Financial Risk Management (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Financial Risk Management |
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| Schedule of breakdown of the Group's main monetary net assets and liabilities |
| | | | | | | As of December 31, | | As of December 31, | Currency Exposure / Functional currency | | 2025 | | 2024 | USD / ARS | | (329,316) | | (428,845) | USD / DRAM | | 84,105 | | 36,835 | USD / EUR | | 150 | | 75,409 | EUR / DRAM | | 13,984 | | 31,735 | EUR / ARS | | (2,642) | | (2,324) |
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| Schedule of breakdown of the Group's fixed-rate and floating-rate borrowings |
| | | | | | | At December 31, | | | 2025 | | 2024 | Fixed rate (*) | | 804,256 | | 884,757 | Variable rate | | 290,962 | | 273,314 | | | 1,095,218 | | 1,158,071 |
(*) As of December 31, 2025 includes USD 120.5 million of short-term borrowings (USD 86.2 million as of December 2024) and USD 683.8 million of long-term borrowings (USD 798.6 million as of December 31, 2024).
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| Schedule provision for loss allowance for trade receivables and contract assets |
| | | | | | | | | | | | | | | | | | | | | | Past due | | | | Trade | | | | | | 30‑60 | | 60‑90 | | 90‑180 | | > 180 | | | | Receivables | | Not due | | 0‑30 days | | days | | days | | days | | days | | At December 31, 2025 | | | | | | | | | | | | | | | | Trade receivables - gross carrying amount | | 201,674 | | 108,319 | | 32,233 | | 14,917 | | 5,360 | | 11,347 | | 29,498 | | Contract assets - gross carrying amount | | 2,071 | | 2,071 | | — | | — | | — | | — | | — | | Expected loss rate (*) | | | | 1% | | 2% | | 4% | | 10% | | 18% | | 72% | | Provision for loss allowance | | (25,990) | | (750) | | (733) | | (664) | | (536) | | (2,077) | | (21,230) | | Net value | | 177,755 | | 109,640 | | 31,500 | | 14,253 | | 4,824 | | 9,270 | | 8,268 | |
| | | | | | | | | | | | | | | | | | | | | | Past due | | | | Trade | | | | | | 30‑60 | | 60‑90 | | 90‑180 | | > 180 | | | | Receivables | | Not due | | 0‑30 days | | days | | days | | days | | days | | At December 31, 2024 | | | | | | | | | | | | | | | | Trade receivables - gross carrying amount | | 178,580 | | 102,563 | | 28,727 | | 11,050 | | 5,818 | | 6,854 | | 23,568 | | Contract assets - gross carrying amount | | 45 | | 45 | | — | | — | | — | | — | | — | | Expected loss rate (*) | | | | 1% | | 1% | | 3% | | 9% | | 19% | | 76% | | Provision for loss allowance | | (21,061) | | (687) | | (361) | | (375) | | (532) | | (1,273) | | (17,833) | | Net value | | 157,564 | | 101,921 | | 28,366 | | 10,675 | | 5,286 | | 5,581 | | 5,735 | |
(*) Average expected loss rate. As of December 2025 and 2024, includes effect of the impact of the provisions risen from the case by case analysis.
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| Schedule of provision for bad debts |
| | | | | | | 2025 | | 2024 | Balance at January 1, | | (21,061) | | (22,368) | Bad debts of the year | | (10,648) | | (8,215) | Recoveries | | 3,864 | | 4,321 | Write off | | 2,139 | | 2,856 | Translation differences and inflation adjustment | | (284) | | 2,345 | Balance at December 31, | | (25,990) | | (21,061) |
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| Schedule of gains/(losses) were recognized in profit or loss in relation to impaired financial assets |
| | | | | | | | | 2025 | | 2024 | | 2023 | Impairment losses | | | | | | | - movement in provision for impairment | | (11,154) | | (8,883) | | (4,985) | - recovery of previous impairment losses | | 3,841 | | 4,440 | | 3,439 | Net impairment losses on financial assets | | (7,313) | | (4,443) | | (1,546) |
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| Schedule of capital management |
| | | | | | | | At December 31, | | | | 2025 | | 2024 | | Borrowings | | 1,095,218 | | 1,158,071 | | Less: Cash and cash equivalents | | (592,759) | | (439,847) | | Net debt | | 502,459 | | 718,224 | | Equity | | 1,660,748 | | 1,517,960 | | | | | | | | Net debt to equity ratio | | 30% | | 47% | |
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| Schedule of financial instruments by category |
| | | | | | | | | Assets at fair value | | Assets at amortized | | | December 31, 2025 | | through profit and loss | | cost | | Total | Financial assets as per the statement of financial position | | | | | | | Trade receivables | | — | | 177,755 | | 177,755 | Other receivables | | — | | 81,927 | | 81,927 | Other financial assets (*) | | 7,864 | | 228,529 | | 236,393 | Cash and cash equivalents | | — | | 592,759 | | 592,759 | Total | | 7,864 | | 1,080,970 | | 1,088,834 |
| | | | | | | | | Liabilities at fair value | | Liabilities at | | | | | through profit and loss | | amortized cost | | Total | Financial liabilities as per the statement of financial position | | | | | | | Borrowings | | — | | 1,095,218 | | 1,095,218 | Leases liabilities | | — | | 9,732 | | 9,732 | Derivative financial liabilities (**) | | 2,157 | | — | | 2,157 | Trade payables and other liabilities | | — | | 1,066,208 | | 1,066,208 | Total | | 2,157 | | 2,171,158 | | 2,173,315 |
| | | | | | | | | Assets at fair value | | Assets at amortized | | | December 31, 2024 | | through profit and loss | | cost | | Total | Financial assets as per the statement of financial position | | | | | | | Trade receivables | | — | | 157,564 | | 157,564 | Other receivables | | — | | 73,542 | | 73,542 | Other financial assets (*) | | 7,366 | | 167,541 | | 174,907 | Cash and cash equivalents | | — | | 439,847 | | 439,847 | Total | | 7,366 | | 838,494 | | 845,860 |
| | | | | | | | | Liabilities at fair value | | Liabilities at | | | | | through profit and loss | | amortized cost | | Total | Financial liabilities as per the statement of financial position | | | | | | | Borrowings | | — | | 1,158,071 | | 1,158,071 | Leases liabilities | | — | | 10,717 | | 10,717 | Derivative financial liabilities (**) | | 3,351 | | — | | 3,351 | Trade payables and other liabilities | | — | | 897,157 | | 897,157 | Total | | 3,351 | | 2,065,945 | | 2,069,296 |
(*) Other financial assets measured at fair value are Level 1 hierarchy. The carrying amount of these assets represents its fair value. (**) Derivative financial liabilities measured at fair value are valuated through calculations under Level 2 hierarchy as of December 31, 2025 and and as of December 31, 2024 are classified within Level 2 and Level 3 of the fair value hierarchy.
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