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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of February 2026

Commission File Number: 001-13464

Telecom Argentina S.A.

(Translation of registrant’s name into English)

General Hornos, No. 690, 1272
Buenos Aires, 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

☐

Table of Contents

Telecom Argentina S.A.

TABLE OF CONTENTS

Item
1.		Recast Annual Consolidated Financial Statements as of December 31, 2024 and 2023 and For the Years Ended December 31, 2024, 2023 and 2022
2.		Recast Operating and Financial Review and Prospects for the Years Ended December 31, 2024, 2023 and 2022
Exhibit 1 - Consent of Price Waterhouse & Co. S.R.L., Independent Registered Public Accounting Firm

Table of Contents

Telecom Argentina S.A. hereby designates this report on Form 6-K as being incorporated by reference into its registration statement on Form F-3 (Registration No. 333-280720) dated July 8, 2024 (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

This report on Form 6-K is being furnished to recast into current currency as of September 30, 2025 the consolidated financial statements and certain related financial information included in our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on February 28, 2025 (the “2024 20-F”). The purpose of this recast is to make the annual financial information included in the 2024 20-F comparable to the quarterly financial information included in our Form 6-K/A filed with the SEC on February 10, 2026 (the “Q3 Form 6-K/A”), which includes our unaudited condensed consolidated financial statements as of September 30, 2025 and for the nine-month period ended September 30, 2025 (our “Q3 2025 Unaudited Financial Statements”).

We have our operations primarily in Argentina, and our functional currency is the Argentine peso. Argentina is considered a hyperinflationary economy pursuant to the International Accounting Standards Board’s 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”). To determine whether an economy is categorized as a high inflation economy under IAS 29, the standard details several factors to be assessed, including the existence of a cumulative inflation rate over three years approaching, or exceeding, 100%.

The table below shows the evolution of price indices as of September 30, 2025 and December 31, 2024, 2023 and 2022 according to official statistics published by INDEC and the devaluation of the Argentine peso vs. the US dollar for the same years / period:


		As of		As of		As of		As of
		December 31, 2022		December 31, 2023		December 31, 2024		September 30, 2025
National Consumer Price Index (National CPI) (December 2016=100)		1,134.6		3,533.2		7,694.0		9,384.1

Variation in Prices
Accumulated for the twelve-month period ended		94.8	%	211.4	%	117.8	%	31.8	%
Accumulated for the nine-month period ended		n/a		n/a		n/a		22.0	%

Banco Nación US$/$ exchange rate		177.2		808.4		1,032.0		1,380.0

Variation in the exchange rate
Accumulated for the twelve-month period ended		72.5	%	356.3	%	27.7	%	42.2	%
Accumulated for the nine-month period ended		n/a		n/a		n/a		33.7	%

Given these inflation levels, in this Form 6-K, we have recast the consolidated annual financial statements included in our 2024 20-F to express them in current currency as of September 30, 2025, and thereby providing a better understanding of our financial position by making our annual financial information comparable to our Q3 Form 6-K/A.

WE ARE NOT CORRECTING OR RESTATING ANY HISTORICAL FINANCIAL DATA IN THIS FORM 6-K.

The only changes presented to our historical financial data are to recast into current currency as of September 30, 2025. We have not otherwise updated the information presented in our 2024 20-F to reflect events, trends, or developments that have occurred since its filing on February 28, 2025.

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Recast Annual Consolidated Financial Statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022.

General Hornos 690

(C1272ACK) Autonomous City of Buenos Aires

Republic of Argentina

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Telecom Argentina S.A.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of Telecom Argentina S.A. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting (not presented herein) appearing under Item 15 of the Company’s 2024 Annual Report on Form 20-F. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.


	Price Waterhouse & Co. S.R.L.
	Bouchard 557, 8^th floor
	C1106ABG - Autonomous City of Buenos Aires, Argentina
www.pwc.com.ar	T: +(54.11) 4850.0000

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill Impairment Assessment – CGU Telecom

As described in Notes 3.l), 3.m), 3.u), 3.u.1) and 8 to the consolidated financial statements, the Company’s consolidated goodwill balance was 4,113,535 million of Argentine pesos in current currency as of September 30, 2025, and the goodwill assigned to the cash generating unit related to operations carried out by the Company and its subsidiaries in Argentina of information and communication technology (ICT) services (“the CGU Telecom”) was 4,084,213 million of Argentine pesos in current currency as of September 30, 2025. Management tests for impairment at least annually, at closing date of every year, or more frequently if events or circumstances indicate that the carrying value of the goodwill might be impaired. The carrying value of the goodwill is considered impaired by management when the carrying value of the CGU Telecom is higher than its recoverable value. The recoverable value of the CGU Telecom was calculated based on the fair value less the costs of disposal (hereinafter “FVLCD”). The assessment of the FVLCD of the CGU Telecom included significant judgments by management in determining the market capitalization value of the Company adjusted for (i) the estimated fair value of other CGUs, (ii) the effect of the net liabilities not subject to this impairment test at their estimated fair value, (iii) an estimated control premium (determined by the management with the assistance of advisors, based in the values observed in market transactions) and (iv) estimated disposal costs in an orderly transaction.

The principal consideration for our determination that performing procedures relating to the goodwill impairment assessment of the CGU Telecom is a critical audit matter is the significant judgment applied by management when developing the assessment of the recoverable value of the CGU Telecom, which was determined using FVLCD. This, in turn, led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to assess the FVLCD of the CGU Telecom and to evaluate adjustments made by management to the Company’s market capitalization value, related to the estimated fair value of other CGUs, the effect of the net liabilities not subject to the impairment test at their estimated fair value and the estimated control premium. In addition, the audit effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures and evaluating the audit evidence obtained.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessment, including controls over the determination of the FVLCD for the CGU Telecom. These procedures also included, among others, evaluating the appropriateness of the FVLCD determination for the CGU Telecom; testing the completeness, accuracy, and relevance of underlying data used in the estimate; and evaluating the adjustments to the Company’s market capitalization value made by management, including (i) the estimated fair value of other CGUs (ii) the estimated fair value for the net liabilities not subject to the impairment test and (iii) the estimated control premium based in the values observed in market transactions. Evaluating management’ adjustments to Company’s market capitalization value to determine the FVLCD of the CGU Telecom involved evaluating whether the significant judgements used by management were reasonable considering the consistency with: (i) valuation techniques generally used to determine fair values, (ii) external market data and (iii) evidence obtained in other

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areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the methodology used by management to determine the FVLCD and the reasonableness of the adjustments to the Company’s market capitalization value made by management.

/s/ PRICE WATERHOUSE & CO. S.R.L.

(Partner)
/s/ Alejandro Javier Rosa

Autonomous City of Buenos Aires, Argentina

February 28, 2025, except for the effects of the recast of the consolidated financial statements to measure them in current currency as of September 30, 2025, as described in Note 1.a) to the consolidated financial statements, as to which the date is December 11, 2025.

We have served as the Company’s auditor since 2003.

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TELECOM ARGENTINA S.A.

CONTENTS


	Page
Glossary of terms	F-6
Consolidated Statements of Financial Position	F-9
Consolidated Income Statements	F-10
Consolidated Statements of Comprehensive Income	F-11
Consolidated Statements of Changes in Equity	F-12
Consolidated Statements of Cash Flows	F-13
Note 1 – Description of business and basis of preparation of the Recast Annual consolidated financial statements	F-14
Note 2 – Regulatory framework	F-22
Note 3 – Significant accounting policies	F-27
Note 4 – Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows	F-45
Note 5 – Trade receivables	F-48
Note 6 – Other receivables	F-48
Note 7 – Inventories	F-48
Note 8 – Goodwill	F-49
Note 9 – PP&E	F-49
Note 10 – Intangible assets	F-51
Note 11 – Rights of use assets	F-52
Note 12 – Trade payables	F-52
Note 13 – Borrowings	F-53
Note 14 – Salaries and social security payables	F-57
Note 15 – Income tax payable and Deferred income tax assets/liabilities	F-57
Note 16 – Other taxes payables	F-60
Note 17 – Leases liabilities	F-60
Note 18 – Other liabilities	F-61
Note 19 – Provisions	F-61
Note 20 – Purchase commitments	F-67
Note 21 – Equity	F-67
Note 22 – Financial instruments	F-68
Note 23 – Revenues	F-72
Note 24 – Operating expenses	F-72
Note 25 – Financial results	F-74
Note 26 – Financial risk management	F-74
Note 27 – Balances and transactions with Related Parties	F-78
Note 28 – Business acquisition	F-80
Note 29 – Subsequent events	F-83

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TELECOM ARGENTINA S.A.

Glossary of terms

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

Abono fijo: Under the Abono fijo plans, a subscriber pays a set monthly bill and, once the contract minutes per month have been used, the subscriber can obtain additional credit by recharging the phone card through the prepaid system.

ADR: American Depositary Receipt.

ADS: Telecom Argentina’s American Depositary Share, listed on the New York Stock Exchange, each representing five Class B Shares.

AFIP (Administración Federal de Ingresos Públicos): The Argentine federal tax authority, currently “ARCA” (Agencia de Recaudación y Control Aduanero).

AMBA (Área Metropolitana de Buenos Aires): The Metropolitan Area of Buenos Aires.

BCRA (Banco Central de la República Argentina): The Central Bank of Argentina.

BYMA (Bolsas y Mercados Argentinos): Buenos Aires Stock Exchange.

Cablevisión: Company absorbed by Telecom since January 1, 2018, whose activities are continued by Telecom.

CAPEX: Capital expenditures.

CNC (Comisión Nacional de Comunicaciones): The Argentine National Communications Commission.

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

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

Company/Telecom Argentina: Telecom Argentina S.A.

CONATEL (Comisión Nacional de Telecomunicaciones del Paraguay): Paraguay Telecommunications Commission.

CVH: Cablevisión Holding S.A., controlling company of Telecom since January 1, 2018 (Note 27.a).

DNU (Decreto de Necesidad y Urgencia): Decree of Urgency issued by the Argentine Government.

DFI: Derivative Financial Instrument.

DATDH (Distribución de Señales de Audio y Televisión Directa al Hogar): direct-to-home subscription audio and television services.

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

ENTel (Empresa Nacional de Telecomunicaciones): Argentine State Telecommunication Company, which was privatized in November 1990.

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

FFSU or SU Fund (Fondo Fiduciario del Servicio Universal): Universal Service Fiduciary Fund.

FTL: Fintech Telecom LLC, a Telecom shareholder.

Fintech services: 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.

FIU: Financial Information Unit.

Fixed Assets: Includes PP&E, Intangible assets, Goodwill and Rights of use assets.

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TELECOM ARGENTINA S.A.

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 International Accounting Standards Board.

IGJ (Inspección General de Justicia): General Board of Corporations.

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

La Capital Cable/Ver TV: Names corresponding to limited companies La Capital Cable S.A. and Ver T.V. S.A., respectively, companies that are directly or indirectly associates according to the definition of the General Corporations Law.

LAD (Ley Argentina Digital): Argentine Digital Law No. 27,078.

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”.

LSCA (Ley de Servicios de Comunicación Audiovisual o de Medios): Law of Audiovisual Communications Services.

Micro Sistemas/Pem/Cable Imagen/AVC /Inter Radios/Personal Smarthome/ NYS2/ NYSSA/ 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..

MULC (Mercado Único y Libre de Cambios): The Argentine Single and Free Exchange Market.

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.

PBU (Prestación Básica Universal Obligatoria): Compulsory universal telecommunication service established by Decree No. 690/20 and regulated by ENACOM Resolution No. 1,467/20.

PCS (Personal Communications Service): A mobile communications service with systems that operate in a similar manner to cellular systems.

PEN (Poder Ejecutivo Nacional): National Executive Power.

PPP (Programa de Propiedad Participada): Share Ownership plan.

PP&E: Property, plant and equipment.

PSP: Payment Service Providers.

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).

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SBT (Servicio básico telefónico): Basic telephone service.

SC (Secretaría de Comunicaciones): The Argentine Secretary of Communications.

SCMA (Servicio de Comunicaciones Móviles Avanzadas): Mobile Advanced Communications Service.

SEFyC (Superintendencia de Entidades Financieras y Cambiarias): Superintendency of Financial and Exchange Entities.

SMS: Short message systems.

SOF: Secured Overnight Financing

SRCE (Servicio Radioeléctrico de Concentración de Enlaces): Radio-electric Service of Concentration of Links.

SRMC (Servicio de Radiocomunicaciones Móvil Celular): Cellular Mobile Radiocommunications Service.

SRS (Servicio de Radiodifusión por Suscripción por vínculo físico y/o radioeléctrico): Subscription Broadcasting Service by physical and / or radio-electric link.

STeFI (Servicios de Telecomunicaciones Fiables e Inteligentes): Reliable and Intelligent Telecommunications Service.

STM (Servicio de Telefonía Móvil): Mobile Telephone Service.

STMC (Servicio de Telefonía Móvil por Celular): Mobile Telephone Service by Cellular.

SU: The availability of Basic telephone service, or access to the public telephone network via different alternatives, at an affordable price to people within a country or specified area.

Telecom: Telecom Argentina and its consolidated subsidiaries.

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.

Telefónica: Telefónica de Argentina S.A.

URSEC (Unidad Regulatoria de Servicios de Comunicaciones): Communication Services Regulatory Agency

USA: United States of America

UVA (Unidad de Valor Adquistivo): Purchasing Value Unit, an index developed and published by the BCRA.

VAS (Value-Added Services): Services that provide additional functionality to the basic transmission services offered by a telecommunications network such as SMS, Video streaming, Personal Video, Personal Cloud, M2M (Communication Machine to Machine), Social networks, Personal Messenger, Contents and Entertainment (content and text subscriptions, games, music ringtones, wallpaper, screensavers, etc.), MMS (Mobile Multimedia Services) and Voice Mail, among others.

VAT: Value-Added Tax.

WACC: Weighted Average Cost of Capital, discount rate used to discount cash flows in estimating the recoverable value of the Goodwill.

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TELECOM ARGENTINA S.A.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In millions of Argentine pesos in current currency - Note 1.a) and Note 1.e)


		As of December 31,
ASSETS	Note	2024	2023
Current Assets
Cash and cash equivalents	4	388,241	424,356
Investments	4	40,961	329,258
Trade receivables	5	361,010	352,894
Other receivables	6	54,586	90,407
Inventories	7	73,721	83,741
Assets classified as held for sale	3.j	2,153	—
Total current assets		920,672	1,280,656
Non-Current Assets
Trade receivables	5	527	670
Other receivables	6	59,724	52,144
Deferred income tax assets	15	40,237	36,693
Investments	4	16,598	63,274
Goodwill	8	4,113,535	4,100,682
PP&E	9	5,281,751	6,033,942
Intangible assets	10	2,312,933	2,407,444
Right of use assets	11	599,242	572,872
Total non-current assets		12,424,547	13,267,721
TOTAL ASSETS		13,345,219	14,548,377
LIABILITIES
Current Liabilities
Trade payables	12	542,367	947,795
Borrowings	13	1,308,379	1,496,584
Salaries and social security payables	14	275,963	242,066
Income tax payables	15	5,562	4,148
Other taxes payables	16	110,577	103,976
Dividends payables	4	837	—
Leases liabilities	17	90,902	76,321
Other liabilities	18	49,273	54,343
Provisions	19	4,737	14,183
Total current liabilities		2,388,597	2,939,416
Non-Current Liabilities
Trade payables	12	20,095	2,427
Borrowings	13	2,201,807	4,155,516
Salaries and social security payables	14	11,548	9,904
Deferred income tax liabilities	15	1,720,619	1,224,781
Other taxes payables	16	2	29
Leases liabilities	17	168,856	159,117
Other liabilities	18	18,696	24,030
Provisions	19	64,459	69,366
Total non-current liabilities		4,206,082	5,645,170
TOTAL LIABILITIES		6,594,679	8,584,586
EQUITY
Equity attributable to Controlling Company		6,616,647	5,757,819
Equity attributable to non-controlling interest		133,893	205,972
TOTAL EQUITY(See Consolidated Statements of Changes in Equity)		6,750,540	5,963,791
TOTAL LIABILITIES AND EQUITY		13,345,219	14,548,377

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

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TELECOM ARGENTINA S.A.

CONSOLIDATED INCOME STATEMENTS

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


		For the years ended December 31,
	Note	2024	2023	2022
Revenues	23	5,046,460	5,468,921	6,030,998
Employee benefit expenses and severance payments	24	(1,248,633)	(1,366,399)	(1,510,799)
Interconnection and transmission costs		(144,560)	(161,465)	(185,725)
Fees for services, maintenance, materials and supplies	24	(671,370)	(687,145)	(731,612)
Taxes and fees with the Regulatory Authority	24	(397,148)	(420,146)	(463,095)
Commissions and advertising		(283,237)	(320,316)	(365,292)
Cost of equipment	24	(240,333)	(295,020)	(285,677)
Programming and content costs		(291,518)	(308,550)	(378,320)
Bad debt expenses		(103,936)	(118,595)	(151,704)
Other operating expenses	24	(244,971)	(252,424)	(301,450)
Depreciation, amortization and impairment of Fixed Assets	24	(1,599,394)	(1,871,032)	(4,096,755)
Operating loss		(178,640)	(332,171)	(2,439,431)
Earnings (losses) from associates and joint ventures	4.a	(13,994)	(5,014)	6,773
Financial results from borrowings	25	1,775,302	(1,684,704)	246,010
Other financial results, net	25	176,574	460,325	266,606
Income (loss) before income tax		1,759,242	(1,561,564)	(1,920,042)
Income tax benefit (expense)	15	(499,029)	898,403	219,213
Net income (loss) for the year		1,260,213	(663,161)	(1,700,829)

Attributable to:
Controlling Company		1,234,786	(684,523)	(1,718,966)
Non-controlling interest		25,427	21,362	18,137
		1,260,213	(663,161)	(1,700,829)

Earnings per share for income (loss) attributable to the Controlling Company-Basic and diluted	3.t	573.34	(317.84)	(798.15)

See Note 24 for additional information on operating expenses per function.

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

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TELECOM ARGENTINA S.A.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions of Argentine pesos in current currency - Note 1.a) and Note 1.e)


	For the years ended December 31,
	2024	2023	2022

Net income (loss) for the year	1,260,213	(663,161)	(1,700,829)

Other comprehensive income
Items that may reclassified to profit or loss
Currency translation adjustments (no effect on Income Tax)	(278,746)	194,271	(55,746)
DFI effects classified as hedges	(7,212)	3,487	5,027
Income Tax effects on DFI classified as hedges and others	2,228	(961)	(2,305)
Items that will not be reclassified to profit or loss
Actuarial results	(34)	(1,116)	231
Income Tax effects	12	390	(83)
Other comprehensive income (loss), net of tax	(283,752)	196,071	(52,876)

Total comprehensive income (loss) for the year	976,461	(467,090)	(1,753,705)

Attributable to:
Controlling Company	1,035,870	(549,658)	(1,760,198)
Non-controlling interest	(59,409)	82,568	6,493
	976,461	(467,090)	(1,753,705)

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

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TELECOM ARGENTINA S.A.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In millions of Argentine pesos in current currency - Note 1.a) and Note 1.e)



	Owners’ contribution
	Outstanding		Reserves
	shares										Equity	Equity
	Capital						Special				attributable	attributable
	nominal						reserve for		Other		to	to non-
	value	Inflation		Contributed			IFRS	Facultative	comprehensive	Retained	controlling	controlling	Total
	(1)	adjustment		Surplus	Legal		implementation	(2)	results	earnings	company	interest	Equity
Balances as of January 1, 2022	2,154	2,281,597		5,866,367	128,917		49,683	483,184	(229,410)	138,479	8,720,971	138,103	8,859,074
Resolutions of the General Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2022:
- Reserves constitution	—	—		—	6,584		—	133,011	—	(139,595)	—	—	—
- Reserves reallocation	—	—		(246,298)	—		—	246,298	—	—	—	—	—
Dividends (3)	—	—		—	—		—	(374,325)	—	—	(374,325)	—	(374,325)
Dividends to non-controlling shareholders (3)	—	—		—	—		—	—	(1,116)	1,116	—	(10,510)	(10,510)
Comprehensive income:
Net income (loss) for the year	—	—		—	—		—	—	—	(1,718,966)	(1,718,966)	18,137	(1,700,829)
Other comprehensive loss	—	—		—	—		—	—	(41,232)	—	(41,232)	(11,644)	(52,876)
Total Comprehensive income (loss)	—	—		—	—		—	—	(41,232)	(1,718,966)	(1,760,198)	6,493	(1,753,705)
Balances as of December 31, 2022	2,154	2,281,597		5,620,069	135,501		49,683	488,168	(271,758)	(1,718,966)	6,586,448	134,086	6,720,534
Resolutions of the General Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2023
- Specific loss allocation	—	—		(2,265,621)	—		—	—	—	2,265,621	—	—	—
- Reserves constitution	—	—		—	—		—	546,655	—	(546,655)	—	—	—
Dividends (3)	—	—		—	—		—	(277,404)	—	—	(277,404)	—	(277,404)
Dividends to non-controlling shareholders (3)	—	—		—	—		—	—	—	—	—	(10,677)	(10,677)
Subsidiary acquisition (4)	—	—		—	—		—	—	—	—	—	(5)	(5)
Subsidiary call option (5)	—	—		—	—		—	—	(1,567)	—	(1,567)	—	(1,567)
Comprehensive income:
Net income (loss) for the year	—	—		—	—		—	—	—	(684,523)	(684,523)	21,362	(663,161)
Other comprehensive income	—	—		—	—		—	—	134,865	—	134,865	61,206	196,071
Total Comprehensive income (loss)	—	—		—	—		—	—	134,865	(684,523)	(549,658)	82,568	(467,090)
Balances as of December 31, 2023	2,154	2,281,597		3,354,448	135,501		49,683	757,419	(138,460)	(684,523)	5,757,819	205,972	5,963,791
Resolutions of the General Ordinary and Extraordinary Shareholders’ Meeting held on April 25, 2024
- Absorption of retained earnings (losses) and reserve reclassification (1)	—	—		(205,624)	—		—	(478,899)	—	684,523	—	—	—
Dividends to non-controlling shareholders (3)	—	—		—	—		—	—	—	—	—	(12,720)	(12,720)
Subsidiary acquisition (6)	—	—		—	—		—	—	—	—	—	2,297	2,297
Transaction non-controlling interest (7)	—	—		—	—		—	—	(32,080)	—	(32,080)	(3,035)	(35,115)
Subsidiary acquisition (8)	—	—		—	—		—	—	—	—	—	788	788
Dividends (3)	—	—		—	—		—	(144,962)	—	—	(144,962)	—	(144,962)
Comprehensive income:
Net income for the period	—	—		—	—		—	—	—	1,234,786	1,234,786	25,427	1,260,213
Other comprehensive loss	—	—		—	—		—	—	(198,916)	—	(198,916)	(84,836)	(283,752)
Total Comprehensive income (loss)	—	—		—	—		—	—	(198,916)	1,234,786	1,035,870	(59,409)	976,461
Balances as of December 31, 2024	2,154	2,281,597		3,148,824	135,501		49,683	133,558	(369,456)	1,234,786	6,616,647	133,893	6,750,540

(1)	See Note 21.

(2)	Corresponds to the Facultative Reserve to maintain the capital investments level and the current level of solvency.

(3)	See Note 4.b).

(4)	Correspond to Ubiquo’s acquisition. See Note 1.b).

(5)

This operation represents a transaction between controlling and non-controlling stockholders related to the extension of the purchase option of Adesol’s special purpose entities. Therefore. the payments made by the subsidiary Adesol were recognized directly in “Other comprehensive income (loss)” within equity attributable to controlling company.

(6)	Corresponds to the exercise of the Naperville call option. See Note 28.2.1.

(7)	See Note 28.2.2.

(8)	Correspond to the establish of a new company, CrediPay. See Note 1.b).

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

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TELECOM ARGENTINA S.A.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Argentine pesos in current currency – Note 1. a) and Note 1.e)


		For the years ended December 31,
	Note	2024	2023	2022
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income (loss) for the year		1,260,213	(663,161)	(1,700,829)
Adjustments to reconcile net income to net cash flows provided by operating activities
Allowances deducted from assets		92,587	105,525	158,206
Depreciation of PP&E	24	1,217,258	1,446,267	1,644,158
Amortization of intangible assets	24	141,799	233,482	236,953
Amortization of rights of use assets	24	241,685	190,450	179,884
Impairment of Goodwill	3.m	—	—	2,017,803
Disposals of Fixed Assets and consumption of materials		2,054	1,348	39,980
Earnings (losses) from associates and joint ventures	4.a	13,994	5,014	(6,773)
Financial results and others		(2,242,103)	744,844	(529,644)
Income tax	15	499,029	(898,403)	(219,213)
Income tax paid (*)		(8,996)	(13,602)	(83,766)
Net increase in assets	4.b	(425,074)	(766,710)	(479,755)
Net increase in liabilities	4.b	197,303	1,255,536	513,166
Total cash flows provided by operating activities		989,749	1,640,590	1,770,170
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Payments for PP&E		(424,593)	(701,015)	(969,805)
Payments for intangible asset acquisitions		(56,207)	(530,051)	(43,172)
Payments for acquisition of subsidiary and joint venture, net of cash acquired	28	(16,908)	(5,995)	(3,365)
Acquisition of call options agreements		—	(6,629)	—
Dividends received from associates	4.b	1,236	3,198	5,086
Proceeds from the sale of PP&E and intangible assets		7,211	3,067	2,961
Compensation received for acquisition of companies		3,902	—	—
Proceeds from DFI liquidations		4,808	64,054	—
Proceeds from sale of investments not considered as cash and cash equivalents		406,096	371,427	117,541
Payments for investments not considered as cash and cash equivalents		(393,181)	(710,874)	(481,105)
Total cash flows used in investing activities		(467,636)	(1,512,818)	(1,371,859)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from borrowings	13	1,459,335	1,030,968	704,806
Payment of borrowings	13	(1,367,407)	(607,028)	(565,011)
Repurchase of Notes	13	(32,370)	—	—
Payment of DFI, interests and related expenses	13	(396,835)	(549,713)	(382,216)
Payments of leases liabilities		(112,200)	(117,373)	(126,214)
Transactions with non-controlling interests		(33,530)	(1,567)	—
Dividends paid to non-controlling interests in subsidiaries	4.b	(11,714)	(10,677)	(10,165)
Total cash flows used in financing activities		(494,721)	(255,390)	(378,800)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		27,392	(127,618)	19,511
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR		424,356	331,267	319,801
NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS		(63,507)	220,707	(8,045)
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		388,241	424,356	331,267


(*)		Years ended December 31,
		2024	2023	2022
Corresponding to Controlling Company		—	(1,759)	(74,862)
Corresponding to subsidiaries		(8,996)	(11,843)	(8,904)
		(8,996)	(13,602)	(83,766)

See Note 4.b for additional information on the consolidated statements of cash flows.

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

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TELECOM ARGENTINA S.A.

NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE RECAST ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

a) Purpose of these recast consolidated financial statements

On February 28, 2025, the Company filed with the SEC its 2024 20-F which included its audited consolidated financial statements as of December 31, 2024, and 2023 and for the three years ended December 31, 2024, 2023 and 2022, respectively (the “Consolidated Financial Statements”). Those Consolidated Financial Statements were presented in current currency at the end of the reporting year (December 31, 2024) in accordance with IAS 29.

On July 8, 2024, the Company filed with the SEC a registration statement on Form F-3 (F-3) which incorporated by reference its Consolidated Financial Statements included in Item 18 of Form 20-F.

The Company anticipates that it may undertake a capital markets transaction prior to the issuance of the Consolidated Financial Statements as of December 31, 2025. Therefore, for comparability with its most recent unaudited condensed consolidated financial statements as of September 30, 2025, the Company has recast the Consolidated Financial Statements to measure them in current currency as of September 30, 2025 (“Recast Annual Consolidated Financial Statements”).

The National Consumer Price Index as of September 30, 2025, was 9,384.1 and the cumulative variation in prices for the nine-month period then ended was 22.0%.

b) The Company and its Operations

Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.

Telecom Argentina’s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November 8, 1990 through October 10, 1999. As of October 10, 1999, the Company also began providing telephone services in all the country.

In November 2017, the Company merged with Telecom Personal, so, since that date, it provides directly mobile telecommunications services.

As a consequence of the merger with Cablevisión (accounted for as a reverse acquisition on January 1, 2018), the Company provides cable television services through networks installed in different localities in Argentina and Uruguay.

Therefore, the Company mainly provides fixed and mobile telephony services, cable television services, data and Internet services, among others, in Argentina. Additionally, through its subsidiaries, it also provides diverse ICT Services in Uruguay, Paraguay, USA and Chile.

Moreover, through its controlled companies Micro Sistemas, Personal Envíos and CrediPay, the Company provides fintech services related to the use of electronic means of payment, transfers and/or electronic use of money, among others.

As of December 31, 2024, the following are the subsidiaries included in the consolidation process and the respective equity interest owned by Telecom Argentina:

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TELECOM ARGENTINA S.A.


			Telecom Argentina’s
			direct/indirect interest
			in capital stock and
Company	Main Activity	Country	votes
Micro Sistemas (a)	Services related to the use of electronic payment media	Argentina	100.00	%
Manda (b)	Holding	Argentina	100.00	%
RISSAU (b)	Broadcasting services	Argentina	100.00	%
AVC (c)	Broadcasting services	Argentina	100.00	%
Inter Radios	Broadcasting services	Argentina	100.00	%
Pem	Holding	Argentina	100.00	%
Cable Imagen	Closed-circuit television	Argentina	100.00	%
Personal Smarthome (d)	Security solutions and services	Argentina	100.00	%
NYS2 (d)	ICT Services and Audiovisual Communication Services	Argentina	100.00	%
NYSSAU (c)	Provision of internet access services	Argentina	100.00	%
TSMA (e)	Community Closed-Circuit Television	Argentina	100.00	%
Ubiquo (f)	Cybersecurity services and products	Chile	95.00	%
Núcleo (g)	Mobile telecommunications Services	Paraguay	67.50	%
Personal Envíos (h)	Mobile financial services	Paraguay	67.50	%
CrediPay (d) (i)	Financial services	Paraguay	67.50	%
Televisión Dirigida	Cable television services	Paraguay	100.00	%
Adesol (j)	Holding	Uruguay	100.00	%
Opalker	Cybersecurity, content platform and related services	Uruguay	100.00	%
Parklet (d) (k)	Development and provision of digital platforms	Uruguay	100.00	%
MFH (a)(h)	Holding	USA	100.00	%
Naperville (b)	Holding	USA	100.00	%
Saturn (b)	Holding	USA	100.00	%
Telecom USA	Telecommunication services	USA	100.00	%

(a)	As of December 19, 2024, MFH directly controls Micro Sistemas.

(b)	The companies Naperville and Saturn were indirectly acquired in May and July 2024, by the subsidiary Televisión Dirigida. Naperville and Saturn have a 76.63% and 23.27% shareholding in Manda, respectively, which in turn owns 100% of RISSAU. For further details, see Note 28. 2).

(c)

On December 4, 2024, the Board of Directors of Telecom Argentina and the Boards of Directors of NYSSA and AVC, approved the initiation of the process leading to the corporate reorganization consisting of the merger by absorption of NYSSA and AVC (as absorbed companies) by Telecom (absorbing company), effective as of January 1, 2025, from which date the operations of NYSSA and AVC should be considered as carried out by Telecom Argentina.

(d)	As of the date of issuance of these consolidated financial statements, these subsidiaries are dormant entities.

(e)	In September 2024, the Company acquired an additional 49.9% equity interest in TSMA by exchanging 49.9% of its equity interest in Ver TV. For more details, see Note 28.1).

(f)	Company indirectly acquired by the subsidiary Opalker on June 20, 2023.

(g)	During June 2024, the merger by absorption between Núcleo (absorbing company) with Tuves Paraguay S.A. (absorbed company) has taken place.

(h)	Since May 2024, the subsidiary MFH directly controls Personal Envíos.

(i)

On August 19, 2024, the subsidiary MFH established the company CrediPay in the Republic of Paraguay (with a 67.5% ownership) - whose corporate purpose is the granting of loans, financing, purchase of goods and services, as well as the development of payment networks, with the aim of participating in and investing in companies related to financial activities-, with the purpose of participating in and investing in companies related to financial activities.

(j)	Includes the 100% interest in Telemas S.A., which holds interests in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visión Satelital S.A.

(k)	Company indirectly acquired by the subsidiary Opalker on December 9, 2024, generating a goodwill of $5 million.

c) Segment information

An operating segment is defined as a component of an entity that may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive Committee and the Chief Executive Officer (“CEO”) are responsible for controlling recourses and for the economic and financial performance of Telecom.

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 the activities related to 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, administering 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.

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TELECOM ARGENTINA S.A.

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 in Argentina” 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 this business to evaluate the manner in which 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.

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 Assets.

Presented below is the Segment financial information for the years ended December 31, 2024, 2023 and 2022:

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TELECOM ARGENTINA S.A.

◻

Consolidated Income Statement as of December 31, 2024


		ICT Services in Argentina						Other segments


		Currency						Currency
		of the		Inflation		In current		of the		Inflation		In current
		transaction date		restatement		currency		transaction date		restatement		currency		Eliminations		Total
Revenues		3,165,736		1,505,485		4,671,221		266,915		136,412		403,327		(28,088)		5,046,460
Operating costs without depreciation, amortization and impairment of Fixed Assets
Employee benefit expenses and severance payments		(823,975)		(387,863)		(1,211,838)		(24,450)		(12,345)		(36,795)		—		(1,248,633)
Fees for services, maintenance, materials and supplies		(393,042)		(230,507)		(623,549)		(35,839)		(18,360)		(54,199)		6,379		(671,370)
Taxes and fees with the Regulatory Authority		(258,519)		(122,395)		(380,914)		(10,931)		(5,303)		(16,234)		—		(397,148)
Commissions and advertising		(133,932)		(59,776)		(193,708)		(62,477)		(30,903)		(93,380)		3,850		(283,237)
Programming and content costs		(172,422)		(79,865)		(252,287)		(25,570)		(13,662)		(39,232)		—		(291,518)
Other operating costs without depreciation, amortization and impairment of Fixed Assets		(429,466)		(249,015)		(678,481)		(47,831)		(25,347)		(73,178)		17,859		(733,800)
Adjusted EBITDA		954,380		376,064		1,330,444		59,817		30,492		90,309		—		1,420,754

Depreciation, amortization and impairment of Fixed Assets																(1,599,394)
Operating loss																(178,640)
Losses from associates and joint ventures																(13,994)
Financial results from borrowings																1,775,302
Other financial results, net																176,574
Income before income tax																1,759,242
Income tax expense																(499,029)
Net income																1,260,213

Attributable to:
Controlling Company																1,234,786
Non-controlling interest																25,427
																1,260,213

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TELECOM ARGENTINA S.A.

◻

Consolidated Income Statement as of December 31, 2023

 

ICT Services in Argentina

Other segments

 

Currency

of the

Inflation

In current

of the

Inflation

In current

transaction date

restatement

currency

transaction date

restatement

currency

Eliminations

Total

Revenues

1,053,442

4,054,964

5,108,406

81,877

304,538

386,415

(25,900)

5,468,921

Operating costs without depreciation, amortization and impairment of Fixed Assets

Employee benefit expenses and severance payments

(279,608)

(1,048,459)

(1,328,067)

(8,277)

(30,054)

(38,331)

—

(1,366,399)

Fees for services, maintenance, materials and supplies

(131,861)

(516,072)

(647,933)

(9,292)

(33,968)

(43,260)

4,049

(687,145)

Taxes and fees with the Regulatory Authority

(83,591)

(322,723)

(406,314)

(2,968)

TELECOM ARGENTINA SA 6-K