Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 53

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 53
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 of TMA as of June 30, 2025.

| · | Liquidity |

The liquidity position
of Telecom is and will be significantly dependent on its operating performance, its indebtedness and capital expenditure programs, if
any.

Working Capital

Operating Working Capital
is a non-GAAP measure, defined as the difference between the Company’s operating current assets and operating current liabilities.
The management believes that this measure is useful for assessing the company’s efficiency in managing its short-term assets and
liabilities and ensuring operational continuity. For reconciliation of Operating Working Capital to the most directly comparable IFRS
measure, see “Reconciliation.”

Net Current Financial
Liability is a non-GAAP measure, defined as the difference between the Company’s financial assets and financial liabilities. The
management believes that this measure is useful for assessing our solvency and liquidity because it provides a view of our ability to
meet its short- and long-term financial obligations. For reconciliation of Net Current Financial Liability to the most directly comparable
IFRS measure, see “Reconciliation.”

Working Capital is a
non-GAAP measure, defined as the difference between our current assets and current liabilities. The management believes that this metric
is useful for measuring our short-term financial health and operational efficiency and assessing our ability to manage our liquidity
and sustain our operational activities. For reconciliation of Working Capital to the most directly comparable IFRS measure, see “Reconciliation.”

Telecom’s working
capital breakdown and its main variations are disclosed below:

|                                                      |     |       June 
        30, 
       2025 |     |   December 
        31, 
       2024 |     | Variation |
|:-----------------------------------------------------|:----|-----------:|:----|-----------:|:----|----------:|
|                                                      |     |   $million |     |            |     |           |
| Trade                                                
 receivables                                          |     |    728,369 |     |    340,678 |     |   387,691 |
| Other                                                
 receivables (without DFI)                            |     |    154,027 |     |     51,512 |     |   102,515 |
| Inventories                                          |     |    120,503 |     |     69,569 |     |    50,934 |
| Current                                              
 liabilities (not considering borrowings)             |     | -1,846,323 |     | -1,019,380 |