Intangible Assets

12 Months Ended

Dec. 31, 2025

7.	INTANGIBLE ASSETS


	2025	2024	2023
Net carrying amount of intangible assets	1,108	531	407
Provision for impairment of intangible assets	(40)	(40)	(40)

	1,068	491	367

The evolution of the Group’s intangible assets for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Service concessions		Exploration rights and hydrocarbon resources		Other intangibles		Total
Cost		933		110		453		1,496
Accumulated amortization		675		-		397		1,072

Balance as of December 31, 2022		258		110		56		424


Cost
Increases		31		-		2		33
Increases from business combinations		-		-		-		-
Translation effect		-		-		(60)		(60)
Adjustment for inflation (1)		-		-		36		36
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		28		-		9		37
Translation effect		-		-		(29)		(29)
Adjustment for inflation (1)		-		-		18		18
Decreases, reclassifications and other movements		-		-		-		-

Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098

Balance as of December 31, 2023		261		110		36		407


Cost
Increases		86		-		4		90
Increases from business combinations		-		-		-		-
Translation effect		-		-		(12)		(12)
Adjustment for inflation (1)		-		-		51		51
Decreases, reclassifications and other movements		-		-		62		62

Accumulated amortization
Increases		27		-		16		43
Translation effect		-		-		(7)		(7)
Adjustment for inflation (1)		-		-		31		31
Decreases, reclassifications and other movements		-		-		-		-

Cost		1,050		110		536		1,696
Accumulated amortization		730		-		435		1,165

Balance as of December 31, 2024		320		110		101		531


Cost
Increases		74		-		8		82
Increases from business combinations		-		580		-		580
Translation effect		-		-		(31)		(31)
Adjustment for inflation (1)		-		-		24		24
Decreases, reclassifications and other movements		-		(54)		29		(25)

Accumulated amortization
Increases		27		-		34		61
Translation effect		-		-		(20)		(20)
Adjustment for inflation (1)		-		-		15		15
Decreases, reclassifications and other movements		-		-		(3)		(3)

Cost		1,124		636		566		2,326
Accumulated amortization		757		-		461		1,218

Balance as of December 31, 2025		367		636		105		1,108

(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Likewise, in accordance with IFRS 8 “Operating segments”, intangible assets are geographically located in Argentina.