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    Mariano Andrade

    Research Analyst at BTG Pactual

    Mariano Andrade is a senior investment professional with over 25 years of experience in financial and investment analysis and portfolio management, currently serving as an analyst at BTG Pactual. His expertise centers on asset management, where he has demonstrated a strong track record in generating consistent returns through rigorous risk control. While specific performance metrics and individual company coverage are not publicly detailed, Andrade’s long-standing career highlights his experience in managing diversified portfolios and delivering value to clients. He holds advanced credentials in financial analysis and has previously contributed to major financial institutions prior to joining BTG Pactual.

    Mariano Andrade's questions to TELECOM ARGENTINA (TEO) leadership

    Mariano Andrade's questions to TELECOM ARGENTINA (TEO) leadership • Q2 2024

    Question

    Mariano Andrade from BTG Pactual sought clarification on two points: first, the cash flow comparison between H1 2023 and H1 2024, particularly regarding access to foreign capital for imports; and second, the company's intentions for further liability management for its 2024-2026 debt maturities.

    Answer

    CFO Gabriel Blasi explained that the main variation in working capital was due to the normalization of payments for imports after previous government restrictions. He detailed the successful use of 'Bop Real' bonds to settle this commercial debt with no financial loss. Regarding liability management, Mr. Blasi confirmed the company is actively managing its debt to extend tenure and reduce costs, as evidenced by recent successful transactions. He noted these actions were proactive, not urgent, and that a new US shelf registration provides future flexibility.

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