TEO 6-K

Telecom Argentina SA (TEO)

6-K 2026-08-10 For: 2026-08-10

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Added on August 11, 2026

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1.	*Unaudited condensed consolidated financial statements as of June 30, 2026*
2.	*Operating and financial review and prospects as of June 30, 2026*

Glossary of terms	F-3
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Statements of Financial Position	F-6
Unaudited Condensed Consolidated Income Statements	F-7
Unaudited Condensed Consolidated Statements of Comprehensive Income	F-8
Unaudited Condensed Consolidated Statements of Changes in Equity	F-9
Unaudited Condensed Consolidated Statements of Cash Flows	F-10
Notes to the Unaudited Condensed Consolidated Financial Statements	F-12

		June 30,		December 31,
ASSETS	Note	2026		2025
Current Assets
Cash and cash equivalents	2		401,241		548,065
Investments	2		555,448		377,487
Trade receivables			813,280		933,818
Other receivables			210,211		186,917
Inventories			87,741		92,927
Assets classified as held for sale			27,972		3,518
Total current assets			2,095,893		2,142,732
Non-Current Assets
Trade receivables			976		1,098
Other receivables			28,997		33,733
Deferred income tax assets	9		12,282		56,593
Investments	2		124,113		17,179
Goodwill	3		5,190,883		5,192,625
PP&E	4		7,871,318		7,932,799
Intangible assets	5		3,025,164		3,121,564
Right of use assets	6		835,801		849,806
Investment properties	7		73,093		74,625
Total non-current assets			17,162,627		17,280,022
TOTAL ASSETS			19,258,520		19,422,754
LIABILITIES
Current Liabilities
Trade payables			1,087,595		1,295,610
Borrowings	8		1,107,850		1,888,864
Salaries and social security payables			404,744		508,331
Income tax liabilities	9		410,424		77,984
Other taxes payables			297,352		284,036
Dividends payables			96		102
Leases liabilities			148,140		174,135
Other liabilities			86,174		99,511
Provisions	10		89,186		156,320
Total current liabilities			3,631,561		4,484,893
Non-Current Liabilities
Trade payables			14,349		23,736
Borrowings	8		4,495,565		4,463,593
Salaries and social security payables			62,670		68,979
Deferred income tax liabilities	9		1,335,881		1,378,750
Leases liabilities			262,632		279,572
Other liabilities			62,796		61,906
Provisions	10		466,624		501,621
Total non-current liabilities			6,700,517		6,778,157
TOTAL LIABILITIES			10,332,078		11,263,050
EQUITY
Equity attributable to Controlling Company			8,830,220		8,020,135
Equity attributable to non-controlling interest			96,222		139,569
TOTAL EQUITY(See Unaudited Condensed Consolidated Statements of Changes in Equity)			8,926,442		8,159,704
TOTAL LIABILITIES AND EQUITY			19,258,520		19,422,754

		Three month period ended June 30,						Six month period ended June 30,
	Note	2026			2025			2026			2025
Revenues	13		2,558,330			2,549,353			5,075,511			4,477,637
Employee benefit expenses and severance payments			(548,890	)		(666,730	)		(1,092,828	)		(1,072,841	)
Interconnection and transmission costs			(66,203	)		(74,542	)		(139,309	)		(123,132	)
Fees for services, maintenance, materials and supplies			(303,906	)		(338,220	)		(622,991	)		(585,098	)
Taxes and fees with the Regulatory Authority			(225,444	)		(224,864	)		(448,516	)		(386,137	)
Commissions and advertising			(120,668	)		(143,082	)		(235,597	)		(244,010	)
Cost of equipment and handsets	14		(81,803	)		(107,280	)		(159,024	)		(188,428	)
Programming and content costs			(129,567	)		(121,719	)		(255,354	)		(225,465	)
Bad debt expenses	10		(42,408	)		(52,124	)		(92,851	)		(88,439	)
Other operating expenses, net			(97,552	)		(115,616	)		(212,222	)		(219,057	)
Depreciation, amortization and impairment of Fixed and intangible assets			(583,453	)		(628,517	)		(1,142,616	)		(1,109,950	)
Operating income			358,436			76,659			674,203			235,080
Earnings (losses) from associates and joint ventures and Gains recognised when control of subsidiary is lost	2		(6,699	)		(2,459	)		32,824			(2,329	)
Financial results from borrowings	15		(122,443	)		(416,551	)		495,433			(295,313	)
Other financial results, net	15		63,671			(13,995	)		119,336			7,700
Income (loss) before income tax			292,965			(356,346	)		1,321,796			(54,862	)
Income tax benefit (expense)	9		(110,408	)		123,492			(452,758	)		(46,038	)
Net income (loss) for the period			182,557			(232,854	)		869,038			(100,900	)

Attributable to:
Controlling Company			174,149			(237,991	)		853,902			(111,902	)
Non-controlling interest			8,408			5,137			15,136			11,002
			182,557			(232,854	)		869,038			(100,900	)

Earnings (losses) per share for income attributable to the Controlling Company - Basic and diluted	1.c		80.86			(110.50	)		396.48			(51.96	)

	Three month period ended June 30,						Six month period ended June 30,
	2026			2025			2026			2025
Net income (loss) for the period		182,557			(232,854	)		869,038			(100,900	)

Other comprehensive income
Items that may be reclassified to profit or loss
Currency translation adjustments (no effect on Income Tax)		18,690			36,778			(53,278	)		22,281
Gains (losses) of investment at fair value		497			(4,539	)		1,052			1,187
Income Tax effects		(174	)		1,588			(368	)		(415	)
Other comprehensive income (loss), net of tax		19,013			33,827			(52,594	)		23,053

Total comprehensive income (loss) for the period		201,570			(199,027	)		816,444			(77,847	)

Attributable to:
Controlling Company		188,676			(209,588	)		810,149			(90,075	)
Non-controlling interest		12,894			10,561			6,295			12,228
		201,570			(199,027	)		816,444			(77,847	)

	Owners contribution		Reserves
	Outstanding shares Capital nominal value	Inflation adjustment	Contributed Surplus			Legal	Special reserve for IFRS implementation	Facultative ⁽¹⁾		Other comprehensive loss		Retained earnings		Equity attributable to Controlling Company		Equity attributable to non- controlling interest		Total Equity
Balances as of January 1, 2025	2,154	2,875,975		3,968,350		170,767	62,614	168,318		(465,595	)	1,556,157		8,338,740		168,740		8,507,480
Resolutions of the General Ordinary and Extraordinary Shareholders’ Meeting held on April 25, 2025
- Absorption of specific retained earnings (losses)	-	-		(139,198	)	75,703	-	1,619,652		-		(1,556,157	)	-		-		-
Dividends to non-controlling shareholders	-	-		-		-	-	-		-		-		-		(15,082	)	(15,082	)
Transaction with non-controlling interest	-	-		-		-	-	-		63,816		-		63,816		(63,816	)	-
Comprehensive income:
Net income (loss) for the period	-	-		-		-	-	-		-		(111,902	)	(111,902	)	11,002		(100,900	)
Other comprehensive income, net of tax	-	-		-		-	-	-		21,827		-		21,827		1,226		23,053
Total comprehensive income (loss) for the period	-	-		-		-	-	-		21,827		(111,902	)	(90,075	)	12,228		(77,847	)
Balances as of June 30, 2025	2,154	2,875,975		3,829,152		246,470	62,614	1,787,970		(379,952	)	(111,902	)	8,312,481		102,070		8,414,551

Balances as of January 1, 2026	2,154	2,875,975		3,825,281		248,575	62,614	1,524,780		(320,599	)	(198,645	)	8,020,135		139,569		8,159,704
Resolutions of the General Ordinary and Extraordinary Shareholders’ Meeting held on April 29, 2026 ⁽²⁾
- Absorption of specific retained earnings (losses)	-	-		(134,948	)	-	-	(9,870	)	-		144,818		-		-		-
Dividends to non-controlling shareholders	-	-		-		-	-	-		-		-		-		(49,634	)	(49,634	)
Transaction with non-controlling interest ⁽³⁾	-	-		-		-	-	-		(64	)	-		(64	)	(8	)	(72	)
Comprehensive income:
Net income for the period	-	-		-		-	-	-		-		853,902		853,902		15,136		869,038
Other comprehensive loss, net of tax	-	-		-		-	-	-		(43,753	)	-		(43,753	)	(8,841	)	(52,594	)
Total comprehensive income (loss) for the period	-	-		-		-	-	-		(43,753	)	853,902		810,149		6,295		816,444
Balances as of June 30, 2026	2,154	2,875,975		3,690,333		248,575	62,614	1,514,910		(364,416	)	800,075		8,830,220		96,222		8,926,442

		Six month period ended June 30,
	Note	2026			2025
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income (loss) for the period			869,038		(100,900	)
Adjustments to reconcile net income to net cash flows provided by operating activities
Allowances deducted from assets			112,537		91,162
Depreciation of PP&E	4		846,964		829,709
Amortization of intangible assets	5		142,992		122,144
Amortization of rights of use assets	6		151,365		155,034
Depreciation of Investment properties	7		1,532		3,486
Disposals of Fixed and intangible assets and Assets classified as held for sale			10,354		7,704
Earnings (losses) from associates and joint ventures and Gains recognised when control of subsidiary is lost	2		(32,824	)	2,329
Financial results and others			(679,241	)	288,042
Income tax expense	9		452,758		46,038
Income tax paid	9		(50,152	)	(6,965	)
Change in operating assets and liabilities, net of effects from purchase of controlled entity
Increase Trade receivables			(124,627	)	(118,658	)
Increase Other receivables			(44,497	)	(72,009	)
Decrease Inventories			1,578		423
Increase/ (Decrease) Trade payables			192,491		(143,366	)
Increase/ (Decrease) Salaries and social security payables			2,781		(38,702	)
Increase/ (Decrease) Other taxes payables			27,836		(84,675	)
Decrease Other Liabilities and Provisions			(168,529	)	(63,501	)
Total cash flows from operating activities			1,712,356		917,295
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Payments for PP&E			(1,072,106	)	(546,820	)
Payments for intangible asset acquisitions			(55,101	)	(69,943	)
Dividends received from associates	2		509		-
Proceeds from the sale of PP&E and intangible assets			14,731		19,471
Payments for acquisition of subsidiary, net of cash acquired			-		(1,523,719	)
Integration of contributions in joint ventures	2		(1,824	)	-
Compensation received for acquisition of companies			819		-
Proceeds from DFI liquidations			215		3,052
Cash flows from losing control of a subsidiary			(43,775	)	-
Proceeds from sale of investments not considered as cash and cash equivalents			375,469		170,735
Payments for investments not considered as cash and cash equivalents			(567,464	)	(68,376	)
Total cash flows used in investing activities			(1,348,527	)	(2,015,600	)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from borrowings	8		1,230,280		3,381,227
Payment of borrowings	8		(1,183,403	)	(1,767,007	)
Repurchase of Notes	8		-		(6,412	)
Payment of interests, DFI and related expenses	8		(294,710	)	(431,458	)
Payments of leases liabilities			(117,974	)	(120,392	)
Dividends paid to non-controlling interests in subsidiaries			(51,347	)	(14,887	)
Total cash flows from (used in) financing activities			(417,154	)	1,041,071

NET DECREASE IN CASH AND CASH EQUIVALENTS			(53,325	)	(57,234	)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR			548,065		489,287
NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS			(93,499	)	9,925
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			401,241		441,978

	Classification of activities	Six month period ended June 30,
Description		2026		2025
PP&E and intangible assets acquisition financed with accounts payable	Investing		347,836		42,041
Right of use assets acquisition owed	Investing		138,606		122,935
Other receivables pending collection from PP&E sale	Investing		473		-
Joint venture acquisition through loss of control of subsidiary (Note 2)	Investing		121,788		-
Trade payables offset with PP&E sale	Investing		6,749		-
Issuance costs payable	Financing		283		1,855
Acquisition of non-controlling interest financed with other payables	Financing		72		-
Other receivables increase through investments	Investing		3,096		-

		Page
Note 1 – Basis of preparation of the unaudited condensed consolidated financial statements and significant accounting policies		F-13
Note 2 – Cash and cash equivalents and Investments		F-21
Note 3 – Goodwill		F-22
Note 4 – PP&E		F-22
Note 5 – Intangible assets		F-23
Note 6 – Right of use assets		F-24
Nota 7 – Investment properties		F-24
Note 8 – Borrowings		F-24
Note 9 – Income tax and Deferred income tax assets/liabilities		F-26
Note 10 – Provisions and allowances		F-27
Note 11 – Additional information of financial assets and liabilities		F-28
Note 12 – Purchase commitments		F-31
Note 13 – Revenues		F-31
Note 14 – Operating expenses		F-31
Note 15 – Financial results		F-32
Note 16 – Balances and transactions with Related parties		F-33
Note 17 - Conditional antitrust resolution relating to the acquisition of TMA (“the Acquisition”)		F-34
Note 18 – Recent developments corresponding to the six-month period ended June 30, 2026		F-36
Note 19 – Subsequent events		F-38

Company	Main Activity	Country	Direct/indirect interest in capital stock and votes
TMA	ICT Services and Audiovisual Communication Services	Argentina	99.999625%
Micro Sistemas ^(a)	Services related to the use of electronic payment media	Argentina	50.00%
Manda	Holding	Argentina	100.00%
RISSAU	Broadcasting services	Argentina	100.00%
Inter Radios	Broadcasting services	Argentina	100.00%
Pem	Holding	Argentina	100.00%
Cable Imagen	Closed-circuit television	Argentina	100.00%
Personal Smarthome ^(b)	Security solutions and services	Argentina	100.00%
NYS2 ^(b)	ICT Services and Audiovisual Communication Services	Argentina	100.00%
Telefónica Ingeniería de Seguridad de Argentina S.A.U.	Security solutions and services	Argentina	99.999625%
Ubiquo ^(c)	Cybersecurity services and products	Chile	100.00%
Núcleo	Mobile telecommunications Services	Paraguay	67.50%
Personal Envíos	Mobile financial services	Paraguay	67.50%
CrediPay	Financial services	Paraguay	67.50%
Televisión Dirigida	Cable television services	Paraguay	100.00%
Adesol Consolidated	Holding	Uruguay	100.00%
Opalker	Cybersecurity, content platform and related services	Uruguay	100.00%
MFH	Holding	USA	100.00%
Naperville	Holding	USA	100.00%
Saturn	Holding	USA	100.00%
Telecom USA	Telecommunication services	USA	100.00%
Personal Investment ^(d)	Holding	USA	100.00%

	(a)	Included in the Company’s unaudited condensed consolidated financial statements until January 21, 2026, and thereafter accounted for as a joint venture. See Note 18.a).
	(b)	Included in the Company’s unaudited condensed consolidated financial statements until May 28, 2026, when they completed their liquidation process.
	(c)	In June 2026, Opalker acquired an additional 5% equity interest in Ubiquo Chile SpA, increasing its ownership interest to 100%. This transaction represents a transaction between controlling and non-controlling shareholders in equity, refer to the Unaudited condensed consolidated statements of changes in Equity.
	(d)	Company created on April 24, 2026. As of the date of issuance of these unaudited condensed consolidated financial statements, this subsidiary is a dormant entity.

	-	ICT Services provided in Argentina – Personal Network.
	-	ICT Services provided in Argentina – TMA Network.
	-	Other segments.

	ICT Services provided in Argentina – Personal Network						ICT Services provided in Argentina – TMA Network						Other segments						Eliminations		Total
	Currency of the transaction date		Inflation restatement		In current currency		Currency of the transaction date		Inflation restatement		In current currency		Currency of the transaction date		Inflation restatement		In current currency
Revenues	2,932,050		170,363		3,102,413		1,765,294		107,581		1,872,875		232,078		13,911		245,989		(145,766	)	5,075,511
Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
Employee benefit expenses and severance payments	(629,389	)	(37,721	)	(667,110	)	(383,898	)	(22,333	)	(406,231	)	(18,374	)	(1,113	)	(19,487	)	-		(1,092,828	)
Fees for services, maintenance, materials and supplies	(308,910	)	(26,261	)	(335,171	)	(235,366	)	(30,945	)	(266,311	)	(24,266	)	(1,439	)	(25,705	)	4,196		(622,991	)
Taxes and fees with the Regulatory Authority	(246,635	)	(14,299	)	(260,934	)	(169,695	)	(10,279	)	(179,974	)	(7,172	)	(436	)	(7,608	)	-		(448,516	)
Commissions and advertising	(121,683	)	(6,690	)	(128,373	)	(81,439	)	(4,985	)	(86,424	)	(19,819	)	(1,112	)	(20,931	)	131		(235,597	)
Programming and content costs	(175,278	)	(10,089	)	(185,367	)	(48,614	)	(2,893	)	(51,507	)	(17,650	)	(830	)	(18,480	)	-		(255,354	)
Other operating costs	(314,023	)	(41,616	)	(355,639	)	(307,069	)	(30,011	)	(337,080	)	(30,791	)	(1,833	)	(32,624	)	121,937		(603,406	)
Adjusted EBITDA	1,136,132		33,687		1,169,819		539,213		6,135		545,348		114,006		7,148		121,154		(19,502	)	1,816,819
Depreciation, amortization and impairment of Fixed and intangible assets																					(1,142,616	)

Operating income																					674,203
Earnings from associates and joint ventures and Gains recognised when control of subsidiary is lost																					32,824
Financial results from borrowings																					495,433
Other financial results, net																					119,336
Income before income tax																					1,321,796
Income tax expense																					(452,758	)
Net income																					869,038

Attributable to:
Controlling Company																					853,902
Non-controlling interest																					15,136
																					869,038

	ICT Services provided in Argentina – Telecom Network						ICT Services provided in Argentina – TMA Network						Other segments						Eliminations		Total
	Currency of the transaction date		Inflation restatement		In current currency		Currency of the transaction date		Inflation restatement		In current currency		Currency of the transaction date		Inflation restatement		In current currency
Revenues	1,548,498		29,728		1,578,226		923,295		19,887		943,182		119,077		2,303		121,380		(84,458	)	2,558,330
Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
Employee benefit expenses and severance payments	(320,164	)	(6,623	)	(326,787	)	(208,167	)	(4,541	)	(212,708	)	(9,215	)	(180	)	(9,395	)	-		(548,890	)
Fees for services, maintenance, materials and supplies	(162,424	)	(8,137	)	(170,561	)	(120,375	)	(1,887	)	(122,262	)	(12,819	)	(264	)	(13,083	)	2,000		(303,906	)
Taxes and fees with the Regulatory Authority	(129,760	)	(2,475	)	(132,235	)	(87,730	)	(1,824	)	(89,554	)	(3,586	)	(69	)	(3,655	)	-		(225,444	)
Commissions and advertising	(65,834	)	(1,192	)	(67,026	)	(41,590	)	(838	)	(42,428	)	(11,088	)	(222	)	(11,310	)	96		(120,668	)
Programming and content costs	(94,022	)	(1,817	)	(95,839	)	(24,493	)	(497	)	(24,990	)	(8,566	)	(172	)	(8,738	)	-		(129,567	)
Other operating costs	(165,718	)	(19,413	)	(185,131	)	(158,627	)	(5,536	)	(164,163	)	(15,853	)	(38	)	(15,891	)	77,219		(287,966	)
Adjusted EBITDA	610,576		(9,929	)	600,647		282,313		4,764		287,077		57,950		1,358		59,308		(5,143	)	941,889
Depreciation, amortization and impairment of Fixed and intangible assets																					(583,453	)
Operating income																					358,436
Losses from associates and joint ventures and Gains recognised when control of subsidiary is lost																					(6,699	)
Financial results from borrowings																					(122,443	)
Other financial results, net																					63,671
Income before income tax																					292,965
Income tax expense																					(110,408	)
Net income																					182,557

Attributable to:
Controlling Company																					174,149
Non-controlling interest																					8,408
																					182,557

	ICT Services provided in Argentina – Personal Network						ICT Services provided in Argentina – TMA Network ⁽¹⁾						Other segments						Eliminations		Total
	Currency of the transaction date		Inflation restatement		In current currency		Currency of the transaction date		Inflation restatement		In current currency		Currency of the transaction date		Inflation restatement		In current currency
Revenues	2,146,036		873,659		3,019,695		936,763		351,501		1,288,264		167,384		68,124		235,508		(65,830	)	4,477,637
Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
Employee benefit expenses and severance payments	(508,352	)	(206,164	)	(714,516	)	(247,565	)	(90,307	)	(337,872	)	(14,549	)	(5,904	)	(20,453	)	-		(1,072,841	)
Fees for services, maintenance, materials and supplies	(256,738	)	(123,183	)	(379,921	)	(132,039	)	(47,782	)	(179,821	)	(21,053	)	(8,593	)	(29,646	)	4,290		(585,098	)
Taxes and fees with the Regulatory Authority	(179,564	)	(73,037	)	(252,601	)	(90,035	)	(33,528	)	(123,563	)	(7,089	)	(2,884	)	(9,973	)	-		(386,137	)
Commissions and advertising	(88,750	)	(35,826	)	(124,576	)	(56,783	)	(20,997	)	(77,780	)	(32,022	)	(13,303	)	(45,325	)	3,671		(244,010	)
Programming and content costs	(122,715	)	(49,829	)	(172,544	)	(24,559	)	(7,216	)	(31,775	)	(15,042	)	(6,104	)	(21,146	)	-		(225,465	)
Other operating costs	(258,015	)	(121,566	)	(379,581	)	(166,470	)	(78,123	)	(244,593	)	(37,481	)	(15,270	)	(52,751	)	57,869		(619,056	)
Adjusted EBITDA	731,902		264,054		995,956		219,312		73,548		292,860		40,148		16,066		56,214		-		1,345,030
Depreciation, amortization and impairment of Fixed and intangible assets																					(1,109,950	)
Operating income																					235,080
Losses from associates and joint ventures and Gains recognised when control of subsidiary is lost																					(2,329	)
Financial results from borrowings																					(295,313	)
Other financial results, net																					7,700
Loss before income tax																					(54,862	)
Income tax expense																					(46,038	)
Net loss																					(100,900	)

Attributable to:
Controlling Company																					(111,902	)
Non-controlling interest																					11,002
																					(100,900	)

	As of June 30, 2025	As of December 31, 2025	As of June 30, 2026
National CPI (December 2016=100)	8,855.6	10,121.4	11,826.4

Variation in prices
Annual	39.4%	31.5%	33.5%
Accumulated six months	15.1%	n/a	16.8%
Accumulated three months	6.0%	n/a	6.8%

Banco Nación US$/$ exchange rate	1,205.0	1,455.0	1,482.0

Exchange rate variation
Annual	32.1%	41.0%	23.0%
Accumulated six months	16.8%	n/a	1.9%
Accumulated three months	12.2%	n/a	7.2%

Standards and amendments	Description	Mandatory application date for years beginning on or after
Amendments to IFRS 7 and 9	Classification and Measurement of Financial Instruments	January 1, 2026
Amendments to IFRS 7 and 9	Financial effects of nature-dependent electricity contracts, such as Power Purchase Agreements that rely on sources like wind and solar energy. Clarification, measurement, and disclosure.	January 1, 2026

Standards and amendments	Description	Mandatory application date for years beginning on or after
IFRS 20	Regulatory Assets and Regulatory Liabilities	January 1, 2029
Amendments to IAS 28	Amendments to the Fair Value Option for Investments in Associates and Joint Ventures—Amendments to IAS 28	January 1, 2027

Investments
Current
Government bonds and Notes at FVPL	519,468	345,137
Government bonds and Notes at FVOCI	2,329	31,565
Mutual funds	668	756
Others investment at amortized cost	32,983	29
	555,448	377,487
Non- current
Investments in associates and joint ventures^(a)	124,075	17,139
Other investments	38	40
	124,113	17,179
Total investments	679,561	394,666

	Three month period ended June 30,		Six month period ended June 30,
Revenues	2026	2025	2026	2025
Revenues from customers in Argentina	2,438,553	2,429,569	4,833,995	4,262,717
Revenues from foreign customers	119,777	119,784	241,516	214,920
	2,558,330	2,549,353	5,075,511	4,477,637
CAPEX
ICT Services provided in Argentina – Personal Network			616,589	430,101
ICT Services provided in Argentina – TMA Network			275,305	162,732
Other segments			54,576	49,784
			946,470	642,617

	June 30,	December 31,
Fixed and intangible assets	2026	2025
ICT Services provided in Argentina – Personal Network	14,463,710	14,535,301
ICT Services provided in Argentina – TMA Network	1,883,184	1,922,597
Other segments	649,365	713,521
	16,996,259	17,171,419
Borrowings
ICT Services provided in Argentina – Personal Network	5,492,403	6,286,516
ICT Services provided in Argentina – TMA Network	-	42
Other segments	111,012	65,899
	5,603,415	6,352,457

	Balances as of December 31, 2025		Acquisitions		Dividends			Earnings (losses) of the period			Currency translation adjustments			Balances as of June 30, 2026
La Capital Cable		7,038		-		(509	)		101			-			6,630
OPH		9,868		1,824		-			(1,347	)		(10	)		10,335
Micro Sistemas⁽¹⁾		-		121,788		-			(14,635	)		(254	)		106,899
Openxpand		233		-		-			6			(28	)		211
		17,139		123,612		(509	)		(15,875	)		(292	)		124,075


	Balances as of December 31, 2024		Earnings (losses) of the period			Currency translation adjustments			Balances as of June 30, 2025
La Capital Cable		7,241		212			-			7,453
OPH		13,675		(2,536	)		(685	)		10,454
		20,916		(2,324	)		(685	)		17,907

	Three month period ended June 30,						Six month period ended June 30,
	2026			2025			2026			2025
Investments in associates		49			65			101			212
Investments in joint ventures		(6,748	)		(2,519	)		(15,976	)		(2,536	)
Gains recognised when control of subsidiary is lost ⁽¹⁾		-			(5	)		48,699			(5	)
		(6,699	)		(2,459	)		32,824			(2,329	)

	Cash items			Non-cash items			Total
At the beginning of the year								6,352,457
Proceeds from borrowings – principal		1,230,280			-			1,230,280
Payment of bank overdrafts net of proceeds		(64,537	)		-			(64,537	)
Issuance costs payable		-			(283	)		(283	)
Payment of borrowings – principal		(1,118,866	)		-			(1,118,866	)
Payment of interests and related expenses		(294,619	)		-			(294,619	)
Payment of DFI		(91	)		-			(91	)
Decrease through loss of control of subsidiary ⁽¹⁾		-			(49	)		(49	)
Accrued interest and other financial cost		-			236,337			236,337
Foreign currency exchange gains		-			(731,812	)		(731,812	)
Currency translation adjustments		-			(5,402	)		(5,402	)
Total at 06.30.26		(247,833	)		(501,209	)		5,603,415

Series	Currency	Amount involved (in millions)	Issuance date	Maturity date	Amortization	Interest rate	Interest payment date
27	US$	600	01/2026	01/2036	In two installments of: -   50% 01/2035 -   50% 01/2036	Annual fixed rate of 8.50%	Semiannually
28	US$	81	03/2026	03/2029	In one installment at maturity date	Annual fixed rate of 6.50%	Semiannually
29	US$	26	05/2026	05/2027	In one installment at maturity date	Annual fixed rate of 3.50%	Quarterly
30	US$	35	05/2026	05/2030	In one installment at maturity date	Annual fixed rate of 6.25%	Semiannually

	Legal Claims and contingent liabilities						Asset retirement obligations						Total provisions
	06.30.26			06.30.25			06.30.26			06.30.25			06.30.26			06.30.25
Current provisions
At the beginning of the year		143,705			5,970			12,615			-			156,320			5,970
Capital - Other operating costs, net		186			467			-			-			186			467
Acquisitions through business combination ⁽¹⁾		-			17,734			-			4,744			-			22,478
Payments		(96,686	)		(31,388	)		-			-			(96,686	)		(31,388	)
Reclassifications		44,180			44,962			-			9,952			44,180			54,914
RECPAM, currency translation adjustments and others		(13,025	)		8,538			(1,789	)		(114	)		(14,814	)		8,424
Total current provisions		78,360			46,283			10,826			14,582			89,186			60,865

Non-current provisions
At the beginning of the year		389,940			35,059			111,681			46,177			501,621			81,236
Capital - Other operating costs, net		28,481			19,984			-			-			28,481			19,984
Capital - Right-of-use assets		-			-			4,979			11,297			4,979			11,297
Increase - Other interest, net		46,562			39,335			9,255			6,209			55,817			45,544
Acquisitions through business combination ⁽¹⁾		-			225,957			-			70,672			-			296,629
Decrease through loss of control of subsidiary ⁽²⁾		(373	)		-			-			-			(373	)		-
Payments		-			(84	)		(1,780	)		(1,366	)		(1,780	)		(1,450	)
Reclassifications		(44,180	)		(44,962	)		-			(9,952	)		(44,180	)		(54,914	)
RECPAM, currency translation adjustments and others		(60,675	)		(33,423	)		(17,266	)		(13,759	)		(77,941	)		(47,182	)
Total non-current provisions		359,755			241,866			106,869			109,278			466,624			351,144
Total provisions		438,115			288,149			117,695			123,860			555,810			412,009

	06.30.26			12.31.25
	In equivalent millions of Argentine pesos
Assets		246,064			672,004
Liabilities		(5,270,470	)		(6,352,736	)
Net Liabilities		(5,024,406	)		(5,680,732	)

	As of June 30, 2026
	Trade receivables			Other receivables			Trade payables			Other liabilities
Current and non-current assets (liabilities) - Gross value		884,708			79,370			(1,172,396	)		(9,421	)
Offsetting		(70,452	)		(6,203	)		70,452			6,203
Current and non-current assets (liabilities) – Book value		814,256			73,167			(1,101,944	)		(3,218	)

	As of December 31, 2025
	Trade receivables			Other receivables			Trade payables			Other liabilities
Current and non-current assets (liabilities) - Gross value		1,006,075			71,902			(1,390,505	)		(34,721	)
Offsetting		(71,159	)		(8,031	)		71,159			8,031
Current and non-current assets (liabilities) – Book value		934,916			63,871			(1,319,346	)		(26,690	)

As of June 30, 2026	Level 1		Level 2		Total
Assets
Current Assets
Mutual Funds ^(1) (2)		188,806		-		188,806
Government bonds ^(1) (2)		521,797		-		521,797
Other receivables: Compensation received for company acquisitions ⁽³⁾		-		1,388		1,388
Non-current Assets
Other receivables: Compensation received for company acquisitions ⁽³⁾		-		1,292		1,292
Total assets		710,603		2,680		713,283

As of December 31, 2025	Level 1		Level 2		Level 3		Total
Assets
Current Assets
Mutual Funds ^(1) (2)		152,651		-		-		152,651
Government bonds ^(1) (2)		376,702		-		-		376,702
Other receivables: Compensation received for company acquisitions ⁽³⁾		-		1,610		-		1,610
Other receivables: Loans granted - fintech businesses ⁽⁴⁾		-		-		8,163		8,163
Other receivables: DFI ⁽⁵⁾		-		196		-		196
Non-current Assets
Other receivables: Compensation received for company acquisitions ⁽³⁾		-		2,208		-		2,208
Total assets		529,353		4,014		8,163		541,530
Liabilities
Current Liabilities
Other liabilities: Debt for company acquisition ⁽³⁾		-		920		-		920
Total liabilities		-		920		-		920

	Carrying Value		Fair Value
Notes		4,717,363		4,881,451
Other borrowings		886,052		863,274
		5,603,415		5,744,725

Concept	Operating costs			Administration costs			Commercialization costs			Other expenses		Total 06.30.26			Total 06.30.25
Employee benefit expenses and severance payments		(558,794	)		(242,030	)		(292,004	)		-		(1,092,828	)		(1,072,841	)
Interconnection and transmission costs		(139,309	)		-			-			-		(139,309	)		(123,132	)
Fees for services, maintenance, materials and supplies		(275,551	)		(134,744	)		(212,696	)		-		(622,991	)		(585,098	)
Taxes and fees with the Regulatory Authority		(437,416	)		(4,675	)		(6,425	)		-		(448,516	)		(386,137	)
Commissions and advertising		-			-			(235,597	)		-		(235,597	)		(244,010	)
Cost of equipment and handsets		(159,024	)		-			-			-		(159,024	)		(188,428	)
Programming and content costs		(255,354	)		-			-			-		(255,354	)		(225,465	)
Bad debt expenses		-			-			(92,851	)		-		(92,851	)		(88,439	)
Other operating expenses, net		(119,431	)		(47,921	)		(44,870	)		-		(212,222	)		(219,057	)
Depreciation, amortization and impairment of Fixed and intangible assets		(916,984	)		(121,715	)		(104,162	)		245		(1,142,616	)		(1,109,950	)
Total 06.30.26		(2,861,863	)		(551,085	)		(988,605	)		245		(4,401,308	)
Total 06.30.25		(2,773,483	)		(474,212	)		(995,284	)		422					(4,242,557	)

CURRENT ASSETS	Kind of related party	June 30, 2026		December 31, 2025
Trade receivables
OPH	Joint venture		101		113
Micro Sistemas	Joint venture		46		-
			147		113
Other receivables
OPH	Joint venture		6		-
Micro Sistemas	Joint venture		23,332		-
			23,338		-

CURRENT LIABILITIES		June 30, 2026	December 31, 2025
Trade payables
La Capital Cable	Associate	290	932
OPH	Joint venture	18	1,243
Micro Sistemas	Joint venture	522	-
		830	2,175
Other liabilities
Micro Sistemas	Joint venture	1,433	-
		1,433	-

			Six month period ended June 30,
	Transaction	Kind of related party	2026			2025
			Profit (loss)
			Revenues
La Capital Cable	Other services revenues	Associate		70			85
Otamendi Cable Color S.R.L.	Other services revenues	Associate		2			-
Micro Sistemas	Other services revenues	Joint venture		1,517			-
OPH	Other services revenues	Joint venture		536			385
				2,125			470
				Operating costs
La Capital Cable	Fees for services	Associate		(1,262	)		(1,358	)
Micro Sistemas	Other operating costs	Joint venture		(5,302	)		-
				(6,564	)		(1,358	)

Entity	Currency	Amount involved (in millions)	Issuance date	Maturity date	Amortization	Interest rate	Interest payment date
Citibank N.A.	US$ Linked	18	07/2026	07/2027	In one installment at maturity date	Annual fixed rate of 3.45%	In one installment at maturity date

	As of June 30, 2025	As of December 31, 2025	As of June 30, 2026
National CPI (December 2016=100)	8,855.6	10,121.4	11,826.4

Variation in prices
Annual	39.4%	31.5%	33.5%
Accumulated six months	15.1%	n/a	16.8%
Accumulated three months	6.0%	n/a	6.8%

Banco Nación US$/$ exchange rate	1,205.0	1,455.0	1,482.0

Exchange rate variation
Annual	32.1%	41.0%	23.0%
Accumulated six months	16.8%	n/a	1.9%
Accumulated three months	12.2%	n/a	7.2%

	1H26		1H25		Variation
	P$ million				P$ million		%
Revenues	5,075,511		4,477,637		597,874		13.4
Operating costs (without depreciation, amortization and impairment of Fixed and intangible assets)	(3,258,692	)	(3,132,607	)	(126,085	)	4.0
Depreciation, amortization and impairment of Fixed and intangible assets	(1,142,616	)	(1,109,950	)	(32,666	)	2.9
Operating income	674,203		235,080		439,123		186.8
Earnings (losses) from associates and joint ventures and Gains recognised when control of subsidiary is lost	32,824		(2,329	)	35,153		n/a
Financial results, net	614,769		(287,613	)	902,382		n/a
Income tax expense	(452,758	)	(46,038	)	(406,720	)	n/a
Net income (loss) for the period	869,038		(100,900	)	969,938		n/a

Net income (loss) attributable to:
Controlling Company	853,902		(111,902	)	965,804		n/a
Non-controlling interest	15,136		11,002		4,134		37.6
	869,038		(100,900	)	969,938		n/a

Earnings (losses) per share for income attributable to the Controlling Company - Basic and diluted	396.48		(51.96	)

Adjusted EBITDA⁽¹⁾	1,816,819		1,345,030		471,789		35.1