Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 41

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 41
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vency 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:

|                                                      |     | September 30, 
          2025 |     | December 31, 
         2024 |     | Variation |
|:-----------------------------------------------------|:----|--------------:|:----|-------------:|:----|----------:|
|                                                      |     |      $million |     |              |     |           |
| Trade                                                
 receivables                                          |     |       776,936 |     |      361,010 |     |   415,926 |
| Other                                                
 receivables (without DFI)                            |     |       183,090 |     |       53,057 |     |   130,033 |
| Inventories                                          |     |        86,909 |     |       73,721 |     |    13,188 |
| Current                                              
 liabilities (not considering borrowings)             |     |    -1,892,009 |     |   -1,080,218 |     |  -811,791 |
| Operating                                            
 working capital-negative                             |     |      -845,074 |     |     -592,430 |     |  -252,644 |
| Cash                                                 
 and cash equivalents                                 |     |       397,893 |     |      388,241 |     |     9,652 |
| Other                                                
 receivables: DFI                                     |     |         1,529 |     |        1,529 |     |         - |
| Investments                                          |     |       289,527 |     |       40,961 |     |   248,566 |
| Current                                              
 borrowings                                           |     |    -1,433,449 |     |   -1,308,379 |     |  -125,070 |
| Net