Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 38

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 38
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ations presented in this operating and financial review and prospects as of June 30, 2025. Management believes that this measure
is helpful in assessing the development of the subscriber base of Internet services. The following table shows the reconciliation of total
service revenues to such revenues included in the ARPU calculations of 1H25:

|                                                                     |     |      1H25 |
|                                                                     |     | $ million |
| Total Internet service revenues                                     |     |   577,221 |
| Components of service revenues not included in the ARPU calculation |     |        -4 |
| Adjusted total service revenues included in the ARPU calculation    |     |   577,217 |
| Average number of customers during 1H25 (millions)                  |     |       4.1 |
| ARPU of Internet service revenues in Argentina                      |     |  23,755.4 |

Cable Television Services

Cable television services revenues amounted to
$386,699 million in 1H25 (equivalent to 12.2% of total consolidated services revenues), increasing $47,827 million or 14.1% as compared
to revenues in 1H24. The effect generated by the restatement in constant currency as of June 30, 2025, included in cable television services
revenues, amounted to $18,731 million and $129,845 million in 1H25 and 1H24, respectively.

The increase in Cable television service revenues
in 1H25 was mainly due to the consolidation of TMA’s results as of June 30, 2025, which contributed $34,110 million. Excluding the
impact of the consolidation of TMA, the increase was mainly due to a 5.3 % increase in ARPU and 2.3% increase in customer base compared
to June 30, 2024.

The ARPU for the segment “ICT Services provided
in Argentina – Telecom Networks” amounted to $16,297.1 as of June 30, 2025, compared to an ARPU of $15,473.0 as of June 30,
2024. The increase in ARPU is due to higher prices and less discounts granted during 1H25. The effect generated by the restatement in
constant currency as of June 30, 2025, included in ARPU amounts to $435.5 and $5,746.3 as of June 30