Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 23

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 23
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balances set forth below, restated to current currency as of September 30, 2025.

The table below shows
the evolution of the national consumer price index (National CPI) and the Banco Nación U.S. dollar exchange rate used for the preparation
of this operating and financial review and prospects, discussed in Note 1.d) to the unaudited condensed consolidated financial statements:

| National Consumer Price Index (National CPI)  
 (December 2016=100)                           |     As of 
 September 
  30, 2024 
   7,122.2 |        As of 
 December 31, 
         2024 
      7,694.0 |     As of 
 September 
  30, 2025 
   9,384.1 |
|:----------------------------------------------|----------:|-------------:|----------:|
| Variation in prices                           |           |              |           |
| Annual / Interannual                          |    209.0% |       117.8% |     31.8% |
| Accumulated nine months                       |    101.6% |          n/a |     22.0% |
| Accumulated three months since June 2024/2025 |     12.1% |          n/a |      6.0% |
| Banco Nación US$/$ exchange rate              |     970.5 |      1,032.0 |   1,380.0 |
| Variation in the exchange rate                |           |              |           |
| Annual / Interannual                          |    177.3% |        27.7% |     42.2% |
| Accumulated nine months                       |     20.0% |          n/a |     33.7% |
| Accumulated three months since June 2024/2025 |      6.4% |          n/a |     14.5% |

The National CPI has registered
an increase of 31.8% as of September 30, 2025, as compared to September 30, 2024.

As disclosed in Note 16.a) to the unaudited condensed
consolidated financial statements, on February 24, 2025, the Company acquired 99.999625% of the capital of TMA, exercising control
over such company. Consequently, since then, the Company consolidates TMA, and, therefore,