Financial Statements 2Q25

For the month of August 2025 Commission File Number: 001-13464

(Translation of registrant's name into English)

General Hornos, No. 690, (C1272ACK)

Autonomous city of Buenos Aires, Republic of Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No 

Telecom Argentina S.A.

TABLE OF CONTENTS

Item

1. Unaudited condensed consolidated financial statements as of June 30, 2025

2. Operating and financial review and prospects as of June 30, 2025

‌Unaudited Condensed Consolidated Financial Statements as of June 30, 2025

General Hornos 690

(C1272ACK) Autonomous city of Buenos Aires Republic of Argentina

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025

INDEX

Glossary of terms

Unaudited condensed consolidated financial statements

Consolidated statements of financial position Consolidated income statements

Consolidated statements of comprehensive income Consolidated statements of changes in equity Consolidated statements of cash flows

Notes to the unaudited condensed consolidated financial statements

Glossary of terms

The following explanations are not technical definitions, but to assist the general reader to understand certain terms as used in these unaudited condensed consolidated financial statements.

ADS: Telecom Argentina's American Depositary Share, listed on the New York Stock Exchange, each

representing five Class B Shares.

ADR: American Depositary Receipt.

ARCA (Agencia de Recaudación y Control Aduanero): Argentine Tax Collection and Customs Control Agency.

BCRA (Banco Central de la República Argentina): The Central Bank of Argentina. BYMA (Bolsas y Mercados Argentinos): Buenos Aires Stock Exchange.

CAPEX: Capital expenditures.

CNV (Comisión Nacional de Valores): The Argentine National Securities Commission.

CNDC (Comisión Nacional de Defensa de la Competencia): The Argentine Antitrust Commission.

Company/Telecom Argentina: Telecom Argentina S.A.

CVH: Cablevisión Holding S.A., controlling company of Telecom Argentina since January 1, 2018.

DFI: Derivate Financial Instrument.

ENACOM (Ente Nacional de Telecomunicaciones): The Telecommunications Regulatory Authority of Argentina.

FACPCE (Federación Argentina de Consejos Profesionales en Ciencias Económicas): Argentine Federation of Professional Councils of Economic Sciences.

Fintech: Financial technology services are activities that involve the use of innovation and technological developments for the design, offer and provision of financial products and services.

Fixed and intangible assets: Includes PP&E, Intangible assets, Goodwill, Investment Properties and Rights of use assets.

IAS: International Accounting Standards.

IASB: International Accounting Standards Board.

ICT Services (Information and Communication Technology services): Services to transport and distribute signals or data, such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks.

IFRS Accounting Standards: International Financial Reporting Standards, as issued by the IASB.

INDEC (Instituto Nacional de estadísticas y censos): The National Institute of statistics and cense.

La Capital Cable: Name corresponding to limited company La Capital Cable S.A., respectively, company that is directly or indirectly associates according to the definition of the General Corporations Law.

LGS (Ley de General de Sociedades): Argentine Corporations Law No. 19,550 as amended. Since the

enforcement of the new Civil and Commercial Code its name was changed to "General Corporations Law".

Micro Sistemas/Pem/Cable Imagen/Inter Radios/Personal Smarthome/NYS2/ RISSAU/ Manda/ TSMA: Names corresponding to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition of the General Corporations Law, or were controlled by the Company, directly or indirectly: Micro Sistemas S.A.U., Pem S.A.U., Cable Imagen S.R.L., AVC Continente Audiovisual S.A., Inter Radios S.A.U., Personal Smarthome S.A., NYS2 S.A.U., Negocios y Servicios S.A.U., Red Intercable Satelital S.A.U.,Manda S.A. and Teledifusora San Miguel Arcángel S.A..

NYSE: New York Stock Exchange. OCI: Other comprehensive income

OPH: Name corresponding to company Open Pass Holding LLC that is a joint venture of Telecom Argentina.

PPA: Purchase Price Allocation

PP&E: Properties, plant and equipment.

RECPAM (Resultado por exposición a los cambios en el poder adquisitivo de la moneda): Inflation Adjustment Gain (Loss).

RMB: Official currency of Popular Republic of China.

Roaming: a function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).

SOF: Secured Overnight Financing.

Telecom: Telecom Argentina and its consolidated subsidiaries.

TAMAR: (Tasa Mayorista de Argentina) Argentina Wholesale Rate published by the Banco Central de la República Argentina.

Telecom USA/ Núcleo/ Personal Envíos/ Televisión Dirigida/ Adesol/ Opalker/ Ubiquo/ MFH/ Naperville/ Saturn

/ CrediPay/ Parklet: Names corresponding to foreign companies Telecom Argentina USA Inc., Núcleo S.A.E., Personal Envíos S.A., Televisión Dirigida S.A., Adesol S.A., Opalker S.A., Ubiquo Chile Spa,Micro Fintech Holding LLC, Naperville Investments LLC, Saturn Holding LLC, CrediPay S.A. and Parklet S.A., respectively, companies that are directly or indirectly controlled according to the definition of the General Corporations Law.

TMA: Telefónica Móviles Argentina S.A.

USA: United States of America

UVA (Unidad de Valor Adquisitivo): Purchasing Value Unit, an index developed and published by the Banco Central de la República Argentina.

VER TV: Ver T.V. S.A.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In millions of Argentine pesos in current currency - Note 1.d)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONSOLIDATED INCOME STATEMENTS

(In millions of Argentine pesos in current currency, except per share data in Argentine pesos in current currency - Note 1.d)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Argentine pesos in current currency - Note 1.d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.)

(In millions of Argentine pesos in current currency - Note 1.d)

Main non-cash transactions from the consolidated statement of cash flows are the following:

June 30,

Acquisition of companies and joint ventures financed by other liabilities

Other receivables offset with acquisition of companies and joint ventures

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025, AND 2024

(In millions of Argentine pesos in current currency, except as otherwise indicated)

INDEX

Note 1 - Basis of preparation of the unaudited condensed consolidated financial statements and significant accounting policies

Page F-10

Note 2 - Cash and cash equivalents and Investments. F-18

Note 3 - Goodwill F-19

Note 4 - PP&E F-19

Note 5 - Intangible assets F-20

Note 6 - Right of use assets F-21

Note 7 - Borrowings F-21

Note 8 - Income tax and Deferred income tax assets/liabilities F-23

Note 9 - Provisions and allowances F-24

Note 10 - Additional information of financial assets and liabilities F-25

Note 11 - Purchase commitments F-27

Note 12 - Revenues F-27

Note 13 - Operating expenses F-27

Note 14 - Financial results F-28

Note 15 - Balances and transactions with Related parties F-28 Note 16 - Recent developments corresponding to the six-month period ended June 30, 2025 F-30 Note 17- Subsequent events to June 30, 2025 F-33

NOTE 1 - BASIS OF PREPARATION OF THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES

1. Basis of preparation and significant accounting policies

   These unaudited condensed consolidated financial statements as of June 30, 2025, and for the six and three-month periods ended on June 30, 2025, have been prepared in accordance with IAS 34 "Interim Financial Reporting".

   Therefore, these financial statements do not include all the information required in an annual financial statement and, consequently, they must be read jointly with the annual financial statements as of December 31, 2024 included in form 20F 2024, which can be consulted at the Company´s website (https://https://inversores.telecom.com.ar/en/quarterly-earnings.html). It should be noted that the annual financial statements have been measured in terms of current pesos as of December 31, 2024, applying the guidance in IAS 29. These unaudited condensed consolidated financial statements have been measured in terms of current pesos as of June 30, 2025, applying the guidance in IAS 29. (See Note 1.d).

   We have not recast our annual financial statements to measure them in terms of current pesos as of June 30, 2025, the most recent financial period for which consolidated financial statements are available. Therefore, the annual financial statements and the unaudited condensed consolidated financial statements are not comparable.

   These unaudited condensed consolidated financial statements were prepared following the same accounting policies as in the most recent annual financial statements, except for those policies incorporated due to the acquisition of TMA:

   1. measurement of financial assets: assets that are held for collection of contractual cash flows and for selling, where the assets' cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognized in profit or loss, within "Other financial results, net". When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss,

   2. Investment properties, which is recorded initially at cost, and then at cost less accumulated depreciation, and comprise primarily land and buildings that are not occupied for its own operations, and the depreciation is calculated on a straight-line basis for the estimated useful life of 50 years, (calculated in accordance with technical studies, periodically reviewed) and

   3. termination benefits plans: additionally to what is mentioned in Note 3.o) to the annual financial statements as of December 31, 2024, Telecom recognizes costs for a restructuring according to IAS 37 (i.e., it has a detailed formal plan for the restructuring, and it has raised a valid expectation in those affected that it will carry out the restructuring) and when involves the payment of terminations benefits. These termination benefit plans correspond to the TMA subsidiary and are recognized in the line "Salaries and social security payables" in the consolidated statements of financial position. In addition to the termination benefits plans in effect at the time of the acquisition of TMA, during the six- and three-month periods ending June 30, 2025 this subsidiary recognized a new restructuring plan, which had an impact of $52,314 million on results, recognized as "Employee benefit expenses and severance payments" for the six and three-month periods ended on June 30, 2025. The balance of the mentioned termination plan currently in execution amounted to $18,830 million as of June 30, 2025.

      These unaudited condensed consolidated financial statements were prepared including in the consolidation process the following companies:

      Company	Main activity	Country	Telecom Argentina's direct/indire ct interest in capital stock and votes
      TMA(a)	ICT Services and Audiovisual Communication Services	Argentina	99.999625%
      Micro Sistemas	Services related to the use of electronic payment media	Argentina	100.00%
      Manda	Holding	Argentina	100.00%
      RISSAU	Broadcasting services	Argentina	100.00%
      Inter Radios	Broadcasting services	Argentina	100.00%
      Pem	Investment	Argentina	100.00%
      Cable Imagen	Closed-circuit television	Argentina	100.00%
      Personal Smarthome	Security solutions and services	Argentina	100.00%
      NYS2	ICT Services and Audiovisual Communication Services.	Argentina	100,00%
      TSMA	Community Closed-Circuit Television	Argentina	100.00%
      Ubiquo	Cybersecurity services and products	Chile	95.00%
      Núcleo	Mobile telecommunications Services	Paraguay	67.50%
      Personal Envíos	Mobile financial services	Paraguay	67.50%
      CrediPay	Financial services	Paraguay	67.50%
      Televisión Dirigida	Cable television services	Paraguay	100.00%
      Adesol (b)	Holding	Uruguay	100.00%
      Opalker	Cybersecurity, content platform and related services	Uruguay	100.00%
      Parklet (c)	Development and provision of digital platforms	Uruguay	51,00%
      MFH	Holding	USA	100.00%
      Naperville	Holding	USA	100.00%
      Saturn	Holding	USA	100.00%
      Telecom USA	Telecommunication services	USA	100.00%

      1. Company acquired on February 24, 2025. See Note 16.

      2. Adesol acquired 100% of the equity interests in the following companies incorporated in the Eastern Republic of Uruguay, which render subscription television services in various locations of that country: Bersabel S.A., Audomar S.A., Dolfycor S.A., Reiford S.A., Tracel S.A., Space Energy Tech S.A., and Visión Satelital S.A. This acquisition was approved by the regulatory authority through Resolution No. 79 issued by the Ministry of Industry, Energy and Mining of Uruguay dated February 27, 2025, and published in the Official Gazette of the Eastern Republic of Uruguay on March 12, 2025.

      3. Until May 19, 2025, Telecom Argentina indirectly held 100% of the company through Opalker. On May 19, 2025, Opalker transferred to the unrelated company "Tech-Co Enablers, LLC", shares representing 49% of Parklet's capital and voting rights. As a result, from that date, Opalker's interest in Parklet is 51%. On the same date, the parties signed a shareholders' agreement ("Agreement") which sets forth, among other matters, the rights and obligations of both parties regarding their participation in the company. According to the Agreement, a special majority with the consent of both shareholders is required to decide on key business and corporate matters. Therefore, Opalker alone does not have the ability to use its power over the investee to influence its returns, and exercises joint control, accounting for its investment as a joint venture from the date the share transfer transaction was completed, which value as of June 30, 2025, is $0.2 million.

   The preparation of these unaudited condensed consolidated financial statements in accordance with IAS 34 requires that the Company's Management make estimates that affect the figures disclosed in the financial statements or its complementary information. Actual results may differ from these estimates.

   These unaudited condensed consolidated financial statements are expressed in millions of Argentine pesos, on an accrual basis of accounting (except for the consolidated statement of cash flows), based on historical cost, except for certain financial assets and liabilities (includes DFI) that are measured at fair value and are prepared in current currency as of June 30, 2025.

   The figures as of December 31, 2024, and for the six and three-month periods ended on June 30, 2024, which are disclosed in these unaudited condensed consolidated financial statements for comparative purposes, are a result of restating the financial statements as of such dates to values in current currency as of June 30, 2025. This is as a consequence of the restatement process of the financial information described in point d).

   As disclosed in Note 16.a) to these unaudited condensed consolidated financial statements, the Company has consolidated TMA as from February 24, 2025, and, therefore, the Company's financial statements as of June 30, 2025, and the results for the six and three-month periods ended June 30, 2025, are not comparable to the comparative information presented in these unaudited condensed consolidated financial statements.

   These unaudited condensed consolidated financial statements as of June 30, 2025, were authorized for

   issuance and approved by resolution of the Board of Directors' meeting held on August 11, 2025.

   These unaudited condensed consolidated financial statements contain all disclosures required under IAS 34. Some additional disclosures required by the LGS and/or by the CNV have been also included.

2. Segment information

   The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit, according to the current regulatory context of the converged ICT Services industry (adding to the same segment both the activities related to the mobile services, internet services, cable television and fixed and data services, services governed by the same regulatory framework of ICT Services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic-financial information of Telecom Argentina and its subsidiaries (in current currency as of the date of each transaction), that is prepared as a single segment and evaluate the evolution of business as a unit of generation of results, administrating the resources in a unique way to achieve the objectives. Regarding costs, they are not specifically allocated to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific). Further, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and are not allocated specifically to one of them.

   Following the acquisition of TMA, dated February 24, 2025 (see Note 16), the Company identified a new reportable segment, "ICT Services provided in Argentina - TMA Networks" corresponding to the provision of mobile and fixed telephony services, 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 financial information as it is analyzed by the Executive Committee and the CEO for the six and three-month periods ended June 30, 2025 and 2024, respectively:

   Consolidated Income Statement for the six-month period ended June 30, 2025

   	ICT Services provided in Argentina - Telecom Network			ICT Services provided in Argentina - TMA Network			Other segments			Eliminations	Total
   	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency
   Revenues	2,146,036	115,100	2,261,136	932,686	36,128	968,814	167,384	8,963	176,347	(49,293)	3,357,004
   Operating costs without depreciation, amortization and impairment of Fixed and intangible assets
   Employee benefit expenses and severance payments Fees for services, maintenance, materials and supplies Taxes and fees with the Regulatory Authority Commissions and advertising Programming and content costs Other operating costs without depreciation, amortization and impairment of Fixed and intangible assets	(508,352) (256,738) (179,564) (88,750) (122,715) (258,015)	(26,675) (27,745) (9,583) (4,532) (6,485) (26,214)	(535,027) (284,483) (189,147) (93,282) (129,200) (284,229)	(247,565) (118,175) (90,035) (56,783) (17,738) (183,077)	(5,432) (3,438) (2,488) (1,458) (505) (22,827)	(252,997) (121,613) (92,523) (58,241) (18,243) (205,904)	(14,549) (21,053) (7,089) (32,022) (15,042) (37,481)	(766) (1,146) (379) (1,918) (792) (2,018)	(15,315) (22,199) (7,468) (33,940) (15,834) (39,499)	-3,212 - 2,749 - 43,332	(803,339) (425,083) (289,138) (182,714) (163,277) (486,300)
   Adjusted EBITDA	731,902	13,866	745,768	219,313	(20)	219,293	40,148	1,944	42,092	-	1,007,153

   Depreciation, amortization and impairment of Fixed and intangible assets	(831,126)
   Operating income	176,027
   Losses from associates and joint ventures	(1,744)
   Financial results from borrowings	(221,129)
   Other financial results, net	5,765
   Loss before income tax	(41,081)
   Income tax expense	(34,473)
   Net loss	(75,554)
   Attributable to: Controlling Company	(83,792)
   Non-controlling interest	8,238
   	(75,554)

   Consolidated Income Statement for the three-month period ended June 30, 2025

   	ICT Services provided in Argentina - Telecom Network			ICT Services provided in Argentina - TMA Network			Other segments			Eliminations	Total
   	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency
   Revenues	1,117,314	17,319	1,134,633	700,476	19,823	720,299	89,430	1,567	90,997	(34,251)	1,911,678
   Operating costs without depreciation, amortization and impairment of Fixed and intangible assets Employee benefit expenses and severance payments Fees for services, maintenance, materials and supplies Taxes and fees with the Regulatory Authority Commissions and advertising Programming and content costs Other operating costs without depreciation, amortization and impairment of Fixed and intangible assets	(279,798) (132,288) (93,645) (47,869) (64,581) (135,829)	(4,783) (8,363) (1,450) (717) (1,007) (8,399)	(284,581) (140,651) (95,095) (48,586) (65,588) (144,228)	(204,073) (90,862) (68,276) (44,203) (13,190) (125,487)	(2,817) (1,796) (1,180) (702) (232) (19,364)	(206,890) (92,658) (69,456) (44,905) (13,422) (144,851)	(7,659) (10,824) (3,767) (14,954) (8,003) (20,563)	(115) (176) (60) (225) (120) (522)	(7,774) (11,000) (3,827) (15,179) (8,123) (21,085)	-1,580 - 1,530 - 31,141	(499,245) (242,729) (168,378) (107,140) (87,133) (279,023)
   Adjusted EBITDA	363,304	(7,400)	355,904	154,385	(6,268)	148,117	23,660	349	24,009	-	528,030

   Depreciation, amortization and impairment of Fixed and intangible assets	(470,631)
   Operating income	57,399
   Losses from associates and joint ventures	(1,842)
   Financial results from borrowings	(311,912)
   Other financial results, net	(10,478)
   Loss before income tax	(266,833)
   Income tax benefit	92,472
   Net loss	(174,361)
   Attributable to: Controlling Company	(178,207)
   Non-controlling interest	3,846
   	(174,361)

   Consolidated Income Statement for the six-month period ended June 30, 2024

   	ICT Services provided in Argentina - Telecom Network			Other segments			Eliminations	Total
   	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency
   Revenues	1,319,709	813,049	2,132,758	125,324	80,728	206,052	(14,706)	2,324,104
   Operating costs without depreciation, amortization and impairment of Fixed and intangible assets Employee benefit expenses and severance payments Fees for services, maintenance, materials and supplies Taxes and fees with the Regulatory Authority Commissions and advertising Programming and content costs Other operating costs without depreciation, amortization and impairment of Fixed and intangible assets	(327,914) (166,078) (107,086) (48,355) (68,356) (170,475)	(203,581) (128,637) (65,739) (29,195) (41,595) (132,443)	(531,495) (294,715) (172,825) (77,550) (109,951) (302,918)	(11,216) (16,835) (4,543) (27,436) (9,701) (24,638)	(7,223) (10,875) (2,934) (17,302) (10,548) (15,847)	(18,439) (27,710) (7,477) (44,738) (20,249) (40,485)	-3,191 -1,460 - 10,055	(549,934) (319,234) (180,302) (120,828) (130,200) (333,348)
   Adjusted EBITDA	431,445	211,859	643,304	30,955	15,999	46,954	-	690,258

   Depreciation, amortization and impairment of Fixed and intangible assets	(776,833)
   Operating loss	(86,575)
   Losses from associates and joint ventures	(4,144)
   Financial results from borrowings	1,564,261
   Other financial results, net	228,403
   Income before income tax	1,701,945
   Income tax expense	(504,015)
   Net income	1,197,930
   Attributable to: Controlling Company	1,187,416
   Non-controlling interest	10,514
   	1,197,930

   Consolidated Income Statement for the three-month period ended June 30, 2024

   	ICT Services provided in Argentina - Telecom Network			Other segments			Eliminations	Total
   	Currency of the transaction date	Inflation restatement	In current currency	Currency of the transaction date	Inflation restatement	In current currency
   Revenues	760,560	345,513	1,106,073	65,579	29,738	95,317	(7,836)	1,193,554
   Operating costs without depreciation, amortization and impairment of Fixed and intangible assets Employee benefit expenses and severance payments Fees for services, maintenance, materials and supplies Taxes and fees with the Regulatory Authority Commissions and advertising Programming and content costs Other operating costs without depreciation, amortization and impairment of Fixed and intangible assets	(192,799) (90,375) (61,713) (28,309) (40,307) (102,957)	(87,749) (52,288) (28,031) (12,869) (18,320) (62,771)	(280,548) (142,663) (89,744) (41,178) (58,627) (165,728)	(5,841) (8,768) (2,364) (15,004) (4,010) (12,992)	(2,653) (4,048) (1,078) (6,758) (5,646) (5,884)	(8,494) (12,816) (3,442) (21,762) (9,656) (18,876)	-1,612 -807 - 5,417	(289,042) (153,867) (93,186) (62,133) (68,283) (179,187)
   Adjusted EBITDA	244,100	83,485	327,585	16,600	3,671	20,271	-	347,856

   Depreciation, amortization and impairment of Fixed and intangible assets	(391,207)
   Operating loss	(43,351)
   Losses from associates and joint ventures	(1,898)
   Financial results from borrowings	245,382
   Other financial results, net	37,443
   Income before income tax	237,576
   Income tax expense	(155,508)
   Net income	82,068
   Attributable to: Controlling Company	76,134
   Non-controlling interest	5,934
   	82,068

   Additional required information is disclosed below:

   Three month period ended

   Six month period ended

   June 30, June 30,

   Revenues	2025	2024	2025	2024
   Revenues from customers in Argentina	1,821,984	1,105,186	3,196,073	2,129,367

   Revenues from foreign customers 89,694 88,368 160,931 194,737

   1,911,678 1,193,554 3,357,004 2,324,104

   CAPEX

   CAPEX corresponding to the segment "ICT Services provided in

   Argentina - Telecom Network"

   322,058 274,103

   CAPEX corresponding to the segment "ICT Services provided in Argentina - TMA Network" CAPEX corresponding to the segment "Other segments"	121,853 37,278	n/a 39,024
   	481,189	313,127
   Fixed and intangible assets	June 30, 2025	December 31, 2024

   10,859,453	11,156,013
   1,431,251	n/a
   468,177	458,302
   12,758,881	11,614,315
   4,377,108	3,258,185
   5	n/a
   39,287	54,311
   4,416,400	3,312,496

   Fixed and intangible assets corresponding to the segment "ICT

   Services provided in Argentina - Telecom Network"

   Fixed and intangible assets corresponding to the segment "ICT

   Services provided in Argentina - TMA Network"

   Fixed and intangible assets corresponding to the segment

   "Other segments"

   Borrowings

   Borrowings corresponding to the segment "ICT Services

   provided in Argentina - Telecom Network"

   Borrowings corresponding to the segment "ICT Services

   provided in Argentina - TMA Network"

   Borrowings corresponding to the segment "Other segments"

3. Net earnings per share

   Basic earnings per share is calculated by dividing the net income attributable to the Controlling Company by the weighted average number of ordinary shares outstanding during the period. On the other hand, diluted earnings per share is computed by dividing the net income attributable to the Controlling Company for the period by the weighted average number of common shares issued and to be potentially issued at the end of the period. Since the Company has no dilutive potential common stock outstanding, basic and dilutive earnings per share amounts do not differ.

   For the six and three-month periods ended June 30, 2025, and 2024, the weighted average number of shares outstanding amounted to 2,153,688,011.

4. Financial reporting in hyperinflationary economies

   Since Argentina has been considered a high-inflation economy for accounting purposes in accordance with IAS 29 since July 1, 2018, the financial information expressed in Argentine pesos is restated in current currency of June 30, 2025.

   The table below shows the evolution of the indexes as of June 30, 2025, and 2024 and December 31, 2024 according to official statistics (INDEC) in accordance with Resolution No. 539/18 of the FACPCE and the devaluation of the Argentine peso vs. de US dollar for the same years / periods:

   As of June 30, 2024	As of December 31, 2024	As of June 30, 2025
   6,351.7	7,694.0	8,855.6
   271.5%	117.8%	39.4%
   79.8%	n/a	15.1%
   18.6%	n/a	6.0%
   912.0	1,032.0	1,205.0
   255.3%	27.7%	32.1%
   12.8%	n/a	16.8%
   6.3%	n/a	12.2%

   National Consumer Price Index (National CPI) (December 2016=100)

   Variation in prices

   Annual

   Accumulated six months

   Accumulated three months since March 2024/2025

   Banco Nación US$/$ exchange rate

   Variation in the exchange rate

   Annual

   Accumulated six months

   Accumulated three months since March 2024/2025

   The Company followed the same restatement policies for items identified in the annual consolidated financial statements as of December 31, 2024.

5. New Standards and Interpretations issued by the IASB New standards and amendments - applicable on January1, 2025

The application of the detailed amendment did not generate any impact on the results of operations or the financial situation of the Company.

NOTE 2 - CASH AND CASH EQUIVALENTS AND INVESTMENTS

1. As of June 30, 2025 and December 31, 2024 includes restricted funds for $8,032 million and $10,057 million, respectively, corresponding to the funds to be paid to clients.

   Investments Current
   Government bonds and Notes at fair value through profit or loss	11,130	13,105
   Government bonds and Notes at fair value through OCI	33,013	-
   Mutual funds	814	23,747
   Others investment at amortized cost	880	1,802
   	45,837	38,654
   Non- current
   Government bonds and Notes at fair value through OCI	17,295	-
   Investments in associates and joint ventures (a)	13,409	15,662
   Other investments	29	1
   	30,733	15,663
   Total investments	76,570	54,317

   1. Information on Investments in associates and joint ventures is detailed below:

Financial position information:

Companies Nature of relationship

Main activity Countr y

Percentage of capital

stock owned and voting rights (%)

Valuation as of 06.30.2025

Valuation as of 12.31.2024

La Capital Cable (1) (2)Associate Closed-circuit

television

Argentina 50.00 5,581 5,422

OPH (1)Joint venture Holding USA 50.00 7,828 10,240

Total 13,409 15,662

1. Data about the issuer arises from extra-accounting information.

2. Direct and indirect interest.

   The evolution of investments in associates and joint ventures is as follows:

   Balances as of December 31, 2024 Earnings (loss) of the period Currency translation adjustments Balances as of June 30, 2025

   La Capital Cable	5,422	159	-	5,581
   OPH	10,240	(1,899)	(513)	7,828
   	15,662	(*) (1,740)	(513)	13,409

   (*) In addition, a result of $(4) million corresponding to the sale of Parklet's equity stake in May 2025 was recognized (see Note 1.a).

   Balances as of December 31,

   2023

   Dividends

   Earnings (loss) of the period Currency translation adjustments Balances as of June 30, 2024

   Ver TV	26,300	(563)	(1,017)	-	24,720
   TSMA	9,560	(18)	(217)	-	9,325
   La Capital Cable	5,634	(583)	35	-	5,086
   OPH	18,175	-	(2,945)	(3,026)	12,204
   	59,669	(1,164)	(4,144)	(3,026)	51,335

   NOTE 3 - GOODWILL

   Movements in Goodwill are as follows:

   June 30,

   2025		2024
   At the beginning of the year	3,881,864	3,869,779
   Increases	-	21,101
   Decreases (1)	(4)	-
   Currency translation adjustments	3,417	(10,100)
   At the end of the period	3,885,277	3,880,780

   1. Corresponds to the sale of Parklet's equity stake in May 2025.

Movements in PP&E (without allowance for obsolescence and impairment of materials and accumulated impairment of others PP&E) are as follows:

June 30,

(*) For June 30, 3025, it corresponds to the acquisition of TMA (see Note 16). For June 30, 2024, it corresponds to the acquisition of Naperville.

(**) Corresponds to properties that the Company has considered available for sale and meet the requirements of IFRS 5 for their classification.

Movements in the allowance for obsolescence and impairment of materials are as follows:

June 30,

Movements in Intangible assets (without considering the impairment allowance) are as follows:

June 30,

(*) Includes $(273) million and $(14) million as of June 30, 2025 and 2024, respectively, related to payment of bank overdrafts.

Recent developments of Borrowings for the six-month period ended June 30, 2025, are detailed below:

1. Notes

   Series	Currency	Amount involved (in millions)	Issuance date	Maturity date	Amortization	Interest rate	Interest payment date
   24	US$	800(1)	May 28, 2025	May 28, 2033	In two installments: and	9.25%	Semiannual basis

   1. 50% in 05/2032

   2. 50% in 05/2033

   1. The Company issued Notes for a nominal value of US$800 million. Since the issuance was made below par, the amount involved was US$789 million and the Company received net proceeds of US$785 million (equivalent to $925,109 million in current currency as of June 30, 2025), which were used to prepay part of the loans obtained for the acquisition of TMA.

2. Bank and other financing entities loans

   Loans related to the acquisition of TMA

   The acquisition of TMA, described in Note 16, was financed through two loans totaling US$1,170 million (net of issuance costs US$ 1,142 million, equivalent to $ 1,364,891 million in current currency as of June 30, 2025).

   Its main characteristics are:

   Entities	Currency	Principal residual nominal value (in millions)	Residual Nominal Capital (in millions)	Maturity date	Amortization	Interest rate	Spread	Interest payment date
   Syndicated loan (1)	US$	970	320	02/2029	In one installment at maturity date	Variable annual rate: SOF 3 months	Between 4.00% and 7.00%	Quarterly basis
   Bilateral loan (2)	US$	200	66	Between 02/2028 and 02/2030	Semiannually from 02/2028	Variable annual rate: SOF 3 months	4.00%	Quarterly basis

   1. An unsecured syndicated loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A.

   2. An unsecured bilateral loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U., governed by Argentine law.

   On May 29, 2025 the Company applied proceeds from Notes Series 24 to: (i) prepay a principal amount equal to US$650 million and interest equal US$0.3 million under the Syndicated Loan (equivalent to $782,177 million in current currency as of June 30, 2025) and, (ii) prepay a principal amount equal to US$134 million and interest equal to US$0.1 million under the Bilateral Loan (equivalent to $161,002 million in current currency as of June 30, 2025). As of June 30, 2025 the outstanding balance of these loans amounts to $433,897 million.

   These loans establish, 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".

3. 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 June 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:

June 30,

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

June 30,

(*) See Note 16.

As of June 30, 2025, Telecom and some subsidiaries have cumulative tax loss carryforwards of $172,761 million, that represents a deferred tax asset of $60,169 million.

Income tax expense differed from the amounts computed by applying the statutory income tax rate of each company to pre-tax income as a result of the following:

June 30,

Profit (loss)

(*) Includes $(485) million and $3,780 million for the six-month periods ended June 30, 2025 and 2024, respectively, corresponding to adjustments made in the respective 2024 and 2023 tax returns. It also includes $298 million for the six-month period ended June 30, 2024, related to a creditable withholding originated in the subsidiary MFH, which is not an income tax liable entity.

NOTE 9 - PROVISIONS AND ALLOWANCES

The evolution of the allowances deducted from the asset (excluding PP&E and intangible assets) is detailed below:

(Increases)

Acquisitions through business combination (*)

Uses and others

RECPAM and currency translation adjustments

(*) See Note 16.

The evolution of provisions as of June 30, 2025, and 2024 is as follows:

Total provisions

Increases - Principal Payments Reclassifications

RECPAM, currency translation adjustments and others

Capital - Other operating costs, net Capital - Right-of-use assets Increase - Other interest, net Payments

Reclassifications

RECPAM, currency translation adjustments and others

(*) See Note 16.

TMA is subject to various lawsuits and claims in labor, tax, regulatory, and other matters, considered in the course of its ordinary business. Information on legal claims and contingent liabilities by their nature is detailed below:

Labor contingencies mainly derive from:

• Joint and several liabilities in labor matters;

• Occupational accidents and diseases; and

• Salary differences and other compensation payments.

  Tax contingencies mainly derive from claims from ARCA, provincial tax authorities and municipalities. In this case, they primarily relate to:

• Municipal fees; and

• National and provincial taxes.

  Civil and regulatory contingencies relate to civil, commercial, administrative litigation, regulatory, and other matters. In this case, they primarily relate to:

• damages;

• regulatory claims;

• claims relating to accountability; and

• fines imposed by regulatory authorities.

Given the nature of the risks covered by these provisions, it is not possible to precisely determine the probable dates of potential payments.

In addition to the aforementioned contingencies, there are other claims filed against TMA by different customer associations related to the industry and market common issues, some of which are in their initial stages. Considering the time elapsed since the acquisition, these claims are being analysed for the purpose of making an appropriate estimation and valuation to be considered in the final allocation of the PPA within the timeframes provided by IFRS 3, given that these estimations involve significant judgments that require more time and additional information for their final allocation. However, based on this preliminary assessment, the final impact of these contingencies, if they occur, is not expected to significantly affect the Company's financial position, results of operation or liquidity.

NOTE 10 - ADDITIONAL INFORMATION OF FINANCIAL ASSETS AND LIABILITIES

Financial assets and liabilities denominated in foreign currencies

Financial assets and liabilities denominated in foreign currencies as of June 30, 2025, and December 31, 2024 are the following:

The following table presents financial assets and liabilities that are offset as of June 30, 2025, and December 31, 2024:

Current and non-current assets (liabilities) - Gross value 732,773 51,099 (957,344) (13,748)

Offsetting (3,764) (3,613) 3,764 3,613

Current and non-current assets (liabilities) - Gross value 360,092 26,964 (549,702) (24,259)

Offsetting (18,917) (4,089) 18,918 4,089

Fair value hierarchy and other disclosures

The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 13:

• Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (e.g. as prices) or indirectly (e.g. derived from prices).

• Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.

Financial assets and liabilities recognized at fair value as of June 30, 2025, and December 31, 2024, and the level of hierarchy are listed below:

1. The Mutual funds are included in Cash and cash equivalents, Investments and Guarantee of financial operations included in Other receivables. The Government bonds are included in Investments.

2. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of period-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

3. The fair value was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos.

4. DFI for forward purchases of US dollars, calculated by the variation between the market prices at the end of the period and the time of agreement.

In relation to the fair values set forth above, as of June 30, 2025, there were no changes in the methods and assumptions used with respect to what was reported in Note 22 to the consolidated financial statements as of December 31, 2024.

The Company also has certain financial instruments that are not measured at fair value for which the book value approximates their fair value, except for:

Borrowings

As of June 30, 2025, the fair value of borrowings is as follows:

Notes 3,328,903 3,238,817

Other borrowings 1,087,497 1,137,137