Company: TCMFF
Filing Date: 2025-11-10
Form Type: 6-K
Source: 0001104659-25-108893
Chunk: 8

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-10
Form: 6-K
Chunk 8
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ated Operating Costs ConsolidatedOperating Costs including Depreciation, Amortization and Impairment of Fixed Assets amounted to P$5,270,240 million in 9M25 (+P$1,371,930 million or +35.2% vs. 9M24). Excluding Depreciation, Amortization and Impairment of Fixed Assets, consolidatedoperating costs increased by P$1,231,443 million or 46.0% in real terms during the same period. Operating costs for 9M25 include P$1,320,584 million corresponding to the consolidation of TMA. During 9M25, Telecom’s operating costs (excluding TMA)decreased by 3.3% in real terms. The cost breakdown was as follows:

| · | Labor costs and severance payments                                                                                                    
 totaled P$1,358,615 million in 9M25 (+P$443,530 million or +48.5% vs. 9M24). The increase is mainly due to the consolidation of TMA’s 
 results in 9M25, whose contribution amounts to P$465,035 million. Telecom’s headcount totaled 18,977 employees as of September 30,    
 2025.                                                                                                                                 |

| · | Interconnection and transmission                                                                                                          
 costs, which also include roaming, correspondent services, and line and circuit rentals, amounted to P$200,813 million in 9M25 (+P$88,431 
 million or +78.7% vs. 9M24). The increase is mainly due to the consolidation of TMA’s results in 9M25, whose contribution amounts         
 to P$135,344 million. Excluding the impact of TMA’s consolidation, the decrease is mainly due to optimization in the use of links         
 and sites and lower traffic levels.                                                                                                       |

| TELECOM ARGENTINA | 6 |

| · | Fees for services, maintenance and materials: P$714,553 million in 9M25 (+P$207,981 million or +41.1% vs. 9M24). The increase is mainly 
 due to the consolidation of TMA’s results in 9M25, whose contribution amounts to P$226,140 million. Excluding the impact of TMA’s       
 consolidation, the decrease is explained mainly by greater efficiencies, which reduced maintenance and material costs and service fees  
 compared to 9M24.                                                                                                                       |

| · |