BORROWINGS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| BORROWINGS |
|
| Schedule of current and non-current borrowings |
| | | | | | | As of December 31, | Current | | 2025 | | 2024 | Bank overdrafts – principal | | 341,241 | | 162,391 | Bank and other financial entities loans – principal | | 150,645 | | 185,913 | Notes – principal | | 674,649 | | 855,972 | Loans for purchase of equipment | | 11,540 | | 8,472 | Interest and related expenses | | 438,469 | | 198,430 | | | 1,616,544 | | 1,411,178 | Non-current | | | | | Notes – principal | | 2,104,556 | | 1,716,177 | Bank and other financial entities loans – principal | | 631,820 | | 179,116 | Loans for purchase of equipment | | 12,623 | | 10,428 | Interest and related expenses | | 1,071,072 | | 469,081 | | | 3,820,071 | | 2,374,802 | Total borrowings | | 5,436,615 | | 3,785,980 |
|
| Schedule of movements in borrowings |
| | | | | | | | | Cash items | | Non-cash items | | Total | At the beginning of the year | | | | | | 3,785,980 | Proceeds from borrowings – principal | | 3,708,904 | | 1 | | 3,708,905 | Proceed from bank overdrafts net of payment | | 250,788 | | — | | 250,788 | Issuance costs payable | | — | | (794) | | (794) | Payment of borrowings – principal | | (2,583,267) | | — | | (2,583,267) | Repurchase of Notes | | (15,011) | | — | | (15,011) | Payment of interests and related expenses | | (485,542) | | — | | (485,542) | Payment of DFI | | (28,809) | | — | | (28,809) | Accrued interest and other financial cost | | — | | 381,649 | | 381,649 | Foreign currency exchange gains | | — | | 400,055 | | 400,055 | Currency translation adjustments | | — | | 22,661 | | 22,661 | Total as of December 31, 2025 | | 847,063 | | 803,572 | | 5,436,615 |
| | | | | | | | | Cash items | | Non-cash items | | Total | At the beginning of the year | | | | | | 6,096,182 | Proceeds from borrowings – principal | | 1,311,677 | | — | | 1,311,677 | Proceed from bank overdrafts net of payment | | 262,318 | | — | | 262,318 | Issuance costs payable | | — | | (1,364) | | (1,364) | Payment of borrowings – principal | | (1,474,844) | | — | | (1,474,844) | Repurchase of Notes | | (34,913) | | — | | (34,913) | Payment of interests and related expenses | | (421,673) | | — | | (421,673) | Payment of DFI | | (6,341) | | — | | (6,341) | Trade payables cancelled with borrowings | | — | | 30,815 | | 30,815 | Accrued interest and other financial cost | | — | | 309,129 | | 309,129 | Foreign currency exchange gains | | — | | (2,220,373) | | (2,220,373) | Currency translation adjustments | | — | | (64,633) | | (64,633) | Total as of December 31, 2024 | | (363,776) | | (1,946,426) | | 3,785,980 | Total as of December 31, 2023 | | (135,656) | | 2,046,317 | | — |
|
| Schedule of loans agreements of bank and other financing entities loans |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | residual | | | Residual | | | | | | | | | | | | | | | | | | | | | | | | | | | | nominal | | | Nominal | | | | | | | | | | | | | | | Interest | | | Accounting balance (*) | | | | | | | value | | | Capital | | | Maturity | | | | | | | | | | | | payment | | | As of December 31, | Entities | | | Currency | | | (in millions) | | | (in millions) | | | date | | | Amortization | | | Interest rate | | | Spread | | | date | | | 2025 | | | 2024 | Syndicated loan (1) | | | US$ | | | 970 | | | 151 | | | 02/2029 | | | In one installment at maturity date | | | Variable annual rate: SOF 3 months | | | Between 4.00% and 7.00 | % | | Quarterly basis | | | 230,234 | | | — | Bilateral loan (2) | | | US$ | | | 200 | | | 31 | | | Between 02/2028 and 02/2030 | | | Semiannually from 02/2028 | | | Variable annual rate: SOF 3 months | | | 4.00 | % | | Quarterly basis | | | | | | |
(*) | These accounting balances include interest and related expenses. |
(1) | An unsecured syndicated loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A. |
(2) | An unsecured bilateral loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal | | | | | | | | | | | | | | | | | | | | | | | | | residual | | | | | | | | | | | | | | | Interest | | | Accounting balance (*) | | | | | | | nominal value | | | Maturity | | | | | | | | | | | | payment | | | As of December 31, | Entities | | | Currency | | | (in millions) | | | date | | | Amortization | | | Interest rate | | | Spread | | | date | | | 2025 | | | 2024 | Inter-American Development Bank (IDB) (1) | | | US$ | | | 30.4 | | | 06/2027 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | between 7.18% and 9.18 | % | | Semiannually | | | 42,988 | | | 133,152 | China Development Bank Shenzhen Branch (CDB) (1) | | | RMB | | | 756 | | | 12/2027 | | | Semiannually | | | Annual fixed rate of 4.95% | | | n/a | | | Semiannually | | | 121,173 | | | 150,751 | Finnvera (1) | | | US$ | | | 11.6 | | | Between 11/2025 and 11/2026 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | between 1.47% and 1.63 | % | | Semiannually | | | 15,402 | | | 38,035 | Export Development Canadá (EDC) (1) | | | US$ | | | 26.7 | | | Between 12/2026 and 12/2030 | | | Semiannually | | | Variable annual rate: SOF 6 months | | | between 1.63% and 6.65 | % | | Semiannually | | | 37,955 | | | 43,772 | Banco BBVA Argentina S.A. | | | $ | | | — | | | 07/2025 | | | Monthly | | | Annual fixed rate of 47.90 | % | | n/a | | | Monthly | | | — | | | 89 | PSA Finance Argentina | | | $ | | | — | | | 07/2025 | | | Monthly | | | Annual fixed rate of 42.90 | % | | n/a | | | Monthly | | | — | | | 199 | Rombo Compañía Financiera | | | $ | | | — | | | 07/2025 | | | Monthly | | | Annual fixed rate between 70.90% and 77.90 | % | | n/a | | | Monthly | | | — | | | 163 | Cisco Systems Capital Corporation (Cisco) and Bank of China (Huawei import) | | | US$ | | | 6.9 | | | between 10/2022 and 11/2026 | | | Quarterly basis | | | Annual fixed rate between 4.00% and 6.50 | % | | n/a | | | Quarterly basis | | | 26,248 | | | 20,683 | | | | | | | | | | between 01/2025 and 12/2027 | | | Semiannually | | | | | | | | | | | | | | | | | | | | | | — | | | 02/2025 | | | | | | Annual fixed rate of 38.375 | % | | n/a | | | At maturity date | | | — | | | 37,161 | Banco de la Nación Argentina Sociedad Anónima | | | $ | | | — | | | 08/2025 | | | In one installment at maturity date | | | Annual fixed rate of 35.00 | % | | n/a | | | At maturity date | | | — | | | 13,584 | | | | | | | | | | 09/2025 | | | | | | Annual fixed rate of 32.38 | % | | n/a | | | At maturity date | | | — | | | 13,189 | | | | | | | | | | | | | In three installments: | | | | | | | | | | | | | | | | Banco Macro S.A. | | | $ | | | 100,000 | | | 07/2028 | | | -33.33% in July, 2026 | | | TAMAR | | | 6.60 | % | | Quarterly basis | | | 110,397 | | | — | | | | | | | | | | | | | -33.33% in July, 2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | -33.34% in July, 2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | In three installments: | | | | | | | | | | | | | | | | Banco BBVA Argentina S.A. | | | $ | | | 50,000 | | | 01/2028 | | | -33.33% in January, 2027 | | | TAMAR | | | 3.85 | % | | Quarterly basis | | | 54,457 | | | | | | | | | | | | | | | | -33.33% in July, 2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | -33.34% in January, 2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | In three installments: | | | | | | | | | | | | | | | | Industrial and Commercial Bank of China (Argentina) S.A.U. | | | RMB | | | 930 | | | 07/2028 | | | -33.33% in January, 2028 | | | Fixed 6.15 | % | | n/a | | | Quarterly basis | | | 192,718 | | | | | | | | | | | | | | | | -33.33% in April, 2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | -33.34% in July, 2028 | | | | | | | | | | | | | | | | Banco de la Nación Argentina Sociedad Anónima | | | $ | | | 25,000 | | | 08/2026 | | | In one installment at maturity date | | | Fixed 47.75 | % | | n/a | | | In one installment at maturity date | | | 28,959 | | | | Bank of China Limited (1) | | | RMB | | | 530 | | | 09/2028 | | | In one installment at maturity date | | | Fixed 4.80 | % | | n/a | | | Semiannual basis | | | 213,946 | | | | | | | | | | 500 | | | | | | | | | | | | | | | | | | | | | |
(*) | These accounting balances include interest and related expenses. |
(1) | This loan establishes, among other provisions, the obligation to comply with certain covenants. See point c) below. |
|
| Telecom Argentinas |
|
| BORROWINGS |
|
| Schedule of notes borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accounting | | | | | | | Amount | | | | | | | | | | | | | | | Interest | | | balance (*) | | | | | | | involved | | | Issuance | | | Maturity | | | | | | | | | payment | | | As of December 31, | Series | | | Currency | | | (in millions) | | | date | | | date | | | Amortization | | | Interest rate | | | date | | | 2025 | | | 2024 | 1 | | | US$ | | | 400 | (1) | | 07/2019 | | | 07/2026 | | | In one installment at maturity date | | | Annual fixed rate of 8.00% | | | Semiannual basis | | | 243,772 | | | 225,368 | 5 | | | US$ | | | 389 | (2) | | 08/2020 | | | 08/2025 | | | In four installments of:
3% at 02/2023
30% at 08/2023
33% at 08/2024
34% at 08/2025 | | | Annual fixed rate of 8.50% | | | Semiannual basis | | | — | | | 158,168 | 8 | | | UVA | | | 134 | (3) | | 01/2021 | | | 01/2025 | | | In one installment at maturity date | | | Annual fixed rate of 4.00% | | | Semiannual basis | | | — | | | 222,535 | 10 | | | UVA | | | 127 | | | 12/2021 | | | 06/2025 | | | In one installment at maturity date | | | 0% | | | n/a | | | — | | | 216,579 | 12 | | | US$linked | | | 23 | | | 03/2022 | | | 03/2027 | | | In one installment at maturity date | | | Annual fixed rate of 1.00% | | | Quarterly basis | | | 146,499 | | | 139,900 | | | | US$linked | | | 75 | | | 08/2022 | | | 03/2027 | | | In one installment at maturity date | | | Annual fixed rate of 1.00% | | | Quarterly basis | | | | | | | 14 | | | US$linked | | | 62.4 | | | 02/2023 | | | 02/2028 | | | In one installment at maturity date | | | Fixed rate of 1.00% | | | Quarterly basis | | | 90,870 | | | 84,803 | 15 | | | US$linked | | | 87.4 | | | 06/2023 | | | 06/2026 | | | In one installment at maturity date | | | 0% | | | n/a | | | 129,966 | | | 127,784 | 16 | | | US$linked | | | 180.4 | | | 07/2023 | | | 07/2025 | | | In one installment at maturity date | | | 0% | | | n/a | | | — | | | 256,523 | 18 | | | UVA | | | 75 | | | 11/2023 | | | 11/2027 | | | In one installment at maturity date | | | Annual fixed rate of 1.00% | | | Quarterly basis | | | 142,973 | | | 151,477 | 19 | | | US$linked | | | 34.6 | | | 11/2023 | | | 11/2026 | | | In one installment at maturity date | | | 0% | | | n/a | | | 107,253 | | | 114,776 | | | | | | | 30.9 | | | 12/2023 | | | 11/2026 | | | | | | | | | | | | | | | | 20 | | | US$linked | | | 59.7 | (4) | | 06/2024 | | | 06/2026 | | | In one installment at maturity date | | | Annual fixed rate of 5.00% | | | Quarterly basis | | | 119,621 | | | 113,673 | | | | | | | 21.6 | (4) | | 06/2024 | | | 06/2026 | | | | | | | | | | | | | | | | | | | | | | 500 | | | 07/2024 | | | 07/2031 | | | In three installments of: | | | | | | | | | | | | | 21 | | | US$ | | | 115.3 | (1) | | 07/2024 | | | 07/2031 | | | 33% at 07/2029 | | | Annual fixed rate of 9.50% | | | Semiannual
basis | | | 1,233,708 | | | 1,150,093 | | | | | | | 1.9 | (1) | | 08/2024 | | | 07/2031 | | | 33% at 07/2030 | | | | | | | | | | | | | | | | | | | 200 | (2) | | 10/2024 | | | 07/2031 | | | 34% at 07/2031. | | | | | | | | | | | | | 22 | | | US$ linked | | | 33.7 | | | 08/2024 | | | 02/2026 | | | In one installment at maturity date | | | Annual fixed rate of: 2.00% | | | Quarterly basis | | | 49,170 | | | 45,968 | 23 | | | US$ | | | 75 | | | 11/2024 | | | 11/2028 | | | In one installment at maturity date | | | Annual fixed rate of 7.00% | | | Semiannual basis | | | 109,654 | | | 102,099 | | | | | | | 800 | (5) | | 05/2025 | | | 05/2033 | | | In two installments of: | | | | | | | | | | | | | 24 | | | US$ | | | 200 | (6) | | 07/2025 | | | 05/2033 | | | 50% at 05/2032
50% at 05/2033 | | | 9.25% | | | Semiannual basis | | | 1,446,139 | | | — | 25 | | | US$ | | | 51 | | | 07/2025 | | | 04/2027 | | | In one installment at maturity date | | | 7.50% | | | Quarterly basis | | | 74,459 | | | — | 26 | | | $ | | | 57,961 | | | 07/2025 | | | 07/2026 | | | In one installment at maturity date | | | TAMAR plus 4.00% | | | Quarterly basis | | | 62,649 | | | — |
(*)These accounting balances include interest and related expenses. | (1) | Series 21 Notes: In July 2024, Telecom Argentina issued Series 21 Notes. In July and August 2024, Telecom Argentina exchanged US$115.3 million (equivalent to $157,923 million in current currency as of December 31, 2025) and US$1.9 million (equivalent to $2,697 million in current currency as of December 31, 2025), respectively, of Series 21 Notes for part of its Series 1 Notes. This transaction was recognized as a debt extinguishment and, as a result of this extinguishment, Telecom Argentina recognized a gain of $337 million, which is included in “Borrowings renegotiation results” within Financial results from borrowings. As of December 31, 2025, after the payments made with the funds of the Series 21 Notes, the outstanding principal of the Series 1 Notes amounts to US$162.7 million. In February 2026, this Note was early cancelled through the use of funds from the issuance of the Series 27 Notes. |
| (2) | Series 21 Notes: In October 2024, with the additional issuance, Telecom Argentina used funds amounting to US$704 million for the payment, prepayments, principal and interest payments, and repurchase of the following borrowings: (a) IFC for US$342 million; (b) IIC for US$135 million; (c) payment of interest and related expenses for US$31 million; (d) repurchase of Series 5 Notes for US$20 million (for which a gain on the repurchase of Notes of $535 million was recognized, included in the line “Repurchase of Notes” within “Financial results from borrowings”); (e) prepayment of part of the principal and payment of interest of Series 1 Notes for US$133 million; (f) payment of principal and interest of Series 8 Notes for US$5 million; and (g) payment of interest of Series 21 Notes for US$38 million. |
| (3) | Series 8 Notes: In December 2024, Telecom Argentina repurchased Series 8 Notes for $5,851 million ($7,697 million in current currency as of December 31, 2025), for which it recognized a gain on the repurchase of Notes of $70 million, which is included in the line “Repurchase of Notes” within “Financial results from borrowings.” |
| (4) | Series 20 Notes: Together with the original issuance, Telecom Argentina received a non-cash contribution of $9,128 million (equivalent to $14,545 million in current currency as of December 31, 2025), equivalent to US$9.8 million of nominal value, through the exchange of a portion of the Series 9 Notes. This transaction was recognized as a debt extinguishment, and as a result of this extinguishment, Telecom Argentina recognized a gain of $0.5 million, which is included in “Borrowings renegotiation results” within Financial results from borrowings. |
| (5) | Series 24 Notes: Telecom Argentina issued Notes for a nominal value of US$800 million. Since the issuance was made below par, the amount involved was US$789 million and Telecom Argentina received net proceeds of US$785 million (equivalent to $1,057,344 million in current currency as of December 31, 2025), which were used to prepay part of the loans obtained for the acquisition of TMA. |
| (6) | Additional issuance of Series 24 Notes. Telecom Argentina issued Notes for a nominal value of US$200 million. This additional subscription price was above par, so the amount involved was US$208 million (equivalent to $300,999 million in current currency as of December 31, 2025), which, net of issuance expenses, amounted to US$207 million (equivalent to $299,531 million in current currency as of December 31, 2025). These funds were mainly used to prepay part of the loans obtained for the acquisition of TMA. |
|
| Nucleo |
|
| BORROWINGS |
|
| Schedule of notes borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount | | | | | | | | | | | | | | | Interest | | | Accounting balance (*) | | | | | | | involved | | | Issuance | | | Maturity | | | | | | | | | payment | | | As of December 31, | Series | | | Currency | | | (in millions) | | | date | | | date | | | Amortization | | | Interest rate | | | date | | | 2025 | | | 2024 | 3 | | | Gs. | | | 100,000 | | | 03/2020 | | | 03/2025 | | | In one installment at maturity date | | | Annual fixed rate of 8.75 | % | | Quarterly basis | | | — | | | 17,445 | 4 | | | Gs. | | | 130,000 | | | 03/2021 | | | 01/2028 | | | In one installment at maturity date | | | Annual fixed rate of 7.10 | % | | Quarterly basis | | | 29,291 | | | 23,029 | 5 | | | Gs. | | | 120,000 | | | 03/2021 | | | 01/2031 | | | In one installment at maturity date | | | Annual fixed rate of 8.00 | % | | Quarterly basis | | | 27,065 | | | 21,279 |
(*)These accounting balances include interest and related expenses.
|