Telecom Argentina S A : Conference Call Presentation 2Q22.pdf

Telecom Argentina

Company Presentation

August 2022

Best IR Team - Telecom (2022)

Telecom Argentina

This presentation may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisión S.A. (or the Merger); (iii) the implementation of the Company's business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company's outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward- looking statements may be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "will," "may" and "should" or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company's ability to successfully implement our business strategy and to achieve synergies resulting from the Merger; (ii) the Company's ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company's suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company's supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii) the Company's ability to compete and develop our business in the future; (xviii) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company's management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company's Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.

D I S C L A I M E R	1

The Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores ("CNV"), which establishes that the restatement for inflation will be applied to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive. Accordingly, the reported figures corresponding to 1H22 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional figures of the income statements are included, which are non-restated for inflation and which were used as the base for the information presented in constant pesos.

D I S C L A I M E R	2

OVERVIEW OF OUR 2Q22

Operational and Financial highlights

Our EBITDA Margin during 1H22 was 30.6%. We continue to perform cost management to reduce the impact of rising labor costs

Our capex for 1H22 was approximately USD 300 million

Cash flow generation remains solid and stable

We moved forward with price increases of our services in a challenging inflation scenario

Our mobile subscriber base continues to grow

We launched a new solution to migrate Flow's analogic services to digital

Our fintech Personal Pay continues to grow, reaching almost 235 thousand onboarded clients

We have launched Ubiquo, our cybersecurity company

We have acquired the company Negocios y Servicios S.A which strengthens our operations in the province of Mendoza

We have cancelled the total amount of the principal remaining under the Term Loan for USD140mm

We entered into a new loan agreement with IFC and on July 15, 2022 we received a disbursement of USD184,5mm

We have paid dividends in kind on June 2, 2022 for an equivalent of USD150mm

Renewable energy: We have closed the auction to buy 137 thousand MW (22% of the total MW consumed). This will allow us to reduce our carbon emissions by 20% (from a total of 281 thousand tons)

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1H22 IN FIGURES

Revenues	EBITDA	EBITDA Margin
2.1 U$S BN*	0.6 U$S BN*	31%

20.1	Million mobile	3.5	Million Pay TV	4.2	Million
subscribers in	broadband
subscribers
	Argentina				subscribers

Million fixed	2.1	Million	50%	Of broadband
2.2 subscribers * *	convergent	clients also are
unique clients	mobile clients

2.3	Million mobile	132	Thousand Pay TV
subscribers in	subscribers in
	Paraguay		Uruguay

• • Figures in constant pesos as of June 30, 2022 converted at the BNA ask rate (125,23)
• * Not including IP lines

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