Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 54

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 54
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     |  -826,943 |
| Operating                                            
 working capital-negative                             |     |   -843,424 |     |   -557,621 |     |  -285,803 |
| Cash                                                 
 and cash equivalents                                 |     |    330,952 |     |    366,376 |     |   -35,424 |
| Other                                                
 receivables: DFI                                     |     |        377 |     |          - |     |       377 |
| Investments                                          |     |     45,837 |     |     38,654 |     |     7,183 |
| Current                                              
 borrowings                                           |     | -1,371,973 |     | -1,234,692 |     |  -137,281 |
| Net                                                  
 Current financial liability                          |     |   -994,807 |     |   -829,662 |     |  -165,145 |
| Assets                                               
 classified as held for sale                          |     |        492 |     |      2,031 |     |    -1,539 |
| Negative                                             
 working capital (current assets—current liabilities) |     | -1,837,739 |     | -1,385,252 |     |  -452,487 |
| Liquidity                                            
 rate (current assets/ current liabilities)           |     |       0.43 |     |       0.39 |     |      0.04 |

Telecom has a typical
working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially
PP&E and Intangible assets) for longer terms than it provides to its customers. As a result, Telecom has a negative working capital,
which amounted to $1,837,739 million as of June 30, 2025 (increasing $452,487 million compared to December 31, 2024).

Negative working capital
contains $82,582 million corresponding to TMA as of June 30, 2025.

During 2024 and 2025,
Telecom obtained funds from the financial market to refinance part of its loans in order to optimize their terms, rates, and structure.
Telecom will continue its strategy of refinancing its borrowings to extend contractual terms and achieve lower financing costs, thus
covering its negative working capital.

In addition to our financial information that
has been prepared and presented in accordance with IFRS Accounting Standards, these this