Telecom Argentina SA

Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating of this conference call. The participants of today's conference call are Roberto Nóbile, Chief Executive Officer, Federico Pra, Interim Chief Financial Officer, and myself, Luis Rial Ubago, Head of Investor Relations. The purpose of this call is to share with you the results of the first quarter ended on March 31, 2026. If you have not received a press release or presentation, you can call our Investor Relations Office to request the documents or download them from the Investor Relations section of our website located at inversores.telecom.com.ar. I would like to go over some safe harbor information and other details of the call. We would like to clarify that during the conference call and Q&A session, We could mention certain forward-looking statements about Telecom's future performance, plans, strategies and objectives. Such statements are subject to uncertainties that would cost Telecom's actual results and operations to differ materially. Such uncertainties include, but are not limited to, the effects of ongoing industry and economic regulations, possible changes in the demand for Telecom's products and services, the effects of potential changes in general market and economic conditions, and in legislation. Our press release date, May 11th of 2026, a copy of which was included in a form 6K and sent to the SEC, describes certain factors that may affect any forward-looking statements that could be mentioned during this call. The company has reflected the effects of inflation adjustments adopted by Resolution 777-18 of the Comisión Nacional de Valores, or CNB, which establishes that the three expressions will be applied to the annual financial statements for interim, special periods and the rest of and including December 31 of 2018. Accordingly, the reported figures corresponding to the first quarter of 26 included the effects of the adoption of inflationary accounting in accordance with the IAS 29. In this presentation, we will also include figures in historical values which are easier to understand. Our press list is complemented by Ernest's presentation. Please read the disclaimer contained in slide 2 of the presentation. Today we will go over our business and financial highlights and end the call with a Q&A session. Now let me pass the call to Federico, our Interim CFO, who will start with the presentation.

Thank you Luis, good morning and welcome to everyone.

Slide 3 summarizes our highlights as of March 31, 2026. Before diving into the main variables and financial highlights, it is important to clarify that throughout these presentations we are presenting consolidating financials including Telefónica Móviles Argentina, or TMA, acquired on February 24, 2025. As such, in this presentation we will mention Consolidated figures in first Q26, including the full quarter impact, three months, of TMA contribution. Consolidated figures in the comparative period 1Q25, including only one month of TMA contribution following the acquisition. Figures for telecom only, excluding TMA contribution. And standalone figures for TMA for the first quarter of 2025 and the first quarter of 2026. Having said that, our main financial achievements for the first quarter of 2026 were as follows. Telecom's consolidated revenues totaled over $1.7 billion at 34% year-over-year in dollars, mainly driven by the incorporation of a full quarter of TMH results in first Q36 versus the only one month in first Q35. On a consolidated basis, Severi's revenues grew 34% Thank you very much. 34.8% in first Q26, expanding by over severance charges record, the consolidated margin would be 36%. A telecom excluding TMA, a VDI margin reached over 38%, the highest level since the merger with Kevin Vision in 2018, and would stand above 40% on an adjusted basis, excluding the impact of higher severance charges during the period. This huge improvement is partially explained by the deconsolidation of microsistemas following the JV with Banco Macro, representing a positive 1.4 percentage points margin impact on Telecom ex-TMA. A TMA standalone on FD8 margin reached 28.7% and would exceed 30% on an adjusted basis, excluding the impact of higher severance charges of TMA. Consolidated capex amounted to approximately $0.3 billion for the first quarter ended in March 2026, reflecting an intensity of 18.4% over revenues for the period. Investments continue to prioritize the expansion of both fixed and mobile access networks, particularly the rollout of fiber-to-the-home networks and 5G infrastructure. Our net debt-to-evita leverage ratio stood at around 1.4 times in first Q26, significantly improving versus first Q24 and Q25, reflecting a solid debt management in a context of growing EBITDA regeneration. As detailed in the following slide, our fixed segment continues to deliver consistent growth, supported by FPTH expansion across personal and TMA in Broadbent and by strong commercial, performance and personal flow in PTV. In mobile service revenues for telecoms, including TMA, increased by 9% year-over-year. FinTech and regional operations also continue to show solid trends. From slide 4 onwards, we will take a closer look at the performance of the business, highlighting operational trends, commercial evolution, and the impact of the recent acquisition of key indicators. Slide 5 highlights the positive evolution in real terms of service revenues and ARPO trends, both for Telecom and the ones provided by our subsidiary TMA. On a consolidated basis, total revenues as of 1Q26 amounted to over 2.3 trillion pesos, increasing 31% in real terms versus 1Q25, showing a 72% nominal increase. Service revenues has reached over $1.6 billion, increasing 34% year-over-year in constant pesos. Excluding the contribution from TMA, total service revenues grew almost 2% year-over-year in real terms, reflecting a solid commercial execution. Furthermore, mobile, broadband, and ATV service revenues have been growing in real terms at a weighted average growth rate of almost 5%. It is worth noting that the year-over-year comparison is impacted by the fact that 1Q25 included only one month of TMA's contributions, while 1Q26 receives a full quarter of consolidated results. TMA on a standalone basis reported several revenues of over $0.6 billion in 1Q26, remaining broadly stable in real terms compared It is important to clarify that Telecom does not determine TMA's pricing strategy. TMA continues to define and implement its own commercial strategy independently, in line with its specific market positioning and operational priorities. In U.S. dollar terms, ARPU performs viral across segments. Mobile ARPU delivers a solid growth, while the broadband and pay-to-bid and Harpo showed a more moderate evolution. Overall, these trends are consistent with our continued focus on value management across the portfolio. Slide 6 shows the evolution of our products, where we continue to observe growth in more segments of our subscriber base. For personal, in the mobile segment, during the first quarter of 2026, we continue to observe defects of our updated disconnection criteria for new prepaid ads in personal mobile. This change shortened the period of inactivity required to deactivate a dormant prepaid line, mainly explained the 12.2% reductions year-over-year in prepaid, reaching over 11.5 million accesses in 1Q26. Postpaid decreases 3.7% year-over-year, reaching almost 8 million accesses. It is important to highlight The decrease is mainly explained by the connection of lines with no significant traffic, thus not generating impact on our mobile service revenues. The participation of post-pay subscribers over the total mobile subscriber is currently 41% of our total mobile pays, up to 39% that we have in FirstKid25. Despite the mentioned reductions in the customer base, the mobile segment continues to deliver solid top-end performance, with mobile revenues at Telecom, excluding TMA, growing approximately 9% year-on-year. In broadband, we have observed growth driven mainly by higher FTTH adoption. Our subscriber base has registered an increase of 3.3% year-over-year, reaching almost 4.2 million accesses in 1Q26. FTTH now represents 33% of personal broadband base with almost 1.4 million accesses supported by the acceleration of our fiber rollout. In Pay TV, our flow platform continues with a good performance as personal flow Pay TV accesses has grown year over year. Personal flow subscriber base in Argentina has grown 4.7% year over year, reaching almost 3.3 million accesses reflecting an improvement in terms of net ads, mostly due to the strong performance of our FlowFlex platform. During 1Q26, Personal Flow's unique customers reached 1.8 million, increasing by over 250,000 total clients, or 17% when compared to the same period in 1Q25. TMA-provided figures have shown solid results across its core segments, particularly mobile and broadband. In mobile, we have seen strong growth in postpaid customers, with an increase of 2.9% year-over-year, reaching almost 9.5 million postpaid accesses. Postpaid customers represent 49% of TMA's total mobile base. These figures include machine-to-machine connections for more than 2.9 million accesses, increasing by 10% versus 1Q2025. In broadband, TMA continues to demonstrate a solid expansion. Broadband accesses grew by 48% year-over-year, reaching more than 1.6 million accesses. Approximately 96% of broadband customer base is on FTTH technology. In 30B, TMA has seen a modest decline in the year-over-year comparison, but grew in the same quarter-over-quarter. The subscriber base decreased by 1.8% year-over-year, with a net loss of approximately 7,000 customers, bringing the total to 410,000. When combining the evolution of both telecom and TMA subscriber bases, we observed overall growth across six segments, which is a positive achievement. Broadman shows a combined growth of 3.7% and PayTV 3.9%. confirming the recovery trends in FIB strategies, while mobile subscribers shows a decrease mainly driven by the regional mentors above, particularly within the PayPal segment. Moving to slide 7, we will review the performance of our regional operations. Our operation in Paraguay continued with a very good, strong performance. Revenue has grown almost 25% year-over-year in U.S. dollars. A BDA has grown 34% year-over-year, reaching an equivalent of 36 million equivalent US dollars, while also showing a strong BDA margin of over 50%. Our operation continues mostly unlevered, with a net debt ratio of 0.1 times. Regarding customer bases, in Paraguay we reach 2.6 million mobile customers and growing 1% year-over-year. Our Picks Broadband and Pay TV offering in that country also continues to show good results, where customer bases amounted to 357,000 and 110,000 subscribers respectively. Personal pay onboarded clients in Paraguay amounted to almost 1 million. In Uruguay, we count with 94,000 Pay TV customers and approximately 3.2 thousand broadband customers as of March 2026. Personal Pays has reached almost 5 million onboarded clients in Argentina, reflecting a 28.1% growth. The platform achieved 1.2 times increases in total paid net volumes, TPD, during 1Q26. Additionally, our lending businesses continue to gain traction, with loan originations excluding extra pay reaching 11.2 million pesos in 1Q26, In slide 8, we provide an overview of our EBITDA margin evolution. During the first quarter of 2026, EBITDA reached approximately 820 billion pesos representing a 37% year-over-year increase in real terms. This was driven by a 31% increase in revenues while operating costs grew at a lower pace, up to 28% year-over-year, leading to an expansion in profitability. As previously mentioned, the year-over-year comparison reflects the fact that the first Q35 included only one month of TMA contributions, while first Q26 incorporated a full quarter of consolidated results. As a result, the BDA margin improved to 34.8% in first Q36, compared to the 33.2% in first Q, showing a strong year-over-year expansion. Additionally, excluding the increase of consolidated severances charges, the BDA margins would have reached 36%, further highlighting the underlying strength of our business. Slide 9 shows the evolution of a BDA year-over-year and the impact of the different components of revenues and costs. In real terms, EBITDA increased by 220 billion pesos, or 37% year-over-year, if reflecting both the positive contribution from TMA and our ongoing efficiency efforts. The lines that contributed the most to this margin expansion were fees for service, maintenance, and materials, mainly due to the lower cost of maintenance, materials, and supplies, and process automation cost centers. Commissions and advertising costs. Valuation has been impacted by lower media advertising revenues and to a smaller extent by reduced commissions for a lower profitability activity. Finally, handset costs. and mainly reflecting our continued efforts to reduce labor costs associated with the resizing of our operations that aims to increase productivity, efficiency and profitability. It is important to highlight that if we exclude the effect of the increase in the run rate of several charges during first Q36, the consolidated margin would have reached 36% thus registration and expansion of 280 basis points versus one Q25. Now, let me pass the call to Luis, who will continue the presentation. Thank you.