Telecom Argentina SA (TEO) 2026 Q1 法說會逐字稿

Good morning. On behalf Telico Argentina, I would like to thank everybody for participating of this conference call. The participants of today's conference call are Roberto Novile, Chief Executive Officer, Federico Pra, Interim Chief Financial Officer, and myself Luis Rio Lubago, Head of Investor Relations. The purpose of this call is to share with you the results of the first order ended on March 31 of 2026.

早安。我謹代表 Telico Argentina，感謝各位參與本次電話會議。今天電話會議的與會者包括：執行長 Roberto Novile、代理財務長 Federico Pra，以及我本人 Luis Rio Lubago（投資人關係主管）。本次會議旨在與各位分享截至 2026 年 3 月 31 日止第一季的業績結果。

If you have not received a press release or presentation, you can call our Investor Relations office to request the documents or download them from the Investor Relations section of our website located at inversoles.telecom.com.ar. I would like to go over some safe harbor information and other details of the call.

若您尚未收到新聞稿或簡報，您可致電我們的投資人關係辦公室索取文件，或至我們網站的投資人關係專區下載，網址為 inversoles.telecom.com.ar。我將先說明若干「安全港」資訊及本次會議的其他細節。

We would like to clarify that during the conference call and Q&A session, we could mention certain forward-looking statements about telecom's future performance, plans, strategies, and objectives. Such statements are subject to uncertainties that could cause telecom's actual results and operations to differ materially.

我們在此澄清，於本次電話會議及問答環節中，我們可能會提及若干關於 Telecom 未來表現、計畫、策略與目標的前瞻性陳述。此類陳述存在不確定性，可能導致 Telecom 的實際結果與營運表現出現重大差異。

Such uncertainties include but are not limited to the effects of ongoing industry and economic regulations, possible changes in the demand for Telecom's products and services, the effects of potential changes in general market and economic conditions, and in legislation.

此等不確定性包括但不限於：持續的產業與經濟監管之影響、Telecom 產品與服務需求可能發生的變化、一般市場與經濟情勢可能變動的影響，以及法規變更等。

A press release dated May 11 of 2026, a copy of which was included in a Form 6-K and sent to the SEC, describes certain factors that may affect any forward-looking statements that could be mentioned during this call. The company has reflected the effects of inflation adjustment adopted by resolution 777/18 of the Commission Nacional de Alores, or CMB, which establishes that the re-expression will be applied to the annual financial statements for interim special periods ended as of and including December 31, 2018.

2026 年 5 月 11 日發布的新聞稿（其副本已納入 Form 6-K 並提交美國證券交易委員會 SEC）說明了若干可能影響本次會議中所提及任何前瞻性陳述的因素。本公司已反映依 Comisión Nacional de Alores（或 CMB）第 777/18 號決議所採用的通膨調整之影響；該決議規定，重述將適用於截至且包含 2018 年 12 月 31 日之年度財務報表及中期特別期間財務報表。

Accordingly, the reported figures corresponding to the first-quarter of 2026 included the effects of the adoption of inflationary accounting in accordance with IAS 29.

因此，所揭露之 2026 年第一季數據已包含依 IAS 29 採用通膨會計之影響。

In this presentation, we will also include figures in historical values which are easier to understand.

在本簡報中，我們亦將提供以歷史值呈列的數據，以利理解。

Our Brazil list is complemented by our earnings presentation. Please read the disclaimer contained in slide 2 of the presentation. Today, we will go over our business and financial highlights and end the call with a Q&A session. Now, let me pass the call to Federico, our interim CFO, who will start with the presentation.

我們的巴西上市資訊將由本次盈餘簡報加以補充。請閱讀簡報第 2 頁所載之免責聲明。今天我們將回顧業務與財務重點，並以問答環節結束本次會議。

Thank you, Luis. Good morning and welcome to everyone. Slide 3 summarizes our highlights as of March 31 of 2026.

謝謝你，Luis。各位早安，歡迎大家。第 3 頁總結了截至 2026 年 3 月 31 日的重點摘要。

Before diving in the main variables and financial highlights, it is important to clarify that throughout these presentations we are presenting consolidating financial, including Telefonica Mobiles Argentina, or TMA, acquired on February 24, 2025.

在深入主要變數與財務重點之前，需先澄清：在本系列簡報中，我們呈列的是合併財務資訊，其中包含於 2025 年 2 月 24 日收購的 Telefonica Mobiles Argentina（TMA）。

As such, in this presentation, we will mention consolidated figures in first Q26, including the full quarter impact, three months of TMA contribution. Consolidated figures on the comparative period 1Q25, including only one month of TMA contribution following the acquisition, figures for telecom only, excluding TMA contribution, and standalone figures for TMA for the first-quarter of 2025 and the first-quarter of 2026.

因此，在本簡報中，我們將提及：2026 年第一季（1Q26）的合併數據（包含 TMA 貢獻的完整一季、即三個月）；比較期間 2025 年第一季（1Q25）的合併數據（收購後僅包含 TMA 一個月的貢獻）；僅 Telecom 本體、排除 TMA 貢獻的數據；以及 TMA 單體在 2025 年第一季與 2026 年第一季的數據。

Having said that, our main financial achievements for the first-quarter of 2026 were as follows. Telecom's consolidated revenues totaled over $1.7 billion at 34% year-over-year in dollars, mainly driven by the incorporation of a full quarter of TMA's results in first Q26 versus the only one month in first Q25.

在此基礎上，我們 2026 年第一季的主要財務成果如下：Telecom 合併營收合計超過 17 億美元，以美元計年增 34%，主要受惠於 1Q26 納入 TMA 完整一季的業績，相較 1Q25 僅納入一個月。

On a consolidated basis, server's revenues grew 34% year-over-year in constant pesos. Importantly, continues the real service revenue growth trend we have previously highlighted, service revenue for telecom standalone grew in real terms, posting almost 2% year-over-year increase in first Q26. When our consolidated BDA margin reached 34.8% in first Q26, expanding by over severance charges record, the consolidated margin would be 36%.

以合併口徑計算，服務營收以固定比索計年增 34%。值得注意的是，我們先前強調的「實質服務營收成長」趨勢仍在延續：Telecom 單體的服務營收以實質計算在 1Q26 年增近 2%。同時，我們的合併 EBITDA 利潤率在 1Q26 達到 34.8%，擴張超過（若排除資遣費用的影響）合併利潤率將為 36%。

A telecom, excluding TMA, EVDI margin reached over 38%, the highest level since the merger with Cablevision in 2018, and would stand above 40% on an adjusted basis, excluding the impact of higher severance charges during the period. This huge improvement is partially explained by the deconsolidation of microsystemas. Following the JV with Banco macro, representing a positive 1.4 percentage points margin impact on Telecom x TMA.

Telecom（不含 TMA）的 EBITDA 利潤率超過 38%，為 2018 年與 Cablevision 合併以來的最高水準；若以調整後口徑（排除期間較高的資遣費用影響）則將超過 40%。此一大幅改善部分可由 microsystemas 的除併所解釋。此外，與 Banco Macro 的合資企業（JV）亦帶來正面影響，使 Telecom x TMA 的利潤率提升 1.4 個百分點。

A TMA standalone on EBITDA margin reached 28.7% and would exceed 30% on an adjusted basis, excluding the impact of higher severance charges of TMA. Consolidated CapEx amounted to approximately $0.3 billion for the first-quarter ended in March 2026, reflecting an intensity of 18.4% over revenues for the period.

TMA 單體的 EBITDA 利潤率達 28.7%；若以調整後口徑（排除 TMA 較高的資遣費用影響）則將超過 30%。截至 2026 年 3 月止第一季，合併資本支出（CapEx）約為 3 億美元，期間資本支出強度為營收的 18.4%。

Investments continue to prioritize the expansion of both fixed and mobile access networks, particularly the rollout of fiber-to-the-home network and 5G infrastructure. Our net debt to EBITDA leverage ratio stood at around 1.4 times in first Q26, significantly improving versus first Q24 and '25, reflecting a solid debt management in a context of growing EBITDA regeneration.

投資仍以擴充固網與行動接取網路為優先，特別是光纖到府（FTTH）網路與 5G 基礎建設的布建。我們的淨負債／EBITDA 槓桿比率在 1Q26 約為 1.4 倍，較 1Q24 與 1Q25 顯著改善，反映在 EBITDA 持續成長的背景下，公司穩健的負債管理。

As detailed in the following slide, our fixed segment continues to deliver consistent growth. Supported by FTTH expansion across personal and TMA in Broadband and by strong commercial performance and personal flow in PayTV. In mobile service, revenues for telecom, excluding TMA, increased by 9% year-over-year. Fintech and regional operations also continue to show solid trends.

如下一頁所示，我們的固網事業仍持續交出穩健成長。此成長受惠於 Personal 與 TMA 在寬頻業務的 FTTH 擴張，以及付費電視（PayTV）強勁的商業表現與 Personal 的用戶流入。在行動服務方面，Telecom（不含 TMA）的營收年增 9%。金融科技（Fintech）與區域營運亦持續展現穩健趨勢。

From slide 4 onwards, we will take a closer look at the performance of the business, highlighting operational trends, commercial evolution, and the impact of the recent acquisition on key indicators. Slide 5 highlights the positive evolution in real terms of service revenues and ARPO trends, both for telecom and the ones provided by our subsidiary TMA.

自第 4 頁起，我們將更深入檢視業務表現，重點說明營運趨勢、商業發展，以及近期收購對關鍵指標的影響。第 5 頁強調服務營收與 ARPO 趨勢在實質面向的正向演進，涵蓋 Telecom 以及子公司 TMA 所提供的相關數據。

On a consolidated basis, total revenues as of 1Q26 amounted to over 2.3 trillion pesos, increasing 31% in real terms versus 1Q25, showing a 72 nominal increase. Service revenues has reached over $1.6 billion, increasing 34% year-over-year in constant pesos.

以合併口徑計算，1Q26 總營收超過 2.3 兆比索，較 1Q25 以實質計算成長 31%，名目成長 72%。服務營收已達逾 1.6 兆比索，按固定比索計年增 34%。

Excluding the contribution from TMA, total service revenues grew almost. 2% year-over-year in real terms, reflecting a solid commercial execution. Furthermore, mobile, broadband, and pay TV service revenues has been growing in real terms at a weighted average growth rate of almost 5%. It is worth noting that the year-over-year comparison is impacted by the fact that 1Q25 included only one month of TMA's contributions, while 1Q26 reflects a full quarter of consolidated results. TMA, on a standalone basis, reported several revenues of over $0.6 billion in 1Q26, remaining broadly stable in real terms compared. To the previous year.

若排除 TMA 的貢獻，總服務營收以實質計算年增近2%，反映穩健的商業執行。此外，行動、寬頻與付費電視的服務營收以實質計算，按加權平均的成長率接近 5%。值得注意的是，年對年比較受到以下因素影響：1Q25 僅包含 TMA 一個月的貢獻，而 1Q26 則反映合併結果的完整一季。TMA 以單體口徑在 1Q26 報告服務營收逾 0.6 兆比索，與前一年相比在實質面向大致持平。

It is important to clarify that telecom does not determine TMA's pricing strategy. TMA continues to define and implement its own commercial strategy independently, in line with its specific market positioning and operational priorities. In US dollar terms, ARPU performs various across segments. Mobile ARPU delivers a solid growth, while the broadband and pay TV. Our poll showed a more moderate evolution. Overall, these trends are consistent with our continued focus on value management across the portfolio.

需要澄清的是，Telecom 並不決定 TMA 的定價策略。TMA 仍依其特定的市場定位與營運優先事項，獨立制定並執行其自身的商業策略。以美元計，ARPU 在各業務區隔的表現不一。行動 ARPU 呈現穩健成長，而寬頻與付費電視則呈現較為溫和的變化。整體而言，這些趨勢與我們持續聚焦於全產品組合的價值管理一致。

Slide 6 shows the evolution of our products, where we continue to observe growth in more segments of our subscriber base. For personal, in the mobile segment, during the first-quarter of 2026, we continue to observe defects of our updated disconnection criteria for new prepaid ads in personal mobile. This change shortened the period of inactivity required to deactivate a dormant prepaid line, mainly explained the 12.2 reductions year-over-year in prepaid, reaching over 11.5 million accesses in 1Q26.

第 6 頁顯示我們產品的演進，我們持續觀察到在更多區隔的用戶基礎出現成長。就 Personal 而言，在行動業務方面，於 2026 年第一季，我們持續觀察到針對 Personal 行動新預付卡用戶所更新的斷線判定標準之影響。此變更縮短了停用休眠預付卡門號所需的不活躍期間，主要解釋了預付卡用戶年減 12.2%，使 1Q26 的接取數超過 1,150 萬。

Postpaid decreases 3.7% year-over-year, reaching almost 8 million accesses. It is important to highlight that in prepaid, the decrease is mainly explained by the connection of lines with no significant traffic, thus not generate an impact on our mobile service revenues.

後付費用戶年減3.7%，接取數接近800萬。需要特別強調的是，在預付費方面，下降主要是因為連接了沒有顯著流量的門號，因此不會對我們的行動服務營收造成影響。

The participation of PuffPay subscribers over the total mobile subscribers is currently 41% of our total mobile base, up to 39% that we have in first Q25. Despite the mentioned reductions in the customer base, the mobile segment continues to deliver solid top-line performance, with mobile revenues at telecom, excluding TMA, growing approximately 9% year-on-year. In broadband, we have observed growth driven mainly by higher FTTH adoption. Our subscriber base has registered an increase of 3.3% year-over-year, reaching almost 4.2 million accesses in 1Q26. FTTH now represents 33% of personnel broadband base, with almost 1.4 million accesses, supported by the acceleration of our fiber rollout.

PuffPay 訂戶占整體行動訂戶的比重目前為我們行動用戶總基數的41%，高於我們在25年第一季的39%。儘管客戶基數如前述有所下降，行動業務仍持續展現穩健的營收表現；電信業務中的行動營收（不含TMA）年增約9%。在寬頻方面，我們觀察到成長主要由FTTH採用率提升所帶動。我們的訂戶基數年增3.3%，於26年第一季接取數接近420萬。在光纖鋪設加速的支持下，FTTH目前占Personal寬頻基數的33%，接取數接近140萬。

In PayTV. Our Flow platform continues with a good performance as Personal Flow page TV accesses have grown year over year. Personal Flow subscriber base in Argentina has grown 4.7% year over year, reaching almost 3.3 million accesses, reflecting an improvement in terms of net adds, mostly due to the strong performance of our Flow Flex platform.

在付費電視（PayTV）方面。我們的Flow平台持續表現良好，Personal Flow付費電視接取數年增。阿根廷的Personal Flow訂戶基數年增4.7%，接取數接近330萬，反映淨增用戶改善，主要受惠於我們Flow Flex平台的強勁表現。

During 1Q26. Personal Flow's unique customers reached 1.8 million, increasing by over 250,000 total clients, or 17% when compared to the same period in 1 Q25. TMA-provided figures have shown solid results across its core segments, particularly mobile and broadband. In mobile, we have seen strong growth in post by customers. With an increase of 2.9% year-over-year, reaching almost 9.5 million postpaid accesses.

在26年第一季期間。Personal Flow的獨立客戶數達180萬，較25年第一季同期增加超過25萬名客戶，增幅為17%。TMA提供的數據在其核心業務板塊（尤其是行動與寬頻）呈現穩健成果。在行動方面，我們看到後付費客戶強勁成長。後付費接取數年增2.9%，接近950萬。

Postpaid customers represent 49% of TMA's total mobile base. These figures include machine-to-machine connections for more than 2.9 million accesses, increasing by 10% versus 1Q 2025. In broadband, TMA continues to demonstrate a solid expansion. Broadband accesses grew by 4.8%.

後付費客戶占TMA行動用戶總基數的49%。上述數據包含超過290萬的機器對機器（M2M）連線接取數，較2025年第一季增加10%。在寬頻方面，TMA持續展現穩健擴張。寬頻接取數成長4.8%。

Year-over-year, reaching more than 1.6 million accesses. Approximately 96% of broadband customer base is on FTTH technology. In PTB, TMA has seen a modest decline in the year-over-year comparison, but grew in the same quarter-over-quarter. The subscriber base decreased by 1.8% year-over-year, with a net loss of approximately 7,000 customers. Bringing the total to 410,000.

年增後接取數超過160萬。寬頻客戶基數約96%採用FTTH技術。在PTB方面，TMA在年對年比較中小幅下滑，但在同一季的季對季比較中成長。訂戶基數年減1.8%，淨流失約7,000名客戶。使總數達到410,000。

When combining the evolution of both telecom and TMA subscriber basis, we observed overall growth across fixed segments, which is a positive achievement. Broadband shows a combined growth of 3.7% and PayTV 3.9%, confirming the recovery trends in fixed services, while mobile subscribers shows a decrease, mainly driven by the reasons mentioned above, particularly within the pre-paid segment.

綜合電信與TMA兩者訂戶基數的變化，我們觀察到固定業務整體呈現成長，這是一項正面成果。寬頻合計成長3.7%，PayTV合計成長3.9%，確認固定服務的復甦趨勢；而行動訂戶則呈現下降，主要由前述原因所致，尤其是在預付費區塊。

Moving to slide 7, we will review the performance of our regional operations. Our operation in Paraguay continues with a very good strong performance. Revenue has grown almost 25% year-over-year in US Dollars. FBDA has grown 34% year-over-year, reaching an equivalent of $36 million equivalent in US Dollars.

接著看第7頁，我們將回顧區域營運表現。我們在巴拉圭的營運持續維持非常強勁的表現。以美元計，營收年增接近25%。FBDA年增34%，以美元計約達3,600萬美元等值。

While also showing a strong EBITDA margin of over 50%. Our operation continues mostly unlevered with a net debt ratio of 0.1 times. Regarding customer bases, in Paraguay, we reached 2.6 million mobile customers. And growing 1% year over year. Our fixed broadband and pay TV offering in that country also continues to show good results, where customer bases amounted to 357,000 and 110,000 subscribers, respectively. Personal pay onboarded clients in Paraguay amounted to almost 1 million. In Uruguay. We count with 94,000 pay TV customers and approximately 3.2 thousand broadband customers as of March 2026.

同時EBITDA利潤率也超過50%，表現強勁。我們的營運大多維持低槓桿，淨負債比為0.1倍。就客戶基數而言，在巴拉圭，我們的行動客戶達260萬。並年增1%。我們在該國的固網寬頻與付費電視方案也持續展現良好成果，客戶基數分別為357,000與110,000名訂戶。Personal Pay在巴拉圭的已開通（onboarded）客戶接近100萬。在烏拉圭。截至2026年3月，我們有94,000名付費電視客戶，以及約3.2千名寬頻客戶。

Personal Pays has reached almost 5 million onboarded clients in Argentina, reflecting a 28 annual percent growth. The platform achieved 1.2 times increases in total payment volumes during 1Q26.

Personal Pay在阿根廷的已開通客戶接近500萬，反映年增28%。該平台在26年第一季的總支付交易量增加至1.2倍。

Additionally, our lending businesses continue to gain traction. With loan organisations excluding extra paid, reaching 11.2 billion pesos in first Q26, up 25% year-over-year and accelerating more than 60% versus four Q25, driven by the strategic partnership with Banco Macro and the ramp-up of our microlending product.

此外，我們的放貸業務持續取得進展。第一季26的放款發放額（不含extra paid）達112億披索，年增25%，且較25年第四季加速超過60%；此成長由與Banco Macro的策略合作，以及我們小額信貸產品的放量所帶動。

In slide 8, we provide an overview of our EBITDA margin evolution. During the first-quarter of 2026, EBITDA reached approximately 820 billion pesos, representing a 37% year-over-year increase in real terms. This was driven by a 31% increase in revenues, while operating costs grew at a lower pace, up to 28% year-over-year, lending to an expansion in profitability.

在第8頁，我們提供EBITDA利潤率變化的概覽。2026年第一季，EBITDA約達8,200億披索，以實質計年增37%。這主要由營收成長31%所帶動，而營運成本增速較低，年增28%，從而推動獲利能力擴張。

As Vivrily mentions, the year-over-year comparison reflects the fact that the first Q25 included only one month of TMA contributions, while first Q26 incorporates a full quarter of consolidated results. As a result, the BDA margin improved to 34.8% in first Q26, compared to the 33.2% in first Q, showing a strong year-over-year expansion. Additionally, excluding the increase of consolidated severances charges, the BDA margin would have reached 36%, further highlighting the underlying strength of our business.

如Vivrily所提，年對年比較反映25年第一季僅包含TMA貢獻的一個月，而26年第一季則納入整季的合併結果。因此，26年第一季BDA利潤率提升至34.8%，相較於第一季的33.2%，呈現強勁的年對年擴張。此外，若排除合併資遣費用增加的影響，BDA利潤率將達36%，進一步凸顯我們業務的基本面韌性。

Slide 9 shows the evolution of a BDA year-over-year and the impact of the different components of revenues and costs. In real terms. EBITDA increased by 220 billion pesos or 37% year-over-year if reflecting both the positive contribution from DMA and our ongoing efficiency efforts.

第9頁顯示BDA的年對年變化，以及營收與成本各項組成對其影響（以實質計）。EBITDA年增2,200億披索或37%，反映DMA的正向貢獻以及我們持續推動的效率提升。

The lines that contributed the most to this margin expansion were: Fees for service, maintenance and materials, mainly due to the lower cost of maintenance, materials and supplies, and process automation call standards. Commissions and advertising cost variation has impacted by lower media advertising revenues and to a smaller extent by reduced commissions for a lower profitability activity.

對利潤率擴張貢獻最大的項目包括：服務費、維護與材料費，主要由於維護、材料與耗材成本下降，以及流程自動化與客服標準化。佣金與廣告成本的變動，受到媒體廣告收入下降的影響，並在較小程度上因較低獲利活動的佣金減少而受影響。

Finally, handset costs. And mainly reflecting our continued efforts to reduce labor costs associated with the right-sizing of our operations that aims to increase productivity, efficiency, and profitability. It is important to highlight that if we exclude the effects of the increase in the round rate of several charges during first Q26, the consolidated margin would have reached 36%, thus registration an expansion of 280 basis points versus 1Q25. Now, let me pass the call to Luis, who will continue the presentation.

最後是手機終端成本。並主要反映我們持續透過營運規模調整來降低人力成本，以提升生產力、效率與獲利能力。需要強調的是，若排除26年第一季若干費用按名目匯率上升的影響，合併利潤率將達36%，相較25年第一季擴張280個基點。接下來我把電話交給Luis，由他繼續簡報。

Thank you.

謝謝。

Financials by Luis Rialuaro. Thank you, Federico. Slide 10 shows the company's consolidating net results on EBIT. Our consolidated EBIT increased in the first-quarter of '26 as we registered an expansion of the EBITDA in real terms. We recorded an operating income for the first Q of '26 of 296 billion pesos.

Luis Rialuaro的財務部分。謝謝你，Federico。第10頁顯示公司合併淨結果與EBIT。我們的合併EBIT在26年第一季增加，因為我們以實質計錄得EBITDA擴張。26年第一季的營業利益為2,960億披索。

The operating margin during the first Q of 26 was 12.5% of consolidated revenues in real terms and, in historical figures, the same margin was almost 27%. During the first-quarter of 26, the company recorded a consolidated net income of approximately 643 billion pesos, compared to a net income of almost 124 billion pesos in the first Q of 25.

26年第一季的營業利潤率以實質計為合併營收的12.5%；以歷史名目數字計，同一利潤率接近27%。26年第一季，公司錄得合併淨利約6,430億披索，相較於25年第一季約1,240億披索的淨利。

The results in both first-quarter of '25 and first-quarter of '26 were largely driven by financial effects. In both periods, the real appreciation of the peso generated net financial income, mainly related to the impact over a foreign currency denominated financial debt. This dynamic resulted in positive exchange differences in real terms. Which, together with the EBIT expansion, explain the growth of net income in the first Q of '26.

2025 年第一季與 2026 年第一季的結果主要皆由財務因素所驅動。在兩個期間內，披索的實質升值帶來淨財務收益，主要與外幣計價金融負債所受影響相關。此一動態在實質層面產生了正向的匯兌差額。再加上 EBIT 的擴張，共同解釋了 2026 年第一季淨利的成長。

Slide 11 displays a summary of the company's consolidated CapEx in PP&E and intangible assets during the first-quarter of 2026, which amounted to almost 434 billion pesos, or an equivalent of over $0.3 billion at the official FX rate. This represents a consolidated intensity over revenues. Of 18.4%.

投影片 11 顯示公司於 2026 年第一季在不動產、廠房及設備（PP&E）與無形資產的合併資本支出（CapEx）摘要，金額接近 4,340 億披索，按官方匯率折算相當於超過 3 億美元。這代表合併層級的資本支出占營收比重。為 18.4%。

This amount is 85% higher when compared to the previous year in constant pesos, with a strong focus on FTGH expansion and 5G deployment. It is worth noting that the first Q25 figure included only one month of TMA's contribution, while the first-quarter of 26 reflects a full quarter of consolidated CapEx, including TMA, which partially explains the significant year-over-year increase. Technical CapEx includes mainly investments in our access network and technology, representing.

以不變披索計算，該金額較前一年高出 85%，重點聚焦於 FTGH 擴張與 5G 部署。值得注意的是，2025 年第一季的數字僅包含 TMA 貢獻的一個月，而 2026 年第一季則反映完整一季的合併資本支出（包含 TMA），這也部分解釋了顯著的年增幅。技術性資本支出主要包含對我們接取網路與技術的投資，佔比為。

Of the CapEx during the first Q26. Over the course of the first Q26, nearly 780 existing sites were upgraded. We also added over 210 new 5G sites operating in a 3.5 gigahertz band during the quarter. And our 5G network footprint reached more than 1,300 sites as of March 31, 2026.

2026 年第一季資本支出中的佔比。在 2026 年第一季期間，近 780 個既有站點完成升級。我們也在本季新增超過 210 個於 3.5 GHz 頻段運作的 5G 新站點。截至 2026 年 3 月 31 日，我們的 5G 網路覆蓋已達 1,300 多個站點。

In our fixed access network, we performed overlay of almost 11.4 thousand blocks of FTTH network. Approximately 25% of our CapEx of the first-quarter of '26 was allocated to installations and customer premise equipment, or CPE, which are installations and equipment in the homes of our clients, and 9% to our international operations.

在我們的固定接取網路方面，我們完成了近 1.14 萬個街區的 FTTH 網路覆蓋疊加（overlay）。2026 年第一季約 25% 的資本支出用於安裝與客戶端設備（CPE），亦即客戶家中的安裝與設備；另有 9% 用於我們的國際營運。

Slide 12 describes our consolidated cash flow generation during the first-quarter of 2026, compared with the same period of 2025. Our cash flow generation remained robust. Free cash flow before dividends and interest payments during the first-quarter of '26 was equivalent to US$216 million, compared to the free cash flow obtained as of the first-quarter of '25, which generated an expansion of more than US$130 million, mainly related to the expansion of the BDA, also equivalent in US dollars.

投影片 12 說明我們 2026 年第一季相較 2025 年同期的合併現金流量創造情形。我們的現金流量創造仍然強勁。2026 年第一季在股利與利息支付前的自由現金流相當於 2.16 億美元，較 2025 年第一季的自由現金流增加逾 1.3 億美元，主要與 BDA 的擴張相關（同樣以美元計）。

Slide 13 shows our key figures for the last 12 months of the first-quarter of '26 compared to the fiscal year of '25. The conversion to US dollars is obtained by dividing the figures in constant pesos at the end of each period and using the end of period spot FX rate. Consolidated FBDA on a last 12-month basis reached almost $2.2 billion as of March of 2026.

投影片 13 顯示截至 2026 年第一季之過去 12 個月（LTM）的關鍵指標，並與 2025 會計年度比較。美元換算係以各期末的不變披索金額除以期末即期匯率取得。合併 FBDA 以過去 12 個月基礎計算，截至 2026 年 3 月接近 22 億美元。

Our gross debt amounted to almost $4 billion of March of 2026, while the company holds cash and equivalents for almost $0.9 billion, resulting in a net debt of $3.1 billion, decreasing in dollar terms versus the fiscal year 2025. The company's cash position includes proceeds from the Class 27 international notes to.

截至 2026 年 3 月，我們的總負債接近 40 億美元；公司持有約 9 億美元的現金及約當現金，因此淨負債為 31 億美元，按美元計較 2025 會計年度下降。公司的現金部位包含第 27 類國際票據的募集款項，用於。

2036 already received and to be applied to cover $109 million equivalents of local loans and the $82 million equivalents of local dollar-linked notes, class 20, which are shown in the debt maturity profile outstanding as of March 31, 2026.

2036 年到期的款項已收訖，並將用於償付相當於 1.09 億美元的本地貸款，以及相當於 8,200 萬美元的本地美元連結票據（第 20 類）；這些均列示於截至 2026 年 3 月 31 日的未償債務到期結構中。

Consequently, our net debt to EBITDA leverage ratio improved significantly to 1.4 times in the last 12 months of the first year of 2026, down from the 1.7 times in the last 12 months as of the fiscal year of 2025, reflecting stronger cash generation, a higher consolidated EBITDA base and a solid balance sheet.

因此，我們的淨負債／EBITDA 槓桿比在截至 2026 年第一季的過去 12 個月顯著改善至 1.4 倍，低於截至 2025 會計年度之過去 12 個月的 1.7 倍，反映更強的現金創造、更高的合併 EBITDA 基礎以及穩健的資產負債表。

Slide 14 shows the breakdown of our debt maturity profile. As previously mentioned, the company's cash position includes proceeds from the Class 27 international notes due to 2036, already received, and to be applied to cover the. $9 million equivalent of local notes and the $82 million equivalent of local dollar-linked notes, class 20, which are shown in this maturity profile.

投影片 14 顯示我們的債務到期結構拆解。如前所述，公司的現金部位包含 2036 年到期第 27 類國際票據的募集款項，已收訖，並將用於償付。相當於 900 萬美元的本地票據，以及相當於 8,200 萬美元的本地美元連結票據（第 20 類），並已於此到期結構中列示。

And this will be repaid with these funds. As a result of these liability management actions, we extended the average life of our debt to almost five years, reinforcing a more balanced maturity profile and ultimately reducing refinancing risk. Our maturity profile for the upcoming years is highly the concentrated and manageable, and we will continue with our liability management strategy, aiming to reduce costs and expand tenants. Additionally, we also maintain a very good relationship with our multilateral and export accreditation systems and have availability of financing from local banks. So let me conclude in slide 15 with some takeaways from this period.

並將以這些資金償還。由於這些負債管理行動，我們將債務平均存續期間延長至接近五年，強化更均衡的到期結構，並最終降低再融資風險。我們未來幾年的到期結構高度集中但可控；我們將持續推動負債管理策略，目標是降低成本並擴大承租戶（tenants）。此外，我們也與多邊機構及出口信貸體系維持良好關係，並可取得本地銀行融資。接下來我將在投影片 15 以本期重點作結。

Profitability continued to strengthen. During the quarter, we achieved a consolidated BDA margin of 34.8%. For its part, Telecom Standalone reported its highest BDA margin since the merger with Cavalivision in 2018, reaching over 38% and exceeding 40% on an adjusted basis, excluding the increase in the run rate of severance charges, reflecting a strong recovery in profitability.

獲利能力持續增強。本季我們達成合併 BDA 利潤率 34.8%。另一方面，Telecom 單體（Standalone）自 2018 年與 Cavalivision 合併以來，BDA 利潤率創新高，超過 38%；在調整後基礎（排除資遣費用執行率上升）下更超過 40%，反映獲利能力強勁復甦。

Additionally, TMA also showed a meaningful improvement, exceeding 30% on an adjusted basis, excluding the increase in severance charges. At the same time, we continued executing our 5G and FTTH deployment strategy, with CapEx over revenues reaching 18.4% for Telecom Argentina on a consolidated basis. These investments are key to strengthening network quality, supporting data consumption growth, and reinforcing our long-term competitive positioning.

此外，TMA 亦呈現顯著改善，在調整後基礎（排除資遣費用增加）下超過 30%。同時，我們持續執行 5G 與 FTTH 部署策略，Telecom Argentina 合併口徑的資本支出占營收比重達 18.4%。這些投資是強化網路品質、支撐數據使用量成長並鞏固我們長期競爭定位的關鍵。

Telecom and TMA's customer base expanded in pay TV and broadband, given in a very competitive market. And at the same time, the company continued to deliver real growth in service revenues. On a consolidated basis, service revenue grew 34% year-over-year in real terms, mainly driven by the cooperation of TMA. Excluding TMA, service revenues increased by almost 2% year-on-year in real terms during the quarter. Continuing a positive trend we began to see during 2025.

在競爭非常激烈的市場中，Telecom 與 TMA 的付費電視與寬頻客戶基礎均有所擴大。同時，公司持續實現服務營收的實質成長。合併口徑下，服務營收以實質計年增 34%，主要由 TMA 的併入所帶動。若排除 TMA，本季服務營收以實質計年增近 2%。延續我們在 2025 年開始看到的正向趨勢。

In addition, mobile service revenues for telecom, excluding TMA, increased by 9% year-over-year. Cash generation remained solid. We delivered continued growth in free cash flow while maintaining a strong cash position, mostly heading US dollar-denominated instruments, providing liquidity, resilience and flexibility. And finally, we further strengthened our liability profile, supported by. A strong improvement in net leverage, net debt to EBITDA decreased from 1.9 in the first Q of 2025 to 1.4 times in the first Q of 2026.

此外，Telecom 的行動服務營收（排除 TMA）年增 9%。現金創造維持穩健。在維持強勁現金部位的同時，我們持續推動自由現金流成長；現金多數配置於美元計價工具，提供流動性、韌性與彈性。最後，我們進一步強化負債結構，受惠於。淨槓桿顯著改善，淨負債／EBITDA 自 2025 年第一季的 1.9 倍降至 2026 年第一季的 1.4 倍。

At the same time, we extended the average life of our debt to almost five years and achieved a smoother maturity profile, supported by ample liquidity and diversified funding sources. These actions position us well to sustain long-term growth. With this, now we are more than pleased to answer any questions you may have. Q&A session will be open immediately. Thank you very much.

同時，我們將債務平均存續期間延長至接近五年，並在充裕流動性與多元資金來源支持下，達成更平滑的到期結構。這些行動使我們具備良好條件以支撐長期成長。接下來，我們非常樂意回答各位的任何問題。問答環節將立即開放。非常感謝。