Company: TCMFF
Filing Date: 2025-08-11
Form Type: 6-K
Source: 0001104659-25-076236
Chunk: 10

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-11
Form: 6-K
Chunk 10
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vs. 2.1% in 1H24). |

| · | Other operating costs, which include litigation and contingency charges, energy                                                          
 and other utilities, insurance, rentals, and internet capacity, among others, amounted to P$177,701 million (+P$70,888 million or +66.4% 
 vs. 1H24). TMA’s contribution to 1H25 totaled P$59,975 million.                                                                          |

| · | Depreciation, amortization, and impairment of fixed assets: totaled P$831,126                                                             
 million (+P$54,293 million or +7.0% vs. 1H24). The charge for the period includes P$196,700 million corresponding to the consolidation    
 of TMA and reflects the impact of amortizations from additions after June 30, 2024, partially offset by the effect of assets that reached 
 the end of their useful life after that date.                                                                                             |

Net Financial Results

Net financial results
(including financial debt costs and other net financial results) showed a loss of P$215,364 million in 1H25 (vs. a
gain of P$1,792,664 million in 1H24). This variation was mainly driven by:

*Related to Notes issued
in UVA

The variation in consolidatednet financial results in 1H25 was mainly explained by a higher loss from foreign exchange differences, measured in real terms, of P$2,024,452 million. This was driven by inflation of 15.1% versus a 16.8% appreciation of the U.S. dollar against the Argentine

| TELECOM ARGENTINA | 7 |

peso (vs. inflation of 79.8% and a 12.8% appreciation of the U.S. dollar in 1H24). Additionally, there were higher financial debt interest expenses of P$56,856 million due to increased borrowing, partially offset by higher gains from loan adjustments of P$104,722 million, resulting from the maturity of UVA-denominated notes, which reduced the outstanding principal balance and, consequently, the associated financial charges. Income Tax Telecom’s income tax includes the following effects:

| i) | the current income tax, determined based on the current tax legislation applicable 
 to Telecom,                                                                        |

| ii) | the effect of applying the deferred tax method with respect to temporary differences                                                   
 determined by comparing our asset and liability valuation according to tax and financial accounting