Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 14

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 14
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 of the Company’s consolidated financial statements: i) “Net Debt/EBITDA” and ii) “EBITDA/Interest
Net”.

| b) | Compliance with covenants |

As of the date of issuance of these unaudited condensed
consolidated financial statements, 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 March 31, 2025, and is also in compliance with the rest of the covenants established.

NOTE 8 – INCOME TAX AND DEFERRED INCOME TAX ASSETS/LIABILITIES

The composition of the income tax liabilities is
as follows:

|                          | March 31, | December 31, |
|                          |      2025 |         2024 |
| Provision for income tax |   243,869 |       15,908 |
| Income tax withholdings  |   -50,320 |      -10,957 |
| Income tax liabilities   |   193,549 |        4,951 |

Movements in Deferred Income tax assets/(liabilities), net are as follows:

|                                                         |  March 31, |            |
|                                                         |       2025 |       2024 |
| At the beginning of the year                            | -1,495,807 | -1,057,587 |
| Increases in Deferred tax                               |    119,173 |   -326,031 |
| Currency translation adjustments                        |      1,392 |     -4,009 |
| Other comprehensive income                              |     -1,415 |       -416 |
| Acquisitions through the business combination of TMA(*) |    325,698 |          - |
| At the end of the period                                | -1,050,959 | -1,388,043 |
| Net deferred tax assets                                 |    327,701 |     25,388 |
| Net deferred tax liabilities                            | -1,378,660 | -1,413,431 |

(*) See Note 16.

As of March 31, 2025, Telecom and some subsidiaries have cumulative tax loss carryforwards of $139,728 million (including $105 million of unrecognized tax loss carryforwards for considering them non-recoverable), that calculated considering statutory income tax rate, represents a deferred tax asset of $48,635 million.

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