Company: TCMFF
Filing Date: 2025-11-10
Form Type: 6-K
Source: 0001104659-25-108893
Chunk: 4

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-10
Form: 6-K
Chunk 4
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077 million. Excluding
the impact of TMA’s consolidation, the growth was mainly attributable to a 13.6% real increase in ARPU.

The ARPU for Telecom was P$8,171.1 in 9M25 (+13.6% in real terms vs. 9M24). The effect of restatement to the current measurement unit as of September 30,
2025 included in ARPU amounted to P$605.7 and P$2,608.1 in 9M25 and 9M24, respectively. The average monthly churn stood at 2.1% in 9M25
(vs. 1.5% in 9M24).

The ARPU for TMA was P$7,607.0
in 9M25 (+5.4% in real terms vs. 9M24). The effect of restatement to the current measurement unit as of September 30, 2025 included
in ARPU amounted to P$574.0 and P$2,663.4 in 9M25 and 9M24, respectively.

Personal in Paraguay
(“Núcleo”)

As of September 30, 2025,
Núcleo’s subscriber base totaled 2.7 million, increasing by 8% compared to 9M24. Of total accesses, 71% corresponded to prepaid
and 29% to postpaid, while as of September 30, 2024, prepaid accesses represented 74% and postpaid 26%. The average monthly churn
stood at 2.3% in 9M25 vs. 2.6% in 9M24.

During 9M25, mobile service revenues
in Paraguay reached P$123,161 million, decreasing in real terms (-P$13,590 million vs. 9M24). This decrease is attributed to the widespread
use of Wi-Fi networks, which impacted mobile data usage. The effect was partially offset by the real appreciation of the Guaraní.

Internet Services

| TELECOM ARGENTINA | 4 |

internet service revenues reached P$1,235,080 million in 9M25, growing in real terms (+P$279,185 million or +29.2% vs. 9M24). Telecom’s
subscriber base reached 4.1 million subscribers (+102 thousand or +2.5% vs. 9M24) during