Company: TCMFF
Filing Date: 2025-08-11
Form Type: 6-K
Source: 0001104659-25-076236
Chunk: 7

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-11
Form: 6-K
Chunk 7
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5.3% in real terms
vs. 1H24). The inflation adjustment effect included in ARPU amounted to P$435.5 and P$5,746.3 for 1H25 and 1H24, respectively.

Meanwhile, the monthly
TV ARPU for TMA, expressed in constant currency as of June 30, 2025, reached P$20,421.3 in 1H25 (+27.1% in real terms vs. 1H24). The inflation
adjustment effect included in ARPU amounted to P$1,043.2 and P$6,206.2 for 1H25 and 1H24, respectively.

| TELECOM ARGENTINA | 5 |

The average monthly
churn rate for cable TV was 1.5% for Telecom (excluding TMA) as of June 30, 2025, compared to 1.8% as of June 30, 2024. For TMA, churn
stood at 4.0% and 3.3% as of June 30, 2025 and 2024, respectively.

Fixed Telephony and Data Services

revenues from fixed voice and data services reached P$394,652 million in 1H25 (+P$86,097 million or +27.9% vs. 1H24).

The variation in Argentina
is mainly explained by the consolidation of TMA’s results in 1H25, which amounted to P$147,177 million.

The real-term decline
of 19.8% in the fixed voice and data segment for Telecom is primarily due to the evolution of the exchange rate
lagging behind inflation, in a context where most data segment contracts are indexed to the exchange rate. Additionally, fixed voice revenues
increased below inflation, and the segment also experienced a decline in its customer base.

Telecom’s fixed
telephony customer base totaled 2.7 million in 1H25, of which 2.0 million correspond to IP line customers.
telephony customer base reached 2.1 million, with 1.5 million being IP line customers.

Other Service Revenues

revenues from
other service revenues, which primarily include revenues related to fintech services, billing and collection services on behalf of third
parties, administrative fees, and advertising space sales, among others, reached P$30,182 million (+P$5,448 million or +22