Company: TCMFF
Filing Date: 2025-08-11
Form Type: 6-K
Source: 0001104659-25-076236
Chunk: 9

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-11
Form: 6-K
Chunk 9
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 ARGENTINA | 6 |

| · | Fees for services, maintenance, and materials: P$425,083 million in 1H25 (+P$105,849                                                   
 million or +33.2% vs. 1H24). The increase was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$121,613 
 million. Excluding the impact of TMA’s consolidation, the decrease was mainly due to improved efficiencies, with lower maintenance     
 and material costs and reduced service fees compared to 1H24.                                                                          |

| · | Taxes, fees, and regulatory charges: P$289,138 million (+P$108,836 million or             
 +60.4% vs. 1H24). Regulatory costs in 1H25 include P$92,523 million corresponding to TMA. |

| · | Commissions and advertising (agents, collection commissions, and other fees):                                                         
 Charges totaled P$182,714 million in 1H25 (+P$61,886 million or +51.2% vs. 1H24). The increase was mainly driven by the consolidation 
 of TMA’s results in 1H25, which contributed P$58,241 million.                                                                         |

| · | Cost of equipment sold totaled P$147,926 million in 1H25 (+P$44,968 million or                                                        
 +43.7% vs. 1H24). This variation was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$53,751 million. |

| · | Programming and content costs: P$163,277 million (+P$33,077 million or +25.4%                   
 vs. 1H24). Programming and content costs in 1H25 include P$18,243 million corresponding to TMA. |

| · | Other costs totaled P$243,924 million (+P$87,919 million or +56.4% vs. 1H24),                          
 including bad debt expenses which amounted to P$66,223 million (+P$17,031 million or +34.6% vs. 1H24). |

| · | Bad debt expenses in 1H25 include P$20,924 million corresponding to TMA. The charge                                             
 for bad debt continued to show a favorable trend: it represented 2.0% of total revenues as of June 30, 2025 (