​

  ​ ​ ​

Years ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

Profit (loss)

Interests on borrowings (*)

(386,126)

(173,837)

(167,520)

Remeasurement in borrowings (**)

4,477

(135,137)

142,649

Foreign currency exchange gains (losses) on borrowings (***)

(367,191)

2,220,302

(1,789,911)

Borrowings renegotiation results

—

2,853

(2,289)

Results from repurchase of Notes

—

605

—

Total financial results from borrowings

(748,840)

1,914,786

(1,817,071)

Fair value gains (losses) on financial assets at fair value through profit or los

​

88,469

​

(59,723)

​

184,263

Other foreign currency exchange gains (losses)

​

39,855

​

246,837

​

(171,265)

Other interests, net

​

(63,399)

​

31,964

​

44,202

Other taxes and bank expenses

​

(107,611)

​

(153,433)

​

(72,582)

Financial expenses on pension benefits

​

(4,221)

​

(8,861)

​

(5,317)

Financial discounts on assets, debts and others

​

(25,911)

​

(36,340)

​

(20,847)

RECPAM

​

183,617

​

170,007

​

538,038

Total other financial results, net

​

110,799

​

190,451

​

496,492

Total financial results, net

​

(638,041)

​

2,105,237

​

(1,320,579)

(*)

Includes $3,613 million and $(3,558) million corresponding to net income (losses) generated by DFI in fiscal years 2024 and 2023, respectively.

(**)

Related to Notes issued in UVA.

(***)

Includes $(32,864) million, $(71) million and $22,722 million corresponding to net income (losses) generated by DFI in fiscal years 2025, 2024 and 2023, respectively.