Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 43

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 43
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 not have a standardized meaning and accordingly; our definition of Adjusted EBITDA may not be comparable to Adjusted
EBITDA as used by other companies.

The following table shows the reconciliation of
Net income to Adjusted EBITDA:

|                                                                          |     |      3M25 |     |       3M24 |     | Variation |     |       |
|                                                                          |     | $ million |     |            |     | $ million |     |     % |
| Net income                                                               |     |    93,202 |     |  1,052,577 |     |  -959,375 |     | -91.1 |
| Income tax expense                                                       |     |   119,745 |     |    328,741 |     |  -208,996 |     | -63.6 |
| Other financial results, net                                             |     |   -15,322 |     |   -180,130 |     |   164,808 |     | -91.5 |
| Financial results from borrowings                                        |     |   -85,634 |     | -1,244,078 |     | 1,158,444 |     | -93.1 |
| Earnings / (loss) from associates and joint ventures                     |     |       -92 |     |      2,119 |     |    -2,211 |     |   n/a |
| Operating income / (loss)                                                |     |   111,899 |     |    -40,771 |     |   152,670 |     |   n/a |
| Depreciation, amortization and impairment of Fixed and intangible assets |     |   340,049 |     |    363,755 |     |   -23,706 |     |  -6.5 |
| Adjusted EBITDA                                                          |     |   451,948 |     |    322,984 |     |   128,964 |     |  39.9 |

Our consolidated Adjusted
EBITDA amounted to $451,948 million in 3M25, representing an increase of $128,964 million or 39.9% as compared to 3M24. Adjusted EBITDA
represented 33.1% of our total consolidated revenues in 3M25 and 30.3% in 3M24.

Adjusted EBITDA contains
$68,416 million