TCMFF · Telecom Argentina S.A.

The shareholders' meeting of Telecom Argentina S.A. held on April 29, 2026, resulted in several material decisions. The most significant was the approval of a corporate reorganization whereby Telecom Argentina will merge with Teledifusora San Miguel Arcangel S.A. (TSMA) as the absorbing and surviving company, effective January 1, 2026. This merger, structured under Argentine corporate and tax laws, is expected to streamline operations and potentially generate synergies, though specific financial terms were not disclosed. Additionally, the board was authorized to distribute dividends up to US$300 million in cash or kind, signaling a potential return of capital to shareholders. The retained earnings deficit of AR$135.6 billion as of December 31, 2025 (adjusted for inflation) was absorbed from a voluntary reserve, and a portion of that reserve was reclassified to contributed surplus. The meeting also elected a new supervisory committee and appointed Price Waterhouse & Co SRL as independent auditor for fiscal year 2026. These actions reflect ongoing corporate governance and capital management initiatives.