v3.25.4
FINANCIAL RISK MANAGEMENT (Tables)
12 Months Ended
Dec. 31, 2025
FINANCIAL RISK MANAGEMENT  
Schedule of financial assets and liabilities denominated in foreign currencies

  ​ ​ ​

2025

  ​ ​ ​

2024

In equivalent millions of Argentine pesos

Assets

 

575,120

 

467,619

Liabilities

 

(5,436,854)

 

(3,457,039)

Liabilities Net

 

(4,861,734)

 

(2,989,420)

Disclosure of financial instruments by type of interest rate [text block]

The proportion of fixed-rate and variable-rate borrowings as of December 31, 2025 and 2024 is detailed below:

  ​ ​ ​

2025

  ​ ​ ​

2024

 

$

  ​ ​ ​

%

$

  ​ ​ ​

%

 

Fixed rate

4,296,342

79

%  

2,707,546

72

%

Variable rate

903,054

17

%  

362,772

10

%

Does not bear interest (1)

237,219

4

%  

715,662

19

%  

Total borrowings (2)

5,436,615

100

%  

3,785,980

100

%

(1)Correspond to certain Notes issued in UVA and US$ linked denominations.

(2)includes principal, interest and related expenses.

Disclosure of credit risk exposure [text block]

Cash and cash

Trade

Other

Total as of

Due date

  ​ ​ ​

equivalents

  ​ ​ ​

Investments

  ​ ​ ​

receivables

  ​ ​ ​

receivables

  ​ ​ ​

December 31, 2025

Total due

 

 

 

537,711

 

18,265

 

555,976

Total not due

 

469,050

 

323,064

 

262,417

 

36,398

 

1,090,929

Total as of December 31, 2025

 

469,050

 

323,064

 

800,128

 

54,663

 

1,646,905

  ​ ​ ​

Cash and cash

  ​ ​ ​

  ​ ​ ​

Trade

  ​ ​ ​

Other

  ​ ​ ​

Total as of

Due date

equivalents

Investments

receivables

receivables

December 31, 2024

Total due

 

 

 

146,364

 

1,397

 

147,761

Total not due

 

418,745

 

44,179

 

243,579

 

24,747

 

731,250

Total as of December 31, 2024

 

418,745

 

44,179

 

389,943

 

26,144

 

879,011

Disclosure of maturity analysis for derivative financial liabilities [text block]

Trade

Leases

Other

Total as of

Maturity Date

  ​ ​ ​

payables

  ​ ​ ​

Borrowings

  ​ ​ ​

liabilities

  ​ ​ ​

liabilities

  ​ ​ ​

December 31, 2025

Due

 

256,288

 

 

 

18,265

 

274,553

January 2026 thru December 2026

 

852,532

 

1,300,001

 

152,511

 

4,575

 

2,309,619

January 2027 thru December 2027

 

17,571

 

727,641

 

98,731

 

2

 

843,945

January 2028 thru December 2028

 

1,312

 

1,033,913

 

66,348

 

 

1,101,573

January 2029 and thereafter

 

1,431

 

3,711,813

 

113,422

 

 

3,826,666

 

1,129,134

 

6,773,368

 

431,012

 

22,842

 

8,356,356

Trade

Leases

Other

Total as of

Maturity Date

  ​ ​ ​

payables

  ​ ​ ​

Borrowings

  ​ ​ ​

liabilities

  ​ ​ ​

liabilities

  ​ ​ ​

December 31, 2024

Due

30,259

30,259

January 2025 thru December 2025

 

554,721

 

1,414,469

 

102,252

 

18,635

 

2,090,077

January 2026 thru December 2026

 

15,357

 

879,915

 

66,679

 

4,419

 

966,370

January 2027 thru December 2027

 

6,082

 

493,611

 

50,769

 

 

550,462

January 2028 and thereafter

 

235

 

1,688,353

 

100,741

 

 

1,789,329

 

606,654

 

4,476,348

 

320,441

 

23,054

 

5,426,497

Disclosure Of Working Capital Breakdown And Its Main Variations [ Table Text Block]

As of December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

Variation

Trade receivables

799,188

389,375

409,813

Other receivables (without DFI)

159,801

58,875

100,926

Inventories

79,530

79,513

17

Current liabilities (not considering borrowings)

(2,221,756)

(1,165,088)

(1,056,668)

Negative operative working capital

(1,183,237)

(637,325)

(545,912)

as of revenues

14.2

%  

11.7

%  

Cash and cash equivalents

469,050

418,745

50,305

Other receivables - DFI

168

168

Investments

323,064

44,179

278,885

Current borrowings

(1,616,544)

(1,411,178)

(205,366)

Net Current financial liabilities

(824,262)

(948,254)

123,992

Assets classified as held for sale

3,011

2,322

689

Negative working capital (current assets – current liabilities)

(2,004,488)

(1,583,257)

(421,231)

Liquidity rate

0.48

0.39

0.08