Company: TCMFF
Filing Date: 2025-05-12
Form Type: 6-K
Source: 0001104659-25-047387
Chunk: 1

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-12
Form: 6-K
Chunk 1
---
 or +0.7% vs. 1Q24). Finally, fixed internet segment 
 totaled 4.1 million accesses (-44 thousand or -1.1% vs. 1Q24).                                                                               |

| o | TMA: Total mobile accesses (including M2M) reached 18.9 million (+82 thousand or +0.4% vs. 1Q24),                                     
 while Pay TV subscribers totaled 0.4 million in the same period (-10 thousand or -2.3% vs. 1Q24). Finally, the fixed internet segment 
 totaled 1.6 million accesses (+101 thousand or +6.9% vs. 1Q24).                                                                       |

| · | In 1Q25, the Operating Income Before Depreciation, Amortization, and Impairment of Fixed Assets (“Operating                       
 Income before D, A & I”) margin stood at 33.1%, increasing by 2.8 percentage points vs. 1Q24. In absolute terms, Operating Income 
 before D, A & I totaled P$451,948 million. For the same period, the margin was 34.1% for Telecom (excluding TMA) and 25.1%        
 for TMA standalone.                                                                                                               |

| · | Due to the real appreciation of the Argentine peso against the US dollar during 1Q25, the Company recorded                            
 foreign exchange gains in real terms included in consolidated financial results. These gains, together with the increase in Operating 
 Income, largely explain the net profit of P$93,202 million (vs. a profit of P$1,052,577 million in 1Q24).                             |

| · | Consolidated CAPEX (excluding rights-of-use additions) in 1Q25 represented 13.0% of consolidated revenues. 
 TMA’s CAPEX accounted for 10.2% of its consolidated revenues.                                              |

| · | Consolidated Net Financial Debt totaled P$3,587,066 million as of March 31, 2025, increasing in real                                    
 terms (+30.3% in constant currency vs. December 31, 2024). This increase was primarily due to loans taken to finance the acquisition of 
 TMA).                                                                                                                                   |

| (1) | Market capitalization as of May                                                                                      
 9, 2025                                                                                                              |
| (2) | Unaudited non-financial information                                                                                  |
| (3) | This refers to