Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 31

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 31
---
 | Maturity date | Amortization             | Interest rate | Spread | Interest        
 payment         
 date            |
|:-----------------------------------------------------------|:---------|--------------:|:--------------|:-------------------------|:--------------|:-------|:----------------|
| Banco Macro S.A.                                           | $        |       100,000 | 07/2028       | In three installments:   
 -33.33% in July, 2026    
 -33.33% in July, 2027    
 -33.33% in July, 2028    | TAMAR         | 6.60%  | Quarterly basis |
| Banco BBVA Argentina S.A.                                  | $        |        50,000 | 01/2028       | In three installments:   
 -33.33% in January, 2027 
 -33.33% in July, 2027    
 -33.33% in January, 2028 | TAMAR         | 6.60%  | Quarterly basis |
| Industrial and Commercial Bank of China (Argentina) S.A.U. | RMB      |           930 | 07/2028       | In three installments:   
 -33.33% in January, 2028 
 -33.33% in April, 2028   
 -33.33% in July, 2028    | Fixed 6.15%   | n/a    | Quarterly basis |

| Carlos Moltini           |
| Chairman of the Board of 
 Directors                |

<div align='center'>F-34

OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF JUNE 30, 2025

(In millions of Argentine pesos in current currency
- except per share data in Argentine pesos in current
currency- or as expressly indicated)</div>

| 1. | General considerations |

As provided under Resolution
No. 777 issued by the CNV on December 28, 2018, this operating and financial review and prospects discloses the comparative balances set
forth below, restated to current currency as of June 30, 2025.

The table below shows
the evolution of the national consumer price index (National CPI) and the Banco Nación U.S. dollar exchange rate used for the preparation
of this operating and financial review and prospects, discussed in Note 1.d) to the unaudited condensed consolidated financial statements:

| National Consumer Price Index (National CPI) (December