Telecom Argentina 1Q25 Earnings Release 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 implementation of the Company's business strategy; (iii) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the Unite ...

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]

Financial Data and Key Metrics Changes - The EBITDA margin for the first quarter of 2024 was 30.3%, remaining steady year-over-year despite a challenging macroeconomic environment [7][22][41] - Revenues totaled almost $800 million, with a decrease of 18% in real terms year-over-year, while nominal revenues increased by 207% [22][34] - The company generated approximately $116 million in free cash flow before dividends and interest payments during the first quarter of 2024 [8][51] - Net income for the first quarter of 2024 was ARS675 million, primarily due to positive exchange differences from the appreciation of the peso [18][22] Business Line Data and Key Metrics Changes - The mobile subscriber base grew by over 3% year-over-year, with mobile data usage increasing by 21% [10][23] - FTTH accesses in the broadband segment continued to grow, while HFC accesses remained stable [14][28] - Pay TV business in Paraguay saw growth, with Flow unique customers reaching almost 1.5 million, a 12% increase year-over-year [11][24] Market Data and Key Metrics Changes - The accumulated inflation in Argentina for the third quarter of 2024 was 51.6%, with year-over-year inflation reaching 287.9% [13] - The company maintained a strong market position in Paraguay, being the second most important player in the mobile market with 2.4 million customers [26][28] Company Strategy and Development Direction - The company is focusing on expanding its FTTH technology and mobile network, including the development of 5G [8][50] - A pricing strategy has been implemented to minimize the impact of inflation on subscribers, with adjustments made on a monthly basis [13][49] - The B2B segment is expected to grow significantly, with a focus on providing integrated ICT solutions [31][32] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the company in the face of FX depreciation and high inflation, maintaining EBITDA margins and growing the customer base [41][55] - The company anticipates continued access to local capital markets for financing needs and is exploring liability management transactions abroad [54][55] Other Important Information - The total outstanding debt as of March 2024 amounted to more than $2.7 billion, with a significant portion in cross-border instruments [20][38] - The company has been successful in managing labor costs, with salary increases below inflation contributing positively to the EBITDA margin [17][48] Q&A Session Summary Question: What is the company's strategy regarding inflation and pricing? - The company has been adjusting prices monthly to manage the impact of inflation while retaining customers through discounts and promotions [13][49] Question: How is the company performing in its regional operations? - The company is performing well in Paraguay, being the second largest mobile player and expanding its FinTech business [26][28] Question: What are the expectations for the B2B segment? - The B2B segment is expected to grow significantly, with a focus on providing integrated solutions to meet market demands [31][32]

Financial Performance - Telecom Argentina reported a negative retained earnings balance of AR$ 257,729,766,816 as of December 31, 2023[8]. - The Board of Directors proposed to absorb the negative retained earnings from the "Voluntary Reserve" to maintain capital expenditures and solvency[19]. Compensation and Budget Proposals - Total compensation for the Board of Directors for the fiscal year ended December 31, 2023, is proposed at AR$ 889,453,418[22]. - The proposed compensation for the Supervisory Committee for the fiscal year ended December 31, 2023, is AR$ 106,243,621[23]. - The budget for the Audit Committee for Fiscal Year 2024 is set at AR$ 127,958,619[15]. - The compensation for audit services provided by Independent Auditors for Fiscal Year 2023 is proposed at AR$ 490,046,900[28]. - The proposed compensation for the Board of Directors of Telecom Argentina for fiscal year 2023 is AR$ 889,453,418.00, which is considered reasonable and adequate in terms of market conditions for similar companies[53]. - The budget for the Audit Committee's functioning for fiscal year 2024 is proposed to be AR$ 127,958,619.00, adjusted for inflation based on the currency as of August 31, 2023[30][47]. Shareholders' Meeting - The Shareholders' Meeting is scheduled for April 25, 2024, to discuss the proposals and financial documentation for Fiscal Year 2023[6]. - The Board of Directors will seek delegation of powers to decide on the release of the "Voluntary Reserve" for potential dividend distribution[19]. - The meeting will also address the performance of the Board of Directors and Supervisory Committee members during Fiscal Year 2023[21]. - The proposal to authorize advance payments of fees to Directors for fiscal year 2024 is contingent upon the decision of the Shareholders' Meeting[36][56]. Audit Committee Activities - The financial documentation for Fiscal Year 2023 includes the Integrated Annual Report and Financial Statements, which have been approved by the Board and Audit Committee[18]. - Telecom Argentina plans to appoint Price Waterhouse & Co. S.R.L. as Independent Auditors for fiscal year 2024, with Alejandro Javier Rosa as the certifying accountant[39][41]. - The total amount proposed for the Independent Auditors' services for fiscal year 2023 is AR$ 490,046,900.00, which includes AR$ 334,810,700.00 for financial statements audit and AR$ 155,236,200.00 for Sarbanes-Oxley Act certification[38][42]. - The Audit Committee unanimously approved the proposed fees for the Independent Auditors, considering the complexity and specialization required for the audit activities[41]. - The Audit Committee's total expenses for fiscal year 2023 amounted to AR$ 9,714,715.00[45]. - The Audit Committee conducted a review of Price Waterhouse & Co. S.R.L.'s performance and concluded that the firm meets stringent levels of quality and independence[44][45]. - The Audit Committee's budget request for fiscal year 2024 is consistent with the estimated needs for training and advisory services[47]. Meeting Format - The meeting was held in a hybrid format, allowing both in-person and remote participation, ensuring accessibility for all members[33].