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, 2024, 2023 and 2022:

◻

Consolidated Income Statement as of December 31, 2024


	ICT Services in Argentina			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	664,201	3,829,937	266,915	63,773	330,688	(23,029)	4,137,596
Operating costs without depreciation, amortization and impairment of Fixed Assets
Employee benefit expenses and severance payments	(823,975)	(169,612)	(993,587)	(24,450)	(5,718)	(30,168)	—	(1,023,755)
Fees for services, maintenance, materials and supplies	(393,042)	(118,206)	(511,248)	(35,839)	(8,599)	(44,438)	5,229	(550,457)
Taxes and fees with the Regulatory Authority	(258,519)	(53,793)	(312,312)	(10,931)	(2,379)	(13,310)	—	(325,622)
Commissions and advertising	(133,932)	(24,889)	(158,821)	(62,477)	(14,085)	(76,562)	3,157	(232,226)
Programming and content costs	(172,422)	(34,428)	(206,850)	(25,570)	(6,596)	(32,166)	—	(239,016)
Other operating costs without depreciation, amortization and impairment of Fixed Assets	(429,466)	(126,821)	(556,287)	(47,831)	(12,168)	(59,999)	14,643	(601,643)
Adjusted EBITDA	954,380	136,452	1,090,832	59,817	14,228	74,045	—	1,164,877

Depreciation, amortization and impairment of Fixed Assets								(1,311,344)
Operating loss								(146,467)
Losses from associates and joint ventures								(11,474)
Financial results from borrowings								1,455,571
Other financial results, net								144,776
Income before income tax								1,442,406
Income tax expense								(409,154)
Net income								1,033,252

Attributable to:
Controlling Company								1,012,404
Non-controlling interest								20,848
								1,033,252

◻

Consolidated Income Statement as of December 31, 2023


	ICT Services in Argentina			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	3,134,943	4,188,385	81,877	234,945	316,822	(21,235)	4,483,972
Operating costs without depreciation, amortization and impairment of Fixed Assets
Employee benefit expenses and severance payments	(279,608)	(809,275)	(1,088,883)	(8,277)	(23,151)	(31,428)	—	(1,120,311)
Fees for services, maintenance, materials and supplies	(131,861)	(399,380)	(531,241)	(9,292)	(26,177)	(35,469)	3,319	(563,391)
Taxes and fees with the Regulatory Authority	(83,591)	(249,546)	(333,137)	(2,968)	(8,373)	(11,341)	—	(344,478)
Commissions and advertising	(52,319)	(158,226)	(210,545)	(13,346)	(40,395)	(53,741)	1,659	(262,627)
Programming and content costs	(55,317)	(164,208)	(219,525)	(8,532)	(24,923)	(33,455)	—	(252,980)
Other operating costs without depreciation, amortization and impairment of Fixed Assets	(145,951)	(488,140)	(634,091)	(15,714)	(44,923)	(60,637)	16,257	(678,471)
Adjusted EBITDA	304,795	866,168	1,170,963	23,748	67,003	90,751	—	1,261,714

Depreciation, amortization and impairment of Fixed Assets								(1,534,060)
Operating loss								(272,346)

Losses from associates and joint ventures								(4,111)
Financial results from borrowings								(1,381,290)
Other financial results, net								377,419
Income before income tax								(1,280,328)
Income tax benefit								736,601
Net loss								(543,727)

Attributable to:
Controlling Company								(561,242)
Non-controlling interest								17,515
								(543,727)

◻

Consolidated Income Statement as of December 31, 2022


	ICT Services in Argentina			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	505,735	4,136,903	4,642,638	36,650	298,266	334,916	(32,735)	4,944,819
Operating costs without depreciation, amortization and impairment of Fixed Assets
Employee benefit expenses and severance payments	(135,282)	(1,085,608)	(1,220,890)	(2,551)	(20,716)	(23,267)	5,452	(1,238,705)
Fees for services, maintenance, materials and supplies	(60,618)	(508,369)	(568,987)	(4,365)	(34,845)	(39,210)	8,348	(599,849)
Taxes and fees with the Regulatory Authority	(40,156)	(328,516)	(368,672)	(1,194)	(9,826)	(11,020)	—	(379,692)
Commissions and advertising	(27,422)	(220,882)	(248,304)	(5,868)	(45,955)	(51,823)	624	(299,503)
Programming and content costs	(29,442)	(242,395)	(271,837)	(4,285)	(34,063)	(38,348)	—	(310,185)
Other operating costs without depreciation, amortization and impairment of Fixed Assets	(75,866)	(639,722)	(715,588)	(6,571)	(54,196)	(60,767)	18,311	(758,044)
Adjusted EBITDA	136,949	1,111,411	1,248,360	11,816	98,665	110,481	—	1,358,841

Depreciation, amortization and impairment of Fixed Assets								(3,358,932)
Operating loss								(2,000,091)

Losses from associates and joint ventures								5,553
Financial results from borrowings								201,704
Other financial results, net								218,589
Income before income tax								(1,574,245)
Income tax benefit								179,733
Net loss								(1,394,512)

Attributable to:
Controlling Company								(1,409,383)
Non-controlling interest								14,871
								(1,394,512)

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


	As of December 31,		As of December 31,		As of December 31,
	2022		2023		2024

National Consumer Price Index (National CPI) (December 2016=100)	1,134.6		3,533.2		7,694.0

Variation in Prices
Annual	94.8	%	211.4	%	117.8	%

Banco Nación US$/$ exchange rate	177.2		808.4		1,032.0

Variation in the exchange rate
Annual	72.5	%	356.3	%	27.7	%