Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 45

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 45
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 Argentine law. |

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

| · | Cash Flow |

The table below summarizes, for the three-months
period ended March 31, 2025 and March 31, 2024. Telecom’s consolidated cash flows.

|                                                                          |     |       3M25 |     |     3M24 |     | Variation |
|                                                                          |     |  $ million |     |          |     |           |
| Cash flows from operating activities                                     |     |    273,544 |     |  266,997 |     |     6,547 |
| Cash flows used in investing activities                                  |     | -1,258,015 |     | -349,624 |     |  -908,391 |
| Cash flows from financing activities                                     |     |  1,059,501 |     |   43,124 |     | 1,016,377 |
| Net foreign exchange differences and RECPAM on cash and cash equivalents |     |     -8,281 |     | -103,405 |     |    95,124 |
| Increase (Decrease) in cash and cash equivalents                         |     |     66,749 |     | -142,908 |     |   209,657 |
| Cash and cash equivalents at the beginning of the year                   |     |    345,596 |     |  377,744 |     |   -32,148 |
| Cash and cash equivalents at the end of the period                       |     |    412,345 |     |  234,836 |     |   177,509 |

As of March 31, 2025 and
March 31, 2024, we had $412,345 million and $234,836 million in cash and cash equivalents, respectively.

Cash flows from operating
activities were $273,544 million and $266,997 million in 3M25 and 3M24, respectively.

Net cash provided by operating activities increased
$6,547 million, or 2.5% in 3M25 compared to 3M24, primarily due to an increase in net income adjusted for non-cash income and expense
of $166,047 million, partially offset by (i) a $159,357 million increase in net cash outflows in connection with changes in our assets
and liabilities and (ii)