Company: TCMFF
Filing Date: 2025-05-12
Form Type: 6-K
Source: 0001104659-25-047387
Chunk: 3

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-12
Form: 6-K
Chunk 3
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 | n/a                | 8.6%            |

During 1Q25, Consolidated
Revenues reached P$1,363,353 million, of which Consolidated Service Revenues totaled P$1,285,482 million.

During 1Q25, there was
an improvement in the evolution of Consolidated Service Revenues relative to inflation. In 1Q25, the year-over-year real variation was
+26.5%, compared to -17.9% in 1Q24. This improvement in real terms was mainly driven by the incorporation of TMA as of March 1, 2025.
Additionally, Telecom’s real service revenue growth () was +4.9% during 1Q25, while TMA’s standalone real
service revenue increased by +17.1% over the same period. This performance was primarily due to real improvements in ARPUs across key
segments (mobile, broadband and TV) compared to 1Q24.

*As a percentage of Consolidated Revenues

Note: The average of ordinary shares outstanding considered amounted to and 2,153,688,011 as
of 1Q25 and 1Q24.

| TELECOM ARGENTINA | 3 |

Consolidated
Operating Revenues

Mobile Services

As of March 31, 2025,
total subscribers of Telecom in Argentina and Paraguay reached 24.0 million, while TMA’s subscriber base
totaled 18.9 million. In 1Q25, consolidated mobile service revenues amounted to P$620,179 million (+P$186,182 million or +42.9% compared
to 1Q24), making it the Company’s main revenue-generating segment in terms of service sales (accounting for 48.2% and 42.7% of total
service revenues in 1Q25 and 1Q24, respectively). Mobile Internet revenues account for 98% and 92% of total revenues of these services in 1Q25 and 1Q24, respectively.

Telecom’s mobile
services revenues () increased by +11.0% in real terms during 1Q25 vs. 1Q24, while TMA’s standalone mobile service
revenues increased by +21.6% over the same period.

<div align='center'>Consolidated Mobile
Services Revenues
(in billion P$)</div>

Mobile Services in Argentina

As
of March 31, 2025