Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 32

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 32
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 Argentina – Telecom Networks”

A monthly operational measure used in internet services is ARPU, which we calculate by dividing adjusted total service revenues—excluding connection
and rehabilitation fees revenues and others—(divided by three months) by the average number of customers during 3M25. ARPU is not
a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as
similarly titled measures used by other companies. In particular, certain components of service revenues are excluded from Internet’s
ARPU calculations presented in this operating and financial review and prospects as of March 31, 2025. Management believes that this measure
is helpful in assessing the development of the subscriber base of Internet services. The following table shows the reconciliation of total
service revenues to such revenues included in the ARPU calculations of 3M25:

|                                                                     |     |      3M25 |
|                                                                     |     | $ million |
| Total Internet service revenues                                     |     |   273,058 |
| Components of service revenues not included in the ARPU calculation |     |        -3 |
| Adjusted total service revenues included in the ARPU calculation    |     |   273,055 |
| Average number of customers during 3M25 (millions)                  |     |       4.0 |

Cable Television Services

Cable television services revenues amounted to
$172,674 million in 3M25 (equivalent to 13.4% of total consolidated services revenues), increasing $14,524 million or 9.2% as compared
to revenues in 3M24. The effect generated by the restatement in current currency as of March 31, 2025, included in cable television services
revenues, amounted to $5,224 million and $66,893 million in 3M25 and 3M24, respectively.

The increase in Cable television service revenues
in 3M25 was mainly due to the consolidation of TMA as of March 31, 2025, which contributed $8,350 million. Excluding the impact of the
consolidation of TMA, the increase was mainly due to a 7.1% increase in ARPU, while customer base remains stable as compared to 3M24.

The ARPU for the segment “ICT Services provided in Argentina – Telecom Networks” amounted to $15,094.1 as of March 31, 2025 compared