Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 47

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 47
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 |   60,120 |   -47,970 | -79.8 |
| Financial results from borrowings                      |   444,833 | -121,748 |   566,581 |   n/a |
| Income from associates and joint ventures              |     2,225 |    6,392 |    -4,167 | -65.2 |
| Operating income / (loss)                              |   165,788 |  -48,404 |   214,192 |   n/a |
| Depreciation, amortization and impairment of Fixed and 
 intangible assets                                      |   483,338 |  400,385 |    82,953 |  20.7 |
| Adjusted EBITDA                                        |   649,126 |  351,981 |   297,145 |  84.4 |

| 4. | Trend information |

During the third quarter of 2025, Telecom Argentina
maintained its strategy of consolidating its position as a key player within the country’s digital ecosystem, combining connectivity,
technology services, and entertainment in a context of gradual macroeconomic stabilization and slowing inflation, though challenges remain.

With a comprehensive service offering and an active
investment policy, Telecom advanced in the expansion and modernization of its infrastructure, supporting the evolution of digital demand
with a focus on efficiency, quality, and technological capacity.

One of the most significant milestones during the
year was the acquisition of Telefónica Móviles Argentina (TMA), completed on February 24 for US$1,245 million. This
transaction—one of the largest private infrastructure investments in the country during the period—reflects a global trend
of consolidation in the telecommunications industry.

Another key highlight of the period was the international
issuance of Class 24 Notes made by Telecom in May and July, for an aggregate principal amount of US$1,000 million. This transaction
enhances the Company’s financial strength and supports its growth strategy, aligned with both current and future technological challenges.

The Company’s digital platforms continue
to expand. Flow reaffirmed its positioning in the entertainment segment by introducing new offerings that enhance the customer experience,
such as Flow+ (a flexible entertainment experience that offers subscribers access to two services from Soccer Pack, HBO, Disney+ Premium,
and Universal+, with the option to switch them every 30 days under a single subscription). The platform also strengthened its presence
through successful co-productions and live concert