Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 14

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 14
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 non-current assets (liabilities) – Book value  |                  777,750 |            58,519 |       -979,680 |           -17,627 |

|                                                            | As of December 31, 2024 |                   |                |                   |
|:-----------------------------------------------------------|------------------------:|------------------:|---------------:|------------------:|
|                                                            |       Trade receivables | Other receivables | Trade payables | Other liabilities |
| Current and non-current assets (liabilities) - Gross value |                 381,583 |            28,573 |       -582,508 |           -25,707 |
| Offsetting                                                 |                 -20,046 |            -4,333 |         20,046 |             4,333 |
| Current and non-current assets (liabilities) – Book value  |                 361,537 |            24,240 |       -562,462 |           -21,374 |

Fair value hierarchy and other disclosures

The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 13:

| - | Level                                                                                         
 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets 
 or liabilities.                                                                               |

| - | Level                                                                                          
 2: Fair value determined based on inputs other than quoted prices included within Level 1      
 that are observable for the asset or liability, either directly (e.g. as prices) or indirectly 
 (e.g. derived from prices).                                                                    |

| - | Level                                                                                     
 3: Fair value determined by unobservable inputs where the reporting entity is required to 
 develop its own assumptions.                                                              |

<div align='center'>F-26</div>

| TELECOM ARGENTINA S.A. |

Financial assets and liabilities recognized at
fair value as of September 30, 2025, and December 31, 2024, and the level of hierarchy are listed below:

| As of September 30, 2025                                              | Level 1 | Level 2 |   Total |
|:----------------------------------------------------------------------|--------:|--------:|--------:|
| Assets                                                                |         |         |         |
| Current Assets                                                        |         |         |         |
| Mutual Funds (1) (2)                                                  | 132,709 |       - | 132,709 |
| Government bonds (1) (2)                                              | 288,341 |       - |