Years ended December 31,

2025

2024

2023

Employee benefit expenses and severance payments

Profit (loss)

Salaries, social security expenses and benefits

(1,626,133)

(1,144,135)

(1,363,607)

Severance indemnities

(278,834)

(171,491)

(80,466)

Other employee expenses

(56,130)

(31,111)

(29,683)

(1,961,097)

(1,346,737)

(1,473,756)

Fees for services, maintenance, materials and supplies

Maintenance and materials

(579,726)

(404,715)

(384,367)

Fees for services

(476,131)

(313,561)

(351,963)

Directors and Supervisory Committee’s fees

(8,536)

(5,844)

(4,804)

(1,064,393)

(724,120)

(741,134)

Taxes and fees with the Regulatory Authority

Turnover tax

(375,606)

(222,149)

(223,945)

Regulatory Entity Fees

(198,846)

(111,272)

(111,839)

Municipal taxes

(84,097)

(54,199)

(59,943)

Other taxes and fees

(61,939)

(40,732)

(57,430)

(720,488)

(428,352)

(453,157)

Cost of equipment

Inventory balance at the beginning of the year

(89,753)

(94,236)

(61,891)

Plus:

Acquisitions through business combination (Note 29)

(53,222)

—

Purchases

(246,957)

(272,780)

(383,360)

Others

7,534

18,047

32,816

Less:

Inventory balance at the end of the year

93,730

89,753

94,236

(288,668)

(259,216)

(318,199)

Other operating expenses

Legal Claims and contingent liabilities

(69,436)

(23,697)

(61,745)

Rentals and internet capacity

(99,929)

(38,341)

(34,482)

Energy, water and other services

(206,560)

(137,788)

(111,381)

Postage, freight and travel expenses

(63,147)

(38,216)

(43,268)

Other

(54,139)

(26,176)

(21,381)

(493,211)

(264,218)

(272,257)

Depreciation, amortization and impairment of Fixed and Intangible Assets

Depreciation of PP&E

(1,533,091)

(1,312,898)

(1,559,899)

Amortization of intangible assets

(234,722)

(152,940)

(251,826)

Amortization of Rights of use assets

(278,639)

(260,674)

(205,413)

Depreciation of Investment properties

(2,028)

—

Impairment of Fixed and Intangible Assets

(27,008)

1,455

(900)

(2,075,488)

(1,725,057)

(2,018,038)