FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FINANCIAL INSTRUMENTS

Schedule of financial assets and financial liabilities


				Fair value
				accounted		accounted
				through		through other
		Amortized		profit or		comprehensive
As of December 31, 2025		cost		loss		income		Total
Assets
Cash and cash equivalents		339,054		129,996		—		469,050
Investments		25		296,025		27,014		323,064
Trade receivables		800,128		—		—		800,128
Other receivables		44,241		10,254		168		54,663
Total		1,183,448		436,275		27,182		1,646,905
Liabilities
Trade payables		1,129,134		—		—		1,129,134
Borrowings		5,436,615		—		—		5,436,615
Leases liabilities		388,296		—		—		388,296
Dividends payables		87		—		—		87
Other liabilities		22,055		787		—		22,842
Total		6,976,187		787		—		6,976,974


			Fair value
				accounted		accounted
				through		through other
		Amortized		profit or		comprehensive
As of December 31, 2024		cost		loss		income		Total
Assets
Cash and cash equivalents		298,257		120,488		—		418,745
Investments		27,141		17,038		—		44,179
Trade receivables		389,943		—		—		389,943
Other receivables		21,545		4,599		—		26,144
Total		736,886		142,125		—		879,011
Liabilities
Trade payables		606,654		—		—		606,654
Borrowings		3,785,980		—		—		3,785,980
Leases liabilities		280,168		—		—		280,168
Other liabilities		21,417		1,637		—		23,054
Total		4,694,219		1,637		—		4,695,856

Schedule of gains and losses of financial instruments by category

Gains and losses by category – Year 2025


		Net gain/(loss)		Of which interest
Financial assets at amortized cost		78,533		(1,059)
Financial liabilities at amortized cost		(937,612)		(385,877)
Financial assets at fair value through profit or loss		89,514		—
Financial liabilities at fair value through profit or loss		(199)		—
Total		(769,764)		(386,936)

Gains and losses by category – Year 2024


		Net gain/(loss)		Of which interest
Financial assets at amortized cost		(47,721)		52,608
Financial liabilities at amortized cost		2,146,991		(175,670)
Financial assets at fair value through profit or loss		(59,735)		—
Financial liabilities at amortized cost through profit or loss		(535)		—
Total		2,039,000		(123,062)

Gains and losses by category – Year 2023


		Net gain/(loss)		Of which interest
Financial assets at amortized cost		181,035		71,109
Financial liabilities at amortized cost		(2,171,671)		(63,429)
Financial assets at fair value through profit or loss		254,296		184,263
Financial liabilities at fair value through profit or loss		(89,194)		—
Total		(1,825,534)		191,943

Schedule of financial assets and liabilities recognized at fair value and the level of hierarchy


As of December 31, 2025		Level 1		Level 2		Level 3		Total
Assets
Current Assets
Mutual Funds (1) (2)		130,643		—		—		130,643
Government bonds (1) (2)		322,392		—		—		322,392
Other receivables: Compensation received for company acquisitions (3)		—		1,378		—		1,378
Other receivables: Loans granted - fintech businesses (4)		—		—		6,986		6,986
Other receivables: DFI (5)		—		168		—		168
Non-current Assets
Other receivables: Compensation received for company acquisitions (3)		—		1,890		—		1,890
Total assets		453,035		3,436		6,986		463,457
Liabilities
Current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		787		—		787
Total liabilities		—		787		—		787


As of December 31, 2024		Level 1		Level 2		Total
Assets
Current Assets
Mutual Funds (1) (2)		122,548		—		122,548
Government bonds (1) (2)		14,978		—		14,978
Other receivables: Compensation received for company acquisitions (3)		—		1,419		1,419
Non-current Assets
Other receivables: Compensation received for company acquisitions (3)		—		3,180		3,180
Total assets		137,526		4,599		142,125
Liabilities
Current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		846		846
Non-current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		791		791
Total liabilities		—		1,637		1,637

(1)	The Mutual funds are included in Cash and cash equivalents and Investments. The Government bonds are included in Investments.

(2)	The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

(3)	The fair value was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos.

(4)

In 2025, the subsidiary Micro Sistemas, as part of its liquidity management strategy, derecognized its consumer loan portfolio through a non‑recourse sale, transferring the related contractual rights in a manner that met the requirements for derecognition under IFRS 9. As the transfer was carried out on a non‑recourse basis, the Company retained no continuing involvement and therefore has no future exposure to credit risk. These financial assets had been measured at FVPL. The fair value of the portfolio sold was determined using a discounted cash‑flow approach, applying the discount rate specific to each loan.

(5)

The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. The techniques used for the measurement of financial instruments, are detailed below: a) DFI for forward purchases of US dollars, corresponds to the variation between the market prices at the end of the fiscal year and the time of agreement.

Schedule of fair value of financial debt

As of December 31, 2025, fair value of borrowings is as follows:


		Carrying Value		Fair Value

Notes		4,013,089		4,027,880
Other borrowings		1,423,526		1,462,639
		5,436,615		5,490,519

As of December 31, 2024, fair value of borrowings is as follows:


		Carrying Value		Fair Value

Notes		3,171,498		2,955,532
Other borrowings		614,482		615,823
		3,785,980		3,571,355

Schedule of position of DFIs in the consolidated statements of financial position and amounts recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income


		As of December 31,
		2025		2024
Other receivables current - DFI: Foreign currency exchange		168		—
Total assets		168		—


		Years ended December 31,
		2025		2024		2023

		Profit (loss)
Foreign currency exchange effect		(32,864)		(71)		22,722
Interests on borrowings		—		3,613		(3,558)
Financial results		(32,864)		3,542		19,164
DFI effects classified as hedges		—		(7,778)		3,761
Other comprehensive income (loss)		—		(7,778)		3,761

Schedule of offsetting of financial assets and financial liabilities


		As of December 31, 2025
		Trade		Other				Other
		receivables		receivables		Trade payables		liabilities
Current and noncurrent assets (liabilities) - Gross value		861,028		61,536		(1,190,034)		(29,715)
Offsetting		(60,900)		(6,873)		60,900		6,873
Current and noncurrent assets (liabilities) – Carrying Value		800,128		54,663		(1,129,134)		(22,842)


		As of December 31, 2024
		Trade		Other				Other
		receivables		receivables		Trade payables		liabilities
Current and noncurrent assets (liabilities) - Gross value		411,564		30,818		(628,275)		(27,728)
Offsetting		(21,621)		(4,674)		21,621		4,674
Current and noncurrent assets (liabilities) – Carrying Value		389,943		26,144		(606,654)		(23,054)