Company: TCMFF
Filing Date: 2025-05-12
Form Type: 6-K
Source: 0001104659-25-047387
Chunk: 9

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-12
Form: 6-K
Chunk 9
---
31, 2025, which contributed 
 P$27,308 million.                                                                                                                         |

<div align='center'>Fixed Telephony and
Data Services Revenues
(in billion P$)</div>

| TELECOM ARGENTINA | 6 |

| · | Taxes and fees paid to regulatory authorities: P$113,911 million (+P$31,736                                                        
 million or +38.6% vs. 1Q24). Taxes, fees, and regulatory authority charges for 1Q25 include P$21,759 million corresponding to TMA. |

| · | Commissions and advertising (commissions paid to agents, collection fees and                                                               
 other commissions): Total charges amounted to P$71,288 million in 1Q25 (+P$15,922 million or +28.8% vs. 1Q24). Commissions and advertising 
 costs in 1Q25 include P$12,580 million corresponding to TMA.                                                                               |

| · | Cost of handsets sold: P$57,005 million (+P$19,805 million or +53.2% vs.                                                                                                                                                                
 1Q24). This variation is primarily due to the consolidation of TMA’s results, which contributed P$10,419 million. Excluding the impact of TMA’s consolidation, the variation corresponds to a 64% increase in the number of units sold. |

| · | Programming and content costs: P$71,825 million (+P$13,420 million or +23.0%                   
 vs. 1Q24). Programming and content costs in 1Q25 include P$4,548 million corresponding to TMA. |

| · | Other Costs totaled P$94,242 million (+P$25,145 million or +36.4% vs. 1Q24),               
 among which bad debt expenses totaled P$25,650 million (-P$889 million or -3.3% vs. 1Q24). |

| · | Bad debt expenses for 1Q25 include P$4,532 million corresponding to TMA. Our bad                                         
 debt ratio continued its favorable trend: it represented 1.9% of total revenues as of March 31, 2025 (vs. 2.5% in 1Q24). |

| · | Other operating costs, including charges for lawsuits and other contingencies,                                                         
 energy and other public services, insurance, rents and internet capacity, among others, totaled P$68