Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 46

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 46
---
 a $143 million increase in cash outflows used to pay income tax.

The increase in net cash flows in connection with
changes in our assets and liabilities was primarily due to an increase in trade payable payments, largely due to foreign currency debt
settlements, partially offset by an increase in cash flows related to trade receivables and other receivables.

Cash flows from operating activities contain ($4,800)
million corresponding to the consolidation of TMA as of March 31, 2025.

Cash flows used in investing activities were $1,258,015 million and $349,624 million in 3M25 and 3M24, respectively.

In 3M25, cash flows used
in investing activities mainly included payments for acquisition of TMA, net of cash acquired of $1,076,244 million, payments for acquisitions
of PP&E and Intangible assets of $189,733 million and payments for investments not considered as cash and cash equivalents of $2,880
million, partially offset by Proceeds from sale investments not considered as cash and cash equivalents of $8,947 million.

In 3M24, cash flows used
in investing activities mainly included payments for acquisitions of PP&E and Intangible assets of $115,424 million and payment for
investments not considered as cash and cash equivalents of $251,662 million, partially offset by Proceeds from sale investments not considered
as cash and cash equivalents of $13,023 million.

Cash flows used in investing activities contain
$4,629 million corresponding to the consolidation of TMA as of March 31, 2025.

Cash flows from financing activities were $1,059,501 million and $43,124 million in 3M25 and 3M24, respectively.

In 3M25, cash flows from
financing activities included proceeds from borrowings for $1,420,063 million, partially offset by payments for borrowings, interest,
DFI and related expenses and leases liabilities for $360,562 million.

In 3M24, cash flows from financing activities included
proceeds from borrowings for $298,093 million, partially offset by payments for borrowings, interest, DFI and related expenses and leases
liabilities for $254,969 million.

Cash flows from financing activities contain $(3,376)
million corresponding to the consolidation of TMA as of March 31, 2025.

| · | Liquidity |

The liquidity position
of Telecom is and