Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 47

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 47
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)                  
 on borrowings                                               |  -91,743 |     | 1,741,513 |     | -1,833,256 |     |   n/a |
| Total financial results from                                
 borrowings                                                  | -221,129 |     | 1,564,261 |     | -1,785,390 |     |   n/a |
| Other foreign currency exchange gains                       |   19,957 |     |   211,153 |     |   -191,196 |     | -90.5 |
| Fair value losses on financial assets at fair value through 
 profit or loss                                              |  -30,730 |     |   -21,020 |     |     -9,710 |     |  46.2 |
| Other interests, net                                        |   20,434 |     |    11,462 |     |      8,972 |     |  78.3 |
| RECPAM                                                      |   61,065 |     |   108,005 |     |    -46,940 |     | -43.5 |
| Other                                                       |  -64,961 |     |   -81,197 |     |     16,236 |     | -20.0 |
| Total other financial results, net                          |    5,765 |     |   228,403 |     |   -222,638 |     | -97.5 |
| Total financial results, net                                | -215,364 |     | 1,792,664 |     | -2,008,028 |     |   n/a |

Telecom incurred a financial loss, net of $215,364 million in 1H25 (compared to a gain of $1,792,664 million in 1H24).Financial results, net contain
a loss of $23,279 million corresponding to the consolidation of TMA’s results as of June 30, 2025.

The variation in financial results, net for 1H25
was mainly explained by a higher loss from foreign exchange differences, measured in real terms, amounting to $2,024,452 million (this
was driven by an inflation rate of 15.1% versus an appreciation of the U.S. dollar against the Argentine peso of 16.8% (compared to an
inflation rate of 79.8% and a U.S. dollar appreciation of 12.