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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of September 2015

Commission File Number: 001-13464

Telecom Argentina S.A.

(Translation of registrant’s name into English)

Alicia Moreau de Justo, No. 50, 1107

Buenos Aires, Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

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Telecom Argentina S.A.

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Item

1.            Telecom Argentina S.A. Unaudited Condensed Consolidated Financial Statements as of June 30, 2015

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TELECOM ARGENTINA S.A.

TELECOM ARGENTINA S.A.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2015

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TELECOM ARGENTINA S.A.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2015 AND 2014

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TELECOM ARGENTINA S.A.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF JUNE 30, 2015

(In millions of Argentine pesos or as expressly indicated)

As required by CNV regulations, the Company has prepared its consolidated financial statements as of June 30, 2015 under IFRS. Additional information is given in Note 1 to the consolidated financial statements.

Total revenues and other income for 1H15 amounted to $18,507 (+18.5% vs. 1H14), operating costs – including depreciations, amortizations and gain on disposal of PP&E and impairment of PP&E– amounted to $15,359 (+18.2% vs. 1H14), operating income before depreciation and amortization amounted to $5,135 (+24.7% vs. 1H14) – representing 27.8% of consolidated revenues–, operating income amounted to $3,148 (+20.2% vs. 1H14) and net income amounted to $1,978 (+7.7% vs. 1H14). Net income attributable to Telecom Argentina amounted to $1,956 in 1H15 (+8.4% vs. 1H14).

·                Total revenues and other income

During 1H15 consolidated total revenues increased 18.7% (+$2,911 vs. 1H14) amounting to $18,496 mainly fueled by the mobile services provided by Personal, Broadband and data transmission businesses.

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TELECOM ARGENTINA S.A.

Services revenues amounted to $16,174 (+20.7% vs. 1H14) and represented 87.4% of consolidated revenues (vs. 86.0% in 1H14). Equipment revenues increased 6.4%, amounting to $2,322 and represented 12.6% of consolidated revenues (vs. 14.0% in 1H14).

Fixed Services

During 1H15, services revenues generated by this segment amounted to $4,926 (+$901 or 22.4% vs. 1H14), where Internet revenues have grown the most (+$572 or +38.1% vs. 1H14), followed by data transmission services (+$156 or +22.8% vs. 1H14) and voice retail services (+$147 or +10.6% vs. 1H14).

Ø            Voice

Voice retail revenues reached $1,533 in 1H15 (+10.6% vs. 1H14). These revenues are still affected by frozen tariffs of regulated services since 2002. Revenues from regulated services reached approximately 26% of the segment services revenues in 1H15 (vs. 29% in 1H14).

Monthly Charges and Supplementary Services increased $36 or +6.1% vs. 1H14, reaching $628, as a consequence of an increase in supplementary services (not regulated), mainly due to an increase of their prices and, to a lesser extent, to the increase in the subscriber base.

Revenues generated by measured services (Local Measured Service, Domestic Long Distance and International Long Distance services) amounted to $856 (+$116 or 15.7% vs. 1H14). The increase was mainly due to the increase in plans prices (both in local and long national distance), while customers remain stable. According to this, local measured service revenues increased 24.1% vs. 1H14 and DLD revenues increased 11.6% vs. 1H14. The Average Monthly Revenue per User (“ARBU”) amounted to $62.5 pesos per month in 1H15 vs. $55.7 pesos per month amounted in 1H14, representing an increase of 12.2%. The remaining retail voice revenues amounted to $49 in 1H15 (-9.3% vs. 1H14). The decrease was mainly due to a decrease in customers and consumption of public telecommunication services and a decrease in customers’ rehabilitation charges.

Voice wholesale revenues (including fixed and mobile interconnection revenues and lease of circuits, together with the revenues generated by the subsidiary Telecom USA amounting to $66) amounted to $479 in 1H15 (+5.7% vs. 1H14). Interconnection fixed and mobile revenues amounted to $314 and the other wholesale revenues amounted to $165 in 1H15 (+9.3% vs. 1H14), mainly due to higher prices related to cell sites rentals due to the variation of the $/US$ exchange rate.

Ø            Data

Data revenues (including the revenues generated by the subsidiary Telecom USA amounted to $3) amounted to $839 (+$156 or +22.8% vs. 1H14). These revenues were generated focusing on the Company’s position as an integrated TICs provider (Datacenter, VPN, among others) for wholesale and government segments. The increase was primarily due to higher prices of these services related to the variation of the $/US$ exchange rate and to the increase in the number of customers of these services.

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Ø            Internet

Internet revenues amounted to $2,075 (+$572 or +38.1% vs. 1H14) mainly due to the expansion of the Broadband customers (+3.5% vs. 1H14) and an increase in average prices resulting in an improvement in the Average Monthly Revenue per User (“ARPU”), that amounted to $190.1 pesos per month in 1H15 vs. $143.0 pesos per month in 1H14 (+32.9% vs. 1H14). As of June 30, 2015, Telecom Argentina reached approximately 1,786,000 ADSL customers. These connections represent approximately 43.9% of Telecom Argentina’s fixed lines in service (vs. 42.1% in 1H14).

Internet revenues represent 11.2% of consolidated revenues (vs. 9.6% 1H14) and 42.1% of Fixed Services segment revenues (vs. 37.3% in 1H14).

Personal Mobile Services

During 1H15, total services revenues amounted to $10,490 (+$1,817 or 21.0% vs. 1H14), being the principal business segment in revenues terms (64.9% and 64.7% of services consolidated revenues in 1H15 and 1H14, respectively). Personal reached 19.4 million subscribers in Argentina (-1.8% vs. 1H14). Approximately 68% of the subscriber base is prepaid subscribers and 32% is postpaid subscribers (including “Cuentas claras” plans and Mobile Internet dongles). The churn rate per month amounted to 3.1% in 1H15 (vs. 2.9% in 1H14).

Ø            Voice

Voice retail revenues amounted to $3,259 in 1H15 (+25.6% vs. 1H14). The increase was mainly due to the increase in monthly charges prices in the postpaid and “Cuentas claras” subscriber base and prepaid services, offset by the net variation of the subscriber base showing an increase in “Cuentas claras” and a decrease in postpaid and prepaid subscribers as compared to 1H14.

Voice wholesale revenues amounted to $929 in 1H15 (-4.8% vs. 1H14), mainly due to the decrease in interconnection traffic volume (especially Roaming and CPP).

Ø            Data

Mobile data services revenues amounted to $3,613 (-$64 or -1.7% vs. 1H14). The decrease was due to lower revenues from the principal item of VAS revenues, SMS consumption, which decreased $330 as compared to 1H14 (-14.1%), showing a decrease in TOU (-44.4% vs. 1H14) and an increase in such services prices for “Cuentas claras” and postpaid subscribers.  Notwithstanding, this effect was partially offset with a constant increase of the SMS with content sales, as a result of several campaigns launched by Personal, which represented an inter-annual increase of $286 or +23.0%.

Ø            Internet

Mobile Internet revenues amounted to $2,689 (+$1,264 or +88.7% vs. 1H14). This increase is mainly explained by the increase in browsing services consumption of Personal’s subscribers, which was mainly fueled by the increase in the offer of services, plans and packs (including VAS) launched by Personal. This growth was fueled by new subscribers, the migration of the existing ones to higher-value plans and the increase of subscribers that acquired 3G handsets, which facilitate Internet browsing in all subscribers’ segments. Internet flat rate services revenues have decreased mainly due to the decrease of Mobile Internet dongles subscribers (-38% vs.1H14).

As a consequence of the increase in monthly charges tariffs and Internet consumption, ARPU increased to $86.4 pesos per month in 1H15 (vs. $70.0 pesos per month in 1H14), which represents an increase of 23.5%.

VAS revenues (data and Internet) amounted to $6,302 (+23.5% vs. 1H14) and represented 60.1% of Personal Mobile Services’ services revenues (vs. 58.8% in 1H14).

Núcleo Mobile Services

This segment generated services revenues equivalent to $758 during 1H15 (+$53 or 7.5% vs. 1H14) mainly due to the Internet revenues increase (+26.1% vs. 1H14), mainly related to the increase of browsing generated by subscribers with mobile equipment prepared for that purpose. As of June 30, 2015, Núcleo’s subscriber base reached 2.5 million customers. Prepaid and postpaid subscribers (including “Plan Control” subscribers and mobile Internet subscribers) represented 80% and 20% in 1H15, respectively.

VAS revenues (data and Internet) amounted to $409 (+10.2% vs. 1H14) and represented 54.0% of Núcleo Mobile Services segment services revenues (vs. 52.6% in 1H14).

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The Telecom Group’s services revenues increased 20.7% showing a 60.0% increase of Internet revenues in all segments vs. 1H14, increasing its margin over total services revenues according to the following table:

Equipment

Revenues from equipment amounted to $2,322, +$140 or +6.4% vs. 1H14. This increase is mainly related to the Personal Mobile Services segment with an increase of $118 vs. 1H14 due to lower handsets sold (-33% vs. 1H14) but with an increase in handset’s average sale prices (+58% vs. 1H14), resulting in a higher operating margin of handsets (+$298 or +103.1% vs. 1H14).

·                 Operating costs

Consolidated operating costs –including depreciations, amortizations and gain on disposal of PP&E and impairment of PP&E– totaled $15,359 in 1H15, which represents an increase of $2,362 or +18.2% vs. 1H14. The increase in costs is mainly a consequence of a higher revenues, higher expenses related to competition in mobile and Internet businesses, higher direct and indirect labor costs on the cost structure of the Telecom Group in Argentina, the increase in fees for services related to higher supplier prices, the increase in taxes and fees with the Regulatory Authority, the increase of VAS costs, the increase in bad debt expenses, higher provisions costs and higher agent commissions, which were mitigated by the lower cost of equipment and handsets of $173.

The costs breakdown is as follows:

Employee benefit expenses and severance payments

Employee benefit expenses and severance payments amounted to $3,258 (+$721 or +28.4% vs. 1H14). The increase was mainly due to increases in salaries agreed by Telecom Argentina with several trade unions for the unionized employees and also to non-unionized employees, together with related social security charges. With a total headcount of 16,286 by the end of 1H15 (vs. 16,549 employees in 1H14), lines in service per employee reached 375 in the Fixed Services segment (+1.1% vs. 1H14), subscribers per employee reached 3,854 in the Personal Mobile Services segment (slightly lower than 1H14) and subscribers per employee reached 6,220 (+10.7% vs. 1H14) in the Núcleo Mobile Services segment.

Employee benefit expenses and severance payments represents in 1H15 17.6% of revenues (vs. 16.3% in 1H14).

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Interconnection costs and other telecommunication charges

Interconnection costs and other telecommunication charges (including charges for TLRD, Roaming, Interconnection costs, cost of international outbound calls and lease of circuits) amounted to $1,001 (-$19 or -1.9% vs. 1H14). The decrease was mainly due to a lower traffic volume in roaming vs. 1H14.

Fees for services, maintenance, materials and supplies

Fees for services, maintenance, materials and supplies amounted to $1,869, +$270 or +16.9% vs. 1H14. The increase was mainly due to higher maintenance costs of radio bases and buildings in the mobile services segments, as a result of the variation in the $/US$ exchange rate, an increase in technical assistance cost of radio bases, higher costs of building maintenance, higher costs of sites location and storage costs.

There were also increases in other maintenance costs and fees for services, mainly due to higher costs recognized to suppliers in all segments.

Taxes and fees with the Regulatory Authority

Taxes and fees with the Regulatory Authority (including turnover tax, fees with the Regulatory Authority, IDC, municipal and other taxes) amounted to $1,853 (+18.5% vs. 1H14), influenced mainly by the increase in revenues of fixed and mobile services and by the increase of the IDC related to higher collections and payments to suppliers in 1H15 vs. 1H14.

Commissions

Commissions (including Agent, distribution of prepaid cards and other commissions) amounted to $1,909 (+$429 or +29.0% vs. 1H14). The increase was mainly due to the increase in Agents’ commissions (associated to higher revenues) as a result of higher customer’s acquisition and retention costs recognized to them and the increase of outsourced sales commissions and collection commissions.

On the other hand, agent commissions capitalized as SAC amounted to $513, +$151 or +41.7% vs.1H14, and it’s directly related to the increase in the “Cuentas claras” subscribers’ base in the Personal Mobile Services segment and the increase in the commissions prices related to higher cash flow as compared to 1H14.

Cost of equipment and handsets

Cost of equipments and handsets amounted to $1,777 (-$173 or -8.9% vs. 1H14) mainly due to a decrease in the units of handsets sold (-33% vs. 1H14), partially offset by an increase in the average unit cost of sales (+31% vs. 1H14) in the Personal Mobile Services segment.

On the other hand, SAC deferred costs from handsets sold amounted to $42, -$15 or -26.3% vs. 1H14. The lower capitalized amount was mainly due to the significant reduction of subsidies provided to customers in the Personal Mobile Services segment, especially in the “Cuentas claras” and postpaid segments.

Advertising

Advertising amounted to $370 (+$29 or +8.5% vs. 1H14), mainly due to higher commercial campaigns of Personal related to the launching of the 4G services throughout the whole country as compared to 1H14.

Cost of VAS

Cost of VAS amounted to $597 (+$191 or +47.0% vs. 1H14). The increase was mainly due to the increase of VAS sales in the Personal Mobile Services segment, especially the SMS with content service, which grew as a consequence of several campaigns launched by Personal. Cost of VAS over its related revenues increased 30.0% in 1H14 vs. 35.0% in 1H15.

Provisions

Provisions amounted to $167, +$65 or +63.7% vs. 1H14. The increase was mainly due to higher labor claims (+$51 vs. 1H14) and higher civil and commercial claims (+$31 vs. 1H14), partially offset by lower regulatory and municipal contingencies (-$17 vs. 1H14).

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Bad debt expenses

Bad debt expenses amounted to $281 (+$48 or +20.6% vs. 1H14), representing approximately 1.5% of the consolidated revenues in 1H15 and 1H14, respectively. The major increase is observed in the Personal Mobile Services segment as a consequence of higher aging of the accounts receivables and higher incidence of handsets sales directly financed by Personal to its postpaid and “Cuentas claras” subscribers. The mentioned increase was partially offset by a $22 decrease of these expenses in the Government and Corporate segment in Telecom Argentina in 2Q15 as a consequence of the collections from some governmental entities.

Other operating costs

Other operating costs amounted to $845 (+$162 or +23.7% vs. 1H14). The increase was mainly due to higher prices on related services, especially in transportation, freight and travel expenses (+$54 or +20.5% vs. 1H14), among others, in the operations in Argentina; the increase of rent prices (+$58 or +30.1% vs. 1H14), as a result of new agreements and the renegotiation of some of the existing ones and the increase of the consumption of electricity (+$50 or +40.7% vs. 1H14).

·                Operating income before depreciation and amortization

Operating income before depreciation and amortization amounted to $5,135 (+$1,016 or 24.7% vs. 1H14), representing 27.8% of consolidated revenues in 1H15 (vs. 26.4% in 1H14). This growth was mainly fueled by the Fixed Services segment (+$366 or +38.2% vs. 1H14) and Personal Mobile Services segment (+$645 or +22.4% vs. 1H14).

Operating income before depreciation and amortization generated by equipment and handset sales (including SAC capitalization) amounted to $587 in 1H15 vs. $289 in 1H14 (+$298 or 103.1% vs. 1H14), while operating income before depreciation and amortization generated by services sales amounted to $4,548 in 1H15 vs. $3,830 in 1H14 (+$718 or +18.7% vs. 1H14).

Depreciation and amortization

Depreciation and amortization amounted to $1,990 (+$479 or +31.7% vs. 1H14). The increase in depreciation and amortization includes $285 from PP&E depreciation, $130 from amortization of intangible assets without SAC (mainly 3G/4G Licenses which started their amortization in December 2014 and June 2015 and generated $131 in 1H15) and $64 from amortization of SAC and service connection costs. The increase in depreciation and amortization corresponds 27% to the Fixed Services segment and 73% to the mobile services segments.

Gain on disposal of PP&E and impairment of PP&E

Gain on disposal of PP&E increased $3 vs. 1H14 and an impairment of $10 related to work in progress was recorded in 1H15.

·                Operating income

Operating income amounted to $3,148 in 1H15 (+$530 or 20.2% vs. 1H14). The margin over consolidated revenues represented 17.0% in 1H15 (vs. 16.8% in 1H14). This growth was mainly fueled by the Personal Mobile Services segment (+$294 or +13.9% vs. 1H14) and the Fixed Services segment (+$245 or +63.1% vs. 1H14).

·                Financial results, net

Financial results, net resulted in a net loss of $119, representing an increase of $273 vs. 1H14. This net loss is related to the net financial position, which turned into a net financial debt for the first time since September 2009.The increase was mainly due to higher interests on provisions (-$19 vs. 1H14), higher interests on loans (-$71 vs. 1H14), lower net gains on NDF (-$41 vs. 1H14) and lower financial interest on time deposits and other investments (-$270 vs. 1H14), partially offset by higher interests on receivables (+$10 vs. 1H14) and lower net foreign currency exchange losses (+$127 vs. 1H14).

·                Net income

Telecom Argentina reached a net income of $1,978 in 1H15, +$142 or +7.7% as compared to 1H14, representing 10.7% of the consolidated revenues in 1H15 (vs. 11.8% in 1H14). Net income attributable to Telecom Argentina amounted to $1,956 in 1H15, +$151 or +8.4% as compared to 1H14.

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·                Net financial assets

As of June 30, 2015, net financial debt (Cash and Cash Equivalents plus financial investments minus Financial debt) amounted to $1,078, showing a decrease of $4,885 as compared to the net financial asset as of June 30, 2014 (amounting to $3,807). This variation was mainly due to a decrease in the generation of cash from operating activities of the Telecom Group, mainly by higher CAPEX –which include the acquisition of the 3G/4G Licenses amounting to $5,786 as of December 2014 and June 2015- and cash dividends paid to its shareholders’ for a total amount of $1,451 (including tax withholding on cash dividends). The Fixed Services segment has a financial asset of $720 while Personal Mobile Services segment has a net financial debt of $1,578 and Núcleo Mobile Services segment has a net financial debt of $220.

·                Capital expenditures (CAPEX)

CAPEX composition for 1H15 and 1H14 is as follows:

(*) Include 4G License for an amount of $2,256.

PP&E CAPEX amounted to $1,826 and intangible assets CAPEX amounted to $2,864 in 1H15, while in 1H14 amounted to $1,806 and $459, respectively. The increase in intangible assets CAPEX was due to the acquisition of the last Lot of 4G Licenses for an amount of $2,256 during June 2015.

In relative terms, CAPEX represented 25.4% of consolidated revenues in 1H15 (14.5% in 1H14), and were intended mainly to the already mentioned 4G License (12.2% of consolidated revenues in 1H15), to the external wiring and network access equipment, to the initial deployment of the new 4G network, transmission and switching equipment, computer equipment and SAC.

PP&E and intangible assets additions (CAPEX plus materials additions) for 1H15 and 1H14 are as follows:

(*) Include 4G License for an amount of $2,256.

Main PP&E CAPEX projects are related to the expansion of fixed broadband services in order to improve transmission and speed offered to customers; deployment of 3G and 4G services to support the growth of mobile Internet, improvement of the quality service together with the launch of innovative VAS services and the expansion of transmission and transport networks to meet the growing demand of services of our fixed and mobile customers.

Telecom Group’s net income amounted to $937 in 2Q15, +$7 or 0.8% vs. 2Q14. Net income attributable to Telecom Argentina amounted to $928 in 2Q15 (+$12 or 1.3% vs. 2Q14).

Total revenues and other income increased 18.3% vs. 2Q14 and operating income before depreciation and amortization amounted to $2,501 (+$494 or 24.6% vs. 2Q14), representing 26.0% of the consolidated revenues (vs. 24.7% in 2Q14). Operating income amounted to $1,468 (+$227 or 18.3% vs. 2Q14). Financial results, net amounted to -$30 (-$216 vs. 2Q14), while income tax expenses amounted to $501 (+$4 or 0.8% vs. 2Q14).

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TELECOM ARGENTINA S.A.

During 2Q15 consolidated revenues increased 18.5% (+$1,505 vs. 2Q14) amounting to $9,624, mainly fueled by mobile services, Broadband and data in the Fixed Services segment.

Consolidated operating costs –including depreciation, amortization and gain on disposal of PP&E and impairment of PP&E– amounted to $8,160 in 2Q15, which represented an increase of $1,262 or 18.3% vs. 2Q14. The increase in costs is mainly a consequence of a higher revenues, higher expenses related to competition in mobile and Internet businesses, higher direct and indirect labor costs on the cost structure in Argentina, the increase in fees for services related to higher supplier prices, the increase in taxes and fees with the Regulatory Matters, the increase in taxes and fees with the Regulatory Matters and the increase of VAS costs, partially offset by lower bad debt expenses and equipment and handsets cost .

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TELECOM ARGENTINA S.A.