v3.25.4
FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2025
FINANCIAL INSTRUMENTS  
Schedule of financial assets and financial liabilities

Fair value

  ​ ​ ​

  ​ ​ ​

accounted

  ​ ​ ​

accounted

  ​ ​ ​

through

through other

Amortized

 profit or

comprehensive

As of December 31, 2025

cost

 loss

income

Total

Assets

  ​

  ​

  ​

Cash and cash equivalents

339,054

129,996

469,050

Investments

25

296,025

27,014

323,064

Trade receivables

800,128

800,128

Other receivables

44,241

10,254

168

54,663

Total

1,183,448

436,275

27,182

1,646,905

Liabilities

  ​

Trade payables

1,129,134

1,129,134

Borrowings

5,436,615

5,436,615

Leases liabilities

388,296

388,296

Dividends payables

87

87

Other liabilities

22,055

787

22,842

Total

6,976,187

787

6,976,974

Fair value

  ​ ​ ​

  ​ ​ ​

accounted

  ​ ​ ​

accounted

  ​ ​ ​

through

through other

Amortized

profit or

comprehensive

As of December 31, 2024

cost

loss

income

Total

Assets

  ​

  ​

  ​

  ​

Cash and cash equivalents

298,257

120,488

418,745

Investments

27,141

17,038

44,179

Trade receivables

389,943

389,943

Other receivables

21,545

4,599

26,144

Total

736,886

142,125

879,011

Liabilities

  ​

Trade payables

606,654

606,654

Borrowings

3,785,980

3,785,980

Leases liabilities

280,168

280,168

Other liabilities

21,417

1,637

23,054

Total

4,694,219

1,637

4,695,856

Schedule of gains and losses of financial instruments by category

Gains and losses by category – Year 2025

  ​ ​ ​

Net gain/(loss)

  ​ ​ ​

Of which interest

Financial assets at amortized cost

78,533

(1,059)

Financial liabilities at amortized cost

(937,612)

(385,877)

Financial assets at fair value through profit or loss

89,514

Financial liabilities at fair value through profit or loss

(199)

Total

(769,764)

(386,936)

Gains and losses by category – Year 2024

  ​ ​ ​

Net gain/(loss)

  ​ ​ ​

Of which interest

Financial assets at amortized cost

(47,721)

52,608

Financial liabilities at amortized cost

2,146,991

(175,670)

Financial assets at fair value through profit or loss

(59,735)

Financial liabilities at amortized cost through profit or loss

(535)

Total

2,039,000

(123,062)

Gains and losses by category – Year 2023

  ​ ​ ​

Net gain/(loss)

  ​ ​ ​

Of which interest

Financial assets at amortized cost

 

181,035

 

71,109

Financial liabilities at amortized cost

 

(2,171,671)

 

(63,429)

Financial assets at fair value through profit or loss

 

254,296

 

184,263

Financial liabilities at fair value through profit or loss

 

(89,194)

 

Total

 

(1,825,534)

 

191,943

Schedule of financial assets and liabilities recognized at fair value and the level of hierarchy

As of December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets

 

  ​

 

  ​

 

  ​

Current Assets

 

  ​

 

  ​

 

  ​

Mutual Funds (1) (2)

 

130,643

 

 

130,643

Government bonds (1) (2)

 

322,392

 

 

322,392

Other receivables: Compensation received for company acquisitions (3)

 

 

1,378

 

1,378

Other receivables: Loans granted - fintech businesses (4)

6,986

6,986

Other receivables: DFI (5)

168

168

Non-current Assets

 

Other receivables: Compensation received for company acquisitions (3)

 

 

1,890

 

1,890

Total assets

 

453,035

 

3,436

6,986

 

463,457

Liabilities

 

  ​

 

  ​

 

  ​

Current Liabilities

 

  ​

 

  ​

 

  ​

Other liabilities: Debt for acquisition of NYSSA (3)

 

 

787

 

787

Total liabilities

 

 

787

 

787

As of December 31, 2024

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Total

Assets

 

  ​

 

  ​

 

  ​

Current Assets

 

  ​

 

  ​

 

  ​

Mutual Funds (1) (2)

 

122,548

 

 

122,548

Government bonds (1) (2)

 

14,978

 

 

14,978

Other receivables: Compensation received for company acquisitions (3)

1,419

1,419

Non-current Assets

 

 

 

Other receivables: Compensation received for company acquisitions (3)

 

3,180

 

3,180

Total assets

137,526

 

4,599

142,125

Liabilities

 

  ​

 

  ​

 

  ​

Current Liabilities

 

  ​

 

  ​

 

  ​

Other liabilities: Debt for acquisition of NYSSA (3)

 

 

846

 

846

Non-current Liabilities

  ​

 

 

Other liabilities: Debt for acquisition of NYSSA (3)

 

791

 

791

Total liabilities

 

 

1,637

 

1,637

(1)

The Mutual funds are included in Cash and cash equivalents and Investments. The Government bonds are included in Investments.

(2)

The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

(3)

The fair value was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos.

(4)

In 2025, the subsidiary Micro Sistemas, as part of its liquidity management strategy, derecognized its consumer loan portfolio through a nonrecourse sale, transferring the related contractual rights in a manner that met the requirements for derecognition under IFRS 9. As the transfer was carried out on a nonrecourse basis, the Company retained no continuing involvement and therefore has no future exposure to credit risk. These financial assets had been measured at FVPL. The fair value of the portfolio sold was determined using a discounted cashflow approach, applying the discount rate specific to each loan.

(5)

The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. The techniques used for the measurement of financial instruments, are detailed below: a) DFI for forward purchases of US dollars, corresponds to the variation between the market prices at the end of the fiscal year and the time of agreement.

Schedule of fair value of financial debt

As of December 31, 2025, fair value of borrowings is as follows:

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

Notes

 

4,013,089

 

4,027,880

Other borrowings

 

1,423,526

 

1,462,639

 

5,436,615

 

5,490,519

As of December 31, 2024, fair value of borrowings is as follows:

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

Notes

 

3,171,498

 

2,955,532

Other borrowings

 

614,482

 

615,823

 

3,785,980

 

3,571,355

Schedule of position of DFIs in the consolidated statements of financial position and amounts recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income

As of December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Other receivables current - DFI: Foreign currency exchange

168

Total assets

 

168

 

Years ended December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Profit (loss)

Foreign currency exchange effect

(32,864)

(71)

22,722

Interests on borrowings

 

 

3,613

 

(3,558)

Financial results

 

(32,864)

 

3,542

 

19,164

DFI effects classified as hedges

 

 

(7,778)

 

3,761

Other comprehensive income (loss)

 

 

(7,778)

 

3,761

Schedule of offsetting of financial assets and financial liabilities

As of December 31, 2025

Trade

Other

Other

  ​ ​ ​

receivables

  ​ ​ ​

receivables

  ​ ​ ​

Trade payables

  ​ ​ ​

liabilities

Current and noncurrent assets (liabilities) - Gross value

 

861,028

 

61,536

 

(1,190,034)

 

(29,715)

Offsetting

 

(60,900)

 

(6,873)

 

60,900

 

6,873

Current and noncurrent assets (liabilities) – Carrying Value

 

800,128

 

54,663

 

(1,129,134)

 

(22,842)

As of December 31, 2024

Trade

Other

Other

  ​ ​ ​

receivables

  ​ ​ ​

receivables

  ​ ​ ​

Trade payables

  ​ ​ ​

liabilities

Current and noncurrent assets (liabilities) - Gross value

 

411,564

 

30,818

 

(628,275)

 

(27,728)

Offsetting

 

(21,621)

 

(4,674)

 

21,621

 

4,674

Current and noncurrent assets (liabilities) – Carrying Value

 

389,943

 

26,144

 

(606,654)

 

(23,054)