| Schedule of borrowings |
| | | | | | | At December 31, | | | 2025 | | 2024 | Non-current | | | | | Bank and financial borrowings (**) | | 281,644 | | 250,150 | Notes (*) | | 674,212 | | 778,218 | Other (***) | | — | | 14,336 | | | 955,856 | | 1,042,704 | Current | | | | | Bank and financial borrowings (**) | | 21,689 | | 32,769 | Notes (*) | | 100,595 | | 81,845 | Other (***) | | 17,078 | | 753 | | | 139,362 | | 115,367 | Total Borrowings | | 1,095,218 | | 1,158,071 |
(*) Notes include the following as of December 31, 2025: | | | | | | | | | | | | | | | Company | | Note | | Issuance | | Currency | | Nominal value (in
millions of USD) | | Maturity | | Interest rate | | Outstanding
(in millions of USD) | ACI | | Senior secured guarantee notes | | Nov-2021 | | USD | | 246.2 | | Nov-2034 | | Fixed 6.875% | | 232.0 | | | Senior secured guarantee notes | | May-2015, May-2020 (1) | | USD | | 14.6 | | Nov-2032 | | Fixed 6.875% | | 9.3 | | | Senior secured guarantee notes | | Feb-2017, May-2020 (1) | | USD | | 212.3 | | Feb-2027 | | Fixed 6.875% | | 20.9 | | | | | Oct-2021 | | USD | | 208.9 | | Aug-2031 | | Fixed 8.500% | | 209.5 | | | Class 1 Series 2021 Notes | | Nov-2021 | | USD | | 64.0 | | Aug-2031 | | Fixed 8.500% | | 62.3 | AA2000 | | Class 4 Notes | | Nov-2021 | | USD | | 62.0 | | Nov-2028 | | Fixed 9.500% | | 50.7 | | | Class 5 Notes | | Feb-2022 | | USD (2) | | 138.0 | | Feb-2032 | | Fixed 5.500% | | 138.5 | | | Class 9 Notes | | Aug-2022, July-2023 | | USD (2) | | 30.0 | | Aug-2026 | | Fixed 0.000% | | 22.9 | | | Class 11 Notes | | Dec-2024 | | USD | | 28.8 | | Dec-2026 | | Fixed 5.500% | | 28.7 | Total | | | | | | | | | | | | | | 774.8 |
(1) | A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below |
(2) | These notes are dollar-linked, denominated in USD but issued and payable in ARS |
(*) Notes include the following as of December 31, 2024: | | | | | | | | | | | | | | | Company | | Note | | Issuance | | Currency | | Nominal value (in
millions of USD) | | Maturity | | Interest rate | | Outstanding
(in millions of USD) | ACI | | Senior secured guarantee notes | | Nov-2021 | | USD | | 246.2 | | Nov-2034 | | Fixed 6.875% | | 237.2 | | | Senior secured guarantee notes | | May-2015, May-2020 (1) | | USD | | 14.6 | | Nov-2032 | | Fixed 6.875% | | 10.4 | | | Senior secured guarantee notes | | Feb-2017, May-2020 (1) | | USD | | 212.3 | | Feb-2027 | | Fixed 6.875% | | 44.5 | | | | | Oct-2021 | | USD | | 208.9 | | Aug-2031 | | Fixed 8.500% | | 209.1 | | | Class 1 Series 2021 Notes | | Nov-2021 | | USD | | 64.0 | | Aug-2031 | | Fixed 8.500% | | 61.7 | | | Class 4 Notes | | Nov-2021 | | USD | | 62.0 | | Nov-2028 | | Fixed 9.500% | | 61.4 | AA2000 | | Class 5 Notes | | Feb-2022 | | USD (2) | | 138.0 | | Feb-2032 | | Fixed 5.500% | | 138.4 | | | Class 6 Notes | | Feb-2022 | | USD (2) | | 36.0 | | Feb-2025 | | Fixed 2.000% | | 27.2 | | | Class 9 Notes | | Aug-2022, July-2023 | | USD (2) | | 30.0 | | Aug-2026 | | Fixed 0.000% | | 23.1 | | | Class 10 Notes | | July-2023 | | USD (2) | | 25.0 | | July-2025 | | Fixed 0.000% | | 18.5 | | | Class 11 Notes | | Dec-2024 | | USD | | 28.8 | | Dec-2026 | | Fixed 5.500% | | 28.6 | Total | | | | | | | | | | | | | | 860.1 |
(1)A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below (2)These notes are dollar-linked, denominated in USD but issued and payable in ARS (**) As of December 31, 2025, significant bank and financial borrowings include the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding | | | | | | | | | | | | | (In millions | | | Company | | Lender | | Currency | | Maturity | | Interest Rate | | of USD) | | Capitalization(1) | ICAB | | BNDES | | R$ | | Dec-2033 | | Variable | | TJLP plus spread | | 168.0 | | A | | | Scotiabank Uruguay | | USD | | Feb-2026 | | Fixed | | 4.30% | | 0.1 | | D | TCU | | Santander Uruguay | | USD | | Nov-2027 | | Fixed | | 5.37% | | 0.5 | | D | | | Santander Uruguay | | USD | | Jan-2028 | | Fixed | | 5.37% | | 0.5 | | D | | | Banco BBVA Uruguay | | USD | | Oct-2033 | | Fixed | | 4.30% | | 6.7 | | B | TA | | Intesa Sanpaolo, UniCredit, BPM, BNP and Cassa Depositi e Prestiti | | EUR | | Jun-2030 | | Variable | | Euribor plus spread | | 114.5 | | A | | | Santander Uruguay | | USD | | Apr-2027 | | Fixed | | 5.10% | | 2.4 | | B | CAISA | | Banco Itaú | | USD | | Apr-2027 | | Fixed | | 3.80% | | 2.4 | | | | | Santander Uruguay | | USD | | Apr-2029 | | Variable | | SOFR plus spread | | 3.7 | | D | PDS | | BROU | | USD | | Mar-2028 | | Variable | | 4.95% | | 4.5 | | C | Total | | | | | | | | | | | | 303.3 | | |
As of December 31, 2024, significant bank and financial borrowings include the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding | | | | | | | | | | | | | (In millions | | | Company | | Lender | | Currency | | Maturity | | Interest Rate | | of USD) | | Capitalization(1) | ICAB | | BNDES | | R$ | | Dec-2033 | | Variable | | TJLP plus spread | | 157.7 | | A | TAGSA | | Banco Guayaquil SA | | USD | | Feb-2026 (2) | | Variable | | T.R.E. plus spread | | 2.4 | | D | | | Banco Bolivariano CA | | USD | | Dec-2025 (3) | | Variable | | T.R.E. plus spread | | 1.8 | | D | | | Scotiabank Uruguay | | USD | | Feb-2026 | | Fixed | | 4.30% | | 0.3 | | D | TCU | | Santander Uruguay | | USD | | Nov-2027 | | Fixed | | 5.37% | | 0.7 | | D | | | Santander Uruguay | | USD | | Jan-2028 | | Fixed | | 5.37% | | 0.8 | | D | TA | | Intesa Sanpaolo, UniCredit, BPM, BNP and Cassa Depositi e Prestiti | | EUR | | Jun-2030 | | Variable | | Euribor plus spread | | 90.7 | | A | AA2000 | | ICBC Dubai | | USD | | Oct-2025 | | Variable | | SOFR plus spread | | 10.2 | | B | | | Santander Uruguay | | USD | | Apr-2027 | | Fixed | | 5.10% | | 3.9 | | B | CAISA | | Banco Itaú | | USD | | Apr-2027 | | Fixed | | 3.80% | | 3.9 | | | | | Santander Uruguay | | USD | | Apr-2029 | | Variable | | SOFR plus spread | | 4.0 | | D | PDS | | BROU | | USD | | Mar-2028 | | Variable | | 5.15% | | 6.5 | | C | Total | | | | | | | | | | | | 282.9 | | |
(1) A - Secured/guaranteed B – Secured/unguaranteed C – Unsecured/guaranteed D - Unsecured/unguaranteed (2) TAGSA prepaid the loan on February 20, 2025. (3) TAGSA prepaid the loan on March 20, 2025. (***) As of December 31, 2025 and 2024, other borrowings correspond to a loan obtained in December 2024 by CAIT for EUR 14.5 million (equivalent to USD 17.0 million) to be repaid in a single installment at December, 2026, the maturity date. This loan is guaranteed by DICASA as fideiussione. Additionally, the shares of CAIT held by DICASA are not to be transferred or otherwise disposed of until the loan is repaid.
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| Schedule of changes in borrowings |
| | | | | | | 2025 | | 2024 | Balances at the beginning of the year | | 1,158,071 | | 1,333,237 | Loans obtained | | 18,116 | | 190,345 | Loans repaid | | (115,095) | | (314,077) | Interest paid | | (83,739) | | (96,168) | Accrued interest for the year | | 89,216 | | 103,020 | Debt renegotiation expenses capitalization | | (193) | | (2,467) | Translation differences and inflation adjustment | | 28,842 | | (55,819) | Balances at the end of the year | | 1,095,218 | | 1,158,071 |
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| Schedule of maturity of borrowings |
| | | | | | | | | | | | | 1 year or less | | 1 to 2 years | | 2 to 5 years | | Over 5 years | | Total | At December 31, 2025 (1) | | 221,588 | | 191,683 | | 681,905 | | 350,081 | | 1,445,257 | At December 31, 2024 (1) | | 199,693 | | 213,504 | | 568,212 | | 594,054 | | 1,575,463 |
(1) The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.
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| Schedule of undiscounted cash flows of principal and estimated interest |
| | | | | | | At December 31, | | | 2025 | | 2024 | Fair value of borrowings (2) | | 1,096,063 | | 1,167,139 | | | 1,096,063 | | 1,167,139 |
(2) Quoted prices (unadjusted) in active markets for identical liabilities included Fair Value Level 1 under IFRS 13 and valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2. There are no financial liabilities measured at fair value.
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| Schedule of notes |
(*) Notes include the following as of December 31, 2025: | | | | | | | | | | | | | | | Company | | Note | | Issuance | | Currency | | Nominal value (in
millions of USD) | | Maturity | | Interest rate | | Outstanding
(in millions of USD) | ACI | | Senior secured guarantee notes | | Nov-2021 | | USD | | 246.2 | | Nov-2034 | | Fixed 6.875% | | 232.0 | | | Senior secured guarantee notes | | May-2015, May-2020 (1) | | USD | | 14.6 | | Nov-2032 | | Fixed 6.875% | | 9.3 | | | Senior secured guarantee notes | | Feb-2017, May-2020 (1) | | USD | | 212.3 | | Feb-2027 | | Fixed 6.875% | | 20.9 | | | | | Oct-2021 | | USD | | 208.9 | | Aug-2031 | | Fixed 8.500% | | 209.5 | | | Class 1 Series 2021 Notes | | Nov-2021 | | USD | | 64.0 | | Aug-2031 | | Fixed 8.500% | | 62.3 | AA2000 | | Class 4 Notes | | Nov-2021 | | USD | | 62.0 | | Nov-2028 | | Fixed 9.500% | | 50.7 | | | Class 5 Notes | | Feb-2022 | | USD (2) | | 138.0 | | Feb-2032 | | Fixed 5.500% | | 138.5 | | | Class 9 Notes | | Aug-2022, July-2023 | | USD (2) | | 30.0 | | Aug-2026 | | Fixed 0.000% | | 22.9 | | | Class 11 Notes | | Dec-2024 | | USD | | 28.8 | | Dec-2026 | | Fixed 5.500% | | 28.7 | Total | | | | | | | | | | | | | | 774.8 |
(1) | A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below |
(2) | These notes are dollar-linked, denominated in USD but issued and payable in ARS |
(*) Notes include the following as of December 31, 2024: | | | | | | | | | | | | | | | Company | | Note | | Issuance | | Currency | | Nominal value (in
millions of USD) | | Maturity | | Interest rate | | Outstanding
(in millions of USD) | ACI | | Senior secured guarantee notes | | Nov-2021 | | USD | | 246.2 | | Nov-2034 | | Fixed 6.875% | | 237.2 | | | Senior secured guarantee notes | | May-2015, May-2020 (1) | | USD | | 14.6 | | Nov-2032 | | Fixed 6.875% | | 10.4 | | | Senior secured guarantee notes | | Feb-2017, May-2020 (1) | | USD | | 212.3 | | Feb-2027 | | Fixed 6.875% | | 44.5 | | | | | Oct-2021 | | USD | | 208.9 | | Aug-2031 | | Fixed 8.500% | | 209.1 | | | Class 1 Series 2021 Notes | | Nov-2021 | | USD | | 64.0 | | Aug-2031 | | Fixed 8.500% | | 61.7 | | | Class 4 Notes | | Nov-2021 | | USD | | 62.0 | | Nov-2028 | | Fixed 9.500% | | 61.4 | AA2000 | | Class 5 Notes | | Feb-2022 | | USD (2) | | 138.0 | | Feb-2032 | | Fixed 5.500% | | 138.4 | | | Class 6 Notes | | Feb-2022 | | USD (2) | | 36.0 | | Feb-2025 | | Fixed 2.000% | | 27.2 | | | Class 9 Notes | | Aug-2022, July-2023 | | USD (2) | | 30.0 | | Aug-2026 | | Fixed 0.000% | | 23.1 | | | Class 10 Notes | | July-2023 | | USD (2) | | 25.0 | | July-2025 | | Fixed 0.000% | | 18.5 | | | Class 11 Notes | | Dec-2024 | | USD | | 28.8 | | Dec-2026 | | Fixed 5.500% | | 28.6 | Total | | | | | | | | | | | | | | 860.1 |
(1)A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below (2)These notes are dollar-linked, denominated in USD but issued and payable in ARS
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| Schedule of significant bank and financial borrowings |
(**) As of December 31, 2025, significant bank and financial borrowings include the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding | | | | | | | | | | | | | (In millions | | | Company | | Lender | | Currency | | Maturity | | Interest Rate | | of USD) | | Capitalization(1) | ICAB | | BNDES | | R$ | | Dec-2033 | | Variable | | TJLP plus spread | | 168.0 | | A | | | Scotiabank Uruguay | | USD | | Feb-2026 | | Fixed | | 4.30% | | 0.1 | | D | TCU | | Santander Uruguay | | USD | | Nov-2027 | | Fixed | | 5.37% | | 0.5 | | D | | | Santander Uruguay | | USD | | Jan-2028 | | Fixed | | 5.37% | | 0.5 | | D | | | Banco BBVA Uruguay | | USD | | Oct-2033 | | Fixed | | 4.30% | | 6.7 | | B | TA | | Intesa Sanpaolo, UniCredit, BPM, BNP and Cassa Depositi e Prestiti | | EUR | | Jun-2030 | | Variable | | Euribor plus spread | | 114.5 | | A | | | Santander Uruguay | | USD | | Apr-2027 | | Fixed | | 5.10% | | 2.4 | | B | CAISA | | Banco Itaú | | USD | | Apr-2027 | | Fixed | | 3.80% | | 2.4 | | | | | Santander Uruguay | | USD | | Apr-2029 | | Variable | | SOFR plus spread | | 3.7 | | D | PDS | | BROU | | USD | | Mar-2028 | | Variable | | 4.95% | | 4.5 | | C | Total | | | | | | | | | | | | 303.3 | | |
As of December 31, 2024, significant bank and financial borrowings include the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding | | | | | | | | | | | | | (In millions | | | Company | | Lender | | Currency | | Maturity | | Interest Rate | | of USD) | | Capitalization(1) | ICAB | | BNDES | | R$ | | Dec-2033 | | Variable | | TJLP plus spread | | 157.7 | | A | TAGSA | | Banco Guayaquil SA | | USD | | Feb-2026 (2) | | Variable | | T.R.E. plus spread | | 2.4 | | D | | | Banco Bolivariano CA | | USD | | Dec-2025 (3) | | Variable | | T.R.E. plus spread | | 1.8 | | D | | | Scotiabank Uruguay | | USD | | Feb-2026 | | Fixed | | 4.30% | | 0.3 | | D | TCU | | Santander Uruguay | | USD | | Nov-2027 | | Fixed | | 5.37% | | 0.7 | | D | | | Santander Uruguay | | USD | | Jan-2028 | | Fixed | | 5.37% | | 0.8 | | D | TA | | Intesa Sanpaolo, UniCredit, BPM, BNP and Cassa Depositi e Prestiti | | EUR | | Jun-2030 | | Variable | | Euribor plus spread | | 90.7 | | A | AA2000 | | ICBC Dubai | | USD | | Oct-2025 | | Variable | | SOFR plus spread | | 10.2 | | B | | | Santander Uruguay | | USD | | Apr-2027 | | Fixed | | 5.10% | | 3.9 | | B | CAISA | | Banco Itaú | | USD | | Apr-2027 | | Fixed | | 3.80% | | 3.9 | | | | | Santander Uruguay | | USD | | Apr-2029 | | Variable | | SOFR plus spread | | 4.0 | | D | PDS | | BROU | | USD | | Mar-2028 | | Variable | | 5.15% | | 6.5 | | C | Total | | | | | | | | | | | | 282.9 | | |
(1) A - Secured/guaranteed B – Secured/unguaranteed C – Unsecured/guaranteed D - Unsecured/unguaranteed (2) TAGSA prepaid the loan on February 20, 2025. (3) TAGSA prepaid the loan on March 20, 2025.
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