Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 11

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 11
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, fixed broadband, and video
services on a nationwide scale in Argentina, using its own networks, with its own infrastructure. The subsidiary TMA is managed as a separate
business unit, and therefore, the Executive Committee and the CEO review its economic and financial information (stated in historic currency
at the transaction date) separately.

Additionally, Telecom, through Micro Sistemas,
develops activities in the fintech industry in Argentina. Telecom also carries out activities abroad (Paraguay, USA, Uruguay and Chile).

The operations that Telecom develops through Micro
Sistemas, and those developed abroad, are not analyzed as a separate segment by the Executive Committee and the CEO, considering that
they are not considered as individually significant. These operations do not meet the aggregation criteria established by the standard
to be grouped within the "ICT Services provided in Argentina– Telecom Networks" segment and considering that they do not
exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category
"Other segments".

The Executive Committee and the CEO continue to
monitor these businesses to evaluate the way its performance is reviewed and, eventually, its consideration as a separate reportable segment
provided it complies with the requirements established by IFRS Accounting Standards to that effect.

As a result, segments as of June 30, 2025, are
the following:

| - | ICT Services provided in Argentina – Telecom                                                                                            
 Networks: Corresponds to the operations carried out by the Company and its subsidiaries located in Argentina (excluding TMA) engaged in 
 the provision of ICT services.                                                                                                          |

| - | ICT Services provided in Argentina – TMA                                                                
 Networks: Corresponds to the operations carried out by the subsidiary TMA as from the acquisition date. |

| - | Other segments: Corresponds to the operations                                                                                                
 for a) ICT services provided aboard (Paraguay, USA, Uruguay and Chile) and b) the development of activities in the fintech industry, through 
 the subsidiaries Micro Sistemas and Personal Envíos in Argentina and Paraguay, respectively.                                                 |

The Executive Committee and the CEO evaluate the
profitability for each reportable segment based on the measure of the Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income
less income tax, financial results, earnings (losses) from associates and joint ventures, and depreciation, amortization and impairment
of Fixed and intangible assets.

Presented below is the segment