Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 32

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 32
---
2016=100) | As of June 
   30, 2024 
    6,351.7 |        As of 
 December 31, 
         2024 
      7,694.0 | As of June 
   30, 2025 
    8,855.6 |
|:-----------------------------------------------------------------|-----------:|-------------:|-----------:|
| Variation in prices                                              |            |              |            |
| Annual / Interannual                                             |     271.5% |       117.8% |      39.4% |
| Accumulated six months                                           |      79.8% |          n/a |      15.1% |
| Accumulated three months since March 2024/2025                   |      18.6% |          n/a |       6.0% |
| Banco Nación US$/$ exchange rate                                 |      912.0 |      1,032.0 |    1,205.0 |
| Variation in the exchange rate                                   |            |              |            |
| Annual / Interannual                                             |     255.3% |        27.7% |      32.1% |
| Accumulated six months                                           |      12.8% |          n/a |      16.8% |
| Accumulated three months since March 2024/2025                   |       6.3% |          n/a |      12.2% |

The National CPI has registered
an increase of 39.4% as of June 30, 2025, as compared to June 30, 2024.

As disclosed in Note 16 to the unaudited condensed
consolidated financial statements, on February 24, 2025, the Company acquired 99.999625% of the capital of TMA, exercising control over
such company. Consequently, since then, the Company consolidates TMA, and, therefore, the Company's results for the six and three month
periods ended June 30, 2025, reflect the results generated by TMA from the acquisition date. Accordingly, our results of operations for
the six and three-month periods ended June 30, 2025, are not comparable to our results of operations for the six and three-month periods
ended June 30, 2024.

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