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

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 6
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's level of capital 
 expenditures and its current solvency level.                                   |

| (2) | See Note 16 b). |

| (3) | This operation represents a transaction between controlling and non-controlling                   
 stockholders related to the acquisition of 100% Adesol’s special purpose entities. See Note 1.a). |

The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.

<div align='center'>F-6

TELECOM ARGENTINA S.A.</div>

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Argentine pesos in current currency – Note 1.d)

|                                                                                               |          |     | Six month period 
            ended |            |
|:----------------------------------------------------------------------------------------------|---------:|:----|-----------------:|-----------:|
|                                                                                               | June 30, |     |                  |            |
|                                                                                               |     Note |     |             2025 |       2024 |
| CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES                                                |          |     |                  |            |
| Net income (loss) for the period                                                              |          |     |          -75,554 |  1,197,930 |
| Adjustments to reconcile net income to net cash flows provided by operating activities        |          |     |                  |            |
| Allowances deducted from assets                                                               |          |     |           68,262 |     42,257 |
| Depreciation of PP&E                                                                          |        4 |     |          621,283 |    593,709 |
| Amortization of intangible assets                                                             |        5 |     |           91,461 |     68,525 |
| Amortization of rights of use assets                                                          |        6 |     |          116,089 |    115,118 |
| Depreciation of Investment properties                                                         |          |     |            2,610 |          - |
| Disposals of Fixed and intangible assets                                                      |          |     |            5,769 |        950 |
| Losses from associates and joint ventures                                                     |        2 |     |            1,744 |      4,144 |
| Financial results and others                                                                  |          |     |          215,685 | -1,957,040 |
| Income tax expenses                                                                           |        8 |     |           34,473 |