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 November 2020

Commission File Number: 001-13464

Telecom Argentina S.A.

(Translation of registrant’s name into English)

Alicia Moreau de Justo, No. 50, 1107

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:

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):

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):

Telecom Argentina S.A.

TABLE OF CONTENTS

Item

1.Telecom Argentina S.A. announces consolidated results for the nine month period (“9M20”) and third quarter of fiscal year 2020 (“3Q20”).

Market Cap P$455.4 billion

November 9, 2020

Contacts:

Fernando Balmaceda

(5411) 4968 5222

Solange Barthe Dennin

(5411) 4968 3752

Telecom Argentina S.A.

announces consolidated results for the nine month period
(“9M20”) and third quarter of fiscal year 2020 (“3Q20”)^*

Note: For the figures included in their FFSS, the Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores (“CNV”), which establishes that the restatement will be applied to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive. Accordingly, the reported figures corresponding to 9M20 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of 9M20 and vs. 9M19 mentioned in this press release correspond to “figures restated by inflation” or “constant”. Moreover, Table 3 contemplates information broken down by segment for periods ended as of September 30 of 2020 and 2019 as analyzed by the Executive Committee and the CEO, who receive periodically the financial information of Telecom and its subsidiaries (in historical values). For further details, please refer to the titles of the financial tables beginning from page 11.

* (in constant measuring unit.)

**(Figures may not sum up due to rounding)

*** (does not include IP telephony lines, which as of September 30, 2020 amounted to approximately 278 thousand)

Consolidated Revenues       (in million P$)	EBITDA          (in million P$)
EBIT         (in million P$)	Net Loss          (in million P$)

Buenos Aires, November 9, 2020 - Telecom Argentina S.A. (‘Telecom Argentina’) - (NYSE: TEO; BASE: TECO2), announced today a Net Loss of $1,249 million for the period ended September 30, 2020 (-92.8% vs. 9M19). The Net Loss attributable to the Controlling Company was P$1,645 million.

It is worth mentioning, that the comparative figures for the previous fiscal year have been restated so that the resulting comparative information is presented in terms of the current measurement unit as of September 30, 2020.

The following table shows the evolution of the consumer price index (National CPI) according to the official statistics (INDEC), which were used to restate the figures in constant currency:

During 9M20, Consolidated Revenues amounted to P$208,220 million, of which Service Revenues totaled P$197,044 million.

Consolidated Operating Revenues

average monthly revenue per user (‘ARPU’ – restated in constant currency as of September 30, 2020) amounted to P$401.2 during 9M20 (+3.5% vs. 9M19). The effect generated by the restatement in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts to P$35.8 and P$144.1, for the 9M20 and 9M19, respectively. Mobile churn was 2.2% (vs. 2.1% in 9M19).
Commercial Initiatives
During the third quarter of the year, Personal launched Mi Negocio Personal, an integrated and personalized virtual store solution designed for entrepreneurs and SMEs. This product was introduced with the objective to continue supporting our clients in a context where they need to have a digital proposal to defend their businesses.
Personal in Paraguay (‘Núcleo’)
As of September 30, 2020, Núcleo’s subscriber base reached 2.2 million clients. Prepaid and postpaid customers represented 83% and 17%, respectively.
Núcleo generated service revenues equivalent to P$10,334 million during 9M20 (+3.6% vs. 9M19). Internet revenues represented 51% of 9M20 service revenues (vs. 50% in 9M19).
Cable TV Services
Cable TV service revenues reached P$40,755 million in 9M20 (-P$4,863 million vs. 9M19). As from March 2020, revenues related to local soccer league programming have not been generated, because the activity was suspended but will return during November 2020. Cable TV subscribers totaled almost 3.6 million (+69 thousand or +2.0% vs. 2Q20). Moreover, the monthly Cable TV ARPU (restated in constant currency as of September 30, 2020) reached P$1,285.3 during 9M20. The effect generated by the restatement in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts to P$114.7 and P$541.5, for the 9M20 and 9M19, respectively. Additionally, the average monthly churn during 9M20 was 0.9% (-1.3% when compared to 9M19).
During the third quarter, the Company continued to promote new content and co-productions for its Flow platform, among others, local film titles as part of its strategy to promote the development of national productions.
Fixed Telephony and Data Services
Revenues generated by fixed telephony and data reached P$31,955 million in 9M20 (-P$2,229 million vs. 9M19).

As a result, the average monthly revenue billed per user (‘ARBU’ - restated in constant currency as of September 30, 2020) of fixed telephony reached P$542.7 (+1.9% vs. 9M19). The effect generated by the restatement in terms of the measuring unit as of September 30, 2020, included in the ARBU amounts to P$48.5 and P$198.2, for the 9M20 and 9M19, respectively.
During the third quarter, TELECOM | FIBERCORP, continued to develop different initiatives for the corporate segment by providing solutions to companies so that they can continue with their activities, maintaining productivity and growth levels.
Telecom announced its alliance with the IAE Business School, the Business School of Universidad Austral, to work together with entrepreneurs in NAVES, its training, mentoring and networking program, with the aim to strengthen the agents of the digital economy.
Additionally, the Company presented its new IoT agribusiness solution at Expoagro Digital. It is an innovative development of "remote grain monitoring" with automatic switch between fixed and mobile network that guarantees connection and provides tools that allow a better performance and maximum availability of service.
Internet Services
Internet services revenues totaled P$44,053 million during 9M20 (-P$4,938 million vs. 9M19). As of September 30, 2020, total broadband accesses reached almost 4.2 million (+78 thousand or +1.9% vs. 2Q20).
Additionally, broadband ARPU (restated in constant currency as of September 30, 2020) amounted to P$1,199.7 per month in 9M20. The effect generated by the restatement in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts to, approximately, P$107.1 and P$495.9, for the 9M20 and 9M19, respectively.
Moreover, the average monthly churn rate for the period was 1.2% vs. 1.5% in the 9M19. It is worth noting that as of 9M20, 58% of the total customer base had a broadband service of 50Mb or higher (increasing from 33% as of 9M19).
Revenues from equipment sales
Equipment revenues amounted to P$11,176 million (-P$2,565 million vs. 9M19). This reduction was mainly due to a decrease in the quantities sold, partially offset by the increase in the prices of handsets.
Consolidated Operating Costs
Consolidated Operating Costs (including D&A and impairment of fixed assets) totaled P$188,827 million in 9M20 (-P$9,683 million or -4.9% vs. 9M19). Excluding D&A and impairment of fixed assets, operating costs showed a reduction of 8.0%, which contributed to generate an increase of the Operating Income before D&A margin (35.8% in 9M20 vs. 33.3% in 9M19).

Net Financial Results   Net Financial Results (including Financial Expenses on Debt and Other Financial Results, net) generated a lower loss of P$13,234 million in 9M20 (vs. a loss of P$19,618 million in 9M19) due to:
in million of P$	9M19	M9M20	$ Var
FX results	-$ 12,033	-$ 4,289	-$ 7,744
Net Interests	-$ 7,188	-$ 10,516	-$ 3,328
Results of investments	-$ 3,066	$ 3,145	$ 6,211
RECPAM	$ 6,507	$ 4,233	-$ 2,274
Debt refinancing results	$ 0	-$ 3,085	$ 3,085
Others	-$ 3,838	-$ 2,722	$ 1,116
Total	-$ 19,618	-$ 13,234	$ 6,384
Consolidated Net Financial Debt   As of September 30, 2020, our net financial debt position (cash, cash equivalents plus financial investments and financial NDF minus loans) totaled P$132,450 million, decreasing by P$11,585 million or -8.0% when compared to the consolidated net financial debt position as of September 30, 2019, which totaled P$144,035 million (restated in terms of the measuring unit as of September 30, 2020).   Investments in PP&E, intangible assets and rights of use assets
During the 9M20, the Company invested P$40,699 million (-32.2% vs. 9M19). These investments represented 19.5% of consolidated revenues in 9M20, and were focused on:   ·    Projects associated with the expansion of Cable TV and Internet services to improve the transmission and access speed offered to customers.   ·    Deployment of 4G coverage and capacity to support the growth of our mobile Internet service.   ·    Extension of our transmission networks in order to unify the different access technologies, reconverting the copper fixed networks into fiber or hybrid fiber-coaxial networks.  ·    Reconversion of systems and advances towards the complete digitization of our operations, aiming to develop an ecosystem of platforms that leverage on connectivity which allow to manage and evolve products and services, with a focus on the digital and convergent experience of our clients.   Thanks to the investments in infrastructure done in recent years, Telecom currently counts with the equipment and systems that allow its network to perform efficiently, supporting the increase of up to 50% in home internet data traffic, 70% in mobile voice services and 30% in mobile data, plus a 75% growth in upstream. The renewal of the Company's core platforms (both oriented to customers and the back office) was another

of the key factors that allowed to adapt quickly and continue operating normally during the lockdown period.
Relevant Matters   Decree 690/2020 and amendment to Law No 27.078 (Argentina Digital Law)   On August 22, 2020 was published in the Official Gazette the Decree No. 690/2020 of the National Executive Power, through which it amended the Argentina Digital Law.   As part of the amendments, the status of “competing essential and strategic public services” was introduced to ICT services – fixed telephony, mobile, cable TV and Internet - and to the access to telecommunications networks for and between licensees, being the ENACOM the entity in charge of guaranteeing its effective availability.   The decree mentions that the ENACOM will establish the regulation of ICT services and the suspension of any increases or changes in prices established or announced from July 31, 2020 until December 31, 2020, specifically mentioning the broadcasting services by subscription through physical or radioelectric link and satellite television, as well as fixed or mobile telephony services, in any modality.   The decree has been approved by the Congress in terms of Law No. 26,122, and it has not been regulated yet.   Refinancing of the loans with IFC and IDB Invest   On September 22, 2020, Telecom Argentina refinanced the following loan agreements:   1- The loan agreement between Personal and IFC entered into on October 5, 2016 for up to US$ 400 million.   2- The loan agreement with IFC entered into on March 4, 2019 for up to US$ 450 million.   3- The loan agreement between Personal and IIC entered into on April 7, 2017 for up to US$ 100 million.   4- The loan agreement with IDB Invest entered into on May 29, 2019 for up to US$ 300 million.   In the case of the loans in items 1 and 2 mentioned above, it was agreed to modify the maturity schedule of all principal maturities that operated during 2021, deferring 85% of them for a period between 24 months and 48 months and prepaying the remaining 15% together with accrued interest and other related expenses.   In the case of items 3 and 4, it was agreed to modify the maturity schedule of all principal maturities whose maturity operated during the last quarter of 2020 and in 2021, deferring 85% of them for a period of between 24 months and 66 months, prepaying the remaining 15% together with accrued interest and other related expenses.

Other Relevant Matters   Call to Extraordinary General Shareholders’ Meeting   The Board of Directors of Telecom Argentina in a meeting held on October 13, 2020, which was adjourned until October 16, 2020, resolved to call the shareholders to an Extraordinary General Shareholders’ Meeting to be held on November 13, 2020, in order to consider: the total or partial withdrawal of the “Voluntary reserve for future cash dividends” and/or of the “Voluntary reserve to maintain the capital investments level and the Company’s current level of solvency”, the distribution of cash dividends or dividends in kind or in any combination of both options according to the Company´s current context, and the delegation of powers to the Board of Directors.

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Telecom Argentina is a leading telecommunications company in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission, and pay TV and Internet services, among other services. Additionally, Telecom Argentina offers mobile, broadband and satellite TV services in Paraguay and pay TV services in Uruguay. The Company commenced operations on November 8, 1990, upon the Argentine government’s transfer of the telecommunications system in the northern region of Argentina.

As of September 30, 2020, Telecom Argentina has 2,153,688,011 shares issued and outstanding.

For more information, please contact Investor Relations:

Voice Mail: (5411) 4968 3628

Fax: (5411) 4968 3616

E-mail: relinver@teco.com.ar

For information about Telecom Argentina’s services, visit:

www.telecom.com.ar

www.personal.com.ar

www.personal.com.py

www.cablevisionfibertel.com.ar

Disclaimer

This document may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company’s expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisión S.A. (or the Merger); (iii) the implementation of the Company’s business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company’s outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “will,” “may” and “should” or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company’s ability to successfully implement our business strategy and to achieve synergies resulting from the Merger; (ii) the Company’s ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company’s suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company’s supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii) the Company’s ability to compete and develop our business in the future; (xviii) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company’s management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company’s Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.

(Financial tables follow)

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TELECOM ARGENTINA S.A.

Consolidated Information

Nine month period and Third Quarter - Fiscal Year 2020

(In million of Argentine pesos)

TELECOM ARGENTINA S.A.

Consolidated Information

Nine month period and Third Quarter - Fiscal Year 2020

(In million of Argentine pesos)

3- Segment Information

(Segment information for periods ended as of September 30 of 2020 and 2019 as analyzed by the CEO, who receive periodically the financial information of Telecom and its subsidiaries (in historical values))

TELECOM ARGENTINA S.A.

Consolidated Information

Nine month period and Third Quarter - Fiscal Year 2020

(In million of Argentine pesos)

TELECOM ARGENTINA S.A.

Consolidated Information

Nine month period and Third Quarter - Fiscal Year 2020

(In million of Argentine pesos)

TELECOM ARGENTINA S.A.

Consolidated Information

Nine month period and Third Quarter - Fiscal Year 2020

(In million of Argentine pesos)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.