Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 119

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 119
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     |                    |    77,603,680,538 |   |     |                  |               - |     |                |               - |
| Amortization of intangibles                         |     |       |    61,625,080,647 |   |     |                    |    29,778,947,176 |   |     |                  |  30,861,433,768 |     |                |     984,699,703 |
| Total                                               |     |       | 2,990,443,339,539 |   |     |                    | 1,684,128,214,087 |   |     |                  | 911,011,528,940 |     |                | 395,303,596,512 |

| 20. | Economic Context |

The Company operates in a complex economic environment,
where key variables have experienced strong volatility, both nationally and internationally.

Regarding the international context, the global
economy is expanding in an environment marked by heterogeneous patterns and cyclical discrepancies. The United States and China are leading
global expansion, while Europe, the other advanced economies, and emerging markets have shown mixed performances. In Latin America, most
economies have recovered, though still below their potential.

Global inflation has declined, albeit unevenly
across different economies and regions. At the same time, central banks have begun easing their monetary policies. Despite progress, and
with few exceptions, inflation has not yet converged to its trend levels and, in this context, the restrictive bias of monetary policies
is expected to persist for some time. Fiscal consolidation remains a challenge for most economies, as public debt has increased due to
COVID-19, and higher interest rates threaten its sustainability unless governments succeed in balancing their public finances. In this
framework, long-term interest rates have remained high. Additionally, constant geopolitical tension, the U.S. presidential elections,
and other specific situations have injected volatility into financial markets.

Regarding the local context, the monthly economic
activity index recorded an average decline of 2.7% in 2024, mainly due to contractions in the industrial, trade and construction sectors
stemming from the reconciliation of relative prices and a strong fiscal adjustment that has interrupted public infrastructure spending.
However, the agricultural sector has mitigated the GDP decline, showing solid growth following the drought of 2023.

The main indicators in our country are:

| • | The unemployment rate increased to 6.9% in September 202