Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 93

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 93
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,232,596 |   |     |            | 260,057,078 |   |     |                  | 262,495,155,370 |   |     |            | 268,508,933,035 |   |
| Other currencies |     |                             |           - |   |     |            |      26,219 |   |     |                  |               - |   |     |            |      61,932,163 |   |
| Net              |     |                             |             |   |     |            |             |   |     |                  |                 |   |     |            |                 |   |
| Euro             |     |                             | (22,904,195 | ) |     |            | (28,721,941 | ) |     |                  | (24,580,335,443 | ) |     |            | (30,823,827,003 | ) |
| U.S. dollars     |     |                             |  79,271,512 |   |     |            |  64,340,166 |   |     |                  |  81,847,836,140 |   |     |            |  66,431,221,395 |   |
| Other currencies |     |                             |      10,036 |   |     |            |     (16,183 | ) |     |                  |      13,513,617 |   |     |            |     (38,225,707 | ) |

| (*) | See Note 12 a) for information                                                            
 on the principal types of financial assets in foreign currency for the different periods. |

| (**) | See Note 12 b) for information                                                                 
 on the principal types of financial liabilities in foreign currency for the different periods. |

Credit Risk

Credit risk arises from the possibility of TMA
incurring losses due to difficulties in collecting its receivables for services provided to customers and for the sale of handsets and
cards that have been previously activated for the distribution network.

Credit risk in connection with accounts receivable
is diversified and mitigated through strict control of the customer base. TMA constantly monitors the level of accounts receivable arising
from postpaid services and limits the risk of bad debt by disconnecting lines with overdue accounts. The mobile customer base also uses
the prepaid system, which requires the purchase of credit in advance and, therefore, does not present credit risk.

The credit risk associated