Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 17

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 17
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                                                 |                  -12,150 | -60,120 |     |                  -6,041 |   181,914 |
| Total financial results, net                                                       |                 -456,983 |  61,628 |     |                -685,200 | 1,961,278 |

(*) Includes $208 million corresponding to net
income generated by DFI for the nine-month period ended September 30, 2024. Includes $(1,840) million corresponding to net loss
generated by DFI for the three-month period ended September 30, 2024.

(**) Related to Notes
issued in UVA.

(***) Include $21,856 million and $(79) million
corresponding to net exchange differences generated by DFI for the nine-month periods ended September 30, 2025, and 2024, respectively.
Include $19,041 million and $565 million corresponding to net exchange differences generated by DFI for the three-month periods ended
September 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-29</div>

| TELECOM ARGENTINA S.A. |

| b) | Balances             
 with Related parties |

| · | Associates        
 and joint venture |

| CURRENT               
 ASSETS                |           | September 30, | December 31, |
| Trade                 
 receivables           |           |          2025 |         2024 |
| OPH                   | Joint     
 venture   |            93 |           56 |
|                       |           |            93 |           56 |
| CURRENT               
 LIABILITIES           |           | September 30, | December 31, |
| Trade                 
 payables              |           |          2025 |         2024 |
| La                    
 Capital Cable         | Associate |           373 |          252 |
| OPH                   | Joint     
 venture   |         1,675 |          581 |
|                       |           |         2,048 |          833 |
| Other                 
 liabilities           |           |               |              |
| OPH                   | Joint     
 venture   |             - |        3,672 |
|                       |           |             - |        3,672 |
| NON                   
 - CURRENT LIABILITIES |           |               |