Financial Performance - Telecom Argentina's 1H25 adjusted EBITDA reached $399 million, a 54% increase compared to 1H24[12] - The company reported a 30% EBITDA margin in 1H25, compared to 29.7% in 1H24[12, 28] - Telecom Argentina's 1H25 CAPEX totaled $359.336 million[81] - Telecom Argentina raised a total of approximately $2.6 billion in USD equivalent through various transactions[105] Telefónica Móviles Argentina (TMA) Acquisition - The acquisition of TMA contributed to a proforma revenue of $4.009 billion and EBITDA of $1.129 billion for FY24[24] - TMA's 1H25 figures include just four months of contribution to Telecom Argentina's consolidated results[24] - Actions are being taken to improve TMA's EBITDA margin, targeting an 11% margin as reported in 1H25[33] Operational Highlights - Personal Pay, Telecom Argentina's digital wallet, has onboarded over 4.2 million clients, representing a 44% year-over-year increase[12, 64] - Mobile ARPU evolution in US$ increased by 15% for TMA and 19% for TEO[48] - Broadband ARPU evolution in US$ increased by 12% for TMA and 22% for TEO[48] Debt Management - Successful issuance of Class 24 Notes for $800 million in May and a tap for $200 million in July, reducing the bond's average financing cost from 9.50% to 9.36%[12] - The company has a balanced debt maturity profile, with approximately 72% of debt in US dollars, RMB, and Guaraní[111] Regulatory and Environmental - Telecom Argentina submitted its comments to the CNDC regarding the June 19 technical opinion[37] - Telecom Argentina's near-term science-based targets have been approved, reinforcing the company's environmental commitments[115]

For the month of May 2025 Commission File Number: 001-13464 Telecom Argentina S.A. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 (Translation of registrant's name into English) General Hornos, No. 690, (C1272ACK) Autonomous city of Buenos Aires, Republic of Argentina (Address of principal executive offices) Indicate by check mark whether the registrant files or will fi ...

Acquisition of TMA - The acquisition of TMA aims to create the most competitive telecom company in Argentina with premium infrastructure[19] - The acquisition is expected to increase EBITDA generation while maintaining stable leverage[19] - The transaction rationale includes greater synergies and efficiencies to increase profitability[19] - The acquisition is considered a market repair transaction, addressing limited profitability and investment capacity of a player[19] Financial Performance - Telecom Argentina reported 1.3 billion US dollars in 1Q25 revenues[12] - Adjusted EBITDA for 1Q25 reached 165 million US dollars, an increase of 8% compared to 1Q24[12] - 1Q25 CAPEX amounted to 165 million US dollars, focused on mobile and FTTH network deployment[12] - The company's EBITDA margin was 33.1% in 1Q25, compared to 30.3% in 1Q24[12] - Net debt to estimated proforma EBITDA was 1.9x LTM1Q25[12] Operational Highlights - The company has 4.1 million broadband subscribers, maintaining its market leader position[12] - Mobile subscribers reached 21.3 million, including 2.6 million from Paraguay and Uruguay, also holding a market leader position[12] - Pay TV subscribers totaled 3.1 million, with 111,000 in Paraguay and Uruguay[12] - Personal Pay has onboarded approximately 3.9 million clients, ranking as the 2 Fintech in Argentina based on total remunerated account balances[12]

Company Overview - Tele2 (TLTZY) shares increased by 7.8% to close at $6.95, with notable trading volume exceeding typical levels [1] - The stock has gained 9.9% over the past four weeks [1] Strategic Moves - Industry rumors suggest that Tele2 is considering selling its wireless towers in the Baltics, specifically in Estonia, Latvia, and Lithuania [2] - The proposed sale is expected to generate approximately $542 million, which could strengthen Tele2's core business operations [2] Financial Performance Expectations - Tele2 is projected to report quarterly earnings of $0.07 per share, reflecting a year-over-year increase of 16.7% [3] - Expected revenues for the upcoming quarter are $721.73 million, representing a 4.9% increase from the same quarter last year [3] - The consensus EPS estimate for Tele2 has remained unchanged over the last 30 days, indicating a lack of earnings estimate revisions [4] Market Position - Tele2 holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] - In comparison, Telecom Argentina (TEO), another company in the same industry, experienced a 1.6% decline in its stock price, closing at $10.42, and has returned -9.3% over the past month [4]

Economic Environment - The Argentine Peso depreciated at a monthly rate of approximately 2% in 2024, with an exchange rate of P$1,032 per US$1.00 as of December 31, 2024, reflecting a 27.7% appreciation of the U.S. dollar from P$808.45 on December 31, 2023 [118]. - The Argentine economy remains volatile, with risks including inflation, currency devaluation, and regulatory changes that could adversely affect the company's financial condition and operations [116]. - Inflation in Argentina reached 211.4% in 2023 and 117.8% in 2024, with a monthly inflation rate of over 25% in December 2023 [147]. - Argentina's economy contracted in 2023 and 2024, with significant volatility characterized by high inflation and depreciation of the Argentine Peso [152]. - The ongoing economic crisis may lead to lower consumer confidence and disposable income, adversely impacting the demand for the company's services [179]. - The potential impact of global economic conditions, including U.S. interest rate changes, remains uncertain for the Argentine economy and the company's operations [158]. Government Policies and Regulations - The Milei administration introduced policies to stabilize the economy, including the issuance of U.S. dollar-denominated securities (BOPREAL) to help importers with overdue debts, with maximum amounts issued reaching US$5,000 million, US$2,000 million, and US$3,000 million in different series [125]. - The Milei administration's economic reforms include a public emergency declaration until December 31, 2025, affecting various sectors and allowing legislative powers to be delegated to the executive [135]. - The Ley de Bases, approved on June 28, 2024, establishes a framework for state reform, privatization of public companies, and incentives for large investments [139]. - The PAIS tax was reduced from 17.5% to 7.5% for foreign currency acquisition for imports, effective September 2, 2024 [141]. - The Argentine government has historically influenced the telecommunications sector through regulations and ownership stakes, which may continue to affect Telecom Argentina's operations [150]. - The company faces risks from potential government interventions, including nationalization and changes in regulatory frameworks, which could adversely impact its financial condition [151]. - The BCRA has implemented new regulations limiting the flow of foreign currency into and from Argentina, affecting the transfer of securities and foreign currency transactions [269][270]. Financial Performance and Risks - As of December 31, 2024, Telecom Argentina had P$2,627,952 million in liabilities denominated in foreign currencies, indicating significant exposure to foreign exchange risks [128]. - Telecom Argentina's revenues are primarily in Argentine Pesos, making the company vulnerable to inflation that is not matched by price increases [149]. - The devaluation of the Argentine Peso and foreign exchange restrictions may hinder Telecom Argentina's ability to pay dividends and meet obligations in U.S. dollars [128]. - The total indebtedness of Telecom as of December 31, 2024, was P$2,878,004 million, representing a 37.9% decrease compared to the previous year [249]. - 71.3% of Telecom's debt is scheduled to mature within the next three years, with 37.3% maturing in 2025 [249]. - The company anticipates increased revenues from cable television and internet services, but growth may be hindered by competition from non-traditional technologies like OTT services [209]. - The market price of Telecom Argentina's ADSs increased by approximately 79% in 2024, 39% in 2023, and 7% in 2022 [263]. Competition and Market Dynamics - The company is subject to substantial competition in the Argentine telecommunications market, which may impact its market share and profitability [114]. - The company anticipates increased competition in Fintech Services from both local and global players, which may impact market share and revenue [198]. - An increase in churn rates for mobile telephony, cable television, and internet services could materially impact the company's revenues and operations [211]. Technological and Operational Challenges - The company is exposed to risks related to technological advancements, requiring significant expenditures to maintain competitiveness in its service offerings [114]. - The telecommunications industry is subject to rapid technological changes, requiring substantial capital expenditures to maintain competitiveness [206]. - The company must continuously invest in network upgrades and new technologies to enhance user experience and remain competitive in the internet and mobile markets [207]. - Telecom Argentina must comply with regulatory obligations related to the acquisition of 4G and 5G spectrum, requiring significant resources for network maintenance and refurbishment [197]. - Cybersecurity risks have increased due to the proliferation of new technologies, potentially leading to significant operational and financial impacts [226]. - The adoption of new technologies, such as AI, may introduce additional cybersecurity vulnerabilities that could adversely affect the company's business [229]. Legal and Compliance Issues - The company may face legal and regulatory proceedings that could result in unfavorable decisions and financial penalties [114]. - The company is subject to BCRA regulation for Fintech Services, and any non-compliance could result in regulatory sanctions and reputational damage [195]. - The Federal Court nullified Decree No. 690/20, impacting regulatory frameworks affecting the company [313]. - Related-party transactions exceeding 1% of shareholders' equity are subject to a prior approval process to ensure compliance with market practices [292]. Strategic Acquisitions and Investments - Telecom Argentina acquired 99.999625% of Telefónica Móviles for US$1.245 billion, financed through two loans totaling US$1.170 billion [187]. - The acquisition is subject to post-closing review by regulators, including ENACOM and CNDC, to ensure compliance with regulatory and antitrust requirements [188]. - Telecom Argentina acquired 100% of TSMA, previously holding 50.1%, and received US$5.5 million for the share transfer [306]. - Telecom Argentina exercised call options to acquire 100% of Naperville and Saturn for a total of US$42 million, consolidating its ownership of Manda and RISSAU [309]. - A new subsidiary, CrediPay, was established in Paraguay with a 67.5% ownership to engage in financial activities [310]. Stakeholder Expectations and ESG - Stakeholders' evolving expectations regarding ESG practices may impose additional costs or expose the company to new risks [114]. - The evolving expectations regarding ESG practices may impose additional costs and expose Telecom to new risks, affecting its reputation if not adequately addressed [235].

Corporate Reorganization - Telecom Argentina's Board of Directors approved a corporate reorganization to merge its controlled companies Negocios y Servicios S.A.U. and AVC Continente Audiovisual S.A.[5] - The effective date of the corporate reorganization is set for January 1, 2025[6] - The reorganization will be presented for approval at the Ordinary and Extraordinary General Shareholders' Meeting scheduled for April 25, 2025[6]

Financial Performance - Revenues for the three-month period ended September 2024 were ARS 983,141 million, a decrease of 4.6% compared to ARS 1,030,218 million in the same period of 2023[41]. - Net income for the nine-month period ended September 2024 was ARS 951,912 million, significantly higher than ARS 263,157 million for the same period in 2023, representing an increase of 261.5%[41]. - The operating loss for the three-month period ended September 2024 was ARS 36,736 million, an improvement from a loss of ARS 57,149 million in the same period of 2023[41]. - Total comprehensive loss for the three-month period ended September 2024 was ARS 37,100 million, compared to a comprehensive income of ARS 101,239 million in the same period of 2023[44]. - The total net income attributable to the controlling company for the nine-month period ended September 2024 was ARS 938,639 million, compared to ARS 251,230 million for the same period in 2023, indicating a substantial increase[41]. - The net income for the period ending September 30, 2023, was 938,639 million pesos, compared to a net income of 251,230 million pesos for the same period in the previous year, indicating a significant increase of approximately 273%[47]. - Total comprehensive income for the nine-month period ending September 30, 2023, was 793,253 million pesos, a substantial rise from 249,176 million pesos in the prior year, representing an increase of about 218%[47]. - The company reported a total comprehensive loss of 145,386 million pesos for the period, which is a decrease from the previous year's loss of 2,054 million pesos, indicating improved financial performance[47]. - The company reported a basic and diluted loss per share attributable to the controlling company of ARS 7.60 for the three-month period ended September 2024, down from earnings of ARS 43.47 in the same period of 2023[41]. - The net loss for the three-month period ended September 30, 2024, was ARS 11,543 million, compared to a net income of ARS 98,988 million in the same period of 2023, indicating a significant shift in performance[81]. Assets and Liabilities - Total assets decreased from ARS 11,041,799 million as of December 31, 2023, to ARS 10,193,592 million as of September 30, 2024, representing a decline of approximately 7.7%[38]. - Current assets fell from ARS 971,981 million to ARS 717,760 million, a decrease of about 26.1%[38]. - Total liabilities decreased from ARS 6,515,443 million to ARS 4,956,216 million, a reduction of approximately 23.9%[38]. - Non-current liabilities decreased from ARS 4,284,510 million to ARS 3,164,706 million, a reduction of approximately 26.1%[38]. - Total equity increased from ARS 4,526,356 million to ARS 5,237,376 million, reflecting a growth of about 15.7%[38]. - Equity attributable to the controlling company increased from ARS 4,370,029 million to ARS 5,138,576 million, reflecting a growth of about 17.6%[38]. - Total cash and cash equivalents decreased to ARS 182,810 million as of September 30, 2024, down from ARS 322,074 million as of December 31, 2023[93]. - Total trade receivables decreased from $268,344 million on December 31, 2023, to $256,180 million on September 30, 2024, representing a decline of approximately 4.0%[104]. - Total inventories decreased from $63,557 million to $53,100 million, reflecting a decline of about 16.5%[109]. - Total trade payables decreased from $721,192 million to $403,042 million, a significant drop of approximately 44.2%[121]. Cash Flows - Total cash flows from operating activities decreased to ARS 479,006 million in 2024 from ARS 943,912 million in 2023, reflecting a decline of about 49%[52]. - Cash flows used in investing activities improved to ARS (249,793) million in 2024 compared to ARS (661,203) million in 2023, indicating a reduction in cash outflow by approximately 62%[52]. - The company reported a net decrease in cash and cash equivalents of ARS (83,368) million for the period, contrasting with an increase of ARS 53,562 million in the previous year[52]. - Payments for property, plant, and equipment (PP&E) were ARS (205,909) million in 2024, down from ARS (368,261) million in 2023, a decrease of approximately 44%[52]. - The company received dividends from associates amounting to ARS 933 million in 2024, compared to ARS 1,891 million in 2023, reflecting a decline of about 51%[52]. Borrowings and Debt - Borrowings decreased significantly from ARS 4,289,779 million to ARS 2,663,441 million, a reduction of about 37.8%[38]. - Current borrowings decreased from $1,135,863 million to $1,029,938 million, a reduction of about 9.3%[122]. - Proceeds from borrowings increased to ARS 842,682 million in 2024, up from ARS 527,996 million in 2023, marking a rise of about 60%[52]. - The company made principal payments on borrowings totaling $816,816 million in the nine-month period ended September 30, 2024, up from $325,329 million in the same period of 2023, indicating a significant increase of approximately 150%[125]. - The company issued Series 20 Notes with a principal value of $59.7 million and Series 21 Notes with a principal value of $115.3 million, both with an annual fixed interest rate of 9.50%[126]. Operational Highlights - The company has established a new subsidiary, CrediPay, which is expected to contribute to future revenue streams and market expansion efforts[48]. - The merger between Núcleo and Tuves Paraguay S.A. was completed in June 2024, indicating strategic consolidation in the telecommunications sector[62]. - Telecom Argentina continues to monitor its operations in the fintech industry and abroad, although these segments are not currently considered reportable due to their size[72]. - The company operates under a single business unit strategy, consolidating various services including mobile, internet, and cable television under the ICT Services segment[70]. - The company is currently navigating regulatory changes, including the repeal of Decree No. 690/20, which may impact pricing for its services[197]. Shareholder Information - The controlling company, CVH, holds 28.16% of the capital stock of Telecom Argentina, influencing major decisions through a Voting Trust Agreement[182]. - The company has allocated 210,544 million pesos in dividends to non-controlling shareholders, reflecting a commitment to shareholder returns despite recent losses[47]. - The shareholders approved a proposal to absorb an accumulated deficit of $257,730 million, equivalent to $519,534 million in current currency as of September 30, 2024[172].

Financial Data and Key Metrics Changes - The EBITDA margin for the first half of 2024 was 29.7%, showing improvement year-over-year despite a challenging macroeconomic environment [6] - Revenues totaled almost $1.83 billion, with a year-over-year decrease of 13% in constant pesos, but a quarter-over-quarter growth of 5.6% in real terms [9] - The net income profit was ARS 859 billion, primarily due to real exchange differences gains [6][20] Business Line Data and Key Metrics Changes - Mobile subscribers increased by over 3% year-over-year, with mobile data usage growing by 18% [7] - Broadband ARPU grew above inflation year-over-year, with FTTH accesses rapidly increasing [7][12] - Pay TV unique customers reached almost 1.5 million, an increase of 11% year-over-year [7][12] Market Data and Key Metrics Changes - The company holds a 35% market share in the broadband business in Paraguay, contributing to margin improvements [37] - In Paraguay, mobile customers grew by 5% year-over-year, with broadband and pay TV subscribers increasing by 17% and 10% respectively [14][15] Company Strategy and Development Direction - The current CapEx focus is on expanding fixed and mobile access networks, particularly FTTH and 5G [6][21] - The company aims to improve operational profitability through effective pricing and cost management strategies [18][30] - The Fintech business, Personal Pay, has grown significantly, with almost 3 million onboarded clients, positioning it as a key player in the market [16][29] Management's Comments on Operating Environment and Future Outlook - Management expects a reduction in inflation rates, which may stabilize around 2-3% [39][41] - Delinquency rates are among the lowest in the company's history, indicating improved collection practices [41] - The company is cautiously optimistic about the second half of the year, with positive trends in customer behavior and revenue expectations [39][42] Other Important Information - The company successfully returned to international debt capital markets with a $500 million issuance due in 2031, indicating strong investor support [8][27] - The net debt-to-EBITDA ratio as of June 2024 was 2.2x, reflecting a recovery in operational profitability [25] Q&A Session Summary Question: Consolidated margins and quarter-over-quarter decline - Management explained that seasonal factors and inflation fluctuations impacted margins, with a typical pattern of higher margins at the beginning of the year [32][33] Question: Margin improvement in Paraguay - The improvement is driven by the broadband business growth and cost management in the mobile segment [37] Question: Outlook for the second half and customer resistance to price increases - Management noted that July and August showed strong performance, with expectations for stable customer behavior regarding pricing [38][39] Question: Expectations for pricing increases and profitability - Management clarified that previous legal restrictions on price increases did not significantly impact their pricing strategy, which remains focused on portfolio evolution [44][45] Question: Clarification on cash flow and liability management - Management discussed the resolution of previous foreign exchange restrictions and ongoing liability management efforts to improve debt structure [47][52]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July 2024 Commission File Number: 001-13464 Telecom Argentina S.A. (Translation of registrant's name into English) General Hornos, No. 690, 1272 Buenos Aires, Argentina (Address of principal executive offices) Form 20-F x Form 40-F ¨ Indicate by check mark if the registrant is submitting the Form 6-K in pap ...

Financial Performance - Revenues for the three-month period ended March 31, 2024, were ARS 683,916 million, a decrease of 18% compared to ARS 833,213 million in the same period of 2023[23] - Net income for the period was ARS 675,032 million, significantly up from ARS 110,477 million in the prior year, representing a 510% increase[26] - Earnings per share attributable to the controlling company increased to ARS 312.14 from ARS 49.99, reflecting a substantial growth in profitability[23] - Total comprehensive income for the three-month period ended March 31, 2024, was ARS 598,958 million, compared to ARS 104,663 million in the same period of 2023, showing an increase of about 471%[32] - The company reported a significant foreign currency exchange gain on borrowings of $853,723 million for the three-month period ended March 31, 2024, compared to $51,644 million in the same period of 2023[116] - The company reported a net financial gain of $913,364 million in 3M24, a significant increase from $75,149 million in 3M23, driven primarily by foreign exchange gains[165] Assets and Liabilities - Total assets decreased to ARS 8,143,553 million as of March 31, 2024, down from ARS 8,305,246 million at the end of 2023[21] - Total liabilities reduced to ARS 4,167,697 million from ARS 4,900,683 million, indicating improved financial stability[21] - The total equity attributable to the controlling company as of March 31, 2024, was ARS 3,885,937 million, an increase from ARS 3,864,686 million as of March 31, 2023[29] - The company reported a net increase in liabilities of $102.484 million in Q1 2024, compared to $69.832 million in Q1 2023[64] - Total liabilities amounted to $3,226,619 million, an increase of 45.6% from $2,215,334 million as of March 31, 2023[83] Cash Flow and Investments - Total cash flows from operating activities for the three-month period ended March 31, 2024, amounted to ARS 171,229 million, compared to ARS 206,118 million in 2023, indicating a decrease of about 17%[32] - The company reported a net decrease in cash and cash equivalents of ARS 25,333 million for the three-month period ended March 31, 2024, compared to a decrease of ARS 21,829 million in the same period of 2023[32] - The company’s total cash flows used in investing activities for the three-month period ended March 31, 2024, were ARS 224,218 million, a decrease from ARS 237,682 million in 2023[32] Operational Efficiency - The company continues to focus on improving operational efficiency and reducing costs in response to market challenges[23] - The company is focusing on digital transformation through automation, artificial intelligence, cloudification, and big data management to enhance operational efficiency[189] Market Conditions - The National Consumer Price Index (CPI) in Argentina increased by 287.9% year-over-year as of March 31, 2024, indicating a high inflationary environment[58] - The annual inflation rate in Argentina reached 287.9%, impacting the company's ability to increase prices in line with inflation during Q1 2024[134] Future Outlook - The company plans to expand its 5G network to reach 200 sites in 2024, enhancing service offerings and connectivity[183] - The company anticipates a trend towards inflation deceleration and stability in the exchange rate, which may positively impact future revenues[180] - The company is seeking financing opportunities in international markets and local capital markets to support its investment plan[186] Revenue Breakdown - Mobile services revenues fell by 18.1% to $278,328 million, while cable television services revenues dropped by 34.5% to $101,424 million[133] - Internet services revenues decreased by $13,829 million or 7.6% to $168,535 million in 3M24, driven by a 9.8% decrease in Broadband Internet access ARPU[141] - Revenues from other services increased by $1,067 million or 15.8% to $7,836 million in 3M24, mainly due to fintech services growth[152] Cost Management - Operating expenses for the three-month period ended March 31, 2024, amounted to $710,063 million, down 16% from $845,198 million in the same period of 2023[112] - Employee benefit expenses and severance payments decreased from $200,408 million in Q1 2023 to $157,824 million in Q1 2024, reflecting a reduction of 21%[112] Shareholder Information - The weighted average number of shares outstanding during the period was 2,153,688,011, with basic and diluted earnings per share remaining the same due to no dilutive potential common stock outstanding[52][53] - Telecom Argentina's capital stock remained stable at $2,153,688,011 as of both March 31, 2024, and December 31, 2023[107]