Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 43

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 43
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         110,577 |
| Dividend                     
 payables                     |     |            1,027 |             837 |
| Leases                       
 liabilities                  |     |          141,454 |          90,902 |
| Other                        
 liabilities                  |     |           76,060 |          49,273 |
| Provisions                   |     |           72,279 |           4,737 |
| Cash                         
 and cash equivalents         |     |          397,893 |         388,241 |
| Other                        
 receivables - current (DFI)  |     |            1,529 |           1,529 |
| Investments                  
 (current)                    |     |          289,527 |          40,961 |
| Net                          
 Current financial liability  |     |         -744,500 |        -877,648 |

Negative Working Capital

|                                                        |     |               As 
 of September 30, 
             2025 |              As 
 of December 31, 
            2024 |
|:-------------------------------------------------------|:----|-----------------:|----------------:|
|                                                        |     |                $ 
          million |                 |
| Current                                                
 assets                                                 |     |        1,738,676 |         920,672 |
| Current                                                
 liabilities                                            |     |        3,325,458 |       2,388,597 |
| Negative                                               
 working capital (current assets — current liabilities) |     |       -1,586,782 |      -1,467,925 |

The Company has an excellent credit rating and
diverse sources of financing, relying on various instruments and offerings from leading institutions, to diversify its current financing
structure, which includes access to the capital markets and obtaining very competitive bank loans in terms of terms and financial cost,
in all cases, both nationally and internationally, with the objective of covering its investments, working capital and other general corporate
purposes and refinancing part of its loans.

| · | Compliance with covenants |

The Company complies with a) the EBITDA/ Interest
Net ratio and b) the Net Debt/EBITDA ratio established in the loan agreements in force as of September 30, 2025, and is also in compliance
with the rest of the covenants established.

Capital Expenditures

CAPEX and Rights of use assets additions composition
9M25 and 9M24 are as follows:

|                                        |