Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 50

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 50
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,144 |     |     -2,400 |     | -57.9 |
| Operating income (loss)                                           |     |   176,027 |     |    -86,575 |     |    262,602 |     |   n/a |
| Depreciation, amortization and impairment of Fixed and intangible 
 assets                                                            |     |   831,126 |     |    776,833 |     |     54,293 |     |   7.0 |
| Adjusted EBITDA                                                   |     | 1,007,153 |     |    690,258 |     |    316,895 |     |  45.9 |

Our consolidated Adjusted EBITDA amounted to $1,007,153
million in 1H25, representing an increase of $316,895 million or 45.9% as compared to 1H24. Adjusted EBITDA represented 30.0% of our
total consolidated revenues in 1H25 and 29.7% in 1H24.

Adjusted EBITDA contains
$226,799 million corresponding to the consolidation of TMA’s results as of June 30, 2025.

Liquidity and Capital Resources

·Sources and Uses of Funds

We expect the main sources of Telecom Argentina’s
liquidity in the short term to be cash flows from Telecom Argentina’s operations and cash flows from financing from third parties,
which may include accessing to domestic and international capital markets and obtaining financing from financial institutions. Telecom
Argentina’s principal uses of cash flows are expected to be capital expenditures, operating expenses, dividend payments to its
shareholders, payments of borrowings and for general corporate purposes. Telecom Argentina expects working capital, funds generated from
operations, dividend payments from its subsidiaries and financing from third parties to be sufficient. Telecom Argentina has accessed
the domestic and international capital markets during 2025 to refinance its outstanding debt, as necessary.

·Borrowings Developments during 1H25

| a) | Bank                               
 and other financing entities loans |

Recent developments of Borrowings for the six-month
period ended June 30, 2025, are detailed below:

| 1) | Notes |

| Series | Currency |        Amount 
      involved 
 (in millions) | Issuance 
 date     | Maturity 
 date     | Amortization              | Interest 
 rate     | Interest     
 payment      
 date         |
|