TEO 6-K

Telecom Argentina SA (TEO)

6-K 2026-02-10 For: 2024-12-31

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Added on April 04, 2026

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Amounts in Pesos in current currency	Notes		12/31/2024		12/31/2023
ASSETS
A) NON-CURRENT ASSETS				1,533,678,651,105		2,755,585,080,330
Intangible assets		4		283,939,266,571		807,168,185,040
Property, plant & equipment		6		736,536,151,521		1,677,003,678,704
Rights-of-use assets		7		88,333,550,121		124,839,506,930
Investment properties		8 a)		50,805,799,803		53,509,494,960
Investments in subsidiaries				23,678,970		23,678,970
Financial assets		13 a)		148,960,380,060		17,571,597,282
Other assets		11 b)		66,095,261,648		71,123,151,001
Deferred income tax assets		17		155,185,240,718		-
Tax credits		17		3,799,321,693		4,345,787,443
B) CURRENT ASSETS				710,072,910,373		1,028,816,632,141
Inventories		9		59,223,718,953		42,422,902,436
Trade receivables		11 a)		323,173,380,882		351,878,404,247
Other assets		11 b)		89,727,774,727		90,082,722,822
Tax credits		17		16,785,036,762		865,367
Financial assets		13 a)		77,744,379,107		191,010,193,772
Cash and cash equivalents		13 a)		141,158,159,827		353,421,543,497
Assets classified as held for sale		8 b)		2,260,460,115		-
TOTAL ASSETS (A+B)				2,243,751,561,478		3,784,401,712,471

Amounts in Pesos in current currency		Notes	12/31/2024		12/31/2023
LIABILITIES AND EQUITY
A) EQUITY		12		1,236,584,338,182		2,204,035,463,210
Equity attributable to Controlling Company				1,236,584,338,182		1,967,315,705,302
Equity attributable to non-controlling interest				-		236,719,757,908
B) NON-CURRENT LIABILITIES				280,934,019,182		585,082,240,532
Leases and other financial liabilities		13 b)		23,928,581,743		48,812,126,324
Trade and other payables		14		25,359,477,561		29,214,649,592
Deferred income tax liabilities		17		-		356,157,946,586
Provisions		15		231,645,959,878		150,897,518,030
C) CURRENT LIABILITIES				726,233,204,114		995,284,008,729
Leases and other financial liabilities		13 b)		54,371,821,812		99,615,905,771
Trade and other payables		14		521,891,583,315		635,920,530,702
Tax liabilities		17		100,683,758,047		107,675,641,056
Provisions		15		49,286,040,940		152,071,931,200
TOTAL LIABILITIES AND EQUITY (A+B+C)				2,243,751,561,478		3,784,401,712,471

Amounts in Pesos in current currency	Notes		2024			2023
Revenues		18		2,511,381,451,726			2,527,643,947,037
Other income		18		10,352,187,429			30,207,987,543
Supplies		18		(497,575,829,832	)		(612,925,019,406	)
Employee benefit expenses and severance payments		18		(607,061,627,852	)		(780,263,325,136	)
Variation of allowances for doubtful accounts		21 c)		(63,401,887,492	)		(60,243,778,037	)
Impairment loss		18		(1,367,763,610,051	)		-
Other expenses		18		(1,080,236,385,406	)		(1,044,843,103,102	)
Depreciation and amortization		18		(427,658,170,877	)		(492,168,113,858	)
OPERATING RESULT				(1,521,963,872,355	)		(432,591,404,959	)
Financial income		16		121,018,571,104			260,717,187,368
Foreign currency exchange gains				311,208,238,592			637,059,164,285
RECPAM				185,730,268,520			77,753,994,244
Financial expenses		16		(257,896,991,735	)		(192,561,442,390	)
Foreign currency exchange losses				(301,247,324,640	)		(612,461,333,039	)
Net financial income				58,812,761,841			170,507,570,468
LOSS BEFORE INCOME TAX				(1,463,151,110,514	)		(262,083,834,491	)
Income tax benefit (expense)		17		502,912,526,226			(6,581,193,357	)
NET LOSS FOR THE YEAR				(960,238,584,288	)		(268,665,027,848	)
Atributtable to Controlling Company shareholders				(960,238,584,288	)		(194,849,229,586	)
Atributtable to non-controlling shareholders				-			(73,815,798,262	)

Amounts in Pesos in current currency	12/31/2024			12/31/2023
Net loss for the year		(960,238,584,288	)		(268,665,027,848	)
Gains/(losses) of financial assets at fair value		(24,926,446,098	)		27,345,205,115
Income tax effect		8,724,256,134			(9,570,821,790	)
Other comprehensive income that will be reclassified to the income statement in subsequent years		(16,202,189,964	)		17,774,383,325
Actuarial gains and losses on defined benefit plans		(849,679,282	)		(999,506,227	)
Other comprehensive income that will not be reclassified to the income statement in subsequent years		(849,679,282	)		(999,506,227	)
Other comprehensive income/(loss) for the year		(17,051,869,246	)		16,774,877,098
Total comprehensive loss for the year		(977,290,453,534	)		(251,890,150,750	)

	Owners contribution										Accumulated Results					Other comprehensive income
Amounts in Pesos in current currency	Share capital Nominal amount (Note 12 a)	Inflation adjustment (Note 12 a)		Share capital Treasury shares (Note 12a)	Comprehensive adjustment of treasury shares		Irrevocable contributions		Issue premium	Effect of capital increase of subsidiaries	Legal reserve	Reserve for future dividends		Retained earnings		Pension plans		Financial assets at fair value		Non-controlling interest		Total
Balance as of December 31, 2023	277,908,614	184,180,021,829		92	476		-		425,312,082,220	136,068,132,566	36,780,940,594	1,365,396,638,578		(194,849,229,586	)	(1,001,463,578	)	15,150,673,497		236,719,757,908		2,204,035,463,210
Merger effect (Notes 12 a) and 22)	1,450,022,273	1,707,598,828		-	-		-		233,827,370,486	-	-	-		-		(265,233,679	)	-		(236,719,757,908	)	-
Balance as of January 1, 2024	1,727,930,887	185,887,620,657		92	476		-		659,139,452,706	136,068,132,566	36,780,940,594	1,365,396,638,578		(194,849,229,586	)	(1,266,697,257	)	15,150,673,497		-		2,204,035,463,210
Net loss for the year	-	-		-	-		-		-	-	-	-		(960,238,584,288	)	-		-		-		(960,238,584,288	)
Other comprehensive loss for the year	-	-		-	-		-		-	-	-	-		-		(849,679,282	)	(16,202,189,964	)	-		(17,051,869,246	)
Total comprehensive loss for the year	-	-		-	-		-		-	-	-	-		(960,238,584,288	)	(849,679,282	)	(16,202,189,964	)	-		(977,290,453,534	)
Capitalization of comprehensive adjustment of share capital	84,427,665,311	(84,427,665,311	)	169	(169	)	-		-	-	-	-		-		-		-		-		-
Absorption of losses (Note 12 d)	-	-		-	-		-		-	-	-	(194,849,229,586	)	194,849,229,586		-		-		-		-
Capital contribution	-	-		-	-		9,839,328,506		-	-	-	-		-		-		-		-		9,839,328,506
Capitalization of contributions	305,710,819	97,728,240		-	-		(9,839,328,506	)	9,435,889,447	-	-	-		-		-		-		-		-
Balance as of December 31, 2024	86,461,307,017	101,557,683,586		261	307		-		668,575,342,153	136,068,132,566	36,780,940,594	1,170,547,408,992		(960,238,584,288	)	(2,116,376,539	)	(1,051,516,467	)	-		1,236,584,338,182

	Owners contribution							Accumulated results					Other comprehensive income
Amounts in Pesos in current currency	Share capital Nominal amount (Note 12 a)	Inflation adjustment (Note 12 a)	Share capital Treasury shares (Note 12 a)	Comprehensive adjustment of treasury shares	Irrevocable contributions	Issue premium	Effect of capital increase of subsidiaries	Legal reserve	Reserve for future dividends		Retained earnings		Pension plans		Financial assets at fair value		Non-controlling interest		Total
Balance as of December 31, 2022	277,908,614	184,180,021,829	92	476	-	425,312,082,220	131,372,578,322	36,780,940,594	1,558,056,520,555		(192,659,881,977	)	(207,460,416	)	(2,623,709,829	)	310,741,059,235		2,451,230,059,715
Loss for the year	-	-	-	-	-	-	-	-	-		(194,849,229,586	)	-		-		(73,815,798,262	)	(268,665,027,848	)
Other comprehensive income for the year	-	-	-	-	-	-	-	-	-		-		(794,003,162	)	17,774,383,326		(205,503,065	)	16,774,877,099
Total comprehensive income for the year	-	-	-	-	-	-	-	-	-		(194,849,229,586	)	(794,003,162	)	17,774,383,326		(74,021,301,327	)	(251,890,150,749	)
Effect of capital increase of subsidiaries (Note 12 f)	-	-	-	-	-	-	4,695,554,244	-	-		-		-		-		-		4,695,554,244
Absorption of losses (Note 12 d)	-	-	-	-	-	-	-	-	(192,659,881,977	)	192,659,881,977		-		-		-		-
Balance as of December 31, 2023	277,908,614	184,180,021,829	92	476	-	425,312,082,220	136,068,132,566	36,780,940,594	1,365,396,638,578		(194,849,229,586	)	(1,001,463,578	)	15,150,673,497		236,719,757,908		2,204,035,463,210

		Subscribed, issued, paid in and registered
Book-entry ordinary shares of 1 peso nominal amount each, entitled to one vote per share:			86,461,307,278

	2024			2023
Net effect between additions financed by trade creditors and payments from prior periods		14,375,041,056			(17,604,029,278	)
Additions financed by lease liabilities (Note 13 b)		(65,516,825,620	)		(49,117,340,137	)
Additions of asset dismantling costs (Note 15 b)		-			(13,637,983,235	)

	As of December 31, 2024			As of December 31, 2023
At the beginning of the year		3,533.19			1,134.59
At the end of the year		7,694.01			3,533.19
Average of the year		6,317.74			1,975.01
Annual percentage inflation		117.76	%		211.41	%
Accumulated 3 years		1,220.96	%		815.61	%

	-	Monetary assets and liabilities accounted for at the balance sheet closing currency are not restated, as they are already expressed in terms of the current monetary unit as of the financial statement date.
	-	Non-monetary assets and liabilities accounted for at cost at the balance sheet date, as well as equity items, are restated by applying the corresponding adjustment factor.
	-	All items in the income statement are restated by applying the corresponding adjustment factors.
	-	The effect of inflation on the Company's net monetary position is included in the income statement under Net financial results, in the item “RECPAM.”
	-	Comparative figures have been adjusted for inflation following the same procedure explained in the preceding items.

	-	Capital was restated from the later of the date of subscription or the date of the last accounting inflation adjustment. The resulting amount was recorded in the Inflation adjustment.
	-	Other comprehensive income was restated from each accounting entry date.
	-	Other retained earnings were not restated in the initial application.

	Estimated useful life (in years)
Buildings and constructions		50
Networks		7 - 10
Technical facilities and machinery		3 - 15
Furniture and utensils, tools and others		3 - 5

	-	Those that will be subsequently measured at fair value (either through other comprehensive income (“OCI”), or through profit or loss), and
	-	Those that will be measured at amortized cost.

	-	Amortized Cost: Assets that are held to collect contractual cash flows where those cash flows represent only principal and interest payments are measured at amortized cost. Interest income from these financial assets is included in financial income using the effective interest method. Impairment losses are presented under “Other operating expenses – variation of allowances for doubtful accounts” in the income statement.
	-	FVOCI: Assets that are held to collect contractual cash flows and for the sale of the financial assets, where the cash flows from the assets represent only principal and interest payments, are measured at FVOCI. Changes in carrying value are recognized in OCI, except for the recognition of impairment losses, interest income, and gains or losses from foreign exchange differences, which are recognized in the income statement. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in the income statement. Interest income from these financial assets is included in finance income using the effective interest method. Foreign exchange gains and losses and impairment expenses are presented separately in the income statement.

Standads, Interpretations and Amendments to Standards		Mandatory application: fiscal years beginning on or after
Amendments to IAS 1	Presentation of financial statements – Non-current Liabilities with Covenants	January 1, 2024
Amendments to IFRS 16	Further details on the accounting and recognition rules for results relating to sale and leaseback transactions	January 1, 2024
Amendments to IAS NIC 7 and IFRS 7	Supplier finance arrangements	January 1, 2024

Standards, Interpretations and Amendments to Standards		Mandatory application: fiscal years beginning on or after
Amendments to IFRS 18	Presentation and Disclosure in Financial Statements	January 1, 2027
Amendments to IFRS 7 and IFRS 9	Amendments to the Classfication and Measurement of Financial Instruments	January 1, 2026
Amendments to IFRS 19	Subsidiaries Without Public Accountability – Disclosure Requirement	January 1, 2027
Amendments to IAS 21	Set forth the guidelines for cases of Lack of Exchangeability	January 1, 2025

Amounts in Pesos in current currency	Notes		12/31/2024			12/31/2023
Net loss for the year				(960,238,584,288	)		(268,665,027,848	)
Adjusted by:				1,324,023,666,524			456,510,959,621
Income tax		17		(502,912,526,226	)		6,581,193,357
Depreciation and amortization		18		427,658,170,877			492,168,113,858
Impairment of Property, plant & equipment		18		899,909,088,533			-
Intangible assets impairment loss		18		467,854,521,518			-
Sale and disposal of PP&E				499,852,000			(6,926,775,079	)
Provision for inventory write-down		9		270,810,478			(1,388,777,835	)
Net increases and financial update of provisions				248,154,494,811			393,245,269,115
Exchange differences on cash and cash equivalents and on investment and financing activities				(51,464,102,808	)		(327,361,751,921	)
RECPAM				(185,730,268,520	)		(77,753,994,244	)
Others				19,783,625,861			(22,052,317,630	)
Movements in working capital:				57,584,158,380			350,106,609,944
Increase in trade receivables and other assets				(274,604,074,917	)		(418,130,825,833	)
(Increase) / decrease in inventories				(17,071,626,995	)		10,161,759,043
(Increase) / decrease in other financial assets				(19,898,556,744	)		22,065,803,135
Net change in current tax liabilities and receivables				48,944,353,191			69,524,557,548
Increase in trade payables and other liabilities				320,214,063,845			666,485,316,051
Cash used in operations				(40,040,094,161	)		(32,937,656,467	)
Provisions paid				(81,071,828,628	)		(94,195,947,434	)
Interest received				41,254,291,771			71,177,443,481
Income tax paid				(222,557,304	)		(9,919,152,514	)
Net cash flows from operating activities				381,329,146,455			505,014,885,250
Payments for investments in				(749,786,192,155	)		(512,519,598,470	)
Group companies and related entities				-			(22,502,210	)
PP&E and intangible assets				(246,040,612,305	)		(411,539,068,877	)
Financial assets				(503,745,579,850	)		(100,958,027,383	)
Receipts from the sale of investments in				333,526,748,036			105,263,561,719
PP&E				8,006,637,335			13,951,598,064
Financial assets				323,866,600,146			90,630,336,356
Others				1,653,510,555			681,627,299
Net cash flows used in investment activities				(416,259,444,119	)		(407,256,036,751	)
Receipts and payments for financial liabilities
Proceeds from:				1,410,465,000			6,771,367,444
Debt with financial entities, related parties and others				1,410,465,000			6,771,367,444
Amortization and repayment of:				(72,291,914,830	)		(48,796,689,128	)
Debt with financial entities, related parties and others				(67,375,552,625	)		(41,314,870,655	)
Interest paid on debt with financial entities, related parties and others				(4,916,362,205	)		(7,481,818,473	)
Shareholder contributions				9,839,328,506			36,304,892,212

	Balance as of 12/31/2023		Additions		Amortization (Note 18)			Transfers and other			Impairment losses (Note 5)			Balance as of 12/31/2024
Concessions, licenses and spectrum		744,096,386,654		-		(31,937,126,783	)		-			(445,375,480,945	)		266,783,778,926
Software		54,031,837,733		-		(35,717,705,562	)		17,630,048,421			(22,479,040,573	)		13,465,140,019
Software under development		9,039,960,653		12,280,435,394		-			(17,630,048,421	)		-			3,690,347,626
Total intangibles		807,168,185,040		12,280,435,394		(67,654,832,345	)		-			(467,854,521,518	)		283,939,266,571

	Balance as of 12/31/2022		Additions		Amortization (Note 18)			Transfers and other			Impairment losses (Note 5)		Balance as of 12/31/2023
Concessions, licenses and spectrum		559,350,737,187		211,283,132,357		(26,537,482,890	)		-			-		744,096,386,654
Software		54,417,834,106		-		(35,087,597,757	)		34,701,601,384			-		54,031,837,733
Software under development		22,281,294,178		21,460,267,859		-			(34,701,601,384	)		-		9,039,960,653
Total intangibles		636,049,865,471		232,743,400,216		(61,625,080,647	)		-			-		807,168,185,040

	Useful life (in years)		Original value		Accumulated amortization			Impairment losses (Note 5)			Intangible assets
Concessions, licenses and spectrum				1,284,789,866,068		(362,209,137,520	)		(655,796,949,622	)		266,783,778,926
Of which: with finite useful life		15-20		796,006,311,770		(362,209,137,520	)		(308,553,089,407	)		125,244,084,843
Of which: with indefinite useful life				488,783,554,298		-			(347,243,860,215	)		141,539,694,083
Software		3		783,379,475,923		(729,656,245,120	)		(40,258,090,784	)		13,465,140,019
Other intangible assets		3		2,753,678,463		(2,753,678,463	)		-			-
Intangible assets under development				3,690,347,626		-			-			3,690,347,626
Total intangible assets				2,074,613,368,080		(1,094,619,061,103	)		(696,055,040,406	)		283,939,266,571

		2024
Terminal growth rate		3%
Investments / revenues ratio		10.9%
Operating margin		20 – 21.8%
Revenue growth rate		40.6 – 3%
Discount rate		58.9 – 17%

	Balance as of 12/31/2023		Additions		Depreciation (Note 18)			Net disposals			Transfers and others			Impairment losses (Note 5)			Balance as of 12/31/2024
Land and constructions		317,537,666,492		-		(18,039,413,897	)		(4,258,240,948	)		4,736,086,647			(187,601,293,667	)		112,374,804,627
Technical facilities and machinery		1,136,875,042,224		-		(222,310,602,970	)		(330,069,288	)		188,001,089,456			(689,324,249,839	)		412,911,209,583
Furniture and utensils, tools and others		36,201,507,942		3,220,015,023		(38,770,592,520	)		(78,403,323	)		36,178,360,734			(22,983,545,027	)		13,767,342,829
PP&E in progress		186,389,462,046		216,165,120,832		-			-			(205,071,788,396	)		-			197,482,794,482
Total PP&E		1,677,003,678,704		219,385,135,855		(279,120,609,387	)		(4,666,713,559	)		23,843,748,441			(899,909,088,533	)		736,536,151,521

	Original value		Accumulated depreciation			Impairment losses (Note 5)			PP&E
Land and constructions		2,185,469,596,293		(1,795,695,543,564	)		(277,399,248,102	)		112,374,804,627
Technical facilities and machinery		14,893,144,592,428		(13,287,096,841,904	)		(1,193,136,540,941	)		412,911,209,583
Furniture and utensils, tools and others		814,567,423,975		(761,694,227,296	)		(39,105,853,850	)		13,767,342,829
PP&E in progress		197,482,794,482		-			-			197,482,794,482
Total PP&E		18,090,664,407,178		(15,844,486,612,764	)		(1,509,641,642,893	)		736,536,151,521

	Original value		Accumulated depreciation			Investment properties
Land and constructions		111,204,386,691		(60,398,586,888	)		50,805,799,803
Total investment properties		111,204,386,691		(60,398,586,888	)		50,805,799,803

	12/31/2024			12/31/2023
Handsets		27,639,349,027			24,561,646,911
Accessories and prepaid cards		5,484,160,500			5,372,490,603
Other inventories		26,720,939,620			11,525,713,796
Sale projects		2,326,980,107			3,639,950,949
Less - Provision for inventory write-down		(2,947,710,301	)		(2,676,899,823	)
Total		59,223,718,953			42,422,902,436

	12/31/2024		12/31/2023
Opening inventory		41,459,851,310		52,910,345,002
Purchases		183,537,397,602		236,318,800,344
Closing inventory		62,171,429,254		41,459,851,310
Cost of goods sold (Note 20 c)		162,825,819,658		247,769,294,036

Balance as of December 31, 2022	(4,065,677,658	)
Reversals	1,388,777,835
Balance as of December 31, 2023	(2,676,899,823	)
Reversals	(270,810,478	)
Balance as of December 31, 2024	(2,947,710,301	)

	Financial expenses and exchange rate losses			Operating expenses			Total expenses			Financial income and exchange rate gains		Provision of services and other income		Total income
Telefónica IoT & Big Data Tech S.A.		(662,175,465	)		(4,824,292,621	)		(5,486,468,086	)		-		-		-
Telefónica Innovación Digital, S.L. Unipersonal		-			(7,935,758,774	)		(7,935,758,774	)		629,676,911		281,347,040		911,023,951
Telefónica Móviles España S.A.U.		(232,593,093	)		(941,011,742	)		(1,173,604,835	)		-		30,423,499		30,423,499
Telefónica Chile S.A.		-			(823,368,288	)		(823,368,288	)		2,992,547,749		2,939,892,199		5,932,439,948
Telefónica Global Technology S.A.U.		(1,063,523,496	)		(11,265,717,007	)		(12,329,240,503	)		-		739,758,210		739,758,210
Telefónica, S.A.		-			(39,635,257,584	)		(39,635,257,584	)		33,161,588,391		-		33,161,588,391
Telxius Cable Argentina S.A.		(7,054,311,437	)		(21,966,935,461	)		(29,021,246,898	)		-		5,961,664,218		5,961,664,218
Telefónica Hispanoamérica		-			-			-			2,004,173,303		2,238,879,821		4,243,053,124
Telefónica Móviles del Uruguay S.A.		(1,476,442,374	)		(1,141,918,447	)		(2,618,360,821	)		33,823,152		2,770,192,545		2,804,015,697
Telefónica Global Solution, S.L.		-			(6,418,551,345	)		(6,418,551,345	)		1,171,936,828		6,025,387,878		7,197,324,706
Telefónica Global Solution S.A.		(4,339,257,115	)		(14,516,420,683	)		(18,855,677,798	)		-		2,013,222,907		2,013,222,907
Telefónica Cybersecurity & Cloud Tech S.L.		-			(3,790,962,066	)		(3,790,962,066	)		-		138,286,764		138,286,764
TLH Holdco S.L.		(1,442,631,676	)		(12,738,369,054	)		(14,181,000,730	)		-		-		-
Others		(857,012,074	)		(3,379,946,830	)		(4,236,958,904	)		3,078,175,936		2,314,375,814		5,392,551,750
TOTAL		(17,127,946,730	)		(129,378,509,902	)		(146,506,456,632	)		43,071,922,270		25,453,430,895		68,525,353,165

	Trade receivables (Note 11 a)		Other assets (Note 11 b)		Financial Assets (Note 13)		Trade payables and other liabilities (Note 14)
Telefónica Latinoamérica Holding S.L.		1,882,303,634		-		-
Telefónica Innovación Digital, S.L. Unipersonal		4,067,992,337		-		-		6,599,660,989
Telefónica Chile S.A.		10,238,030,904		3,517,815,811		-
Telefónica Global Technology S.A.U.		-		19,337,761		-		6,370,740,760
Telefónica, S.A.		1,603,495,990		-		128,711,976,994		43,447,241,340
Telxius Cable Argentina S.A.		-		-		-		35,243,579,276
Telefónica Hispanoamérica		10,600,348,978		-		-		-
Telefónica Móviles del Uruguay S.A.		321,337,755		-		-		6,643,431,758
Telefónica Global Solution, S.L.		6,562,836,858		-		-		-
Telefónica Global Solution S.A.		-		-		-		16,013,356,236
TLH Holdco S.L.		13,282,792,457		-		-		11,230,501,525
Others		3,003,969,609		-		-		10,414,455,321
TOTAL		51,563,108,522		3,537,153,572		128,711,976,994		135,962,967,205

	Cash and cash equivalents (Note 13)		Trade receivables (Note 11 a)		Other assets (Note 11 b)		Trade payables and other liabilities (Note 14)
Telefónica Latinoamérica Holding S.L.		-		3,773,551,586		-		3,669,809
Telefónica Chile S.A.		-		17,199,461,166		3,152,978,361		451,160,972
Telefónica Global Technology S.A.U.		-		-		-		9,120,962,112
Telefónica, S.A.		-		2,963,768,242		218,598,860		58,404,069,825
Telxius Cable Argentina S.A.		-		100,634,071		-		26,403,805,702
Telefónica Digital España, S.L.U.		-		2,796,830,771		-		1,698,602,375
Telefónica Hispanoamérica		-		17,058,539,756		-		-
Telfisa Global, B.V.		202,844,793,076		-		-		-
Telefónica Global Solution, S.L.		-		9,366,956,767		-		660,804,586
Telefónica Global Solution S.A.		-		103,925,938		-		19,553,413,892
TLH Holdco S.L.		-		5,792,769,606		-		17,541,129,973
Others		-		7,863,897,841		-		30,684,905,682
TOTAL		202,844,793,076		67,020,335,744		3,371,577,221		164,522,524,928

	12/31/2024			12/31/2023
Accounts receivable		351,617,029,182			334,846,024,209
Allowance for doubtful accounts		(89,110,978,365	)		(56,472,084,432	)
Accounts receivable from the Telefónica Group companies (Note 10)		51,563,108,522			67,020,335,744
Other receivables		9,104,221,543			6,484,128,726
Total		323,173,380,882			351,878,404,247

Allowance for doubtful accounts as of December 31, 2022	(107,839,528,365	)
Increases and reversals (*)	(61,737,737,901	)
Uses	18,501,360,295
RECPAM	94,603,821,539
Allowance for doubtful accounts as of December 31, 2023	(56,472,084,432	)
Increases and reversals (*)	(82,022,822,104	)
Uses	8,139,588,035
RECPAM	41,244,340,136
Allowance for doubtful accounts as of December 31, 2024	(89,110,978,365	)

	12/31/2024		12/31/2023
Not yet due balances
Up to 3 months		158,930,762,174		188,449,141,067
Overdue balances
Up to 3 months		81,697,886,043		76,962,254,127
From 3 to 6 months		21,327,397,905		18,043,757,819
From 6 to 12 months		43,470,804,157		27,145,882,567
More than 12 months		46,190,178,903		24,244,988,629
Carrying amount at fiscal year’s end		351,617,029,182		334,846,024,209

	12/31/2024				12/31/2023
	Current		Non-current		Current		Non-current
Short-term advance payments to companies of the Telefónica group (Note 10)		430,248,477		3,106,905,095		544,854,663		2,826,722,558
Short-term advance payments		16,428,998,234		3,033,572,414		17,098,496,305		3,089,368,514
Deferred expenses of short-term contracts		72,868,528,016		59,954,784,139		72,439,371,854		65,207,059,929
Total		89,727,774,727		66,095,261,648		90,082,722,822		71,123,151,001

	Balance as of 12/31/2023		Additions		Decreases			Balance as of 12/31/2024
Contract acquisition costs		32,574,664,142		22,219,293,000		(25,226,383,072	)		29,567,574,070
Contract fulfillment costs		105,071,767,641		82,931,323,012		(84,747,352,568	)		103,255,738,085
Total		137,646,431,783		105,150,616,012		(109,973,735,640	)		132,823,312,155

	Number of subscribed and paid in shares				Nominal amount in Pesos of subscribed and paid in capital
	12/31/2024		12/31/2023		12/31/2024		12/31/2023
Number of shares		86,461,307,278		277,908,706		86,461,307,278		277,908,706
TOTAL		86,461,307,278		277,908,706		86,461,307,278		277,908,706

	12/31/2024						12/31/2023
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Amortized cost		Financial assets at fair value through other comprehensive income		Amortized cost
Non-current financial assets		-		19,416,719,630		129,543,660,430		16,743,771,550		827,825,732
Other financial investments		-		19,416,719,630		940,551		16,743,771,550		2,048,178
Long-term receivables		-		-		129,395,400,585		-		504,969,715
Of which: with related parties (Note 10)		-		-		128,711,976,994		-		-
Short-term deposits and guarantees		-		-		147,319,294		-		320,807,839
Current financial assets		25,591,944,014		47,716,571,707		145,594,023,213		178,560,187,067		365,871,550,202
Cash and cash equivalents		-		-		141,158,159,827		-		353,421,543,497
Of which: with related parties (Note 10)		-		-		-		-		202,844,793,076
Short-term deposits and guarantees		-		-		4,435,863,386		-		12,450,006,705
Other financial investments		25,591,944,014		47,716,571,707		-		178,560,187,067		-
Total		25,591,944,014		67,133,291,337		275,137,683,643		195,303,958,617		366,699,375,934

	12/31/2024		12/31/2023
Classification:
Financial assets at fair value through profit or loss		25,591,944,014		-
Of which:
Argentine government Securities		25,591,944,014		-
Of which:
Level 1(*)		25,591,944,014		-
Of which:
Without considering allowances for doubtful accounts		25,591,944,014		-
Of which:
In U.S. dollars		25,591,944,014		-

TOTAL		25,591,944,014		-

			Non-current
As of December 31, 2024	Current 2025		2026		2027		2028		2029		Subsequent years		Non-current		TOTAL
Lease liabilities		54,370,405,190		14,128,986,173		5,140,073,424		2,269,672,690		962,313,103		1,427,536,353		23,928,581,743		78,298,986,933
Bank overdrafts		1,416,622		-		-		-		-		-		-		1,416,622
Total		54,371,821,812		14,128,986,173		5,140,073,424		2,269,672,690		962,313,103		1,427,536,353		23,928,581,743		78,300,403,555
Nominal amount and interest to be accrued		56,180,630,134		16,400,723,345		6,411,591,198		3,144,298,238		1,480,646,180		2,586,679,160		30,023,938,121		86,204,568,255

			Non-current
As of December 31, 2023	Current 2024		2025		2026		2027		2028		Subsequent years		Non-current		TOTAL
Lease liabilities		91,863,902,103		25,305,989,918		11,018,426,676		6,390,365,845		3,312,179,523		2,785,164,362		48,812,126,324		140,676,028,427
Bank overdrafts		7,752,003,668		-		-		-		-		-		-		7,752,003,668
Total		99,615,905,771		25,305,989,918		11,018,426,676		6,390,365,845		3,312,179,523		2,785,164,362		48,812,126,324		148,428,032,095
Nominal amount and interest to be accrued		102,229,759,720		29,442,578,736		13,804,151,335		8,730,768,299		4,999,614,242		5,061,372,677		62,038,485,289		164,268,245,009