Company: TCMFF
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001104659-25-018326
Chunk: 3

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 3
---
, 
 2024               |
|:-------|:-------------------|:-------------------|:-------------------|
| Annual | 94.8%              | 211.4%             | 117.8%             |

During FY24, Consolidated Revenues
amounted to P$4,137,596 million, from which Service Revenues totaled P$3,884,058 million.

During FY24, there were improvements
made in the evolution of Service Revenues vs. inflation. The variation in real terms for FY24 stood at -6.4%, compared to -10.1% in FY23.
This performance was primarily driven by the net effect of the Company's pricing adjustments, which remained slightly below the year-over-year
inflation rate (117.8%), considering the discounts that were granted to customers to maintain the client base amid intense market competition.
Nonetheless, Service Revenues in 4Q24 recorded a real year-over-year increase of +2.6% vs. 4Q23 (refer to Chart No. 2 on page No.2),
thus reinforcing the positive trend observed in prior quarters.

*As a percentage of Consolidated
Revenues

Note: The average of ordinary shares
outstanding considered amounted to and 2,153,688,011 as of FY24 and FY23.

| TELECOM ARGENTINA | 3 |

Consolidated Revenues

Mobile Services

As of December 31, 2024, total mobile subscribers in Argentina and Paraguay amounted to 24.2 million. In FY24, mobile services revenues reached P$1,679,334 million (- P$127,128 million or -7.0% vs. FY23), obtaining the highest share in terms of service revenues (representing 43.2% and 43.5% of service revenues in FY24 and FY23, respectively). In 4Q24, mobile service revenues amounted to P$431,629 million (+5.2% vs. 4Q23). Mobile internet revenues in FY24 and FY23 were equivalent to 95% of the total revenues for these services.

Mobile Services in Argentina

As of December 31, 2024, total mobile subscribers amounted to approximately 21.6 million (+621 thousand vs. FY23). During FY24, a recovery in the postpaid base was observed, which increased by 0.9% vs. FY23. Meanwhile, the prepaid base recorded a 4.