Company: TCMFF
Filing Date: 2025-08-11
Form Type: 6-K
Source: 0001104659-25-076236
Chunk: 8

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-11
Form: 6-K
Chunk 8
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.0% vs. 1H24).

The main variation was driven by the
increase in fintech services in Argentina, primarily due to the growth in usage of the Personal Pay digital wallet and the rise in the
number of users, which reached 4.2 million in 1H25 vs. 2.9 million in 1H24.

Revenues from equipment
sales

Consolidatedequipment sales revenues totaled P$196,018 million (+P$64,426 million or +49.0% vs. 1H24). This variation was mainly driven by the consolidation of TMA’s results in 1H25, which amounted to P$72,266 million, while equipment sales for Telecom (excluding TMA)declined by 6.0% in real terms.

Consolidated Operating Costs ConsolidatedOperating Costs including Depreciation, Amortization and Impairment of Fixed Assets amounted to P$3,180,977 million in 1H25 (+P$770,298 million or +32.0% vs. 1H24). Excluding Depreciation, Amortization and Impairment of Fixed Assets, consolidatedoperating costs increased by P$716,005 million or 43.8% in real terms during the same period. Operating costs for 1H25 include P$730,835 million, corresponding to the consolidation of TMA. The cost breakdown was as follows:

| · | Labor costs and severance payments totaled P$803,339 million in 1H25 (+P$253,405                                                       
 million or +46.1% vs. 1H24). The increase was mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$252,997 
 million. Total headcount reached 19,469 employees as of June 30, 2025.                                                                 |

| · | Interconnection and transmission costs, which also include roaming, correspondent                                                     
 services, and line and circuit rentals, amounted to P$94,450 million in 1H25 (+P$20,065 million or +27.0% vs. 1H24). The increase was 
 mainly driven by the consolidation of TMA’s results in 1H25, which contributed P$52,568 million. Excluding the impact of TMA’s        
 consolidation, the decrease was primarily due to optimization in the use of links and sites and lower traffic volumes.                |

| TELECOM