Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 10

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 10
---
 tranche was received for RMB 530 million, equivalent to $110,026 million in current currency as of September 30, 2025 (RMB      
 516.7 million net of issuance costs, equivalent to $107,262 million in current currency as of September 30, 2025). This loan establishes, 
 among other provisions, the obligation to comply with certain financial ratios, which are calculated based on contractual definitions,    
 on a quarterly basis, along with the presentation of the Company’s consolidated financial statements: i) “Net Debt/EBITDA”                
 and ii) “EBITDA/Interest Net”.                                                                                                            |

<div align='center'>F-23

TELECOM ARGENTINA S.A.</div>

| c) | Compliance     
 with covenants |

As of the date of issuance of these unaudited condensed
consolidated financial statements, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established
in the loan agreements in force as of September 30, 2025, and is also in compliance with the rest of the covenants established.

NOTE 8 – INCOME TAX AND DEFERRED INCOME TAX ASSETS/LIABILITIES

Movements in income tax liabilities are as follows:

|                                               | September 30, |         |
|                                               |          2025 |    2024 |
| At the beginning of the year                  |        -5,562 |  -4,149 |
| Current income tax expense                    |      -145,789 | -28,975 |
| Acquisitions through business combination (*) |             - |  -1,098 |
| Payments                                      |        10,892 |   8,764 |
| RECPAM and currency translation adjustments   |        30,471 |   1,609 |
| Income tax withholdings and offset tax credit |        69,288 |  21,002 |
| At the end of the period                      |       -40,700 |  -2,847 |

Movements in Deferred Income tax assets/(liabilities), net are as follows:

|                                               | September 30, |            |
|                                               |          2025 |       2024 |
| At the beginning of the year                  |    -1,680,382 | -1,188,088 |
| Increases in Deferred tax                     |       210,198 |   -