Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 44

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 44
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 as of June 30, 2025,
which contributed $92,523 million. Excluding the impact of the consolidation of TMA, the
increase is mainly explained by the impact of taxes on the respective services in relation to the sales associated with them in 1H25
compared to 1H24.

The effect generated by the restatement in constant currency as of June 30, 2025, included in Taxes and fees with the Regulatory Authority amounted to $12,450
million and $68,673 million in 1H25 and 1H24, respectively.

Commissions and advertising

Commissions and advertisingamounted to $182,714 million in 1H25, increasing $61,886
million or 51.2% compared to 1H24. The increase was mainly due to the consolidation of TMA’s
results as of June 30, 2025, which contributed $58,241 million. Excluding the impact of
the consolidation of TMA the increase was mainly due to advertising expenses related to Flow and Personal Pay product campaigns, higher
financial discounts related to credit card transactions, and collection commissions, partially offset by lower agent commissions compared
to 1H24.

The effect generated by the restatement in constant currency as of June 30, 2025, included in Commissions and advertising amounted to $7,779
million and $45,949 million in 1H25 and 1H24, respectively.

Cost of equipment

Cost of equipmentamounted to $147,926 million in 1H25, increasing $44,968
million or 43.7 % compared to 1H24. The increase was mainly due to the consolidation of
TMA’s results as of June 30, 2025, which contributed $53,751 million. Excluding the
impact of the consolidation of TMA, the variation is explained by the fact that, although the number of mobile devices sold increased
compared to 1H24, their costs did not increase in line with the accumulated inflation of 39.4% over the past twelve months.

The effect generated by the restatement in constant currency as of June 30, 2025, included in Cost of equipment amounted to $14,407
million and $55,325 million in 1H25 and 1H24, respectively.

Programming and content costs

Programming and content costsamounted to $163,277 million in 1