| Schedule of cash and cash equivalents and investments |
| | | | | | | As of December 31, | Cash and cash equivalents | | 2025 | | 2024 | Cash and Banks (1) | | 153,470 | | 160,165 | Time deposits | | 185,584 | | 138,092 | Mutual funds | | 129,996 | | 120,488 | Total cash and cash equivalents | | 469,050 | | 418,745 |
| (1) | As of December 31, 2025 and 2024, includes restricted funds for $ 20,453 million and $11,495 million respectively corresponding to the funds to be paid to customers. |
| | | | | Investments | | As of December 31, | Current | | 2025 | | 2024 | Government bonds and Notes at FVPL | | 295,378 | | 14,978 | Government bonds and Notes at FVOCI | | 27,014 | | — | Mutual funds | | 647 | | 2,060 | Others investment at amortized cost | | 25 | | 27,141 | | | 323,064 | | 44,179 | Non- current | | | | | Investments in associates and joint ventures(a) | | 14,667 | | 17,901 | Other investments | | 34 | | 1 | | | 14,701 | | 17,902 | Total investments | | 337,765 | | 62,081 |
| (a) | Information on Investments in associates and joint ventures is detailed below: |
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| Schedule of financial position information of investments in associates |
| | | | | | | As of December 31, | | | 2025 | | 2024 | Interests in associates | | 6,023 | | 6,197 | Interests in joint ventures | | 8,644 | | 11,704 | | | 14,667 | | 17,901 |
| | | | | | | | | | | | | | | | | | | | | Percentage of | | | | | | | | | | | | | capital stock | | | | | | | Nature of | | | | | | owned and | | Valuation as of | Companies | | relationship | | Main activity | | Country | | voting rights (%) | | 12.31.25 | | 12.31.24 | La Capital Cable (1) (2) | | Associate | | Closed-circuit television | | Argentina | | 50.00 | | 6,023 | | 6,197 | OPH (1) | | Joint venture | | Holding | | USA | | 50.00 | | 8,445 | | 11,704 | Openxpand (1) (3) | | Joint venture | | Development and provision of digital platforms | | Uruguay | | 51.00 | | 199 | | — | Total | | | | | | | | | | 14,667 | | 17,901 |
| (1) | Data about the issuer arises from extra-accounting information. |
| (2) | Direct and indirect interest. |
| (3) | As of December 31, 2025, despite owning a percentage higher than a 50% of interest, the Company had joint control in accordance with the requirements of IFRS. See Note 3.d.4.1). |
The evolution of investments in associates and joint ventures is as follows: | | | | | | | | | | | | | | | Balances as of | | | | | | | | Currency | | Balances as of | | | December 31, | | | | | | Earnings (loss) of | | translation | | December 31, | | | 2024 | | Acquisitions | | Dividends | | the year | | adjustments | | 2025 | La Capital Cable | | 6,197 | | — | | (447) | | 273 | | — | | 6,023 | OPH | | 11,704 | | — | | — | | (3,990) | | 731 | | 8,445 | Openxpand | | — | | 220 | | — | | (22) | | 1 | | 199 | | | 17,901 | | 220 | | (447) | | (3,739) | | 732 | | 14,667 |
| | | | | | | | | | | | | | | Balances as of | | | | Earnings | | | | Currency | | Balances as of | | | December 31, | | | | (loss) of the | | | | translation | | December 31, | | | 2023 | | Dividends | | year | | Decreases (1) | | adjustments | | 2024 | Ver TV | | 30,059 | | (643) | | (9,448) | | (19,968) | | — | | — | TSMA | | 10,975 | | (18) | | (205) | | (10,752) | | — | | — | La Capital Cable | | 6,444 | | (672) | | 425 | | — | | — | | 6,197 | OPH | | 20,766 | | — | | (4,553) | | — | | (4,509) | | 11,704 | | | 68,244 | | (1,333) | | (13,781) | | (30,720) | | (4,509) | | 17,901 |
| (1) | During September 2024, the Company acquired an additional 49.9% interest in TSMA through the exchange of 49% of its interest in Ver TV. |
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| Schedule of income statement information in associates and joint venture |
| | | | | | | | | Years ended December 31, | | | 2025 | | 2024 | | 2023 | Interest in associates | | 273 | | (9,228) | | (6,502) | Interest in joint ventures | | (4,012) | | (4,553) | | 1,094 | Others (*) | | (3) | | (1,313) | | — | Total share of results from associates and joint ventures | | (3,742) | | (15,094) | | (5,408) |
(*) | In 2025, $3 million correspond to the derecognition of Opalker’s interest in Openxpand (see Note 1.a). In 2024, $1,313 million correspond to expenses related to the sale of Ver TV. |
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