Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 22

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 22
---
|                  |      4,416,400 |  4,375,954 |

<div align='center'>F-26

TELECOM ARGENTINA S.A.</div>

The fair value of the loans was assessed as follows:

| a) | The fair value of Notes traded in active markets                                                                                 
 was measured based on quoted market prices at the end of the reporting period. As a result, its valuation classifies as Level 1. |

| b) | The fair value of Notes that are not traded in                                                                                    
 an active market was measured based on quotes provided by first-tier financial entities, so their valuation qualifies as Level 2. |

| c) | For the rest of the borrowings, the fair values                                                                    
 were calculated based on cash flows discounted using a current lending rate, so as they are classified as level 3. |

NOTE 11 – PURCHASE COMMITMENTS

As of June 30, 2025 and December 31, 2024, the
Company has entered into various purchase commitments with domestic and from abroad amounting to approximately $1,075,487 million and
$1,141,270 million, respectively (of which $249,775 million and $348,775 million corresponds to Fixed and intangible assets commitments,
respectively). These purchase commitments include those that contain “take or pay” clauses, which force the buyer to purchase
a quantity of a product or service in a period, usually annually, or, alternatively, to pay that amount even if it has not been taken
or accepted to receive it.

NOTE 12 – REVENUES

|                            |     | Three month period ended |     |           |     | Six month period ended |     |           |
|:---------------------------|:----|-------------------------:|:----|----------:|:----|-----------------------:|:----|----------:|
|                            |     |                 June 30, |     |           |     |               June 30, |     |           |
|                            |     |                     2025 |     |      2024 |     |                   2025 |     |      2024 |
| Mobile Services            |     |                  947,429 |     |   477,381 |     |              1,604,897 |     |   937,473 |
| Internet Services          |     |                  402,750 |     |   304,280 |     |                744,556 |