Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 36

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 36
---
 December 31,        
 2023                              |     |  277,908,614 |     | 184,180,021,829 |     |           92 |     |           476 |     | -             |     | 425,312,082,220 |     | 136,068,132,566 |     | 36,780,940,594 |     | 1,365,396,638,578 |   |     | (194,849,229,586 | ) |     | (1,001,463,578       | ) |     | 15,150,673,497 |   |     | 236,719,757,908 |   |     | 2,204,035,463,210 |   |

Notes 1 to 22 are an integral part of this statement
of changes in equity.

| Refer to our report             
 February 21,                    
 2025                            |     |                 |     |                       |
|:--------------------------------|:----|:----------------|:----|:----------------------|
| PRICE                           
 WATERHOUSE & CO. S.R.L.         |     |                 |     |                       |
| (Partner)                       |     |                 |     |                       |
| C.P.C.E.C.A.B.A. Tº 1 - Fº 17   
 GUSTAVO ARIEL VIDAN             
 Public Accountant U.B.A.        
 C.P.C.E.C.A.B.A. T° 159 - F° 64 |     | MARCELO RICARDO 
 TARAKDJIAN      
 CHAIRMAN        |     | ENRIQUE VICENTE DEL   
 CARRIL                
 SUPERVISORY COMMITTEE |

<div align='center'>5

Telefónica Móviles Argentina Sociedad Anónima

Statements of Cash Flows for the years ended December 31,
2024 and 2023</div>

| Amounts in Pesos in current currency                                                         |     | Notes |     | 12/31/2024 |                   |   |     | 12/31/2023 |                  |   |
| Net loss for the year                                                                        |     |       |     |            |  (960,238,584,288 | ) |     |            | (268,665,027,848 | ) |
| Adjusted by:                                                                                 |     |       |     |            | 1,324,023,666,524 |