Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 38

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 38
---
M24, respectively.
The increase was mainly due to the consolidation of TMA as of March 31, 2025, which contributed $21,754 million. Excluding the impact
of the consolidation of TMA, the increase was mainly due to the effect of the increase in revenues in 3M25.

The effect generated by the restatement in current
currency as of March 31, 2025 included in Taxes and fees with the Regulatory Authority amounted to $2,911 million and $34,623 million
in 3M25 and 3M24, respectively.

Commissions and advertising

Commissions and advertising,amounted to $71,288 million in 3M25, increasing $15,922 million or 28.8% compared to 3M24. The increase was mainly due to the consolidation
of TMA as of March 31, 2025, which contributed $12,580 million. Excluding the impact of the consolidation of TMA the increase was mainly
due to advertising costs related to Flow and Personal Pay product campaigns, partially offset by lower charges for credit card finance
charges, collection commissions and agent commissions, compared to 3M24.

The effect generated by the restatement in current
currency as of March 31, 2025 included in Commissions and advertising amounted to $1,872 million and $23,246 million in 3M25 and 3M24,
respectively.

Cost of equipment

Cost of equipmentamounted to $57,005 million in 3M25, increasing $19,805 million or 53.2% compared to 3M24. The increase was mainly due to the consolidation
of TMA as of March 31, 2025, which contributed $10,419 million. Excluding the impact of the consolidation of TMA, the increase was mainly
due to a 64% increase in handsets sold compared to 3M24.

The effect generated by the restatement in current
currency as of March 31, 2025 included in Cost of equipment amounted to $5,349 million and $22,943 million in 3M25 and 3M24, respectively.

Programming and content costs

Programming and content costsamounted to $71,825 million in 3M25, increasing $13,420 million or 23.0% compared to 3M24. The increase was mainly due to
the consolidation of TMA as of March