| INTANGIBLE ASSETS |
NOTE 10 – INTANGIBLE ASSETS | | | | | | | As of December 31, | | | 2025 | | 2024 | Intangible assets | | 2,769,079 | | 2,591,842 | Impairment allowance | | (97,554) | | (97,183) | | | 2,671,525 | | 2,494,659 |
Details on the nature and movements of intangible assets as of December 31, 2025 and 2024 are as follows: | | | | | | | | | | | | | | | Gross value | | | As of | | | | | | Currency | | | | As of | | | December 31, | | Incorporation | | | | translation | | | | December 31, | | | 2024 | | by acquisition (1) | | CAPEX | | adjustments | | Decreases | | 2025 | 5G licenses | | 496,653 | | 88,413 | | — | | — | | — | | 585,066 | 3G/4G licenses | | 1,099,056 | | 45,204 | | — | | — | | — | | 1,144,260 | PCS and SRCE licenses (Argentina) | | 578,878 | | 42,218 | | — | | — | | — | | 621,096 | Núcleo´s licenses | | 138,746 | | — | | 217 | | 2,290 | | — | | 141,253 | Customer relationship | | 772,115 | | 44,355 | | — | | 642 | | (1,693) | | 815,419 | Brands | | 729,850 | | 8,094 | | — | | — | | — | | 737,944 | Incremental Cost from the acquisitions of contracts | | 32,315 | | 45,899 | | 67,767 | | 931 | | (15,466) | | 131,446 | Content activation | | 13,569 | | — | | 7,800 | | — | | (8,997) | | 12,372 | Internally generated software | | 158,570 | | — | | 56,790 | | 83 | | — | | 215,443 | Other | | 52,668 | | — | | 1,898 | | 109 | | (8,393) | | 46,282 | Total | | 4,072,420 | | 274,183 | | 134,472 | | 4,055 | | (34,549) | | 4,450,581 |
| | | | | | | | | | | | | | | Accumulated amortization | | Net carrying | | | As of | | | | Currency | | | | As of | | value as of | | | December 31, | | | | translation | | | | December 31, | | December 31, | | | 2024 | | Amortization | | adjustments | | Decreases | | 2025 | | 2025 | 5G licenses | | (31,046) | | (33,445) | | — | | — | | (64,491) | | 520,575 | 3G/4G licenses | | (513,355) | | (102,841) | | — | | — | | (616,196) | | 528,064 | PCS and SRCE licenses (Argentina) | | — | | — | | — | | — | | — | | 621,096 | Núcleo´s licenses | | (35,717) | | (3,059) | | (488) | | — | | (39,264) | | 101,989 | Customer relationship | | (738,716) | | (12,563) | | (101) | | 1,693 | | (749,687) | | 65,732 | Brands | | (5,918) | | (6,745) | | — | | — | | (12,663) | | 725,281 | Incremental Cost from the acquisitions of contracts | | (21,175) | | (48,368) | | (66) | | 15,466 | | (54,143) | | 77,303 | Content activation | | (10,558) | | (3,303) | | — | | 8,997 | | (4,864) | | 7,508 | Internally generated software | | (76,176) | | (23,169) | | (13) | | — | | (99,358) | | 116,085 | Other | | (47,917) | | (1,229) | | (83) | | 8,393 | | (40,836) | | 5,446 | Total | | (1,480,578) | | (234,722) | | (751) | | 34,549 | | (1,681,502) | | 2,769,079 |
(1) | Corresponds to the acquisition of TMA (see Note 29). |
| | | | | | | | | | | | | | | Gross value | | | As of | | | | | | Currency | | | | As of | | | December 31, | | Incorporation | | | | translation | | | | December 31, | | | 2023 | | by acquisition (1) | | CAPEX | | adjustments | | Decreases | | 2024 | 5G licenses | | 496,653 | | — | | — | | — | | — | | 496,653 | 3G/4G licenses | | 1,099,056 | | — | | — | | — | | — | | 1,099,056 | PCS and SRCE licenses (Argentina) | | 578,878 | | — | | — | | — | | — | | 578,878 | Núcleo´s licenses | | 147,874 | | — | | 643 | | (9,771) | | — | | 138,746 | Customer relationship | | 775,255 | | 4,899 | | 36 | | (445) | | (7,630) | | 772,115 | Brands | | 729,818 | | — | | — | | — | | 32 | | 729,850 | Incremental Cost from the acquisitions of contracts | | 51,342 | | — | | 12,010 | | (2,163) | | (28,874) | | 32,315 | Content activation | | 10,871 | | — | | 2,698 | | — | | — | | 13,569 | Internally generated software | | 115,528 | | — | | 43,034 | | 8 | | — | | 158,570 | Other | | 54,038 | | — | | 1 | | (1,371) | | — | | 52,668 | Total | | 4,059,313 | | 4,899 | | 58,422 | | (13,742) | | (36,472) | | 4,072,420 |
| | | | | | | | | | | | | | | Accumulated amortization | | Net carrying | | | As of | | | | Currency | | | | As of | | value as of | | | December 31, | | | | translation | | | | December 31, | | December 31, | | | 2023 | | Amortization | | adjustments | | Decreases | | 2024 | | 2024 | 5G licenses | | (6,208) | | (24,838) | | — | | — | | (31,046) | | 465,607 | 3G/4G licenses | | (438,398) | | (74,957) | | — | | — | | (513,355) | | 585,701 | PCS and SRCE licenses (Argentina) | | — | | — | | — | | — | | — | | 578,878 | Núcleo´s licenses | | (33,664) | | (3,220) | | 1,167 | | — | | (35,717) | | 103,029 | Customer relationship | | (736,949) | | (9,397) | | — | | 7,630 | | (738,716) | | 33,399 | Brands | | (5,886) | | — | | — | | (32) | | (5,918) | | 723,932 | Incremental Cost from the acquisitions of contracts | | (32,081) | | (18,137) | | 217 | | 28,826 | | (21,175) | | 11,140 | Content activation | | (7,648) | | (2,910) | | — | | — | | (10,558) | | 3,011 | Internally generated software | | (63,159) | | (13,017) | | — | | — | | (76,176) | | 82,394 | Other | | (41,690) | | (6,464) | | 237 | | — | | (47,917) | | 4,751 | Total | | (1,365,683) | | (152,940) | | 1,621 | | 36,424 | | (1,480,578) | | 2,591,842 |
| (1) | Corresponds to the acquisitions of TSMA and Manda. |
Movements in the impairment of Intangible assets are as follows: | | | | | | | Years ended December 31, | | | 2025 | | 2024 | At the beginning of the year | | (97,183) | | (97,163) | Increases | | (371) | | (20) | At the end of the year | | (97,554) | | (97,183) |
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