Company: TCMFF
Filing Date: 2025-11-10
Form Type: 6-K
Source: 0001104659-25-108893
Chunk: 3

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-10
Form: 6-K
Chunk 3
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| TELECOM ARGENTINA | 3 |

Consolidated Revenues

Mobile Services

As of September 30, 2025,
total subscribers for Telecom in Argentina and Paraguay reached 23.0 million, while subscribers totaled
19.1 million. During 9M25, mobile service revenues amounted to P$2,735,909 million (+P$1,214,134 million or +79.8%
vs. 9M24), positioning mobile services as the Company’s main business in terms of service revenues (accounting for 51.4% and 43.1%
of service revenues in 9M25 and 9M24, respectively). Mobile internet revenues represented 98% of total mobile service revenues in both
9M25 and 9M24. Excluding the impact of TMA’s consolidation, Telecom registered a 10.6% increase in mobile
service revenues, mainly driven by higher average monthly revenue per customer (“ARPU”).

Mobile Services in Argentina

As of September 30, 2025,
Telecom’s mobile subscribers in Argentina totaled approximately 20.3 million (-1.1 million or -5.0% vs. 9M24).
This decline was primarily due to disconnections of lines with no traffic, with no impact on mobile service revenues. As of September 30,
2025, 61% of customers were prepaid and 39% postpaid, compared to 62% prepaid and 38% postpaid as of September 30, 2024.

As of September 30, 2025,
TMA’s mobile subscribers totaled approximately 19.1 million (+305 thousand or +1.6% vs. 9M24), including M2M accesses. The postpaid
base increased 4.0% vs. 9M24, while prepaid decreased 0.6%. As of September 30, 2025, postpaid accesses represented 50% of total
mobile accesses. TMA’s average monthly churn stood at 1.8% in 9M25 (vs. 2.0% in 9M24).

In
9M25, mobile service revenues in Argentina reached P$2,612,748 million (+P$1,227,724 million or +88.6% compared to
9M24). This increase was mainly driven by the consolidation of TMA’s results in 9M25, which totaled P$1,052,