Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 23

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 23
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2,008 |     |    -927 |     |                 -3,159 |     |    -2,107 |
| Financial discounts on assets, debts and others                                    |     |                   -2,818 |     | -10,071 |     |                 -8,999 |     |   -10,515 |
| RECPAM                                                                             |     |                   25,000 |     |  20,890 |     |                 61,065 |     |   108,005 |
| Total other financial results, net                                                 |     |                  -10,478 |     |  37,443 |     |                  5,765 |     |   228,403 |
| Total financial results, net                                                       |     |                 -322,390 |     | 282,825 |     |               -215,364 |     | 1,792,664 |

(*) Includes $1,933 million corresponding to net income generated by
DFI for the six-month period ended June 30, 2024. Includes $841 million corresponding to net income generated by DFI for the three-month
period ended June 30, 2024.

(**) Related to Notes issued in UVA.

(***) Include $2,656 million and $(608) million
corresponding to net exchange differences generated by DFI for the six-month periods ended June 30, 2025, and 2024, respectively. Include
$2,542 million and $793 million corresponding to net exchange differences generated by DFI for the three-month periods ended June 30,
2025, and 2024, respectively.

NOTE 15 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

| a) | Controlling Company |

CVH is the controlling company of Telecom Argentina.

<div align='center'>F-28

TELECOM ARGENTINA S.A.</div>

| b) | Balances with Related parties |

| · | Associates and joint venture |

| CURRENT ASSETS    |     |               |     | June 30, |    |     | December 31, |    |
| Trade receivables |     |               |     |     2025 |    |     |         2024 |    |
| OPH               |     | Joint venture |     |          | 61 |     |              | 53 |
|                   |     |               |     |          | 61 |     |              | 53 |