Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 56

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 56
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 competitive bank loans in terms of terms and financial cost,
in all cases, both nationally and internationally, with the objective of covering its investments, working capital and other general
corporate purposes and refinancing part of its loans.

| · | Compliance     
 with covenants |

The Company complies with a) the EBITDA/ Interest
Net ratio and b) the Net Debt/EBITDA ratio established in the loan agreements in force as of June 30, 2025, and is also in compliance
with the rest of the covenants established.

Capital Expenditures

CAPEX and Rights of use assets additions composition
1H25 and 1H24 are as follows:

|                                        |    1H25 |    1H24 |     | Variation |       |
|                                        |       $ 
 million |         |     |         $ 
   million |     % |
| PP&E                                   | 430,744 | 289,612 |     |   141,132 |  48.7 |
| Intangibles                            
 assets                                 |  50,445 |  23,515 |     |    26,930 |   n/a |
| Total                                  
 CAPEX                                  | 481,189 | 313,127 |     |   168,062 |  53.7 |
| Rights                                 
 of use assets                          |  92,053 | 127,366 |     |   -35,313 | -27.7 |
| Total                                  
 CAPEX and Right of use asset additions | 573,242 | 440,493 |     |   132,749 |  30.1 |

Our main CAPEX projects are related to the expansion
of cable television and Internet services in order to improve the transmission and speed offered to customers; the deployment of 4G and
the expansion of 5G services to support the growth of mobile Internet services, and improvement of the quality service.

In terms of infrastructure, during 2025 we have
continued to improve the services we provide by deploying the 4G / LTE network, together with the technological reconversion of our 2G
/ 3G networks to 4G and LTE, and the deployment of fiber optics to connect homes with Broadband, which also had an impact on fixed and
data network.

The deployment of 4G/LTE reached a coverage of
97% of urban population. Additionally, we reached a