Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 4

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 4
---
 maintain the Company's
level of capital expenditures and its current solvency level.

(2) This operation represents a transaction between controlling
and non-controlling stockholders related to the acquisition of 100% Adesol’s special purpose entities. See Note 1.a).

The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.

<div align='center'>F-6</div>

| TELECOM        
 ARGENTINA S.A. |

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Argentine pesos in current currency – Note 1.d)

|                                                                                               | Note | Three-month period 
    ended March 31, 
               2025 |       2024 |
|:----------------------------------------------------------------------------------------------|-----:|-------------------:|-----------:|
| CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES                                                |      |                    |            |
| Net income for the period                                                                     |      |             93,202 |  1,052,577 |
| Adjustments to reconcile net income to net cash flows provided by operating activities        |      |                    |            |
| Allowances deducted from assets                                                               |      |             27,821 |     29,641 |
| Depreciation of PP&E                                                                          |    4 |            259,832 |    277,463 |
| Amortization of intangible assets                                                             |    5 |             32,909 |     32,547 |
| Amortization of rights of use assets                                                          |    6 |             46,541 |     53,618 |
| Depreciation of Investment properties                                                         |      |                212 |          - |
| Disposals of Fixed and intangible assets                                                      |      |              7,798 |        527 |
| Earnings (losses) from associates and joint ventures                                          |    2 |                -92 |      2,119 |
| Financial results and others                                                                  |      |           -126,489 | -1,481,801 |
| Income tax expenses                                                                           |    8 |            119,745 |    328,741 |
| Income tax paid                                                                               |      |               -536 |       -393 |
| Change in operating assets and liabilities, net of effects from purchase of controlled entity |      |                    |            |
| Decrease / (Increase) Trade receivables                                                       |      |            -81,996 |