Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 7

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 7
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-27 |
| Note 12 – Revenues                                                                                                             | F-27 |
| Note 13 – Operating expenses                                                                                                   | F-27 |
| Note 14 – Financial results                                                                                                    | F-28 |
| Note 15 – Balances and transactions with Related parties                                                                       | F-28 |
| Note 16 – Recent developments corresponding to the six-month period ended June 30, 2025                                        | F-30 |
| Note 17– Subsequent events to June 30, 2025                                                                                    | F-33 |

<div align='center'>F-9

TELECOM ARGENTINA S.A.</div>

NOTE 1 – BASIS OF PREPARATION OF THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES

| a) | Basis of preparation and significant accounting 
 policies                                        |

These unaudited condensed consolidated financial
statements as of June 30, 2025, and for the six and three-month periods ended on June 30, 2025, have been prepared in accordance with
IAS 34 “Interim Financial Reporting”.

Therefore, these financial statements do not include all the information required in an annual financial statement and, consequently, they must be read jointly with the annual financial statements as of December 31, 2024 included in form 20F 2024, which can be consulted at the Company´s website (https:// https://inversores.telecom.com.ar/en/quarterly-earnings.html). It should
be noted that the annual financial statements have been measured in terms of current pesos as of December 31, 2024, applying the guidance
in IAS 29. These unaudited condensed consolidated financial statements have been measured in terms of current pesos as of June 30, 2025,
applying the guidance in IAS 29. (See Note 1.d).

We have not recast our annual financial statements
to measure them in terms of current pesos as of June 30, 2025, the most recent financial period for which consolidated financial statements
are available. Therefore, the annual financial statements and the unaudited condensed consolidated financial statements are not comparable.

These unaudited condensed consolidated financial
statements were prepared following the same accounting policies as in the most recent annual financial statements, except for those policies
incorporated due to the acquisition of TMA:

| (i) | measurement of financial assets: assets that are