Company: TCMFF
Filing Date: 2025-08-11
Form Type: 6-K
Source: 0001104659-25-076236
Chunk: 5

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-11
Form: 6-K
Chunk 5
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26%. Average monthly churn stood at 2.3% in 1H25 vs. 2.6% in 1H24.

During 1H25, mobile
service revenues in Paraguay reached P$72,868 million, decreasing in real terms (-P$16,751 million vs. 1H24). This decline was driven
by a reduction in ARPU, measured in constant pesos, partially offset by the appreciation of the guaraní against the Argentine peso
and by growth in the customer base.

Internet Services

| TELECOM ARGENTINA | 4 |

internet service revenues reached P$744,556 million in 1H25, growing in real terms (+P$161,678 million or +27.7% vs. 1H24). Telecom’s
subscriber base reached 4.1 million subscribers (+60 thousand or +1.5% vs. 1H24) during 1H25. The monthly churn
rate for internet services stood at 1.2% and 1.9% as of June 30, 2025 and 2024, respectively.

The revenue increase
was mainly driven by the consolidation of TMA’s results in 1H25, which totaled P$131,955 million. Excluding the impact of TMA’s
consolidation, the 5.1% increase for Telecom was primarily due to higher ARPU and subscriber growth.

TMA’s subscriber
base reached 1.6 million (+90 thousand or +6.0% vs. 1H24) during 1H25. The average monthly churn rate for internet services as of June
30, 2025 was 2.0% (vs. 1.8% in 1H24).

In 1H25, Telecom’s
broadband ARPU expressed in constant currency as of June 30, 2025, reached P$23,755.4 (+6.3% in real terms vs.
1H24). The effect of restatement to current measurement units as of June 30, 2025 included in ARPU amounted to P$1,216.4 and P$8,483.1
for 1H25 and 1H24, respectively.

Additionally, in 1H25,
TMA’s broadband ARPU, expressed in constant currency as of June 30, 2025, reached P$21,410.5 (+15.