortization and impairment of Fixed and Intangible Assets decreased P$292,981 million, amounting to P$1,725,057 million in 2024 as compared to P$2,018,038 million in 2023. The variation is due to the effect of those assets that ended their useful life after December 31, 2023, partially offset by the impact of the amortization of the capital expenditures subsequent to that same date, which, in turn, decreased compared to last year. The effect generated by the restatement in current currency as of December 31, 2025, included in Depreciation, amortization and impairment of Fixed and Intangible Assets amounted to P$1,499,317 million and P$1,919,742 million in 2024 and 2023, respectively. Operating loss In 2024, our consolidated operating loss amounted to P$192,676 million, representing a decrease of P$165,593 million as compared to 2023. Operating loss represented (3.5)% and (6.1)% of consolidated revenues in 2024 and 2023, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ % of Change ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2024-2023 ​ ​ ​ ​ (P$ million / %) ​ Increase/(Decrease) Adjusted EBITDA (1) 1,532,381 ​ ​ ​ 1,659,769 (7.7) As % of revenues 28.2 ​ 28.1 ​ Depreciation, amortization and impairment of Fixed and Intangible Assets (1,725,057) ​ (2,018,038) (14.5) As % of revenues (31.7) ​ (34.2) ​ Operating loss (192,676) ​ (358,269) (46.2) As % of revenues (3.5) ​ (6.1) ​ (1) Adjusted EBITDA is a non-GAAP measure, defined as our net (loss) income less income tax, financial results (Financial results from borrowings and other financial results, net), earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed and Intangible Assets. For further information on the use of adjusted EBITDA, see “Item 5—Operating and Financial Review and Prospects—Adjusted EBITDA.” ​ Financial Results, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Total Change ​ ​ 2024 ​ ​ ​ 2023 ​ $ ​ ​ ​ % Interests on borrowings (173,837) (167,520) ​ (6,317) ​ 3.8 Remeasurement in borrowings (135,137) 142,649 ​ (277,786) ​ n/a Foreign currency exchange gains (losses) on borrowings 2,220,302 (1,789,911) ​ 4,010,213 ​ n/a Borrowings renegotiation results and repurchase of Notes 3,458 (2,289) ​ 5,747 ​ n/a Total financial results from borrowings 1,914,786 (1,817,071) ​ 3,731,857 ​ n/a Other foreign currency exchange gains (losses) 246,837 (171,265) ​ 418,102 ​ n/a Fair value gains (losses) on financial assets at fair value through profit or loss (59,723) 184,263 ​ (243,986) ​ n/a Other interests, net 31,964 44,202 ​ (12,238) ​ (27.7) RECPAM 170,007 538,038 ​ (368,031) ​ (68.4) Other (198,634) (98,746) ​ (99,888) ​ n/a Total other financial results, net 190,451 496,492 ​ (306,041) ​ (61.6) Total financial results, net 2,105,237 (1,320,579) ​ 3,425,816 ​ n/a ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 118 Table of Contents We incurred financial gains, net of P$2,105,237 million in 2024, as compared to financial loss, net of P$1,320,579 million in 2023. Financial Results, net in 2024 mainly include gain generated by (i) foreign exchange differences measured in real terms of P$2,467,139 million as a result of the U.S. dollar appreciating 27.7% against the Argentine Peso compared to a 117.8% inflation (compared to a loss of P$1,961,176 million in 2023 and 356.3% devaluation of the Argentine Peso against the U.S. dollar compared to a 211.4% inflation in 2023) and (ii) the effect generated by the restatement in current currency, which amounted to a gain of P$170,007 million (compared to P$538,038 million in 2023). These gains were partially offset by losses generated by (i) interest on borrowings measured in real terms of P$173,837 million (compared to P$167,520 million in 2023), (ii) remeasurement in borrowings of P$135,137 million (compared to a gain of P$142,649 million in 2023), (iii) other financial results of P$163,212 million (compared to P$56,833 million in 2023), and (iv) fair value losses on financial assets at fair value through profit or loss of P$59,723 million (compared to a gain of P$184,263 million in 2023). Other financial results include the effect of PAIS tax of P$75,143 million in 2024. Income Tax The Company’s income tax charge includes the following effects: (i) the current tax payable for the year pursuant to tax legislation applicable to each of Telecom Argentina and its subsidiaries; (ii) the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria and; (iii) the effects of the income tax inflation adjustment. Income tax amounted to a loss of P$538,237 million in 2024 as compared to a gain of P$968,990 million in 2023. It includes mainly the following effects: (i) regarding current tax expenses, Telecom’s generated tax loss in fiscal year 2024 amounting to P$14,344 million and tax loss in fiscal year 2023 amounting to P$8,305 million, and (ii) regarding the deferred tax, in 2024 Telecom recorded a deferred tax loss of P$523,893 million compared to a deferred tax gain of P$977,295 million in 2023. For more information on income tax, see Notes 3 and 16 to our Consolidated Financial Statements. Net income (loss) Telecom Argentina recorded a net income of P$1,359,230 million in 2024 as compared to a net loss of P$715,266 million for 2023 and represents 25% of consolidated revenues as compared to (12.1) % in 2023. The increase in net income was mainly due to the income before income tax of P$1,897,467 million, partially offset by the income tax loss amounting to P$538,237 million. Net income attributable to controlling shareholders amounted to P$1,331,805 million in 2024 as compared to a net loss of P$738,306 million in 2023. Liquidity and Capital Resources Sources and Uses of Funds We expect the main sources of Telecom Argentina’s liquidity in the short term to be cash flows from Telecom Argentina’s operations and cash flows from financing from third parties, which may include accessing to domestic and international capital markets and obtaining financing from financial institutions. Telecom Argentina’s principal uses of cash flows are expected to be capital expenditures, operating expenses, dividend payments to its shareholders, payments of borrowings and for general corporate purposes. Telecom Argentina expects working capital, funds generated from operations, dividend payments from its subsidiaries and financing from third parties to be sufficient. Telecom Argentina assumes that it will be able to access the domestic and international capital markets in 2026 to refinance its outstanding debt, if necessary. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 119 Table of Contents Borrowings Developments during 2025 The most relevant borrowings developments in 2025 were the following: Notes During 2025, Telecom Argentina successfully completed the issuance new series of Notes as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount involved ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Series ​ ​ Currency ​ ​ (in millions) ​ ​ Issuance date ​ ​ Maturity date ​ ​ Amortization ​ ​ Interest rate ​ ​ payment date 24 ​ US$ ​ 800 ​ 05/2025 ​ 05/2033 ​ In two installments: (i) 50% in 05/2032 and (ii) 50% in 05/2033 ​ 9.25% ​ ​ Semiannual basis 25 ​ ​ US$ ​ ​ 51 ​ ​ 07/2025 ​ ​ 04/2027 ​ ​ In one installment at maturity date ​ ​ 7.50% ​ ​ Quarterly basis 26 ​ $ ​ 57,961 ​ 07/2025 ​ 07/2026 ​ In one installment at maturity date ​ TAMAR plus 4% ​ ​ Quarterly basis 24 Additional ​ ​ US$ ​ ​ 200 ​ ​ 07/2025 ​ ​ 05/2033 ​ ​ In two installments: (i) 50% in 05/2032 and (ii) 50% in 05/2033 ​ ​ 9.25% ​ ​ Semiannual basis ​ Additionally, on January 20, 2026, and March 5, 2026 the Company issued the 2036 Notes and the Series 28 Notes, respectively. See “Item 4—Information on the Company—Recent Developments—Debt Transactions.” ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 120 Table of Contents Bank and other financing entities loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal residual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ nominal value as ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ Maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ payment Entities ​ ​ Currency ​ ​ (in millions) ​ ​ date ​ ​ Amortization ​ ​ Interest rate ​ ​ Spread ​ ​ date Syndicated loan (1) ​ US$ ​ 151 ​ 02/2029 ​ In one installment at maturity date ​ ​ Variable annual rate: SOF 3 months ​ Between 4.00% and 7.00% ​ ​ Quarterly basis Bilateral loan (2) ​ US$ ​ 31 ​ Between 02/2028 and 02/2030 ​ Semiannual Basis from 02/2028 ​ Variable annual rate: SOF 3 months ​ 4.00% ​ ​ Quarterly basis Banco Macro S.A. ​ ​ $ ​ 100,000 ​ 07/2028 ​ In three installments: -33.33% in July, 2026 -33.33% in July, 2027 -33.34% in July, 2028 ​ TAMAR ​ 6.60% ​ ​ Quarterly basis Banco BBVA Argentina S.A. ​ ​ $ ​ 50,000 ​ 01/2028 ​ In three installments: -33.33% in January, 2027 -33.33% in July, 2027 -33.34% in January, 2028 ​ TAMAR ​ 3.85% ​ ​ Quarterly basis Industrial and Commercial Bank of China (Argentina) S.A.U. ​ ​ RMB ​ 930 ​ 07/2028 ​ In three installments: -33.33% in January, 2028 -33.33% in April, 2028 -33.34% in July, 2028 ​ Fixed 6.15% ​ ​ n/a ​ ​ Quarterly basis BNA ​ ​ $ ​ 25,000 ​ 08/2026 ​ In one installment at maturity date ​ Fixed 47.75% ​ ​ n/a ​ ​ In one installment at maturity date Bank of China Limited ​ ​ RMB ​ 1,030 ​ 09/2028 ​ In one installment at maturity date ​ Fixed 4.8% ​ ​ n/a ​ ​ Quarterly basis (1) An unsecured syndicated loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A. (2) An unsecured bilateral loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U., governed by Argentine law. For more information about Telecom’s financing facilities (including currency, maturity, interest rate structure and amortization schedule), see Notes 14 and 27 to our Consolidated Financial Statements. Derivative Financial Instruments From time to time, in the ordinary course of business, Telecom enters into derivative contracts mainly to hedge the fluctuation of, mainly, exchange and interest rates. During fiscal year 2025, the Company operated in the ROFEX market to hedge fluctuations in the exchange rate of part of its foreign currency debt. As of December 31, 2025, the Company holds ROFEX contracts for US$29 million, for which a DFI of $168 million was recognized. For more information about Telecom’s derivative contract, see Note 23 and 27 to our Consolidated Financial Statements. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 121 Table of Contents Cash Flow The table below summarizes Telecom’s consolidated cash flows for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (P$ million) Cash flows provided by operating activities ​ ​ 2,385,858 ​ 1,067,513 ​ 1,769,491 Cash flows used in investing activities ​ ​ (3,011,630) ​ (504,380) ​ (1,631,680) Cash flows provided by (used in) financing activities ​ ​ 612,957 ​ (533,590) ​ (275,457) Net foreign exchange differences and RECPAM on cash and cash equivalents ​ ​ 63,120 ​ (68,496) ​ 238,050 Net Increase/ (Decrease) in cash and cash equivalents ​ ​ (12,815) ​ 29,543 ​ (137,646) Cash and cash equivalents at the beginning of the year ​ 418,745 ​ 457,698 ​ 357,294 Cash and cash equivalents at the end of the year ​ 469,050 ​ 418,745 ​ 457,698 ​ As of December 31, 2025, 2024 and 2023, we had P$469,050 million, P$418,745 million and P$457,698 million in cash and cash equivalents, respectively. Cash flows provided by operating activities were P$2,385,858 million, P$1,067,513 million and P$1,769,491 million in 2025, 2024 and 2023, respectively. ​ Net cash provided by operating activities increased P$1,318,345 million in 2025 compared to 2024, primarily due to an increase of P$1,485,489 million in net income, adjusted for non-cash income and expense, slightly offset by an increase in net cash outflows in connection with changes in our assets and liabilities of P$161,835 million and higher income tax payments of P$5,309 million. The increase in net cash outflows in connection with changes in our assets and liabilities was primarily due to an increase in other tax payable payments and employee compensation and social security obligations, partially offset by an increase in cash flows related to trade receivables and an increase in accounts payable. ​ Cash flows from operating activities in 2025 contain P$482,735 million corresponding to the consolidation of TMA. Net cash provided by operating activities decreased P$701,978 million, or 39.7% in 2024 compared to 2023, primarily due to an increase of P$772,900 million in net cash outflows in connection with changes in our assets and liabilities, slightly offset by a decrease of P$65,955 million in net loss, adjusted for non-cash income and expense and lower income tax payments of P$4,967 million. The decrease was primarily due to an increase in trade payable payments, mostly due to settlements of outstanding foreign currency payables (which also were settled using government bonds), an increase in payments of salaries and social security payables, partially offset by an increase in cash flows related to trade receivables and other receivables. Cash flows used in investing activities were P$3,011,630 million, P$504,380 million and P$1,631,680 million in 2025, 2024 and 2023, respectively. In 2025, cash flows used in investing activities included mainly payments for acquisition of subsidiary, net of cash acquired of P$ 1,304,037 million, payments for acquisitions of PP&E and Intangible assets of P$1,490,635 million, and payments for investments not considered as cash and cash equivalents of P$732,319 million, partially offset by cash acquired from investments not considered as cash and cash equivalents of P$442,802 million. ​ Cash flows used in investing activities in 2025 contain $(275,388) million corresponding to the consolidation of TMA. In 2024, cash flows used in investing activities included payments for acquisitions of PP&E and Intangible assets of P$518,576 million, investments not considered as cash and cash equivalents of P$424,073 million, net of cash acquired from investments not considered as cash and cash equivalents of P$438,002 million. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 122 Table of Contents In 2023, cash flows used in investing activities included payments for acquisitions of PP&E and Intangible assets of P$1,327,791 million and payments for investments not considered as cash and cash equivalents of P$766,727 million, partially offset by proceeds from sale of investments not considered as cash and cash equivalents of P$400,610 million. Cash flows provided by (used in) financing activities were P$612,957 million, P$(533,590) million and P$(275,457) million in 2025, 2024 and 2023, respectively. In 2025, cash flows provided by financing activities included proceeds from borrowings for P$3,959,692 million, partially offset by payments for borrowings, interest and related expenses and leases liabilities for P$3,293,798 million, cash dividend payments for P$37,926 million and payments for repurchase of Notes for P$15,011 million. Cash flows provided by financing activities in 2025 contain P$(65,323) million corresponding to the consolidation of TMA. In 2024, cash flows used in financing activities included mainly payments for borrowings, interest and related expenses and leases liabilities for P$2,023,874 million, transaction with non-controlling interests for P$36,146 million, payment for repurchase of Notes for P$34,913 million and cash dividend payments for P$12,634 million partially offset by proceeds from borrowings for P$1,573,995 million. In 2023, cash flows used in financing activities included mainly payments for borrowings, interest and related expenses and leases liabilities for P$1,374,221 million and cash dividend payments for P$11,516 million partially offset by proceeds from borrowings for P$1,111,970 million. Liquidity The liquidity position of Telecom Argentina is and will be significantly dependent on its operating performance, its indebtedness, capital expenditure programs and dividends from its subsidiaries, if any. Working Capital Operating Working Capital is a non-GAAP measure, defined as the difference between our operating current assets and operating current liabilities. Our Management believes this measure is useful for assessing our efficiency in managing our short-term assets and liabilities and ensuring operational continuity. For reconciliation of Operating Working Capital to the most directly comparable IFRS Accounting Standards measure, see “—Reconciliation” below. Net Current Financial Liability is a non-GAAP measure, defined as the difference between our financial assets and financial liabilities. Our Management believes this measure is useful for assessing our solvency and liquidity because it provides a view of our ability to meet our short- and long-term financial obligations. For reconciliation of Net Current Financial Liability to the most directly comparable IFRS Accounting Standards measure, “Reconciliation” below. Working Capital is a non-GAAP measure, defined as the difference between our current assets and current liabilities. Our Management believes this metric is useful for measuring our short-term financial health and operational efficiency and assessing our ability to manage our liquidity and sustain our operational activities. For reconciliation of Working Capital to the most directly comparable IFRS Accounting Standards measure, “Reconciliation” below. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 123 Table of Contents Telecom’s working capital breakdown and its main variations are disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Total Change ​ ​ (P$ million) Trade receivables ​ 799,188 ​ 389,375 ​ 409,813 Other receivables (not considering DFI) 159,801 58,875 100,926 Inventories 79,530 79,513 17 Current liabilities (not considering borrowings) (2,221,756) (1,165,088) (1,056,668) Operating working capital - negative (1,183,237) (637,325) (545,912) As % of Revenues 14.2 % 11.7 % ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 469,050 418,745 50,305 DFI ​ 168 ​ — ​ 168 Investments 323,064 44,179 278,885 Current borrowings (1,616,544) (1,411,178) (205,366) Net Current financial liability (824,262) (948,254) 123,992 ​ ​ ​ ​ ​ ​ ​ Assets classified as held for sale ​ 3,011 ​ 2,322 ​ 689 ​ ​ ​ ​ ​ ​ ​ Negative working capital (current assets—current liabilities) (2,004,488) (1,583,257) (421,231) Liquidity rate 0.48 0.39 0.09 ​ Telecom has a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&E and Intangible assets) for longer terms than those it provides to its customers. According to this, the negative working capital amounted to P$2,004,488 million as of December 31, 2025 (increasing P$421,231 million compared to December 31, 2024). During 2025 and 2024, Telecom raised funds from the financial market to refinance part of its borrowings in order to optimize its maturity, interest rate and structure. For more information, see “—Liquidity and Capital Resources—Sources and Uses of Funds—Borrowings Developments during 2025.” Telecom will continue with its strategy of refinancing its borrowings in order to extend the contractual terms, and to obtain lower financing costs, with the aim of being able to cover its negative working capital. For our definitions of (i) Operating Working Capital; (ii) Net Current Financial Liability and (iii) Working Capital, see “—Working Capital” herein. Reconciliation The following tables show a reconciliation of (i) Operating Working Capital; (ii) Net Current Financial Liability and (iii) Working Capital, in each case the most directly comparable IFRS Accounting Standards measure: Operating working capital - negative ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (P$ million) Trade receivables (current) 799,188 389,375 Other receivables (current without DFI) 159,969 58,875 DFI (current) ​ (168) ​ — Inventories 79,530 79,513 Current liabilities (3,838,300) (2,576,266) Borrowings (current) 1,616,544 1,411,178 Operating working capital - negative (1,183,237) (637,325) ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 124 Table of Contents Net Current financial liability ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (P$ million) Current liabilities (3,838,300) (2,576,266) Trade payables (current) 1,108,820 584,980 Salaries and social security payables (current) 435,044 297,645 Income tax payables 66,741 5,999 Other taxes payables (current) 243,086 119,264 Dividend payable 87 902 Leases liabilities (current) 149,030 98,045 Other liabilities (current) 85,165 53,144 Provisions (current) 133,783 5,109 Cash and cash equivalents 469,050 418,745 Other Receivables DFI (current) 168 — Investments (current) 323,064 44,179 Net Current financial liability (824,262) (948,254) ​ Negative working capital (current assets — current liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (P$ million) Current assets 1,833,812 993,009 Current liabilities ​ 3,838,300 ​ 2,576,266 Negative working capital (current assets—current liabilities) (2,004,488) (1,583,257) ​ The Company has several financing sources and several offers from first-class international institutions to diversify its current funding structure, which includes accessing the domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs, with the objective of covering its investments, operative working capital, and other corporative expenses and refinancing part of its borrowings. To protect itself from changes in market conditions that could constrain its access to funding under certain circumstances, Telecom maintains certain minimum cash and liquid assets balances in its normal course of business. Telecom had consolidated cash and cash equivalents amounting to P$469,050 million and P$418,745 million as of December 31, 2025, and 2024, respectively. During the years ended December 31, 2025, and 2024, Telecom continued obtaining funds from the financial market used to finance the Acquisition, pay its investments, operative working capital, and other corporative expenses and refinancing part of its borrowings within the framework of its permanent policy of optimizing the term, rate and structure of its borrowings. For further information, see Note 14 to our Consolidated Financial Statements. For further information on the breakdown of our financial liabilities into relevant maturity groups based on the remaining period from December 31, 2025, to the contractual maturity date, please see Note 27 to our Consolidated Financial Statements. Further, the Company has future obligations related to various purchase commitments that are presented in Note 21 to our Consolidated Financial Statements. Compliance with Covenants The Company holds certain loans with IDB, Finnvera, EDC, CDB, the Bilateral Loan Agreement, the Syndicated Loan Agreement and the Bank of China Limited, which, as of December 31, 2025, amounted to P$661,698 million. These loans establish, among other provisions, the obligation to comply with certain financial ratios calculated on a quarterly basis (coinciding with the presentation of the Company’s financial statements) based on contractual definitions: i) “Net Debt/EBITDA” and ii) “EBITDA/Interest Net.” ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 125 Table of Contents As of the date of issuance of this Annual Report, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established in the original loan agreements and is also in compliance with the rest of the covenants established. For more information, see Note 14 of our Consolidated Financial Statements. Dividends to Shareholders Telecom Argentina has distributed non-cash dividends through the delivery of 2030 Global Bonds issued by Argentina, funded by partial reversals of its voluntary reserve. These distributions were approved by the Ordinary and Extraordinary Shareholders’ Meetings held on April 27, 2023, April 25, 2024 and April 25, 2025. The table below summarizes these distributions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributed amount ​ ​ ​ ​ ​ ​ Currency of the ​ ​ Current currency as of ​ ​ ​ ​ ​ ​ transaction date ​ ​ December 31, 2025 Year ​ ​ Non cash ​ ​ (in millions of P$) 2025(1) ​ ​ 2030 Global Bonds ​ ​ 184,540 ​ ​ 189,790 2024 ​ ​ 2030 Global Bonds ​ ​ 115,725 ​ ​ 156,352 2023 ​ ​ 2030 Global Bonds ​ ​ 47,701 ​ ​ 299,199 (1) In 2025, Telecom Argentina additionally distributed dividends on cash of P$12,495 million in current currency as of December 31, 2025, net of withholding tax of P$7,791 million. Additionally, P$16,680 million were compensated with amounts paid by the Company in connection with the Personal Assets Tax for fiscal year 2024. Total dividends distributed were P$226,756 million. ​ For more information on our dividends to shareholders, see Note 22 of our Consolidated Financial Statements. Our ability to generate sufficient cash from our operations to satisfy our indebtedness and capital expenditure needs may be affected by macroeconomic factors influencing our business, including, without limitation, the rate at which Argentine Pesos can be exchanged for U.S. dollars and rates of inflation, among others. Certain statements expressed in this section constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, including those described in this Annual Report in “Item 3—Key Information—Risk Factors.” Actual results may differ materially from our expectations described above as a result of various factors. Capital Expenditures We estimate that our capital expenditures in 2026 will be approximately P$2,111,085 million, compared to P$1,485,577 million in 2025 (which represented 17.8% of our consolidated revenues). The primary investment projects in PP&E are related to the expansion of cable television and internet services, aimed at improving transmission and access speed for customers, the deployment of 4G coverage and capacity, and the continued expansion of 5G to support mobile internet growth and enhance service quality. ICT Services provided in Argentina – Personal Network In terms of infrastructure, throughout 2025, we continued to enhance the services we provide through the deployment of the 4G/LTE network, together with the technological reconversion of our 2G / 3G networks to 4G and LTE and the deployment of fiber optics to connect homes with broadband, which also improved our fixed and data networks. The deployment of 4G/LTE reached a coverage of 97% of the urban population, and we achieved a coverage of 98% of the population in Argentina’s major cities. Our mobile network customers with access to our 4G network, according to the latest benchmark conducted by Ookla, experience improved service quality, with average speeds of 78 Mbps in 2025 and 2024. Additionally, approximately 85% of calls are made via VoLTE, a technology that enables voice calls over the 4G network with significant improvements in audio and video quality. During 2025, the Company continued the expansion of its 5G network, incorporating 819 new sites. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 126 Table of Contents Furthermore, we continued deploying mobile site connectivity to achieve better quality and capacity, replacing radio links with high-capacity fiber optic connections. Lastly, we continued with the plan to connect remote and low-density areas through satellite backhaul. ICT Services provided in Argentina – TMA Network ​ 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 350,000 new homes passed across over 11,000 city blocks. Approximately half of this expansion was carried out in the Buenos Aires Province, reinforcing TMA’s 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 totals approximately 5.2 million homes passed, with 4.15 million on its own network and 1.05 million through partner networks. ​ Also, 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 a coverage of 99,4 % of the urban population across 2,218 towns and cities as of December 31, 2025. Furthermore, TMA has reached a 100 % coverage of the population in major cities of Argentina, as of December 31, 2025. Customers who access TMA’s 4G network experience enhanced service quality, enjoying speeds of up to 66 Mbps and, approximately 53% of calls are now made using VoLTE. ​ In addition, TMA continued the deployment of mobile site connectivity to enhance quality and capacity, replacing radio links with high-capacity fiber optic connections. ​ See “Item 3—Key Information—Risk Factors—Risks Relating to Telecom and its Operations—We operate in a highly competitive environment that could materially erode our market position.” We expect to finance our capital expenditures through cash generated from our operations, cash on hand and financing from third parties; therefore, our ability to fund these expenditures is dependent on, among other factors, our ability to generate sufficient funds from operations. Telecom’s ability to generate sufficient funds for capital expenditures is also dependent on its ability to increase its service prices, the increase of its operating costs due to inflation and the increase of the cost of imported materials in Argentine Peso terms as a result of the devaluation of the Peso/U.S. dollar. Research and Development, Patents and Licenses, etc. None. Trend Information During 2025, Telecom Argentina continued its strategy of consolidation as a relevant player within the Argentina’s digital ecosystem, combining connectivity, technology services, and entertainment. ​ As part of this consolidation process, the Company moved forward with the unification of its brand identity under Personal as as the brand that integrates all its solutions and platforms. This strategic decision allows for a simpler value proposition, strengthens the consistency of the customer experience, and enhances commercial and operational synergies across the different business verticals. ​ By consolidating a robust, cross-cutting brand, the Company reinforces its positioning as an integrated digital ecosystem through Personal Móvil, Personal Fibra, Personal Smarthome, Tienda Personal, Personal Flow, Personal Tech and Personal Pay, expanding its ability to scale high value-added solutions for all customers. ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 127 Table of Contents In an environment showing improved investor confidence and a recovery in strategic sectors, the Company reaffirms its commitment to the development of capabilities that support the country’s digital economy. ​ Leveraging its comprehensive service offering and an active investment policy, the Company advanced the expansion and modernization of its infrastructure, supporting the evolution of digital demand with a focus on efficiency, quality, and technological capacity. This approach is grounded in a long-term vision that integrates sustainability, innovation, and digital transformation as strategic pillars. ​ One of the most significant milestones of the year was the acquisition of TMA, completed on February 24, 2025, for US$1,245 million (“consideration paid” pursuant to IFRS 3 was US$1,119 million). This transaction—one of the largest private infrastructure investments executed in the country during the period—reflects Telecom’s commitment to the development of strategic capabilities for the digital economy, in line with a global trend of transformation and consolidation within the telecommunications industry. ​ Telecom Argentina is currently engaged in institutional dialogue with the relevant regulatory authorities, supporting a technical review in compliance with international standards and competition principles. In this context, the CNDC (currently ANC) ordered a provisional measure requiring that the two companies remain operationally separate until the competent authority issues its decision on the transaction. Accordingly, Telecom Argentina and TMA continue to operate as separate legal entities and independent businesses. ​ Another key milestone in 2025 and January 2026, was the successful issuance of international Notes (Series 24 and Series 27) for US$1,000 million and US$600 million, respectively. These transactions strengthen the Company’s financial position and support its growth strategy in line with current and future technological challenges. ​ During the year, the Company received international recognitions for its financial management, innovation capabilities, and technological leadership. At the 2025 LatinFinance Project & Infrastructure Finance Awards, the Company received the Telecoms Financing of the Year award in recognition of its long-term financial strategy, as well as the Corporate Liability Management of the Year award for the successful refinancing and reopening of international bonds completed in 2024. The Company also received first place at the ASUG 2025 Awards for its Financial Planning Transformation project, based on predictive models and the in-house use of big data. ​ The Company’s sustained deployment of connectivity infrastructure also received international recognition. Personal was awarded by Ookla as providing the fastest fixed network in Argentina through Personal Fibra and fastest 5G mobile network in the country during the first half of 2025. In addition, Personal was recognized for the sixth consecutive year as the fastest mobile network in Argentina. ​ The Company’s digital platforms continue to expand. Personal Flow reinforced its positioning in the entertainment services by adding services that enhance the customer experience, such as Flow Plus, as well as co-productions and live concert streaming. Personal Pay continued to strengthen its presence within the regional fintech ecosystem. ​ A strategic alliance with Banco Macro was recently announced to accelerate the digitalization of financial services offered through Personal Pay. This partnership will enable Personal Pay to offer customers a unique value proposition that combines the practicality of a digital wallet with expanded access to financial products and services backed by a leading bank. ​ Through Personal Tech, the Company continued to develop its value proposition for B2B services offering tailored and scalable solutions for enterprise customers, supported by a solutions portfolio built on: fixed and mobile connectivity, cybersecurity, cloud solutions, and IoT. ​ During 2025, the Company continued to expand its convergent store format across several cities, providing integrated customer service for mobile services, home internet connectivity, television, and streaming in a single location, together with a retail space for technology products. The Company continued to develop the Smarthome vertical and Tienda Personal, with the objective of becoming a leading provider of smart home solutions and accessible technology across Latin America. ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 128 Table of Contents From a technological standpoint, Telecom continues to lead the implementation of the Open Gateway initiative promoted by GSMA, which fosters the exposure of network capabilities through standardized APIs. Through OpenXpand, the Company promotes innovation within the new digital economy by developing security, identity, and user experience solutions across multiple business verticals. ​ This approach is complemented by a long-term commitment to sustainability, promoting energy efficiency, and digital talent development as part of the Company’s ongoing commitment to responsible growth. ​ In addition, the Company continues to expand its operations in Paraguay, Uruguay, and Chile, supporting the digital transformation of consumers and enterprises across various verticals. ​ Through these initiatives, the Company continues to support the digital transformation of the country and the region, with investments focused on strengthening infrastructure, fostering technological innovation, and expanding its service ecosystem in line with the evolution of the competitive environment. Safe Harbor See the discussion at the beginning of this Item 5 and “Forward-Looking Statements” in the introduction of this Annual Report, for forward-looking statement safe harbor provisions. ​ ​ ​ ​ PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS TELECOM ARGENTINA S.A. 129 Table of Contents