Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 50

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 50
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 internationally, with the objective of covering its investments, working capital and other general corporate
purposes and refinancing part of its loans.

| · | Compliance with covenants |

As of the date of issuance of these unaudited condensed
consolidated financial statements, 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 March 31, 2025, and is also in compliance with the rest of the covenants established.

For further information, see Note 7 to these unaudited
condensed consolidated financial statements.

Capital Expenditures

CAPEX and Rights of use assets additions composition
3M25 and 3M24 is as follows:

|                                              |      3M25 |    3M24 |     | Variation |       |
|                                              | $ million |         |     | $ million |     % |
| PP&E                                         |   156,651 | 153,109 |     |     3,542 |   2.3 |
| Intangibles assets                           |    20,070 |  10,100 |     |     9,970 |  98.7 |
| Total CAPEX                                  |   176,721 | 163,209 |     |    13,512 |   8.3 |
| Rights of use assets                         |    43,688 |  63,626 |     |   -19,938 | -31.3 |
| Total CAPEX and Right of use asset additions |   220,409 | 226,835 |     |    -6,426 |  -2.8 |

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