TCMFF · Telecom Argentina S.A.

Telecom Argentina delivered strong 1Q26 results with consolidated revenues surging 33.6% year-over-year to P$2,357,686 million, primarily from including three full months of TMA revenues versus only one in 1Q25. Service revenues, at P$2,275,239 million, showed Telecom ex-TMA up 1.6% and TMA down 1.3%, reflecting divergent segment performances amid 32.6% inflation. Mobile services led with P$1,235,803 million (+50.3%), fueled by TMA consolidation (P$539,745 million) and Telecom ex-TMA ARPU growth of 18.7% real. Internet revenues grew 19.1% real to P$508,925 million, supported by subscriber gains to 5.8 million total. Operating Income before D&A hit P$819,491 million (34.8% margin, +36.7% YoY), with Telecom ex-TMA exceeding 38%, indicating robust cost discipline excluding TMA. Net income jumped to P$642,984 million from FX gains tied to peso appreciation. CAPEX rose sharply to P$433,768 million (18.4% of revenues), signaling network investment focus. Net debt declined 15.6% real to P$4,296,790 million. Customer dynamics showed mobile prepaid clean-up at Telecom (-8.9% to 19.4M accesses, no revenue impact) offset by fixed broadband (+3.3%) and pay TV (+4.7%) gains; TMA mobile grew 1.8%. Management highlights efficiency plans curbing service fees and strategic Netflix partnership in Flow+ for TV retention.