Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 11

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 11
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:-----------------------------------------------------------------|------------:|-------------:|------------:|
| Variation in prices                                              |             |              |             |
| Annual                                                           |      287.9% |       117.8% |       55.9% |
| Accumulated three months                                         |       51.6% |          n/a |        8.6% |
| Banco Nación US$/$ exchange rate                                 |         858 |        1,032 |       1,074 |
| Variation in the exchange rate                                   |             |              |             |
| Annual                                                           |      310.5% |        27.7% |       25.2% |
| Accumulated three months                                         |        6.1% |          n/a |        4.1% |

The Company followed the same restatement policies for itemsidentified in the annual consolidated financial statements as of December 31, 2024.

| F-14 |

| TELECOM        
 ARGENTINA S.A. |

| e) | New Standards and Interpretations issued by the IASB |

New standards and amendments – applicable 1 January 2025

The application of the detailed amendment did not
generate any impact on the results of operations or the financial situation of the Company.

NOTE 2 – CASH AND CASH EQUIVALENTS AND INVESTMENTS

| a) | Cash and cash equivalents and Investments |

|                                 | March 31, | December 31, |
| Cash and cash equivalents       |      2025 |         2024 |
| Cash and Banks(1)               |    63,390 |      132,186 |
| Time deposits                   |   123,715 |      113,969 |
| Mutual funds                    |   225,240 |       99,441 |
| Total cash and cash equivalents |   412,345 |      345,596 |

| (1) | As                                                                                                                                   
 of March 31, 2025, and December 31, 2024, includes restricted funds for $6,891 million and $8,738 million ($9,487 million in current 
 currency as of March 31, 2025), respectively, corresponding to the funds to be paid to clients.                                      |

| Investments                                                     |         |        |
| Current                                                         |         |        |
| Government bonds and Notes at fair value through profit or loss |  11,152 | 12,362 |