Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 9

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 9
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 of operations presenting items by nature.TMA’s
former management believed that the presentation of the measure “Adjusted OIBDA” provided investors and financial analysts
with appropriate information that was relevant for purposes of understanding TMA’s past and present performance, as well as TMA’s
projections of future performance. Moreover, Adjusted OIBDA was one of the key performance measures used by TMA’s former management
to monitor TMA’s profitability and financial position. For more information on the use of Adjusted OIBDA, see “—Results
of Operations—Adjusted OIBDA.”

Years ended December 31, 2024 and 2023.

For purposes of these sections,
the fiscal years ended December 31, 2024, and 2023 are referred to as “2024,” and “2023”, respectively.

TMA’s results of operations
are determined in accordance with IFRS Accounting Standards as issued by the IASB.

Factors Affecting Results of Operations

Described below are certain
factors that may be helpful in understanding TMA’s operating results. These factors are based on the information currently available
to TMA’s management and may not represent all the factors that are relevant to an understanding of our current or future results
of operations.

The Argentine Economy

During 2024, the Argentine
economy registered a contraction of 1.8%. As of December 31, 2024, considering the official exchange rate, the Argentine Peso depreciated
by 27.7% against the U.S. dollar compared to December 31, 2023, while inflation reached 117.8%.

In 2024, the trade balance
recorded a surplus of US$18,899 million. Argentina’s exports totalled US$79,721 million, reflecting a 19.4% increase, while imports
amounted to US$60,822 million, representing a 17.5% decrease.

Regarding external debt, the agreements between the Argentine government, the Paris Club, and the IMF have been fundamental for restructuring Argentina’s debt and stabilizing its economy. See “Risk Factors—Risks Related to Argentina—Devaluation of the Argentine Peso and foreign exchange restrictions may adversely affect our results of operations, our capital expenditures and our ability to service our liabilities and pay dividends”in the TEO 2024 20-F. In March 2022, the Argentine Congress approved
the agreement between the IMF and the Argentine government in connection with