Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 26

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 26
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 of 
 December 31, 
         2024 
      7,694.0 | As of March 
    31, 2025 
     8,353.3 |
|:-----------------------------------|------------:|-------------:|------------:|
| Variation in prices                |             |              |             |
| Annual / Interannual               |      287.9% |       117.8% |       55.9% |
| Accumulated three months           |       51.6% |          n/a |        8.6% |
| Banco Nación US$/$ exchange rate   |         858 |        1,032 |       1,074 |
| Variation in the exchange rate     |             |              |             |
| Annual / Interannual               |      310.5% |        27.7% |       25.2% |
| Accumulated three months           |        6.1% |          n/a |        4.1% |

The National CPI has registered
an increase of 55.9% as of March 31, 2025, as compared to March 31, 2024.

As disclosed in Note 16 to these unaudited condensed
consolidated financial statements, on February 24, 2025, the Company acquired 99.999625% of the capital of TMA, exercising control over
such company. Consequently, since then, the Company consolidates TMA, and, therefore, the Company's results as of March 31, 2025 reflect
the results generated by TMA from the acquisition date. Accordingly, our results of operations for the three-month period ended March
31, 2025, are not comparable to our results of operations for the three-month period ended March 31, 2024.

|                                                                                                                |      3M25 |      3M24 |  Variation |       |
|                                                                                                                | $ million |           |  $ million |     % |
| Revenues                                                                                                       | 1,363,353 | 1,066,430 |    296,923 |  27.8 |
| Employee benefit expenses and severance payments                                                               |  -286,847 |  -246,095 |    -40,752 |  16.6 |
| Interconnection and transmission costs                                                                         |   -44,275 |   -39,120 |     -5,155 |