Telecom Argentina Balance Sheet

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

Millions ARS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	397,893	388,241	424,356	124,725	38,665	27,965
Short-Term Investments	33,245	40,961	329,258	26,074	21,010	7,804
Trading Asset Securities	256,282	-	-	365	-	-
Cash & Short-Term Investments	687,420	429,202	753,614	151,164	59,675	35,769
Cash Growth	98.88%	-43.05%	398.54%	153.31%	66.83%	1.01%
Accounts Receivable	776,936	361,010	352,894	117,139	43,934	28,612
Other Receivables	184,619	24,627	44,192	32,629	3,557	5,991
Receivables	961,555	385,637	397,086	149,768	47,491	34,603
Inventory	86,909	73,721	83,741	20,079	6,068	5,618
Prepaid Expenses	-	24,877	24,970	17,056	9,944	2,332
Other Current Assets	2,792	7,235	21,245	13,762	3,730	2,074
Total Current Assets	1,738,676	920,672	1,280,656	351,829	126,908	80,396
Property, Plant & Equipment	6,690,950	5,784,660	6,506,713	2,636,940	935,813	507,332
Long-Term Investments	13,023	16,598	63,274	20,689	6,282	3,248
Goodwill	4,122,236	4,113,535	4,100,682	1,540,713	738,457	380,234
Other Intangible Assets	2,612,974	2,967,871	3,043,104	783,191	276,485	154,487
Long-Term Accounts Receivable	814	527	670	368	140	89
Long-Term Deferred Tax Assets	375,054	40,237	36,693	7,698	1,282	622
Long-Term Deferred Charges	-	-654,938	-635,660	10,298	4,239	2,532
Other Long-Term Assets	76,716	156,057	152,245	32,426	12,196	6,223
Total Assets	15,630,443	13,345,219	14,548,377	5,384,152	2,101,802	1,135,163
Accounts Payable	961,988	542,367	947,795	277,954	95,899	59,408
Accrued Expenses	598,501	386,540	346,042	148,178	51,085	27,205
Short-Term Debt	255,896	150,561	62,453	23,698	23,734	5,967
Current Portion of Long-Term Debt	1,178,335	1,158,602	1,435,637	395,326	102,626	56,828
Current Portion of Leases	141,454	90,902	76,321	28,656	11,940	5,035
Current Income Taxes Payable	40,700	5,562	4,148	976	27,129	100
Current Unearned Revenue	-	31,992	25,710	12,356	5,236	2,295
Other Current Liabilities	148,584	22,071	41,310	10,678	4,895	3,236
Total Current Liabilities	3,325,458	2,388,597	2,939,416	897,822	322,544	160,074
Long-Term Debt	3,687,475	2,202,540	4,158,241	1,044,294	393,583	239,390
Long-Term Leases	224,455	168,856	159,117	61,331	24,906	10,515
Long-Term Unearned Revenue	-	4,111	4,053	2,602	1,159	604
Pension & Post-Retirement Benefits	-	10,447	5,973	2,736	1,260	637
Long-Term Deferred Tax Liabilities	1,479,121	1,720,619	1,224,781	797,867	263,423	120,261
Other Long-Term Liabilities	375,609	99,509	93,005	47,149	23,813	16,738
Total Liabilities	9,092,118	6,594,679	8,584,586	2,853,801	1,030,688	548,219
Common Stock	2,154	2,154	2,154	2,154	2,154	2,154
Additional Paid-In Capital	3,038,373	3,148,824	3,354,448	2,116,012	709,279	-
Retained Earnings	-93,586	1,370,287	-549,022	-596,190	32,330	-695
Comprehensive Income & Other	3,489,790	2,095,382	2,950,239	957,890	310,654	575,826
Total Common Equity	6,436,731	6,616,647	5,757,819	2,479,866	1,054,417	577,285
Minority Interest	101,594	133,893	205,972	50,485	16,697	9,659
Shareholders' Equity	6,538,325	6,750,540	5,963,791	2,530,351	1,071,114	586,944
Total Liabilities & Equity	15,630,443	13,345,219	14,548,377	5,384,152	2,101,802	1,135,163
Total Debt	5,487,615	3,771,461	5,891,769	1,553,305	556,789	317,735
Net Cash (Debt)	-4,800,195	-3,342,259	-5,138,155	-1,402,141	-497,114	-281,966
Net Cash Per Share	-2228.83	-1551.88	-2385.75	-651.04	-230.82	-130.92
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	-1,586,782	-1,467,925	-1,658,760	-545,993	-195,636	-79,678
Book Value Per Share	2988.70	3072.24	2673.47	1151.45	489.59	268.04
Tangible Book Value	-298,479	-464,759	-1,385,967	155,962	39,475	42,564
Tangible Book Value Per Share	-138.59	-215.80	-643.53	72.42	18.33	19.76
Machinery	-	4,298,125	3,595,382	1,250,862	363,285	157,811
Construction In Progress	-	194,275	423,538	183,241	76,295	58,451

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