Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 55

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 55
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 Total intangible assets               |     |             |     |                | 2,062,332,932,686 |     |              | (1,026,964,228,758 | ) |     |                   | (228,200,518,888 | ) |     |                   | 807,168,185,040 |

On October 24, 2023, the Auction for the
provision of Reliable and Intelligent Telecommunications Services (STeFI) was held, in which the ENACOM, through Resolution 1473/2023,
registered the STeFI Service in the name of TMA, awarding Lot 3B, Bands 3550-3600 MHz, for an amount of 175 million U.S. dollars. On November 1,
2023, the payment was made in pesos at the official exchange rate. The use of the spectrum is for 20 years, starting on October 24,
2023. The amount included in additions to intangible assets for fiscal year 2023 was 211,283 million pesos.

Note 18 presents a detail of TMA's licenses and
spectrum with definite and indefinite useful lives, as well as their expiration year, if applicable.

| 4. | Recoverability of Assets |

TMA assesses the recoverability of the carrying
amount of its net assets based on fair value less costs of disposal and using the discounted cash flow method.

The process to determine the discounted cash flow
method to determine the recoverable amount of assets, mentioned in note 2.2 f), is based on a series of assumptions, judgments, and estimates
regarding cash flows, such as the revenue growth rate, future investment and working capital estimates, as well as discount rates. The
assumptions for the cash flow projections are based on estimates made by the Company's management, market surveys, and macroeconomic projections.
The discount rate applied to the cash flow projections is the Weighted Average Cost of Capital (“WACC”). The resulting valuation
is classified at Level 3 of the fair value hierarchy in IFRS 13.

According to economic analysis techniques, the
recoverable value assessment is made for a five-year period, and subsequently, the assumptions are taken to perpetuity based on the Company’s
ability to continue operations for an indefinite period. The Company's Management believes that using a five-year period for making its
estimates is appropriate.

The Company’s Management documents and approves
the key assumptions of the projections