Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 51

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 51
---
 to the unaudited
condensed consolidated financial statements.

| · | Cash 
 Flow |

The table below summarizes, for the six-months
period ended June 30, 2025, and June 30, 2024, Telecom’s consolidated cash flows.

|                                                                      |     |       1H25 |     |     1H24 |     |  Variation |
|                                                                      |     |          $ 
    million |     |          |     |            |
| Cash                                                                 
 flows from operating activities                                      |     |    686,868 |     |  458,218 |     |    228,650 |
| Cash                                                                 
 flows used in investing activities                                   |     | -1,509,274 |     | -326,252 |     | -1,183,022 |
| Cash                                                                 
 flows (used in) from financing activities                            |     |    779,550 |     | -221,674 |     |  1,001,224 |
| Net                                                                  
 foreign exchange differences and RECPAM on cash and cash equivalents |     |      7,432 |     |  -80,694 |     |     88,126 |
| Net                                                                  
 Decrease in cash and cash equivalents                                |     |    -35,424 |     | -170,402 |     |    134,978 |
| Cash                                                                 
 and cash equivalents at the beginning of the year                    |     |    366,376 |     |  400,456 |     |    -34,080 |
| Cash                                                                 
 and cash equivalents at the end of the period                        |     |    330,952 |     |  230,054 |     |    100,898 |

As of June 30, 2025,
and June 30, 2024, we had $330,952 million and $230,054 million in cash and cash equivalents, respectively.

Cash flows from operating activities were $686,868 million and $458,218 million in 1H25 and 1H24, respectively.

Net cash from operating activities increased $228,650
million, or 49.9% in 1H5 compared to 1H24, primarily due to an increase in net income adjusted for non-cash income and expense of $512,214
million, partially offset by (i) a $282,486 million increase in net cash outflows in connection with changes in our assets