Company: TCMFF
Filing Date: 2025-11-10
Form Type: 6-K
Source: 0001104659-25-108893
Chunk: 6

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-10
Form: 6-K
Chunk 6
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 thousand or +0.9% vs. 9M24). TV subscribers
for TMA totaled 0.4 million (-29 thousand or -6.9% vs. 9M24).

The positive variation in revenues
in Argentina is mainly due to the consolidation of TMA’s results in 9M25, which amounted to P$63,729 million. Excluding the impact
of TMA’s consolidation, the increase of 4.1% for Telecom was mainly driven by a 3.2% increase in ARPU and
a 1.4% increase in the subscriber base compared to 9M24.

Telecom’s subscriber base
in Argentina totaled 3.2 million accesses as of September 30, 2025, with an increase of 1.4% compared to 9M24,
driven by Flow Full and Flow Flex products, the latter being fully digital (no decoder or installation required). Of this customer base,
1.7 million are subscribed to Flow Flex.

Flow continues to strengthen its
positioning in the entertainment segment, enhancing customer experience through services such as the recent launch of Flow+ (a flexible
entertainment offering that includes two interchangeable subscriptions every 30 days among Pack Fútbol, HBO, Disney+ Premium, and
Universal+, all under a single plan).

The monthly TV ARPU for Telecom
(restated in constant currency as of September 30, 2025) reached P$17,264.4 during 9M25 (+3.2% in real terms
vs. 9M24). The effect generated by the restatement in terms of the current measurement unit as of September 30, 2025, included in
ARPU amounts to P$808.8 and P$5,887.8 for 9M25 and 9M24, respectively.

On the other hand, the monthly
TV ARPU for TMA (restated in constant currency as of September 30, 2025) reached P$22,805.0 during 9M25 (+19.5% in real terms vs.
9M24). The effect generated by the restatement in terms of the current measurement unit as of September 30, 2025, included in ARPU
amounts to P$1,665.4 and P$6,817.0 for 9M25 and 9M24, respectively.

| TELECOM ARGENTINA | 5 |

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