Telecom Argentina Balance Sheet

Financials in millions ARS. Fiscal year is January - December.

Millions ARS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	675,480	469,050	418,745	424,356	124,725	38,665
Short-Term Investments	24,411	27,686	29,201	329,258	26,074	21,010
Trading Asset Securities	369,874	295,378	14,978	-	365	-
Cash & Short-Term Investments	1,069,765	792,114	462,924	753,614	151,164	59,675
Cash Growth	106.19%	71.11%	-38.57%	398.54%	153.31%	66.83%
Accounts Receivable	797,814	799,188	389,375	352,894	117,139	43,934
Other Receivables	222,264	63,505	25,051	44,192	32,629	3,557
Receivables	1,020,078	869,679	414,426	397,086	149,768	47,491
Inventory	67,930	79,530	79,513	83,741	20,079	6,068
Prepaid Expenses	-	68,252	26,832	24,970	17,056	9,944
Other Current Assets	17,277	24,237	9,314	21,245	13,762	3,730
Total Current Assets	2,175,050	1,833,812	993,009	1,280,656	351,829	126,908
Property, Plant & Equipment	8,150,981	7,396,934	6,239,153	6,506,713	2,636,940	935,813
Long-Term Investments	121,035	14,701	17,902	63,274	20,689	6,282
Goodwill	4,860,176	4,443,998	4,436,736	4,100,682	1,540,713	738,457
Other Intangible Assets	2,859,818	2,594,222	2,483,519	3,043,104	783,191	276,485
Long-Term Accounts Receivable	909	940	568	670	368	140
Long-Term Deferred Tax Assets	10,732	48,434	43,398	36,693	7,698	1,282
Long-Term Deferred Charges	-	77,303	11,140	-635,660	10,298	4,239
Other Long-Term Assets	96,529	212,208	168,319	152,245	32,426	12,196
Total Assets	18,275,230	16,622,552	14,393,744	14,548,377	5,384,152	2,101,802
Accounts Payable	998,622	1,108,820	584,980	947,795	277,954	95,899
Accrued Expenses	710,316	678,130	416,909	346,042	148,178	51,085
Short-Term Debt	193,452	341,241	162,391	62,453	23,698	23,734
Current Portion of Long-Term Debt	1,109,762	1,276,090	1,249,633	1,435,637	395,326	102,626
Current Portion of Leases	151,035	149,030	98,045	76,321	28,656	11,940
Current Income Taxes Payable	375,128	66,741	5,999	4,148	976	27,129
Current Unearned Revenue	-	62,064	34,506	25,710	12,356	5,236
Other Current Liabilities	204,849	156,184	23,803	41,310	10,678	4,895
Total Current Liabilities	3,743,164	3,838,300	2,576,266	2,939,416	897,822	322,544
Long-Term Debt	4,185,143	3,820,071	2,375,593	4,158,241	1,044,294	393,583
Long-Term Leases	251,779	239,266	182,123	159,117	61,331	24,906
Long-Term Unearned Revenue	-	31,550	4,435	4,053	2,602	1,159
Pension & Post-Retirement Benefits	-	21,104	11,267	5,973	2,736	1,260
Long-Term Deferred Tax Liabilities	1,271,224	1,179,974	1,855,808	1,224,781	797,867	263,423
Other Long-Term Liabilities	605,322	508,979	107,325	93,005	47,149	23,813
Total Liabilities	10,056,632	9,639,244	7,112,817	8,584,586	2,853,801	1,030,688
Common Stock	2,154	2,154	2,154	2,154	2,154	2,154
Additional Paid-In Capital	3,582,903	3,273,784	3,396,226	3,354,448	2,116,012	709,279
Retained Earnings	683,447	42,731	1,477,952	-549,022	-596,190	32,330
Comprehensive Income & Other	3,825,550	3,545,192	2,260,182	2,950,239	957,890	310,654
Total Common Equity	8,094,054	6,863,861	7,136,514	5,757,819	2,479,866	1,054,417
Minority Interest	124,544	119,447	144,413	205,972	50,485	16,697
Shareholders' Equity	8,218,598	6,983,308	7,280,927	5,963,791	2,530,351	1,071,114
Total Liabilities & Equity	18,275,230	16,622,552	14,393,744	14,548,377	5,384,152	2,101,802
Total Debt	5,891,171	5,825,698	4,067,785	5,891,769	1,553,305	556,789
Net Cash (Debt)	-4,821,406	-5,033,584	-3,604,861	-5,138,155	-1,402,141	-497,114
Net Cash Per Share	-2238.67	-2337.19	-1673.81	-2385.75	-651.04	-230.82
Filing Date Shares Outstanding	2,154	2,154	2,154	2,154	2,154	2,154
Total Common Shares Outstanding	2,154	2,154	2,154	2,154	2,154	2,154
Working Capital	-1,568,114	-2,004,488	-1,583,257	-1,658,760	-545,993	-195,636
Book Value Per Share	3758.23	3187.03	3313.62	2673.47	1151.45	489.59
Tangible Book Value	374,060	-174,359	216,259	-1,385,967	155,962	39,475
Tangible Book Value Per Share	173.68	-80.96	100.41	-643.53	72.42	18.33
Machinery	-	4,745,671	4,625,709	3,595,382	1,250,862	363,285
Construction In Progress	-	337,494	198,714	423,538	183,241	76,295

Source: S&P Global Market Intelligence. Standard template. Financial Sources.