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

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 12
---
 Network”                  |                    |           |              4,377,108 |    3,258,185 |
| Borrowings corresponding to the segment “ICT Services provided in Argentina – TMA Network”                      |                    |           |                      5 |          n/a |
| Borrowings corresponding to the segment “Other segments”                                                        |                    |           |                 39,287 |       54,311 |
|                                                                                                                 |                    |           |              4,416,400 |    3,312,496 |

| c) | Net earnings per share |

Basic earnings per share is calculated by dividing
the net income attributable to the Controlling Company by the weighted average number of ordinary shares outstanding during the period.
On the other hand, diluted earnings per share is computed by dividing the net income attributable to the Controlling Company for the period
by the weighted average number of common shares issued and to be potentially issued at the end of the period. Since the Company has no
dilutive potential common stock outstanding, basic and dilutive earnings per share amounts do not differ.

For the six and three-month periods ended June
30, 2025, and 2024, the weighted average number of shares outstanding amounted to 2,153,688,011.

| d) | Financial reporting in hyperinflationary 
 economies                                |

Since Argentina has been considered a high-inflation
economy for accounting purposes in accordance with IAS 29 since July 1, 2018, the financial information expressed in Argentine pesos is
restated in current currency of June 30, 2025.

The table below shows the evolution of the indexes
as of June 30, 2025, and 2024 and December 31, 2024 according to official statistics (INDEC) in accordance with Resolution No. 539/18
of the FACPCE and the devaluation of the Argentine peso vs. de US dollar for the same years / periods:

<div align='center'>F-17</div>

| TELECOM        
 ARGENTINA S.A. |

| National Consumer Price Index (National CPI) (December 2016=100) | As of June 30, 
           2024 
        6,351.7 |    As of 
 December 
 31, 2024 
  7,694.0 | As of June 30, 
           2025 
        8,855.6 |
|:-----------------------------------------------------------------|