BALANCES AND TRANSACTIONS WITH RELATED PARTIES

12 Months Ended

Dec. 31, 2025

BALANCES AND TRANSACTIONS WITH RELATED PARTIES

BALANCES AND TRANSACTIONS WITH RELATED PARTIES

NOTE 28 – BALANCES AND TRANSACTIONS WITH RELATED PARTIES

a)	Controlling Company

As of December 31, 2025 and 2024, CVH is the controlling company of Telecom Argentina, holding 28.16% of the capital stock of Telecom Argentina. Additionally, both CVH and FTL hold 235,177,350 shares each in 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 Telecom Argentina so the shares subject to such agreement represent 21.84% of the total capital of Telecom Argentina (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				December 31,	December 31,
Trade receivables				2025	2024
OPH		Joint venture		97	61
				97	61
CURRENT LIABILITIES
Trade payables
La Capital Cable		Associate		798	272
OPH		Joint venture		1,064	626
				1,862	898
Other liabilities
OPH		Joint venture		—	3,961
				—	3,961
NON - CURRENT LIABILITIES
Other liabilities
OPH		Joint venture		—	3,625
				—	3,625

●Other related parties


CURRENT ASSETS	December 31,	December 31,
Trade receivables	2025	2024
Other related parties	2,880	2,467
	2,880	2,467
Other receivables
Other related parties	15	834
	15	834
CURRENT LIABILITIES
Trade payables
Other related parties	18,496	15,975
	18,496	15,975

c)	Transactions with Related parties

●Associates and Joint venture


		Transaction		Kind of related party		Years ended December 31,
						2025	2024	2023

						Profit (loss)
						Revenues
La Capital Cable		Services revenues and other revenues		Associate		138	174	292
Ver TV		Services revenues and other revenues		Associate		—	70	95
OPH		Services revenues and other revenues		Joint venture		777	442	241
						915	686	628
						Operating costs
La Capital Cable		Fees for services		Associate		(2,273)	(2,340)	(2,493)
OPH		Fees for services		Joint venture		(3,594)	(1,176)	—
						(5,867)	(3,516)	(2,493)

●	Other Related parties


		Transaction		Years ended December 31,
				2025	2024	2023

				Profit (loss)
				Revenues
Other Related parties		Services and advertising revenues		6,375	7,584	5,655
				6,375	7,584	5,655
				Operating costs
Other Related parties		Programming costs		(48,148)	(53,489)	(50,942)
Other Related parties		Editing and distribution of magazines		(3,715)	(5,417)	(7,811)
Other Related parties		Advisory services		(12,242)	(11,501)	(6,606)
Other Related parties		Advertising purchases		(4,759)	(3,110)	(4,194)
Other Related parties		Other purchases and commissions		(11,851)	(8,182)	(3,206)
				(80,715)	(81,699)	(72,759)

The transactions discussed above were made on arm 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 for the years ended December 31, 2025, 2024 and 2023 amounted to $31,606 million, $17,266 million and $5,898 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, 2025, an amount of $9,007 million remained unpaid.

Telecom Argentina has recorded fees of its Board of Directors’ members of $6,399 million, $3,224 million and $765 million for the year ended December 31, 2025, 2024 and 2023, respectively (in currency of the transaction date). As of December 31, 2025, there are no unpaid balances.

The members and alternate members of the Board of Directors do not hold executive positions in Telecom Argentina or its subsidiaries.