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].

Economic Environment - As of December 29, 2023, the Argentine Peso depreciated to P$808.45 per US$1.00, representing an appreciation of the U.S. Dollar of approximately 356.3% from P$177.16 per dollar at December 30, 2022[139]. - The average exchange rate for 2023 was P$295.29 per dollar, with a significant appreciation of 118% against the Argentine Peso following the new administration's assumption in December 2023[139]. - The inflation rate for January and February 2024 was reported at 20.6% and 13.2%, respectively, with an accumulated figure of 36.6% for the first two months of the year[139]. - Argentina's inflation rate reached 211.4% in 2023, with a monthly inflation peak of over 25% in December, significantly impacting the economy and Telecom's margins[164]. - The BCRA's "Relevamiento de Expectativas de Mercado" estimated an inflation rate of 227% for the year 2024, while the OECD projected inflation at 250.6%[139]. - The Argentine government has implemented measures to stabilize the Peso, including stronger exchange regulations and increased short-term interest rates[140]. - The Argentine government has limited access to international financing, which could hinder its ability to implement necessary reforms and sustain economic growth[178]. - Argentina's economy contracted during 2023, following growth in 2021 and 2022, indicating ongoing economic instability[171]. Company Financials - Telecom Argentina reported revenues of P$2,059,101 million and a net loss of P$249,687 million, with Adjusted EBITDA of P$579,396 million and total assets of P$5,477,603 million[317]. - As of December 31, 2023, Telecom Argentina's total indebtedness, including accrued interest, was P$2,128,069 million, representing a 45.6% increase compared to the previous year[269]. - 85.6% of Telecom's debt is scheduled to mature within the next three years, with 26.5% maturing in 2024[269]. - The company holds investments in Argentine sovereign bonds amounting to P$111,339 million as of December 31, 2023, which could be adversely affected by any new default events[183]. - Telecom's outstanding borrowings contain restrictive covenants that may limit its ability to pursue business strategies and could result in defaults if breached[266]. Regulatory Environment - The telecommunications sector is subject to significant regulation, which may impose limitations on operations and affect financial performance[186]. - Regulatory changes, specifically Decree No. 690/20, have established price controls on essential ICT services, which may adversely affect the company's revenues and operating margins[213][215]. - The Argentine government has declared a public emergency in various sectors until December 31, 2025, which may lead to significant economic reforms and deregulation initiatives[158]. - The enforcement of the Law for the Promotion of Registered Labor and Prevention of Labor Fraud may have a material adverse effect on Telecom's operations and financial position[242]. Market Competition - Competition in the fixed and mobile telephony, cable television, and Internet sectors is increasing, potentially impacting market share and financial results[201]. - The company faces intense competition from established cable television and Internet service providers, which may lead to increased pressure on pricing and market share[206][208]. - The entry of new competitors into the market could further pressure pricing and market share for the company[209]. Operational Challenges - Telecom Argentina's ability to service its liabilities and pay dividends may be adversely affected by the continued devaluation of the Argentine Peso and foreign exchange restrictions[149]. - The company is highly exposed to risks associated with fluctuations in the Argentine Peso, which may impact its capital expenditure program and trade payables[150]. - The Argentine System of Imports (SIRA) has created significant delays and barriers for companies accessing foreign exchange, affecting their ability to meet obligations[144]. - Churn rates in mobile telephony, cable television, and Internet services significantly affect revenues, with any substantial increase potentially leading to material adverse effects[224]. - The company must invest in new technologies and network upgrades to remain competitive, which may require substantial capital expenditures[216][218]. Strategic Initiatives - Telecom Argentina aims to enhance its fixed and mobile networks while expanding broadband coverage and capacity, focusing on new business opportunities in the digital economy[332]. - The company is committed to becoming a significant player in the Latin American financial industry by developing monetizable products in the digital ecosystem, leveraging 5G technology[333]. - On April 24, 2023, Telecom Argentina entered a joint venture by acquiring 50% of OPH, which holds a 100% equity interest in Open Pass S.A.U., focusing on software development and digital wallet platform[322][323]. - Telecom Argentina was awarded Lot 2 in the 5G spectrum auction on October 24, 2023, with a winning bid of US$350 million[326]. - The company submitted two new tranches under the IDB loan totaling US$120 million (approximately P$42,012 million) on October 17, 2023, to finance the 5G spectrum acquisition[324]. Cybersecurity and Compliance - Telecom's insurance policy does not currently cover damages caused by cyberattacks, posing a risk to its business operations[248]. - The company has implemented new security measures to protect its operations and customer information amid the rise in cyber threats[247]. - Telecom's suppliers are contractually obliged to comply with laws and regulations, but non-compliance could adversely affect the company despite its monitoring efforts[261]. Investment and Ownership Structure - The company has a significant concentration of ownership, with CVH owning 28.16% of total capital stock and GC Dominio controlling 64.24% of CVH's voting stock[306]. - Telecom Argentina's status as a foreign private issuer allows it to follow alternate corporate governance standards, potentially limiting investor protections compared to U.S. companies[301]. - Holders of American Depositary Shares (ADSs) may face currency conversion costs and potential adverse effects from currency fluctuations[290]. Future Outlook - The potential for increased government intervention in private sector companies poses risks to Telecom's operations and financial condition[166]. - The ongoing geopolitical tensions, including conflicts in Ukraine and the Middle East, may further exacerbate economic challenges for Argentina[173]. - The company emphasizes innovation and diversification, exploring new business models such as IoT, cybersecurity, and smart home solutions[333].

Financial Data and Key Metrics Changes - The company's EBITDA margin for fiscal year 2023 was 28.1%, improved year-over-year due to effective cost management and better inflation pass-through to revenues [3][5] - Total revenues reached approximately $2.5 billion, with revenues in constant pesos decreasing by 9% year-over-year [5][40] - The company reported a net loss of ARS 249 billion in 2023, primarily due to the significant devaluation of the peso affecting financial debt [11][12] Business Line Data and Key Metrics Changes - The mobile subscriber base increased by over 760,000, representing a growth of 3.8% year-over-year, with mobile data usage growing by 11% [19][22] - Pay TV platform Flow saw unique customers reach 1.4 million, a 10% increase compared to the same period in 2022 [7][20] - Fixed voice segment continues to decline, particularly in traditional copper networks, while FTTH accesses are growing rapidly [4][22] Market Data and Key Metrics Changes - The accumulated inflation in Argentina for fiscal year 2023 was 211.4%, with a monthly inflation rate of 20.6% in January 2023 [6] - The company maintained a stable market share in pay TV despite a reduction in the total pay TV customer base [7] - In Paraguay, the company is the second-largest mobile player with 2.3 million customers and a strong EBITDA margin of almost 50% [9] Company Strategy and Development Direction - The focus is on expanding FTTH technology and mobile network development, including 5G deployment in high-density urban areas [3][8] - The company aims to improve service quality and customer satisfaction, with a strategy to enhance NPS since 2019 [8] - The digital business ecosystem is being built with B2B solutions, including cybersecurity and IoT services [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about inflation decreasing, which could enhance the ability to pass through costs to prices [35][50] - The company is cautious about CapEx, planning around $500 million but potentially reducing it to $350 million based on cash flow and market conditions [31][44] - The management highlighted the importance of maintaining customer base stability and improving pricing strategies amid competitive pressures [44] Other Important Information - The company successfully refinanced over $600 million of debt in 2023, focusing on local capital markets [28][42] - The company has a net debt of approximately $2.3 billion, with gross debt amounting to $2.6 billion as of December 31, 2023 [12][28] - The company has been granted waivers from creditors regarding compliance with financial ratios due to the economic situation in Argentina [52] Q&A Session Summary Question: What trends are you seeing so far in the first quarter? - Management noted that they are increasing prices monthly and have been able to pass through 75%-80% of inflation to ARPU, maintaining customer base levels [30][44] Question: Is there more room to improve margins through cost-cutting? - Management indicated that while cost-cutting has been effective, further margin improvements will likely come from sales and revenue growth as inflation stabilizes [31][32] Question: How long will it take to recover EBITDA levels post FX depreciation? - Management estimated it could take about one to one and a half years to fully outpace inflation and recover EBITDA levels, depending on government actions regarding inflation [35][50]

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 November 2023 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) Indicate by check mark whether the registrant files or will file annual reports under cover of ...

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 August 2023 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) Yes No X Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitt ...

Telecom Argentina S.A. (NYSE:TEO) Q2 2023 Earnings Conference Call August 10, 2023 11:00 AM ET Company Participants Luis Rial Ubago - Investor Relations Roberto Nobile - Chief Executive Officer Gabriel Blasi - Chief Financial Officer Conference Call Participants Luis Rial Ubago Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating on this conference call. The participants of today's conference call are Roberto Nobile, Chief Executive Officer; Gabriel Blasi, Chief Fi ...

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 May 2023 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) Indicate by check mark whether the registrant files or will file annual reports under cover of Form ...

As filed with the Securities and Exchange Commission on March 20, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Table of Contents FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...

Telecom Argentina S.A. (NYSE:TEO) Q3 2022 Earnings Conference Call November 10, 2022 11:00 AM ET Company Participants Luis Rial Ubago - Investor Relations Roberto Nóbile - Chief Executive Officer Gabriel Blasi - Chief Financial Officer Conference Call Participants Luis Rial Ubago Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating of the -- on this conference call. The participants of today's conference call are Roberto Nóbile, Chief Executive Officer; Gabriel Bla ...