Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 36

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 36
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 |   -19,805 |     | 53.2 |
| Programming                                       
 and content costs                                 |     |  -71,825 |     |  -58,405 |     |   -13,420 |     | 23.0 |
| Bad                                               
 debt expenses                                     |     |  -25,650 |     |  -26,539 |     |       889 |     | -3.3 |
| Other                                             
 operating expenses, net                           |     |  -68,592 |     |  -42,558 |     |   -26,034 |     | 61.2 |
| Total                                             
 operating costs                                   |     | -911,405 |     | -743,446 |     |  -167,959 |     | 22.6 |

Total operating costs
without depreciation, amortization and impairment of Fixed and intangible assets totaled $911,405 million in 3M25, which represents an
increase of $167,959 million or 22.6% compared to 3M24.

Operating costs contain
$162,927 million corresponding to the consolidation of TMA as of March 31, 2025.

The effect generated by the restatement in current
currency as of March 31, 2025 included in operating costs without depreciation, amortization and impairment of Fixed and intangible assets
amounted to $36,518 million and $329,801 million in 3M25 and 3M24, respectively.

Main operating costs for 3M25 and 3M24 are comprised
as follows:

Employee benefit expenses and severance payments

Employee benefit expenses and severance paymentsamounted to $286,847 million in 3M25, increasing $40,752 million or 16.6% compared to 3M24. The
increase was mainly due to the consolidation of TMA as of March 31, 2025, which contributed $43,492 million. Excluding the impact of the
consolidation of TMA, the decrease was mainly due to a reduction of 6.1% in the Company´s headcount amounting to 19,800 employees
in 3M25, partially offset by increases in salaries agreed to by the Company with several trade unions for unionized employees, and also
for non-unionized employees, together with related social security charges and higher severance payments.

The effect generated by the restatement in current
currency