Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 13

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 13
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 national administration.
“Risk Factors—Risks Related to Argentina— Devaluation of the Argentine Peso and foreign exchange restrictions may adversely affect our results of operations, our capital expenditures and our ability to service our liabilities and pay dividends” in the TEO 2024 20-F.

The majority of TMA revenues
are in Pesos whereas a portion of the costs regarding materials and supplies related to the construction and maintenance of TMA’s
networks and services are incurred in foreign currencies. Any devaluation of the Peso against foreign currencies may increase operating
costs (partially offset by the increase of revenues in foreign currencies) and capital expenditures, which will adversely affect TMA’s
results of operations, considering the net effect on revenues and costs. TMA actively manages exchange rate risk through the use of financial
assets to minimize such risks while optimizing TMA’s financial cost.

Internal Growth

A monthly operational measure
used in TMA services is ARPU, which TMA calculates by dividing adjusted total service revenues by the average number of customers during
the period. ARPU is not a measure calculated in accordance with IFRS Accounting Standards. TMA calculates ARPU in a similar manner as
the Company, but may not calculate ARPU in the same manner as similarly titled measures used by other companies. Certain components of
service revenues are excluded from ARPU calculations presented in this TMA 6-K. TMA’s Management believes this measure is helpful
in assessing the development of the customer base of TMA services.

The following table shows certain information regarding calculation
of ARPU as of the dates specified:

|                                                     |     | 2024 |          |     | 2023 |          |
| Number of Internet services customers (millions)    |     |      |      1.5 |     |      |      1.3 |
| ARPU (in P$/month) internet services                |     |      | 17,724.5 |     |      | 17,432.2 |
| Number of Voice services customers (millions)       |     |      |      2.2 |     |      |      2.3 |
| ARPU (in P$/month) voice services                   |     |      |  4,562.9 |     |      |  6,674.8 |
| Number of Movistar TV services customers (millions) |     |      |      0.4 |     |      |