Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 22

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 22
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 the Board of Directors’ proposal stated in current currency as of March 31, 2025                                             
 using the National Consumer Price Index pursuant to CNV Resolution No. 777/18 in connection with the Accumulated retained earnings      
 as of December 31, 2024 for $1,234,786 million in current currency as of September 30, 2025: (a) allocate the amount of                 
 $60,069 million in current currency as of September 30, 2025 to “Legal Reserve”; (b) allocate the amount of $1,174,717                  
 million in current currency as of September 30, 2025 to “Voluntary reserve to maintain the Company's level of capital expenditures      
 and its current solvency level”; (c) to reclassify the amount of $110,451 million in current currency as of September 30,               
 2025 from “Voluntary reserve to maintain the Company's level of capital expenditures and its current solvency level” and to             
 be charged against the “Contributed Surplus”;                                                                                           |
| (ii) | to delegate on the Board of Directors the power to reverse, before December 31, 2025 the “Voluntary                                     
 reserve to maintain the Company's level of capital expenditures and its current solvency level” in an amount that allows distribution   
 of dividends in cash or in non-cash or any combination of both options, for up to the maximum amount of distribution of US$300 million. |

NOTE 17 – SUBSEQUENT EVENTS TO SEPTEMBER 30, 2025

In relation to the credit line referred to in Note 7, on November 7,
2025, the Company received from Bank of China Limited an additional disbursement in the amount of RMB 500 million (equivalent to $102,507
million), maturing in September 2028.

| Carlos          
 Moltini         |
| Chairman        
 of the Board of 
 Directors       |

<div align='center'>F-33

OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF SEPTEMBER 30, 2025

(In millions of Argentine pesos in current currency
- except per share data in Argentine pesos in current currency- or as expressly indicated)</div>

| 1. | General considerations |

As provided under Resolution
No. 777 issued by the CNV on December 28, 2018, this operating and financial review and prospects discloses the comparative