Telecom Argentina S A : Conference Call Presentation 3Q22

Telecom Argentina

3Q22 Earnings Release

November 2022

Best IR Team - Telecom (2022) - Telecom Argentina

	DISCLAMER	1

This presentation may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisión S.A. (or the Merger); (iii) the implementation of the Company's business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company's outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward-looking statements may be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "will," "may" and "should" or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company's ability to successfully implement our business strategy and to achieve synergies resulting from the Merger; (ii) the Company's ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company's suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company's supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii) the Company's ability to compete and develop our business in the future;

1. the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance.
   Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company's management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company's Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.

	DISCLAMER	2

The Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores ("CNV"), which establishes that the restatement for inflation will be applied to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive. Accordingly, the reported figures corresponding to 9M22 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional figures of the income statements are included, which are non- restated for inflation and which were used as the base for the information presented in constant pesos.

	OVERVIEW OF OUR 3Q22 | Operational and Financial highlights	3

Our EBITDA Margin during 9M22 was 28.7%. Main pressure comes from our labor cost, partially offset by cost management in other items.

Our capex for 9M22 was approximately USD 508 million, representing 16% of our revenues.

Cash flow generation remains solid and stable. We were able to generate 369 million dollar equivalent in FCF during 9M22.

As inflation is accelerating, we are increasing the frequency and magnitude of our price increases.

Our mobile subscriber base continues to grow, with a strong postpaid performance.

In broadband, we observe growth in our HFC and FTTH subscriber base.

Flow unique customers reached 1.3 million, increasing 18% yoy. We have launched Flow in a prepaid modality.

Our fintech Personal Pay reached almost 528 thousand onboarded clients

In August, we reopened our Class 12 issuance of local notes, obtaining USD 75 million equivalent at a yield of -2.1%.

We sold our Costanera building in the city of Buenos Aires for a total amount of USD 6 million . We received an advance of USD 2 million in Sep-22.

In September, we held the "Sustainability Week", an internal event in terms of ESG, in which both internal and external speakers participated.

We recorded a goodwill impairment, which includes the goodwill generated as a result of the merger between Cablevisión and Telecom in January 2018, for P$208 billion, due to the deterioration of market conditions.

9M22 IN FIGURES

REVENUES

3.2

4

EBITDA	EBITDA MARGIN
0.9	28.7%

U$S BN*

20.0

Million mobile subscribers in Argentina

3.1

Million fixed subscribers * *

2.3

Million mobile subscribers in Paraguay

*Figures in constant pesos as of September 30, 2022 converted at the BNA ask rate (147,32) ** Including IP lines

***Fixed voice share considering Telecom and Telefonica's accesses, does not include other smaller operators

U$S BN*

3.5

Million pay TV subscribers

2.1

Million convergent unique clients

131

Thousand Pay TV subscribers in Uruguay

4.2

Million broadband subscribers

52%

of broadband clients are also mobile clients