Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 49

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 49
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, 2024, respectively.

In addition to our financial information that has
been prepared and presented in accordance with IFRS Accounting Standards, these this operating and financial review and prospect as of
March 31, 2025 contain certain “non-GAAP financial measures” (as defined in Item 10(e) of Regulation S-K under the Securities
Act). These measures include Adjusted EBITDA, Operating Working Capital, Net Current Financial Liability and Working Capital. Our management
believes these financial reporting measures to be useful indicators of our operational performance and liquidity. Our calculation of these
non-GAAP financial measures may be different from the calculation used by other companies, including our competitors in the telecommunications
industry, and therefore, our measures may not be directly comparable to those of other companies.

For our definition of Adjusted EBITDA and its reconciliation
to the most directly comparable IFRS measure, see “Depreciation, amortization and impairment of Fixed and intangible assets—Adjusted EBITDA” herein.

For our definitions of (i) Operating Working
Capital; (ii) Net Current Financial Liability and (iii) Working Capital, see “Working Capital” herein.

The following tables show a reconciliation of (i) Operating
Working Capital; (ii) Net Current Financial Liability and (iii) Working Capital, in each case the most directly comparable IFRS Accounting
Standard measure:

| (i) | Operating Working Capital |

|                                           |     | As of March 31, 
            2025 | As of December 31, 
               2024 |
|:------------------------------------------|:----|----------------:|-------------------:|
|                                           |     |       $ million |                    |
| Trade receivables (current)               |     |         726,087 |            321,356 |
| Other receivables (current) (without DFI) |     |         133,797 |             48,590 |
| Inventories                               |     |         117,913 |             65,624 |
| Current liabilities (without borrowings)  |     |      -3,105,798 |         -2,126,231 |
| Borrowings (current)                      |     |       1,198,136 |          1,164,665 |
| Operating working capital - negative      |     |        -929,865 |           -525,996 |

| (ii) | Net Current Financial Liability |

|                                       |     |