Company: TCMFF
Filing Date: 2025-08-11
Form Type: 6-K
Source: 0001104659-25-076236
Chunk: 3

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-11
Form: 6-K
Chunk 3
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 1H24. It is worth noting that Telecom does not determine   
 TMA’s commercial or pricing policies.                                     |
| o | Consolidated: +44.2% vs. 1H24, including four months of TMA revenues not  
 present in the comparative consolidated period (1H24).                    |

*As a percentage of Consolidated Revenues

Note: The average of ordinary shares outstanding considered amounted to and 2,153,688,011 as of 1H25 and 1H24.

| TELECOM ARGENTINA | 3 |

Consolidated
Revenues

Mobile Services

As of June 30, 2025,
total subscribers of Telecom in Argentina and Paraguay reached 23.6 million, while subscribers totaled
19.3 million. In 1H25, mobile service revenues amounted to P$1,604,897 million (+P$667,424 million or +71.2% vs. 1H24),
positioning mobile services as the Company’s main business in terms of service revenues (representing 50.8% and 42.8% of service
revenues in 1H25 and 1H24, respectively). Mobile internet revenues accounted for 98% and 93% of total mobile service revenues in 1H25
and 1H24, respectively. Excluding the impact of TMA’s consolidation in mobile service revenues, the 10.2% increase for Telecom was mainly driven by a higher ARPU.

Mobile Services in Argentina

As
of June 30, 2025, Telecom’s mobile subscribers in Argentina totaled approximately 20.9 million (-278 thousand
or -1.3% vs. 1H24). During 1H25, the full impact of the change in the disconnection policy for prepaid lines due to inactivity—implemented
in July 2024—was recorded. This change reduced the number of days without top-ups required for line deactivation and largely explains
the 2.8% decline in the prepaid base. Meanwhile, the postpaid base increased by 1.1% vs. 1H24. As of June 30, 2025, postpaid accesses
represented 39% of total mobile accesses.

As of June 30, 2025,
TMA’s mobile subscribers totaled approximately 19.3 million (+464 thousand or +2.5% vs. 1H24), including M2M-type accesses totaling