Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 42

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 42
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    -66,223 |    -49,192 |   -17,031 | 34.6 |
| Other operating expenses, net                          |     |   -177,701 |   -106,813 |   -70,888 | 66.4 |
| Total operating costs                                  |     | -2,349,851 | -1,633,846 |  -716,005 | 43.8 |

Total operating costs without depreciation, amortization and impairment of Fixed and intangible assets totaled $2,349,851
million in 1H25, which represents an increase of $716,005 million or 43.8%
compared to 1H24.

Operating costs contain
$730,835 million corresponding to the consolidation of TMA’s results as of June 30, 2025.

The effect generated by the restatement in constant currency as of June 30, 2025, included in operating costs without depreciation, amortization and impairment of Fixed and intangible assets amounted to $142,728 million and $660,369
million in 1H25 and 1H24, respectively.

Main operating costs for 1H25 and 1H24 are comprised
as follows:

Employee benefit expenses and severance payments

Employee benefit expenses and severance paymentsamounted to $803,339 million in 1H25, increasing
$253,405 million or 46.1% compared to 1H24.
The increase was mainly due to the consolidation of TMA’s results as of June 30, 2025, which contributed $252,997
million. Excluding the impact of the consolidation of TMA, the increase was mainly due to salary increases agreed upon by the Company
with several trade unions for unionized employees, as well as for non-unionized staff, together with related social security charges.
This was partially offset by lower severance payments and the effect of a reduction in net headcount (19,469 Company employees as of
the end of 1H25, a decrease of 6.4% compared to 1H24).

The effect generated by the restatement in constant currency as of June 30, 2025, included in employee benefit expenses and severance payments amounted to $32,872 million and $210,804 million
in 1H25 and 1H24, respectively.

Interconnection and transmission costs

Interconnection and transmission costs (including charges for termination from third