BORROWINGS (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| BORROWINGS |
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| Schedule of current and non-current financial debt |
| | | | | | | As of December 31, | Current | | 2024 | | 2023 | Bank overdrafts - principal | | 150,561 | | 62,453 | Bank and other financial entities loans – principal | | 172,370 | | 543,806 | Notes – principal | | 793,618 | | 501,918 | Loans for purchase of equipment | | 7,855 | | 41,384 | Interest and related expenses | | 183,975 | | 347,023 | | | 1,308,379 | | 1,496,584 | Non-current | | | | | Notes – principal | | 1,591,161 | | 2,653,670 | Bank and other financial entities loans – principal | | 166,068 | | 1,061,540 | Loans for purchase of equipment | | 9,668 | | 28,485 | Interest and related expenses | | 434,910 | | 411,821 | | | 2,201,807 | | 4,155,516 | Total borrowings | | 3,510,186 | | 5,652,100 |
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| Schedule of nature and movements of financial debt |
| | | | | | | | | | | | | Total | | | Cash items | | Non-cash items | | 12.31.2024 | At the beginning of the year | | — | | — | | 5,652,100 | Proceeds from borrowings – principal | | 1,216,127 | | — | | 1,216,127 | Payment of borrowings – principal | | (1,367,407) | | — | | (1,367,407) | Repurchase of Notes | | (32,370) | | — | | (32,370) | Payment of interests and related expenses | | (390,956) | | — | | (390,956) | Payment of DFI | | (5,879) | | — | | (5,879) | Proceed from bank overdrafts net of payment | | 243,208 | | — | | 243,208 | Trade payables cancelled with borrowings | | — | | 28,571 | | 28,571 | Accrued interest and other financial cost (*) | | — | | 286,610 | | 286,610 | Foreign currency exchange gains (**) | | — | | (2,059,894) | | (2,059,894) | Currency translation adjustments | | — | | (59,924) | | (59,924) | Total at 12/31/24 | | (337,277) | | (1,804,637) | | 3,510,186 |
(*) | Not includes $3,350 million corresponding to net income generated by DFI. |
(**) | Not includes $(1,332) million corresponding to net losses generated by DFI and others. |
| | | | | | | | | | | | | Total | | | Cash items | | Non-cash items | | 12.31.2023 | At the beginning of the year | | — | | — | | 3,880,622 | Proceeds from borrowings – principal | | 876,905 | | — | | 876,905 | Payment of borrowings – principal | | (607,028) | | — | | (607,028) | Payment of interests and related expenses | | (463,776) | | — | | (463,776) | Payment of DFI | | (85,937) | | — | | (85,937) | Proceed from bank overdrafts net of payment | | 154,063 | | — | | 154,063 | Trade payables cancelled with borrowings | | — | | 90,582 | | 90,582 | Accrued interest and other financial cost (*) | | — | | 28,480 | | 28,480 | Foreign currency exchange gains (**) | | — | | 1,720,991 | | 1,720,991 | Currency translation adjustments | | — | | 57,198 | | 57,198 | Total at 12/31/23 | | (125,773) | | 1,897,251 | | 5,652,100 | Total at 12/31/22 | | (242,421) | | (***) (177,361) | | |
(*) | Not includes $3,299 million corresponding to net income generated by DFI. |
(**) | Not includes ($61,468) million corresponding to net losses generated by DFI and others. |
(***)Includes $88,797 million of new loans that do not represent cash movement.
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| Schedule of loans agreements of bank and other financing entities loans |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal | | | | | | | | | | | | | | | | | | | | | | | | | residual | | | | | | | | | | | | | | | Interest | | | Accounting balance (*) | | | | | | | nominal value | | | Maturity | | | | | | | | | | | | payment | | | As of December 31, | Entities | | | Currency | | | (in millions) | | | date | | | Amortization | | | Interest rate | | | Spread | | | date | | | 2024 | | | 2023 | | | | US$ | | | — | | | 03/2027 | | | Semiannually | | | | | | between 4.43% and 7.18% | | | Semiannually | | | — | | | 212,997 | International
Finance
Corporation
(IFC) (1) | | | US$ | | | — | | | Between 08/2024 and 08/2025 | | | Semiannually | | | Variable annual rate:
SOF 6 months | | | between 5.03% and 5.28% | | | Semiannually | | | — | | | 267,906 | | | | US$ | | | — | | | 08/2029 (1) | | | Semiannually from 08/2024 | | | | | | 6.50% | | | Semiannually | | | — | | | 408,380 | Inter-American
Investment
Corporation
(IIC) (1) | | | US$ | | | — | | | 12/2024 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | 6.28% | | | Semiannually | | | — | | | 37,450 | Inter-American
Development
Bank
(IDB) (2) | | | US$ | | | 99 | | | 06/2027 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | between 7.18% and 9.18% | | | Semiannually | | | 123,453 | | | 653,184 | China
Development
Bank Shenzhen
Branch (CDB) (3) | | | RMB | | | 882 | | | 12/2027 | | | Semiannually | | | Annual fixed
rate of 4.95% | | | n/a | | | Semiannually | | | 139,769 | | | 313,958 | Finnvera | | | US$ | | | 31 | | | Between 11/2025 and 11/2026 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | between 1.47% and 1.63 | % | | Semiannually | | | 35,264 | | | 97,548 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal | | | | | | | | | | | | | | | | | | | | | | | | | residual | | | | | | | | | | | | | | | Interest | | | Accounting balance (*) | | | | | | | nominal value | | | Maturity | | | | | | | | | | | | payment | | | As of December 31, | Entities | | | Currency | | | (in millions) | | | date | | | Amortization | | | Interest rate | | | Spread | | | date | | | 2024 | | | 2023 | Export Development Canadá (EDC) (4) | | | US$ | | | 34 | | | Between 12/2026 and 12/2030 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | between 1.63% and 6.65 | % | | Semiannually | | | 40,583 | | | 53,465 | BBVA | | | $ | | | 67 | | | 07/2025 | | | Monthly | | | Annual fixed rate of 47.90 | % | | n/a | | | Monthly | | | 83 | | | 395 | PSA Finance Argentina | | | $ | | | 147 | | | 07/2025 | | | Monthly | | | Annual fixed rate of 42.90 | % | | n/a | | | Monthly | | | 184 | | | 890 | Rombo Compañía Financiera | | | $ | | | 118 | | | 07/2025 | | | Monthly | | | Annual fixed rate between 70.9% and 77.9 | % | | n/a | | | Monthly | | | 151 | | | 648 | Cisco Systems Capital Corporation (Cisco) (5) and Bank of China (Huawei import) (6) | | | US$ | | | 13.7 | | | between 10/2022 and 11/2026 | | | Quarterly basis | | | Annual fixed rate between 4.00% and 6.5 | % | | n/a | | | Quarterly basis | | | 19,177 | | | 72,083 | | | | | | | | | | between 01/2025 and 12/2027 | | | Semiannually | | | | | | | | | | | | | | | | | | | | | | 25,000 | | | 02/2025 | | | | | | Annual fixed rate of 38.375 | % | | n/a | | | At maturity date | | | 34,454 | | | — | Banco Nación (7) | | | $ | | | 10,000 | | | 08/2025 | | | In one installment at maturity date | | | Annual fixed rate of 35 | % | | n/a | | | At maturity date | | | 12,594 | | | — | | | | | | | 10,000 | | | 09/2025 | | | | | | Annual fixed rate of 32.38 | % | | n/a | | | At maturity date | | | 12,228 | | | — |
(*)These accounting balances include interest and related expenses. | (1) | The Company has used US$508 million ($644,792 million in current currency as of September 30, 2025) of the funds obtained from the Series 21 Notes for the payments and prepayments of the following loans: |
- IFC: The Company used funds totaling US$368 million, of which US$342 million was used for the payment of principal and US$26 million for the payment of interest and related expenses. As of December 31, 2024, IFC loans are fully paid. - IIC: The Company used funds totaling US$140 million, of which US$135 million was for the payment of principal and US$5 million for the payment of interest and related expenses. As of December 31, 2024, loans with IIC are fully paid. | (2) | On October 17, 2023, the Company subscribed two new tranches (5 and 6) under the IDB loan for a total of US$120 million, equivalent to $41,145 million ($154,674 million in current currency as of September 30, 2025), net of issuance expenses for $866 million ($3,256 million in current currency as of September 30, 2025). The funds were used to pay for the 5G spectrum. |
In December 2024, the Company has prepaid a part of the loan totaling US$46 million (includes payment of principal and interest), equivalent to $58,590 million in current currency as of September 30, 2025. | (3) | In November 2024, the Company has paid a part of the loan totaling RMB156 million (includes payment of principal and interest), equivalent to $27,811 million in current currency as of September 30, 2025. |
| (4) | On May 5, 2023, the Company submitted a proposal for an export credit line for a total amount of up to US$50 million to EDC, the official export credit agency of Canada. |
The funds received will be used to finance up to 100% of the payments due to “Nokia Solutions and Networks Oy” and/or “Nokia Spain S.A.”, received from August 30, 2022 until November 1, 2024. During 2024 and 2023, the Company received a disbursement for a total amount of US$11.6 million ($15,818 million in current currency as of September 30, 2025), and U$12.7 million ($18,058 million in current currency as of September 30, 2025), maturing in May 2030. The principal disbursed accrues compensatory interest at a semi-annual SOFR plus a margin of 6.65 percentage points. | (5) | During August 2024, through the liquidation of BOPREAL bonds, the Company prepaid its loan with the supplier for US$18 million (principal of US$17.6 million and interest of US$0.4 million). This negotiation resulted in a reduction of US$1.8 million ($2,321 million in current currency as of September 30, 2025) recognized in “Borrowings renegotiation results” item, within Financial results from borrowings. |
| (6) | In December 2024, The Company subscribed an equipment loan of US$10.1 million, equivalent to $12,753 million in current currency as of September 30, 2025. |
| (7) | In the months of August, November and December 2024, the Company subscribed loans totaling $45,000 million ($58,805 million in current currency as of September 30, 2025). |
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| Telecom Argentinas |
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| BORROWINGS |
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| Schedule of notes borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accounting | | | | | | | Amount | | | | | | | | | | | | | | | | | | balance (*) | | | | | | | involved | | | Issuance | | | Maturity | | | | | | | | | Interest payment | | | As of December 31, | Series | | | Currency | | | (in millions) | | | date | | | date | | | Amortization | | | Interest rate | | | date | | | 2024 | | | 2023 | 1 | | | US$ | | | 400 | (1) | | 07/2019 | | | 07/2026 | | | In one installment at maturity date | | | Annual fixed rate of 8.00% | | | Semiannually | | | 208,951 | | | 881,463 | 5 | | | US$ | | | 389 | (1)
(2) | | 08/2020 | | | 08/2025 | | | In four installments of: 3%
at 02/2023 30% at 08/2023 33%
at 08/2024 34% at 08/2025 | | | Annual fixed rate of 8.50% | | | Semiannually | | | 146,646 | | | 582,955 | 8 | | | UVA | | | 134 | (3) | | 01/2021 | | | 01/2025 | | | In one installment at maturity date | | | Annual fixed rate of 4.00% | | | Semiannually | | | 206,324 | | | 165,736 | 9 | | | US$linked | | | 92 | | | 06/2021 | | | 06/2024 | | | In one installment at maturity date | | | Annual fixed rate of 2.75% | | | Quarterly basis | | | — | | | 197,528 | 10 | | | UVA | | | 127 | | | 12/2021 | | | 06/2025 | | | In one installment at maturity date | | | 0% | | | n/a | | | 200,802 | | | 155,702 | 12 | | | US$linked | | | 23 | | | 03/2022 | | | 03/2027 | | | In one installment at maturity date | | | Annual fixed rate of 1.00% | | | Quarterly basis | | | 129,708 | | | 226,462 | | | | US$linked | | | 75 | | | 08/2022 | | | 03/2027 | | | In one installment at maturity date | | | Annual fixed rate of 1.00% | | | Quarterly basis | | | | | | | 14 | | | US$linked | | | 62.4 | | | 02/2023 | | | 02/2028 | | | In one installment at maturity date | | | Fixed rate of 1.00% | | | Quarterly basis | | | 78,625 | | | 134,008 | 15 | | | US$linked | | | 87.4 | (4) | | 06/2023 | | | 06/2026 | | | In one installment at maturity date | | | 0% | | | n/a | | | 118,475 | | | 212,760 | 16 | | | US$linked | | | 180.4 | (5) | | 07/2023 | | | 07/2025 | | | In one installment at maturity date | | | 0% | | | n/a | | | 237,836 | | | 440,501 | 18 | | | UVA | | | 75 | (6) | | 11/2023 | | | 11/2027 | | | In one installment at maturity date | | | Annual fixed rate of 1.00% | | | Quarterly basis | | | 140,443 | | | 115,216 | 19 | | | US$linked | | | 34.6 | (7) | | 11/2023 | | | 11/2026 | | | In one installment at maturity date | | | 0% | | | n/a | | | 106,415 | | | 208,067 | | | | | | | 30.9 | (7) | | 12/2023 | | | 11/2026 | | | | | | | | | | | | | | | | 20 | | | US$linked | | | 59.7 | (8) | | 06/2024 | | | 06/2026 | | | In one installment at maturity date | | | Annual fixed rate of 5% | | | Quarterly basis | | | 105,392 | | | — | | | | | | | 21.6 | (8) | | 06/2024 | | | 06/2026 | | | | | | | | | | | | | | | | | | | | | | 500 | (1) | | 07/2024 | | | 07/2031 | | | | | | | | | | | | | | | | 21 | | | US$ | | | 115.3 | (1) | | 07/2024 | | | 07/2031 | | | In three installments of:
33% at 07/2029
33% at 07/2030
34% at 07/2031. | | | Annual fixed rate of 9.50% | | | Semi-annual | | | 1,066,313 | | | — | | | | | | | 1.9 | (1) | | 08/2024 | | | 07/2031 | | | | | | | | | | | | | | | | | | | | | | 200 | (1) | | 10/2024 | | | 07/2031 | | | | | | | | | | | | | | | | 22 | | | US$ linked | | | 33.7 | (9) | | 08/2024 | | | 02/2026 | | | In one installment at maturity date | | | Annual fixed rate of 2% | | | Quarterly basis | | | 42,620 | | | — | 23 | | | US$ | | | 75 | (10) | | 11/2024 | | | 11/2028 | | | In one installment at maturity date | | | Annual fixed rate of 7% | | | Quarterly basis | | | 94,661 | | | — |
(*)These accounting balances include interest and related expenses. | (1) | Series 21 Notes: In June 2024, the Company issued US$500 million, the subscription price was under par, so at the date of issuance, the Company obtained, net of issuance costs, US$493 million ($648,368 million in current currency as of September 30, 2025). In July and August 2024, the Company exchanged US$115.3 million ($ 146,419 million in current currency as of September 30, 2025) and US$ 1.9 million ($ 2,500 million in current currency as of September 30, 2025), respectively, of Series 21 Notes for part of its Series 1 Notes maturing in 2026. This transaction was recognized as a debt extinguishment, recognizing a gain of $312 million that is included in “Borrowings renegotiation results,” item, within Financial results from borrowings. In October 2024, the additional issuance of US$200 million, which subscription price was above par, so as of the issuance date, the Company obtained net funds from issuance expenses amounting to US$211 million (equivalent to $268,253 million in current currency as of September 30, 2025). The Company used funds amounting to US$704 million to the payment, repayment, payment of principal and interest of the following borrowings: a) IFC for US$342 million, b) IIC for US$135 million; c) payment of interest and related expenses for US$31 million, d) repurchase of Series 5 Notes for US$20 million (we recognized a gain on the repurchase of Notes of $496 million was recognized, which is included in the line “Repurchase of Notes” within “Financial results from borrowings”), e) prepayment of part of the principal and payment of interest of Series 1 Notes for US$133 million; f) payment of capital and interest of Series 8 Notes for US$5 million; and g) payment of interest of Series 21 Notes for US$38 million. |
As of December 31, 2024, after the payments made with the funds of Series 21 Notes, the outstanding principal of Series 1 Notes amounts to US$162.7 million. | (2) | Series 5: On August 6, 2024, the Company paid a part of principal on the Series 5 Notes for US$128.3 million ($163,242 million in current currency as of September 30, 2025) was made. As of December 31, 2024, after the cancellations made, the nominal residual capital of ON 5 amounts to US$73.2 million. |
| (3) | Series 8 Notes: In December 2024, the Company repurchased Series 5 Notes for $7,136 million, for which it recognized a gain on the repurchase of Notes of $65 million, which is included in the line “Repurchase of Notes” within “Financial results from borrowings.” |
| (4) | Series 15 Notes: The subscription price was above par, so that on the date of issuance, its value was $24,474 million ($134,339 million in current currency as of September 30, 2025), equivalent to US$102.3 million without considering the issuance expenses. |
| (5) | Series 16 Notes: The subscription price was above par, so that on the date of issuance, its value was $57,186 million ($301,265 million in current currency as of September 30, 2025), equivalent to US$213.2 million without considering the issuance expenses. |
| (6) | Series 18 Notes, the subscription price was above par, so that on the date of issuance, its value was $37,435 million ($124,746 million in current currency as of September 30, 2025), equivalent to US$213.2 million, of which the Company received funds for $56,906 million ($79,214 million in current currency as of September 30, 2025) and $13,512 million ($45,026 million in current currency as of September 30, 2025) (equivalent to 34.1 million UVAs of nominal value) through the exchange of a portion of Series 7 Notes, net of issuance expenses for $151 million ($505 million in current currency as of September 30, 2025). |
| (7) | Series 19 Notes, the subscription price was above par, so that on the date of issuance, its value was $17,058 million ($56,843 million in current currency as of September 30, 2025), equivalent to US$48.3 million without considering the issuance expenses. For the additional Series 19 Notes, the subscription price was above par, so that on the date of issuance, its value was $18,102 million ($48,079 million in current currency as of September 30, 2025), equivalent to US$49.9 million without considering the issuance expenses. |
| (8) | Series 20 Notes: the subscription price was above par. The Company issued Notes for a nominal value of $55,619 million, equivalent to US$59.7 million. Of the total issued, the Company obtained proceeds net of issuance expenses of $46,210 million ($68,272 million in current currency as of September 30, 2025), equivalent to US$51.8 million, and an non cash proceed of $9,128 million ($13,486 million in current currency as of September 30, 2025), equivalent to US$9.8 million, was made through the exchange of a portion of the Series 9 Notes. This transaction was recognized as a debt extinguishment, recognizing a gain of $0.5 million that is included in “Borrowings renegotiation results” item, within Financial results from borrowings. |
Series 20 Notes additional issuance, the subscription price was above par. The Company obtained proceeds net of issuance expenses of $20,225 million ($29,880 million in current currency as of September 30, 2025), equivalent to US$21.6 million. | (9) | Series 22 Notes: The subscription price was above par. The Company issued Notes for a nominal value of $31,732 million equivalent to US$33.7 million. Of the total issuance, the Company obtained proceeds net of issuance expenses of $31,574 million ($43,167 million in current currency as of September 30, 2025). |
| (10) | Series 23 Notes: The subscription price was above par. The Company issued Notes for a nominal value of US$75 million. Of the total issuance, the Company obtained proceeds net of issuance expenses of US$74.7 million ($94,448 million in current currency as of September 30, 2025). |
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| Nucleo |
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| BORROWINGS |
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| Schedule of notes borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount | | | | | | | | | | | | | | | Interest | | | Accouting balance (*) | | | | | | | involved | | | Issuance | | | Maturity | | | | | | | | | payment | | | As of December 31, | Series | | | Currency | | | (in millions) | | | date | | | date | | | Amortization | | | Interest rate | | | date | | | 2024 | | | 2023 | 1 | | | Gs. | | | 120,000 | | | 03/2019 | | | 03/2024 | | | In one installment at maturity date | | | Annual fixed rate of 9.00 | % | | Quarterly basis | | | — | | | 35,149 | 2 | | | Gs. | | | 30,000 | | | 03/2019 | | | 03/2024 | | | In one installment at maturity date | | | Annual fixed rate of 9.00 | % | | Quarterly basis | | | — | | | 8,753 | 3 | | | Gs. | | | 100,000 | | | 03/2020 | | | 03/2025 | | | In one installment at maturity date | | | Annual fixed rate of 8.75 | % | | Quarterly basis | | | 16,174 | | | 29,327 | 4 | | | Gs. | | | 130,000 | | | 03/2021 | | | 01/2028 | | | In one installment at maturity date | | | Annual fixed rate of 7.10 | % | | Quarterly basis | | | 21,351 | | | 38,666 | 5 | | | Gs. | | | 120,000 | | | 03/2021 | | | 01/2031 | | | In one installment at maturity date | | | Annual fixed rate of 8.00 | % | | Quarterly basis | | | 19,729 | | | 35,729 |
(*)These accounting balances include interest and related expenses.
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