DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

Schedule of income statement information

Presented below is the Segment financial information for the years ended December 31, 2025, 2024 and 2023:

◻

Consolidated Income Statement as of December 31, 2025


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


		Currency						Currency						Currency
		of the		Inflation		In current		of the		Inflation		In current		of the		Inflation		In current
		transaction date		restatement		currency		transaction date		restatement		currency		transaction date		restatement		currency		Eliminations		Total
Revenues		4,688,533		595,615		5,284,148		2,482,714		265,779		2,748,493		384,630		46,701		431,331		(135,158)		8,328,814
Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
Employee benefit expenses and severance payments		(1,096,467)		(140,974)		(1,237,441)		(619,738)		(65,877)		(685,615)		(33,893)		(4,148)		(38,041)		—		(1,961,097)
Fees for services, maintenance, materials and supplies		(561,780)		(93,997)		(655,777)		(325,306)		(35,240)		(360,546)		(51,640)		(6,184)		(57,824)		9,754		(1,064,393)
Taxes and fees with the Regulatory Authority		(393,956)		(49,872)		(443,828)		(234,436)		(24,819)		(259,255)		(15,433)		(1,972)		(17,405)		—		(720,488)
Commissions and advertising		(202,884)		(24,785)		(227,669)		(136,090)		(14,658)		(150,748)		(57,383)		(8,447)		(65,830)		7,042		(437,205)
Programming and content costs		(267,805)		(33,898)		(301,703)		(101,212)		(10,598)		(111,810)		(33,015)		(4,170)		(37,185)		—		(450,698)
Other operating costs		(546,973)		(110,090)		(657,063)		(442,453)		(93,755)		(536,208)		(68,094)		(8,998)		(77,092)		100,965		(1,169,398)
Adjusted EBITDA		1,618,668		141,999		1,760,667		623,479		20,832		644,311		125,172		12,782		137,954		(17,397)		2,525,535

Depreciation, amortization and impairment of Fixed and intangible assets																						(2,075,488)
Operating income																						450,047
Losses from associates and joint ventures																						(3,742)
Financial results from borrowings																						(748,840)
Other financial results, net																						110,799
Loss before income tax																						(191,736)
Income tax benefit																						46,432
Net loss																						(145,304)

Attributable to:
Controlling Company																						(170,006)
Non-controlling interest																						24,702
																						(145,304)

◻

Consolidated Income Statement as of December 31, 2024


		ICT Services provided in Argentina –
		Personal Network						Other segments


		Currency						Currency
		of the		Inflation		In current		of the		Inflation		In current
		transaction date		restatement		currency		transaction date		restatement		currency		Eliminations		Total
Revenues		3,165,736		1,872,500		5,038,236		266,915		168,101		435,016		(30,294)		5,442,958
Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
Employee benefit expenses and severance payments		(823,975)		(483,077)		(1,307,052)		(24,450)		(15,235)		(39,685)		—		(1,346,737)
Fees for services, maintenance, materials and supplies		(393,042)		(279,499)		(672,541)		(35,839)		(22,620)		(58,459)		6,880		(724,120)
Taxes and fees with the Regulatory Authority		(258,519)		(152,324)		(410,843)		(10,931)		(6,578)		(17,509)		—		(428,352)
Commissions and advertising		(133,932)		(74,995)		(208,927)		(62,477)		(38,240)		(100,717)		4,153		(305,491)
Programming and content costs		(172,422)		(99,687)		(272,109)		(25,570)		(16,744)		(42,314)		—		(314,423)
Other operating costs		(429,466)		(302,323)		(731,789)		(47,831)		(31,095)		(78,926)		19,261		(791,454)
Adjusted EBITDA		954,380		480,595		1,434,975		59,817		37,589		97,406		—		1,532,381

Depreciation, amortization and impairment of Fixed and intangible assets																(1,725,057)
Operating loss																(192,676)
Losses from associates and joint ventures																(15,094)
Financial results from borrowings																1,914,786
Other financial results, net																190,451
Profit before income tax																1,897,467
Income tax expense																(538,237)
Net income																1,359,230

Attributable to:
Controlling Company																1,331,805
Non-controlling interest																27,425
																1,359,230

◻

Consolidated Income Statement as of December 31, 2023


		ICT Services provided in Argentina –
		Personal Network						Other segments

		Currency						Currency
		of the		Inflation		In current		of the		Inflation		In current
		transaction date		restatement		currency		transaction date		restatement		currency		Eliminations		Total
Revenues		1,053,442		4,456,328		5,509,770		81,877		334,899		416,776		(27,935)		5,898,611
Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
Employee benefit expenses and severance payments		(279,608)		(1,152,805)		(1,432,413)		(8,277)		(33,066)		(41,343)		—		(1,473,756)
Fees for services, maintenance, materials and supplies		(131,861)		(566,980)		(698,841)		(9,292)		(37,368)		(46,660)		4,367		(741,134)
Taxes and fees with the Regulatory Authority		(83,591)		(354,647)		(438,238)		(2,968)		(11,951)		(14,919)		—		(453,157)
Commissions and advertising		(52,319)		(224,650)		(276,969)		(13,346)		(57,350)		(70,696)		2,182		(345,483)
Programming and content costs		(55,317)		(233,466)		(288,783)		(8,532)		(35,477)		(44,009)		—		(332,792)
Other operating costs		(145,951)		(688,188)		(834,139)		(15,714)		(64,053)		(79,767)		21,386		(892,520)
Adjusted EBITDA		304,795		1,235,592		1,540,387		23,748		95,634		119,382		—		1,659,769

Depreciation, amortization and impairment of Fixed and intangible assets																(2,018,038)
Operating loss																(358,269)
Losses from associates and joint ventures																(5,408)
Financial results from borrowings																(1,817,071)
Other financial results, net																496,492
Loss before income tax																(1,684,256)
Income tax benefit																968,990
Net loss																(715,266)

Attributable to:
Controlling Company																(738,306)
Non-controlling interest																23,040
																(715,266)

Schedule of national consumer price index according to official statistics (INDEC)


		As of December 31,		As of December 31,		As of December 31,
		2023		2024		2025

National CPI		3,533.2		7,694.0		10,121.4

Variation in prices
Annual		211.4	%	117.8	%	31.5	%

Banco Nación US$/$ exchange rate		808.5		1,032.0		1,455.0

Variation in the exchange rate
Annual		356.3	%	27.7	%	41.0	%