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, Manuel García Díez, who recently joined Telecom Argentina as Chief Financial Officer and is participating in his first conference call, Federico Pra, Financial Director, and my side, Luis Rial Ubago, Head of Investment Relations. The purpose of this call is to share with you the results of the first half and second quarter ended on June 30th of 2026. If you have not received our 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. 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 telecoms' future performance, plans, strategies, and objectives. Such statements are subject to uncertainties that could cause telecoms' 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 telecoms' goods and services, The effects of potential changes in general market and other economic conditions and in legislation. A press release dated August 7th, 2026, a copy of which was included in a public statement sent to the SEC, described certain factors that may affect any forward-looking statements that could be mentioned during this call. The company has reflected the effects of the inflation adjustment Adapted by Resolution 777-18 of the Comisión Nacional de Valores , which establishes that the free expression will be applied to the end of the financial statements for interim and special periods ended as of and including December 31st of 2018. Accordingly, the reported figures corresponding to the first half of 2026 Included the effects of the adoption of inflationary accounting in accordance with IIS 29. In this presentation, we will also include figures in historical values which are easier to understand. The press release is complemented by our earnings presentation. Please read the disclaimer contained in slide 1 and slide 2 of this presentation. 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, who will start with the presentation.

Thank you, Luis. Good morning and welcome to everyone. Slide 3 summarizes our highlights as of June 2026. Before diving into the main variables and financial highlights, it is important to clarify that throughout this presentation, we are presenting consolidated financials, including Telefónica Móviles Argentina, or TMA, acquired on February 24, 2025. As such, in this presentation, we will mention consolidated figures in first half, including 12 six months of TMA contributions, Consolidated figures in the comparative period of first half of 2025, including four months of TMA contribution following the requisition. Figures for telecom only, excluding TMA contribution and standalone for TMA for the first half of 2025 and the first half of 2026. Having said that, our main financial achievements for the first half of 2026 were as follows. Telecom consolidated revenues totaled over $3.4 billion, up to 23% year-over-year in dollars versus first half, 25, while only includes four months of CMA results. On a consolidated basis, service revenues grew 16% year-over-year in constant pesos. Importantly, continuing the real service revenue growth trend we have previously highlighted, Service revenues for Telecom, excluding TMA, grew in real terms, posting 2% year-over-year increase in FairHabs 26. Additionally, Telecom, Mobile, Broadband, and PayTV service revenues have been growing in real terms at a wage average growth rate of over 5%. Our consolidated VDA margin reached 35.8% in FairHabs 26, expanding by over 580%. Thank you very much. A TMA standalone VDA margin reached 29.3% during the first half 2026 versus 22.9% during first half 2025. The second quarter of 2026 provides an evidence of the efficiency gains For both telecom and TMA. With both periods reflecting a full quarter TMA contribution, revenues continue to grow with profitability extended by over 9% points, driving the VDA margin from 27.7% on Q2 2025 to 36.8% Q2 2026 year-over-year. Consolidated capex amounted to over $0.6 billion for the six-month period ended in June 2026, reflecting an intensity of 18.6% of our revenues. Investments continue to prioritize The expansion for both fixed and mobile access networks, particularly the rollout of our fiber to the home network and 5G infrastructure. Our net debt to EBITDA leverage ratio stood at around 1.36 times in the first half of 26, significantly improving versus the first half of 25, while also extending the average life of our debt to almost five years. In addition, To the solid performance of our core business, our digital ecosystem continued to gain scale. Personal pay reached 6.1 million onboarded clients, up to 20% year-over-year. Finally, on regional operations in Paraguay, posted strong results as well during this half. Revenue grew almost 30%, from $102 million to $132 million, while EVDA increased Thank you very much. Thank you very much. and Luis Fernando Rial Ubago. Excluding the contribution from TMA, total service revenues grew by almost 2% year-over-year in real terms, reflecting a solid commercial execution. Trends continue to be solid across our connectivity and entertainment products under the brand Personal. Mobile, broadband, and pay-to-be services revenue have been growing in real terms as a weight average growth rate of over 5% while on TMA, The same services recorded a wage average real growth of approximately 2% year-over-year. It is worth noting that over year-over-year comparison, it is impacted by the fact that first half 25 included only four months of TMA contributions, while the first half 26 reflects the full semester of consolidated results. TMA, on a standalone basis, reported service revenue of over $1.2 billion in the first half of 2016, remaining broadly stable in real terms compared to the previous year. In U.S. dollar terms, ARPU performs varied across segments. Mobile ARPU delivered a strong growth up to 29% over a year for telecom excluding TMA and 11% for TMA. Thank you very much. Prepaid accesses reached 11.4 million in the first half of 26, down 10.1% year-over-year. This decline was mainly due to the shorter reactivity period required to deactivate dormant prepaid lines, which led to the disconnection of low-traffic lines, primarily during last year, with no impact on mobile service revenues. In turn, Postpaid decreased 2.5% year-over-year, but increased 1% versus the first Q26, reaching a subscriber base slightly above 8 million accesses. The participation of postpaid subscribers over the total mobile subscriber base is currently 41% of our total mobile base, up to 39% in the first half of 2025. Additionally, the mobile segment continues to deliver solid top-line performance with personal mobile revenues, excluding TMA, growing about 8% year-over-year. In broadband, we have observed growth driven mainly by higher FTTH adoption. Our subscriber base was registered, an increase of 2.7% year-over-year, reaching about 4.2 million accesses in the first half of 2016. FTPH now represents 36% of our personal fibra broadband base, with more than 1.5 million accesses supported by the acceleration of our fiber rollout. In PayTV, our flow platform continues with accrued performance as personal flow PayTV accesses has grown year over year. Personal flow subscriber base in Argentina has grown 6.6% year over year, reaching 3.4 million accesses, Reflecting an improvement in real-time of net ads, mostly due to the strong performance during the World Cup, as heightened demand for sports content boosted subscriptions and engagement. During first half 26, personal flows unique customer reached 1.9 million, increasing by over 270,000 total clients of 17% when compared to the same period in the first half 25. TMA provides figures that have shown solid results across its core segments, particularly in mobile and broadband. In mobile, we have seen strong growth in postpaid customers, with an increase of 2.8% year-over-year, reaching almost 9.6 million postpaid accesses. Postpaid customers represent 49% of TMA's total mobile base. These figures, including machine-to-machine connections for more than 3 million accesses, increases In broadband, TMA continues to demonstrate a solid expansion. Broadband accesses grew by 4.6% year-over-year, reaching more than 1.6 million accesses. Approximately 97% of TMA's broadband customer base is on RFPTH technology. Impact TV continues to show solid growth, with the subscriber base increasing 6.5%, reaching over 435,000 subscribers, also affected positively by the FIFA World Cup event. When combining the evolution of both Telecom and TMA subscriber bases, we observe an overall growth across 5 segments. Broadland shows a combined growth of 3.2%, and Pay TV 6.6%. Mobile subscribers for the combined businesses showed a slight decrease overall, mainly driven by the prepaid segment, which declined 5.8%, while postpaid continued to grow up to 0.3%. Moving on to slide 7, we continue to deliver strong profitability improvements across the businesses. Consolidated VDA margin expanded to 35.8% in the first half, 26, up to 30% in the first half, 25. Excluding TMA, Telecom reached 40.5% VDA margin in the second quarter of 26, reflecting the continued execution of our efficiency initiatives. At the same time, TMA margins improved, reaching almost 30% in the second quarter of 26. Both Telecom and TMA achieved record VDI margin levels in the second Q26. As both companies continue executing efficiency initiatives, this reinforces the opportunity for further value creation as TMA progressively converges towards the Telecom's profitability levels. Slide 8 shows the evolution of EBITDA year-over-year and the impact of the different components of revenues and costs. In real terms, EBITDA increased by 470 million pesos or 35% year-over-year, reflecting both the positive contribution from TMA and our ongoing efficiency efforts. The lines that contributed the most to the margin expansions versus the first half 2025 were Labor costs, mainly reflecting our continued effort to right-size our operations, increasing productivity, efficiency, and profitability. Fees for services, maintenance, and materials, mainly due to the lower cost of maintenance, materials, and supplies, and fundamentally, a process of automatization of our call centers. Commissions and advertising costs also contributed positively, mainly driven by lower media advertising revenues due to the deconsolidation of personal pay. And finally, lower handset costs, driven by lower quantity of handsets sold. Now, let me pass the call to Luis, who will continue the presentation. Thank you.