Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 56

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 56
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 it makes, on the basis of TMA’s historical performance and macroeconomic data taken from
market financial projections.

The recoverability analysis of TMA's net assets
is carried out at least annually based on the projections of the Financial Statements prepared by the Company as of December 31,
2024, and 2023, and on the growth projections and operating results for the years ending on those dates.

The assets as of December 31, 2023, and 2024
reflect the effect of the impairment recorded during years 2020 and 2022, resulting from the evaluation of the recoverability analysis
of net assets made by the Company in those years.

During fiscal years 2023 and 2024, high inflation
levels led to a significant increase in asset values, with an appreciation of the Argentine peso in real terms during 2024 of around 80%.
In this regard, although the Company has met the business plans outlined as of December 31, 2023, and the revision of these plans
at the end of 2024 is in the same direction, as of December 31, 2024, the Company's Management has concluded that the value of net
assets exceeds the recoverable value thereof (both in terms of value in use and fair value, which are similar). As a result, the Company
has recognized an impairment loss in Intangible Assets for 467,855 million pesos (Note 3) and in PP&E for 899,909 million pesos (Note
5), with a balancing entry in impairment loss (Note 17). Additionally, as a consequence of this impairment, the deferred income tax liability
associated with the inflation adjustment of those assets has been partially reversed in the amount of 478,717 million pesos.

:

| · | Revenue Growth: It is based on the observation                                                                                               
 of the historical performance of each revenue item, as well as on market analysis trends. Projected revenues differentiate between product   
 and service lines, identifying a growth trend in postpaid and prepaid mobile services, broadband services, pay TV, and IT services, compared 
 to voice services (fixed).                                                                                                                   |

| · | Operating Margin Growth: It takes into                                                                                                          
 account the historical margin with an estimated price correction, as well as those ongoing projects aimed at achieving greater cost efficiency. |

| · | Investment Volume: Ongoing projects are                                                                                                       
 expected to lead to greater investment efficiency associated with the need to increase network capacity and coverage across the country,      
 which