Telecom Argentina (TEO) officer discloses 13,018 Class B shares, mostly via ADRs

Rhea-AI Filing Summary

TELECOM ARGENTINA SA executive Guillermo Paez has filed an initial ownership report showing his current stake in the company. He directly holds 13,018 Class B shares, establishing his baseline equity position as an officer.

The holdings include 10,075 Class B shares that are held in the form of 2,943 American Depository Receipts (ADRs), with each ADR representing five Class B shares. The filing does not report any recent purchases or sales, only Paez’s existing ownership.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Paez Guillermo

(Last) (First) (Middle)

GENERAL HORNOS 690

(Street)

BUENOS AIRES C1 C1272ACK

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026

3. Issuer Name and Ticker or Trading Symbol
TELECOM ARGENTINA SA [ TEO ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See remarks

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Shares	13,018(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The securities reported herein include 10,075 Class B shares held in the form of 2,943 American Depository Receipts ("ADRs"). Each ADR represents five Class B shares.

Remarks:

Director of Platforms and Services. Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Luis Fernando Rial Ubago, Attorney-in-fact	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What does Guillermo Paez’s Form 3 filing show for TELECOM ARGENTINA (TEO)?

The filing shows Guillermo Paez’s initial ownership in TELECOM ARGENTINA, reporting 13,018 Class B shares held directly. This establishes his baseline equity stake as an officer, without indicating any new purchase or sale activity.

How many TELECOM ARGENTINA Class B shares does Guillermo Paez hold?

Guillermo Paez holds 13,018 Class B shares of TELECOM ARGENTINA. This figure represents his direct ownership as reported in the initial statement, providing a snapshot of his equity position in the company at that time.

How many TELECOM ARGENTINA ADRs are included in Guillermo Paez’s holdings?

Paez’s reported holdings include 2,943 American Depository Receipts (ADRs) for TELECOM ARGENTINA. According to the disclosure, these ADRs together represent 10,075 Class B shares as part of his total direct ownership.

Are there any recent buy or sell transactions by Guillermo Paez in this TELECOM ARGENTINA filing?

No, this disclosure does not show recent buy or sell transactions. It is an initial ownership report listing Guillermo Paez’s existing 13,018 Class B shares, including those held as ADRs, rather than documenting new trading activity.

What portion of Guillermo Paez’s TELECOM ARGENTINA stake is held through ADRs?

The report states that 10,075 Class B shares are held in the form of 2,943 ADRs. These ADR-based shares form a substantial part of his total 13,018 Class B shares directly owned in TELECOM ARGENTINA.