Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 39

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 39
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 flows used in investing activities                                   |     | -2,065,653 |     | -329,121 |     | -1,736,532 |
| Cash                                                                 
 flows (used in) from financing activities                            |     |    742,872 |     | -411,848 |     |  1,154,720 |
| Net                                                                  
 foreign exchange differences and RECPAM on cash and cash equivalents |     |     36,056 |     |  -73,647 |     |    109,703 |
| Net                                                                  
 Decrease in cash and cash equivalents                                |     |    -26,404 |     | -109,844 |     |     83,440 |
| Cash                                                                 
 and cash equivalents at the beginning of the year                    |     |    388,241 |     |  424,356 |     |        n/a |
| Cash                                                                 
 and cash equivalents at the end of the period                        |     |    397,893 |     |  240,865 |     |        n/a |

As of September 30,
2025, and September 30, 2024, we had $397,893 million and $240,865 million in cash and cash equivalents, respectively.

Cash flows from operating activities were $1,296,377 million and $631,125 million in 9M25 and 9M24, respectively.

Net cash from operating activities increased $665,252
million in 9M25 compared to 9M24, primarily due to an increase in net income adjusted for non-cash income and expense of $906,035 million,
partially offset by a $238,655 million increase in net cash outflows in connection with changes in our assets and liabilities and an increase
in cash outflows used to pay income tax by a $2,128 million.

The increase in net cash payments related to changes
in assets and liabilities was mainly due to an increase in payments of other tax charges, partially offset by an increase from cash flows
related to trade and other receivables.

Cash flows from operating activities in 9M25 contain
$224,274 million corresponding to the consolidation of TMA.

Cash flows used in investing activities
were $2,065,653 million and $329,121 million in 9M25 and 9M24, respectively.

In 9M25, cash flows used
in investing activities mainly included payments for acquisition of TMA,