| CASH AND CASH EQUIVALENTS AND INVESTMENTS |
NOTE 2 – CASH AND CASH EQUIVALENTS AND INVESTMENTS | | | | | | | September 30, | | December 31, | Cash and cash equivalents | | 2025 | | 2024 | Cash and Banks (1) | | 130,779 | | 148,497 | Time deposits | | 139,911 | | 128,033 | Mutual funds | | 127,203 | | 111,711 | Total cash and cash equivalents | | 397,893 | | 388,241 | | | | | | (1) As of September 30, 2025 and December 31, 2024 includes restricted funds for $15,036 million and $10,657 million, respectively, corresponding to the funds to be paid to clients. | | | | | | Investments | | | | | Current | | | | | Government bonds and Notes at fair value through profit or loss | | 256,282 | | 13,887 | Government bonds and Notes at fair value through OCI | | 32,059 | | — | Mutual funds | | 968 | | 25,164 | Others investment at amortized cost | | 218 | | 1,910 | | | 289,527 | | 40,961 | Non- current | | | | | Investments in associates and joint ventures(a) | | 12,992 | | 16,597 | Other investments | | 31 | | 1 | | | 13,023 | | 16,598 | Total investments | | 302,550 | | 57,559 |
| (a) | Information on Investments in associates and joint ventures is detailed below: |
| 1) | Financial position information: |
| | | | | | | September 30, | | December 31, | | | 2025 | | 2024 | Investments in associates | | 5,553 | | 5,746 | Investments in joint ventures | | 7,439 | | 10,851 | | | 12,992 | | 16,597 |
| | | | | | | | | | | | | | | | | | | | | Percentage of | | | | | | | | | | | | | capital stock | | | | | | | Nature of | | | | | | owned and | | Valuation as of | Companies | | relationship | | Main activity | | Country | | voting rights (%) | | 09.30.25 | | 12.31.24 | La Capital Cable (1) (2) | | Associate | | Closed-circuit television | | Argentina | | 50.00 | | 5,553 | | 5,746 | OPH (1) | | Joint venture | | Holding | | USA | | 50.00 | | 7,230 | | 10,851 | Parklet (1) (3) | | Joint venture | | Development and provision of digital platforms | | Uruguay | | 51.00 | | 209 | | — | Total | | | | | | | | | | 12,992 | | 16,597 |
(1)Data about the issuer arises from extra-accounting information. (2)Direct and indirect interest. (3)As of September 30, 2025, despite owning a percentage higher than a 50% of interest, the Company does not have control in accordance with the requirements of IFRS Accounting Standards. See Note 1.a). The evolution of investments in associates and joint ventures is as follows: | | | | | | | | | | | | | | | Balances as of | | | | | | Earnings | | Currency | | Balances as of | | | December 31, | | | | | | (loss) of the | | translation | | September 30, | | | 2024 | | Acquisitions | | Dividends | | period | | adjustments | | 2025 | La Capital Cable | | 5,746 | | — | | (416) | | 223 | | — | | 5,553 | OPH | | 10,851 | | — | | — | | (4,291) | | 670 | | 7,230 | Parklet | | — | | 204 | | — | | (1) | | 6 | | 209 | | | 16,597 | | 204 | | (416) | | (4,069) | | 676 | | 12,992 |
| | | | | | | | | | | | | | | Balances as of | | | | | | | | Currency | | Balances as of | | | December 31, | | | | Earnings (loss) | | | | translation | | September 30, | | | 2023 | | Dividends | | of the period | | Decreases | | adjustments | | 2024 | Ver TV | | 27,869 | | (597) | | (8,759) | | (18,513) | | — | | — | TSMA | | 10,176 | | (17) | | 1,635 | | (11,794) | | — | | — | La Capital Cable | | 5,974 | | (622) | | 41 | | — | | — | | 5,393 | OPH | | 19,262 | | — | | (3,700) | | — | | (4,150) | | 11,412 | | | 63,281 | | (1,236) | | (10,783) | | (30,307) | | (4,150) | | 16,805 |
| 2) | Earnings (loss) information: |
| | | | | | | | | | | Three month period ended | | Nine month period ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Investments in associates | | 55 | | (5,813) | | 223 | | (7,083) | Investments in joint ventures | | (2,280) | | (579) | | (4,292) | | (3,700) | Other (*) | | — | | — | | (4) | | — | | | (2,225) | | (6,392) | | (4,073) | | (10,783) |
(*) Corresponding to the sale of Parklet’s equity stake in May 2025 (see Note 1.a).
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