BALANCES AND TRANSACTIONS WITH RELATED PARTIES

12 Months Ended

Dec. 31, 2024

BALANCES AND TRANSACTIONS WITH RELATED PARTIES

BALANCES AND TRANSACTIONS WITH RELATED PARTIES

NOTE 27 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

a) Controlling Company

CVH is the controlling company of Telecom Argentina, holding 28.16% of the capital stock of the Company. Additionally, both CVH and FTL, contributed to the Voting Trust (the Voting Trust Agreement was formalized on April 15, 2019), in accordance with the Shareholders´ Agreement, shares representing 10.92% of the capital of the Company so the shares subject to such agreement represent 21.84% of the total capital of the Company (the “Shares in Trust”).

According to the Voting Trust Agreement, the trustee appointed by CVH must vote the Shares in Trust as instructed or voted by CVH with respect to all issues except in respect of certain matters subject to veto under the Shareholders’ Agreement dated July 7, 2017.

b) Balances with Related parties

●	Associates and Joint venture


CURRENT ASSETS		Kind of related party		As of December 31,
Trade receivables				2024	2023
Ver TV		Associate		—	27
OPH		Joint venture		56	71
				56	98
Other receivables
La Capital Cable		Associate		—	557
Ver TV		Associate		—	5
				—	562
CURRENT LIABILITIES
Trade payables
La Capital Cable		Associate		252	9
TSMA		Associate		—	2
OPH		Joint venture		581	2,844
				833	2,855
Other liabilities
OPH		Joint venture		3,672	6,263
				3,672	6,263
NON - CURRENT LIABILITIES
Other liabilities
OPH		Joint venture		3,361	10,978
				3,361	10,978

●Other related parties


CURRENT ASSETS	As of December 31,
Trade receivables	2024	2023
Other related parties	2,287	1,742
	2,287	1,742
Other receivables
Other related parties	773	11
	773	11
CURRENT LIABILITIES
Trade payables
Other Related parties	14,812	12,183
	14,812	12,183

c) Transactions with Related parties

●Associates and Joint venture


		Transaction		Kind of related party		Years ended December 31,
						2024	2023	2022

						Profit (loss)
						Revenues
La Capital Cable		Services revenues and other revenues		Associate		161	271	579
Ver TV		Services revenues and other revenues		Associate		65	88	—
OPH		Services revenues and other revenues		Joint venture		410	223	—
						636	582	579
						Operating costs
La Capital Cable		Fees for services		Associate		(2,170)	(2,311)	(1,471)
OPH		Fees for services		Joint venture		(1,090)	—	—
						(3,260)	(2,311)	(1,471)

●	Other Related parties


		Transaction		Years ended December 31,
				2024	2023	2022

				Profit (loss)
				Revenues
Other Related parties		Services and advertising revenues		7,031	5,243	4,111
				7,031	5,243	4,111
				Operating costs
Other Related parties		Programming costs		(49,593)	(47,231)	(57,706)
Other Related parties		Editing and distribution of magazines		(5,023)	(7,242)	(10,215)
Other Related parties		Advisory services		(10,663)	(6,125)	(7,378)
Other Related parties		Advertising purchases		(2,883)	(3,888)	(5,997)
Other Related parties		Other purchases and commissions		(7,586)	(2,972)	(2,539)
				(75,748)	(67,458)	(83,835)

The transactions discussed above were made on an arm’s length transaction basis.When Telecom’s transactions represented more than 1% of its total shareholders’ equity, they were approved according to Law No, 26,831, the Bylaws and the Executive Committees’ Faculties and Performance Regulation.

d) Key Managers

Compensation for Directors for technical-administrative functions and Key Managers includes fixed and variable compensation, retention plans, social security contribution, and, in some cases, accrued severance compensation. Compensation for Directors and Key Managers of Telecom Argentina for the years ended December 31, 2024, 2023 and 2022 amounted to $17,266 million, $5,898 million and $2,775 million, respectively (in currency of the transaction date), and were recorded as expenses under the line item “Employee benefits expenses and severance payments”. As of December 31, 2024, an amount of $9,640 million remained unpaid.

Telecom Argentina has recorded fees of its Board of Directors’ members of $3,224 million, $765 million and $435 million for the year ended December 31, 2024, 2023 and 2022, respectively (in currency of the transaction date). As of December 31, 2024, there are no unpaid balances.

The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company’s subsidiaries.