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

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 25
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 in connection with the Accumulated retained earnings as of December 31, 2024 for $1,099,156 million in current 
 currency as of March 31, 2025: (a) allocate the amount of $54,958 million in current currency as of March 31, 2025 to “Legal Reserve”;      
 (b) allocate the amount of $1,044,198 million in current currency as of March 31, 2025 to “Voluntary reserve to maintain the Company's      
 level of capital expenditures and its current solvency level”; (c) to reclassify the amount of $101,053 million in current currency         
 as of March 31, 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.                               |

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

<div align='center'>F-27

OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF MARCH 31, 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 balances set
forth below, restated to current currency as of March 31, 2025.

The table below shows
the evolution of the national consumer price index (National CPI) and the Banco Nación U.S. dollar exchange rate used for the preparation
of this operating and financial review and prospects, discussed in Note 1.d) to the unaudited condensed consolidated financial statements:

| National Consumer Price Index      
 (National CPI) (December 2016=100) | As of March 
    31, 2024 
     5,357.1 |        As