Financial results, net

12 Months Ended

Dec. 31, 2025

9 Financial results, net


		2025		2024		2023
Interest income		40,363		56,368		52,680
Foreign exchange results		15,898		2,531		39,772
Other financial income ⁽¹⁾		12,083		12,531		9,146
Financial income		68,344		71,430		101,598

Interest expense		(90,827)		(107,464)		(95,185)
Foreign exchange results ⁽²⁾		(60,458)		314,505		(203,798)
Changes in liability for concessions⁽³⁾		(81,743)		(87,556)		(98,480)
Other financial loss ⁽⁴⁾		(10,927)		(9,180)		(9,107)
Financial loss		(243,955)		110,305		(406,570)

Inflation adjustment (Note 2.X)		(11,074)		(21,260)		(40,547)
Inflation adjustment		(11,074)		(21,260)		(40,547)
Financial results, net		(186,685)		160,475		(345,519)

⁽¹⁾ Mainly includes gains from other financial assets and cash equivalents for a total amount of USD 10,762 for the year ended December 31, 2025 (USD 9,464 and USD 5,021 for the year ended December 31, 2024 and 2023, respectively).

⁽²⁾ Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency loans in AA2000.

⁽³⁾ Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

⁽⁴⁾ Includes leases financial cost, see Note 14(ii).