Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 55

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 55
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 operating and financial review and prospect
as of June 30, 2025, contain certain “non-GAAP financial measures” (as defined in Item 10(e) of Regulation S-K under the
Securities Act). These measures include Adjusted EBITDA, Operating Working Capital, Net Current Financial Liability and Working Capital.
Our management believes these financial reporting measures to be useful indicators of our operational performance and liquidity. Our
calculation of these non-GAAP financial measures may be different from the calculations used by other companies, including our competitors
in the telecommunications industry, and therefore, our measures may not be directly comparable to those of other companies.

For our definition of Adjusted EBITDA and its
reconciliation to the most directly comparable IFRS measure, see “Depreciation, amortization and impairment of Fixed and intangible assets—Adjusted EBITDA” herein.

For our definitions of (i) Operating Working
Capital; (ii) Net Current Financial Liability and (iii) Working Capital, see “Working Capital” herein.

The following tables show a reconciliation of
(i) Operating Working Capital; (ii) Net Current Financial Liability and (iii) Working Capital, in each case the most directly
comparable IFRS Accounting Standard measure:

| (i) | Operating       
 Working Capital |

|                                  |     | As of June 30, 
           2025 | As of December 31, 
               2024 |
|:---------------------------------|:----|---------------:|-------------------:|
|                                  |     |              $ 
        million |                    |
| Trade                            
 receivables (current)            |     |        728,369 |            340,678 |
| Other                            
 receivables (current)            |     |        154,404 |             51,512 |
| Other                            
 receivables DFI (current)        |     |           -377 |                  - |
| Inventories                      |     |        120,503 |             69,569 |
| Current                          
 liabilities (without borrowings) |     |     -3,218,296 |         -2,254,072 |
| Borrowings                       
 (current)                        |     |      1,371,973 |          1,234,692 |
| Operating                        
 working capital - negative       |     |       -843,424 |           -557,621 |

| (ii) | Net                         
 Current Financial Liability |

|                              |     | As of June