阿根廷电信 2025年年度报告和过渡报告

FORM20-F (Mark One) ☐REGISTRATIONSTATEMENT PURSUANT TO SECTION 12(b)OR 12(g)OF THE SECURITIESEXCHANGE ACT OF 1934 OR ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934For the fiscalyear endedDecember 31, 2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACTOF 1934For the transition period fromto ☐SHELL COMPANY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934 Commission file number:1-13464 *Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirementsof the Securities and Exchange Commission. Table of Contents Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of theperiod covered by the annual report. ClassA Shares, nominal value P$1.00 eachClassB Shares, nominal value P$1.00 eachClassC Shares, nominal value P$1.00 eachClassD Shares, nominal value P$1.00 each Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. ☒Yes☐No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant toSection13 or 15(d)of the Securities Exchange Act of 1934. ☐Yes☒No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports) and (2)has been subject to such filing requirements for the past 90days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted and posted pursuant to Rule405 of Regulation S-T during the preceding 12months (or for such shorter period thatthe registrant was required to submit and post such files). ☒Yes☐No Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. (Check one): Large acceleratedfiler☐Non-acceleratedfiler☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check markif the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards† provided pursuant to Section13(a)of the Exchange Act.☐ The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting StandardsBoard to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in thisfiling: If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item theregistrant has elected to follow. ☐Item17☐Item18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of theExchange Act).☐Yes☒No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or15(d)of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. TABLE OF CONTENTS PagePRESENTATION OF FINANCIAL INFORMATION1FORWARD-LOOKING STATEMENTS3GLOSSARY OF TERMS5PARTIITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS12ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE12ITEM 3.KEY INFORMATION12ITEM 4.INFORMATION ON THE COMPANY42ITEM 4A.UNRESOLVED STAFF COMMENTS73ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS74ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES111ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS126ITEM 8.FINANCIAL INFORMATION130ITEM 9.THE OFFER AND LISTING131ITEM 10.ADDITIONAL INFORMATION133ITEM 11.QUANTITATIVE AND QUALITATI