FINANCIAL INSTRUMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| FINANCIAL INSTRUMENTS |
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| 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 |
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| 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 |
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| 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 non‑recourse 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 non‑recourse 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 cash‑flow 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. |
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| 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 |
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| 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 |
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| 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) |
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