Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 40

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 40
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 net of cash acquired of $1,209,041 million, payments for acquisitions
of PP&E and Intangible assets of $775,954 million and payments for investments not considered as cash and cash equivalents of $416,138
million, partially offset by proceeds from sale investments not considered as cash and cash equivalents of $281,163 million.

In 9M24, cash flows used
in investing activities mainly included payment for investments not considered as cash and cash equivalents of $346,798 million and payments
for acquisitions of PP&E and Intangible assets of $310,680 million, partially offset by proceeds from sale investments not considered
as cash and cash equivalents of $330,941 million.

Cash flows used in investing activities in 9M25
contain $42,380 million corresponding to the consolidation of TMA.

Cash flows from (used in) financing activities were $742,872 million and $(411,848) million in 9M25 and 9M24, respectively.

In 9M25, cash flows from financing activities included proceeds from
borrowings for $3,490,325 million, partially offset by payments for borrowings, interest, DFI and related expenses and leases liabilities
for $2,731,177 million and dividend payments for $16,276 million.

In 9M24, cash flows used in financing activities
included payments for borrowings, interest, DFI and related expenses and leases liabilities for $1,485,196 million and dividend payments
for $11,713 million, partially offset by proceeds from borrowings for $1,110,294 million.

Cash flows used in financing activities in 9M25
contain $43,192 million corresponding to the consolidation of TMA.

| · | 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 sol