Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 8

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 8
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merger between Telefónica de Argentina S.A. (“TASA”) and TMA was completed, consolidating TMA’s commercial offering,
optimizing resources and investments, and generating operational efficiencies. As a result of such merger, TMA absorbed TASA’s equity,
including its assets, liabilities and telecommunications service licenses. Subsequently, TMA registered a capital increase of P$28,372
million with the Argentine Public Registry of Commerce, along with the recognition of an issuance premium of P$107,376 million (in current
terms). For further details, see Note 11.a of the TMA Financial Statements. The merger also enabled TMA to acquire indefinite-term licenses
previously held by TASA. For more information on the corporate reorganization of TASA and TMA, please refer to Notes 1 and 21 of the TMA
Financial Statements.

TMA is an integrated telecommunications
provider, focused on mobile voice and data services, fixed voice services, broadband, television, and other digital services.

For further information, see
Note 2.3 of the TMA Financial Statements.

TMA’s revenues in 2024
reached P$ 2,511,381 million, compared to P$ 2,527,644 million in 2023. The P$ 16,263 million decrease (1% decline) in 2024 was mainly
due to lower volume of mobile handset sales, while mobile service revenues increased by 7.0%.

TMA’s net loss for 2024
amounted to P$ 960,239 million, compared to a net loss of P$ 268,665 million in 2023. The increase of P$ 691,574 million in net loss was
primarily due to impairment losses on assets (net of income tax P$ 889,046 million) based on IAS 36 analysis.

The sum of costs of goods
sold and operating expenses evolved below inflation, continuing and accelerating the efficiencies initiated in previous years.

For a detailed analysis of
TMA’s results of operations for fiscal year 2024, see “—Years ended December 31, 2024 and 2023” below. For
a discussion of the factors that may affect TMA’s results of operations see —Years ended December 31, 2024 and 2023—Factors
Affecting Results of Operations”.

Non-IFRS Accounting Standards Measures of TMA

The following discussion and analysis summarizes relevant measures of results