Telecom Argentina Cash Flow Statement

Financials in millions ARS. Fiscal year is January - December.

Millions ARS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-513,476	1,234,786	-684,523	-1,718,966	52,559	-16,803
Depreciation & Amortization	1,437,861	1,583,927	1,846,805	2,060,995	814,484	241,741
Other Amortization	13,787	16,815	23,394	-	-	-
Loss (Gain) From Sale of Assets	28,570	2,054	1,348	39,980	12,491	1,917
Asset Writedown & Restructuring Costs	111,061	92,587	105,525	2,176,009	61,372	37,796
Loss (Gain) on Equity Investments	4,764	13,994	5,014	-6,773	-2,398	-1,459
Other Operating Activities	819,586	-1,726,643	-145,799	-814,486	-151,344	55,814
Change in Accounts Receivable	-215,190	-318,136	-472,662	-273,436	-80,732	-39,105
Change in Inventory	46,724	-7,791	-55,430	-19,437	8,691	-3,785
Change in Accounts Payable	-53,861	25,491	898,403	457,736	69,827	17,311
Change in Other Net Operating Assets	-203,078	72,665	118,515	-131,452	3,846	455
Operating Cash Flow	1,476,748	989,749	1,640,590	1,770,170	788,796	293,882
Operating Cash Flow Growth	43.05%	-39.67%	-7.32%	124.41%	168.41%	74.56%
Capital Expenditures	-765,404	-424,593	-701,015	-969,805	-446,375	-153,739
Sale of Property, Plant & Equipment	35,397	7,211	3,067	2,961	953	156
Cash Acquisitions	-1,205,884	-16,908	-12,624	-3,365	-	-
Divestitures	19,672	4,808	64,054	-	-	-
Sale (Purchase) of Intangibles	-94,078	-56,207	-530,051	-43,172	-15,408	-6,093
Investment in Securities	-108,733	12,915	-339,447	-363,564	-238,896	-80,977
Other Investing Activities	-918	5,138	3,198	5,086	1,420	236
Investing Cash Flow	-2,119,948	-467,636	-1,512,818	-1,371,859	-698,306	-240,417
Long-Term Debt Issued	-	1,459,335	1,030,968	704,806	389,534	164,737
Long-Term Debt Repaid	-	-1,511,977	-724,401	-691,225	-345,108	-207,652
Net Debt Issued (Repaid)	1,090,826	-52,642	306,567	13,581	44,426	-42,915
Common Dividends Paid	-	-	-	-	-4,512	-1,079
Other Financing Activities	-341,727	-442,079	-561,957	-392,381	-163,031	-61,307
Financing Cash Flow	749,099	-494,721	-255,390	-378,800	-123,117	-105,301
Foreign Exchange Rate Adjustments	57,633	-63,507	220,707	-8,045	-16,601	3,911
Net Cash Flow	163,532	-36,115	93,089	11,466	-49,228	-47,925
Free Cash Flow	711,344	565,156	939,575	800,365	342,421	140,143
Free Cash Flow Growth	28.28%	-39.85%	17.39%	133.74%	144.34%	108.17%
Free Cash Flow Margin	11.85%	11.20%	17.18%	13.27%	13.27%	15.80%
Free Cash Flow Per Share	330.29	262.41	436.26	371.63	158.99	65.07
Cash Interest Paid	300,069	396,835	549,713	382,216	162,673	61,307
Cash Income Tax Paid	9,504	8,996	13,602	83,766	13,770	5,583
Levered Free Cash Flow	1,030,951	581,232	958,198	912,376	380,972	107,624
Unlevered Free Cash Flow	1,212,384	681,965	1,055,271	989,663	445,480	135,363
Change in Working Capital	-425,405	-227,771	488,826	33,411	1,632	-25,124

Source: S&P Global Market Intelligence. Standard template. Financial Sources.