Telecom Argentina S.A. announces consolidated annual results ("FY22") and fourth quarter of fiscal year 2022 ("4Q22") **

BUENOS AIRES, March 9, 2023

Note: For the figures included in their FFSS, 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 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 FY22 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of FY22 and vs. FY21 mentioned in this press release correspond to "figures restated by inflation" or "constant".

• Previous year figures included for comparative purposes (December 2021) contain the effect of the year over year inflation as of December 2022, which was 94.8%.
• Consolidated Revenues amounted to P$729,182 million in FY22 (-12.0% in constant currency vs. FY21), in a context of inflationary acceleration. Service Revenues totaled P$680,561 million (-11.7% in constant currency vs. FY21).
• Mobile clients in Argentina reached 20.2 million in FY22 (+116 thousand vs. FY21), cable TV subscribers totaled approximately 3.5 million (-84 thousand vs. FY21), while broadband accesses amounted to 4.1 million (-132 thousand vs. FY21).
• Operating Income before Depreciation and Amortization amounted to P$200,380 million in FY22 (-22.5% vs. FY21), while our operating margin before D&A was 27.5%.
• The Company registered a Net Loss of P$205,640 million in FY22 (vs. an income of P$19,362 million in FY21). This loss was mainly due to a goodwill impairment of P$243.900 million registered in September 2022, which was partially offset by both positive net financial results of P$61,978 million and income tax gains of P$26,504 million.
• Investments (including rights of use assets) reached P$147,266 million in FY22, equivalent to 20.2% of our Consolidated Revenues.
• Net Financial Debt amounted to P$420,446 million in FY22 (-8.7% in constant currency vs. FY21).

*Market Cap as of March 8th, 2023
**Unaudited non financial data