Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 20

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 20
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) | For the rest of the borrowings, the fair values                                                                    
 were calculated based on cash flows discounted using a current lending rate, so as they are classified as level 3. |

NOTE 11 – PURCHASE COMMITMENTS

The Company has entered into various purchase commitments
with domestic and foreign suppliers amounting to approximately $1,182,058 million (of which $ 200,727 million corresponds to Fixed and
intangible assets commitments) and $1,076,541 million (of which $205,906 million corresponds to Fixed and intangible assets commitments)
as of March 31, 2025 and December 31, 2024, respectively. These purchase commitments include those that contain “take or pay”
clauses, which force the buyer to purchase a quantity of a product or service in a period, usually annually, or, alternatively, to pay
that amount even if it has not been taken or accepted to receive it.

<div align='center'>F-22

TELECOM ARGENTINA S.A.</div>

NOTE 12 – REVENUES

|                            |     | Three-month period ended 
 March 31,                |      2025 |     |     |      2024 |
|:---------------------------|:----|:-------------------------|----------:|:----|:----|----------:|
| Mobile Services            |     |                          |   620,179 |     |     |   433,997 |
| Internet Services          |     |                          |   322,420 |     |     |   262,797 |
| Cable Television Services  |     |                          |   172,674 |     |     |   158,150 |
| Fixed and Data Services    |     |                          |   154,859 |     |     |   149,301 |
| Other services revenues    |     |                          |    15,350 |     |     |    12,219 |
| Subtotal services revenues |     |                          | 1,285,482 |     |     | 1,016,464 |
| Equipment revenues         |     |                          |    77,871 |     |     |    49,966 |
| Total Revenues             |     |                          | 1,363,353 |     |     | 1,066,430 |

NOTE 13 – OPERATING EXPENSES

The main components of the operating expenses are
the following:

|                                                    | Three