Schedule of current and non-current financial debt


	As of December 31,
Current	2024	2023
Bank overdrafts - principal	123,446	51,205
Bank and other financial entities loans – principal	141,326	445,867
Notes – principal	650,688	411,523
Loans for purchase of equipment	6,440	33,931
Interest and related expenses	150,841	284,524
	1,072,741	1,227,050
Non-current
Notes – principal	1,304,594	2,175,746
Bank and other financial entities loans – principal	136,159	870,357
Loans for purchase of equipment	7,927	23,355
Interest and related expenses	356,583	337,652
	1,805,263	3,407,110
Total borrowings	2,878,004	4,634,160

Schedule of loans agreements of bank and other financing entities loans

Principal

residual

Interest

Accouting balance (*)

nominal value

Maturity

payment

As of December 31,

Entities

Currency

(in millions)

date

Amortization

Interest rate

Spread

date

2024

2023

US$

—

03/2027

Semiannually

between 4.43% and 7.18%

Semiannually

—

174,636

International
Finance
Corporation
(IFC) (1)

US$

—

Between 08/2024 and 08/2025

Semiannually

Variable annual rate:
SOF 6 months

between 5.03% and 5.28%

Semiannually

—

219,656

US$

—

08/2029 (1)

Semiannually from 08/2024

6.50%

Semiannually

—

334,831

Inter-American
Investment
Corporation
(IIC) (1)

US$

—

12/2024

Semiannually

Variable annual rate: SOF 6 months

6.28%

Semiannually

—

30,705

Inter-American
Development
Bank
(IDB) (2)

US$

99

06/2027

Semiannually

Variable annual rate: SOF 6 months

between 7.18% and 9.18%

Semiannually

101,219

535,546

China
Development
Bank Shenzhen
Branch (CDB) (3)

RMB

882

12/2027

Semiannually

Annual fixed
rate of 4.95%

n/a

Semiannually

114,597

257,414

Finnvera

US$

31

Between 11/2025 and 11/2026

Semiannually

Variable annual rate: SOF 6 months

between 1.47% and 1.63

%

Semiannually

28,913

79,980

Export Development Canadá (EDC) (4)

US$

34

Between 12/2026 and 12/2030

Semiannually

Variable annual rate: SOF 6 months

between 1.63% and 6.65

%

Semiannually

33,274

43,836

BBVA

$

67

07/2025

Monthly

Annual fixed rate of 47.90

%

n/a

Monthly

68

324

PSA Finance Argentina

$

147

07/2025

Monthly

Annual fixed rate of 42.90

%

n/a

Monthly

151

730

Rombo Compañía Financiera

$

118

07/2025

Monthly

Annual fixed rate between 70.9% and 77.9

%

n/a

Monthly

124

531

Cisco Systems Capital Corporation (Cisco) (5) and Bank of China (Huawei import) (6)

US$

13.7

between 10/2022 and 11/2026

Quarterly basis

Annual fixed rate between 4.00% and 6.5

%

n/a

Quarterly basis

15,723

59,101

between 01/2025 and 12/2027

Semiannually

25,000

02/2025

Annual fixed rate of 38.375

%

n/a

At maturity date

28,249

—

Banco Nación (7)

$

10,000

08/2025

In one installment at maturity date

Annual fixed rate of 35

%

n/a

At maturity date

10,326

—

10,000

09/2025

Annual fixed rate of 32.38

%

n/a

At maturity date

10,026

—

(*)These accounting balances include interest and related expenses.

(1)	The Company has used US$508 million ($528,665 million in current currency as of December 31, 2024) of the funds obtained from the Series 21 Notes for the payments and prepayments of the following loans:

- IFC: The Company used funds totaling US$368 million, of which US$342 million was used for the payment of principal and US$26 million for the payment of interest and related expenses. As of December 31, 2024, IFC loans are fully paid.

- IIC: The Company used funds totaling US$140 million, of which US$135 million was for the payment of principal and US$5 million for the payment of interest and related expenses. As of December 31, 2024, loans with IIC are fully paid.

(2)

On October 17, 2023, the Company subscribed two new tranches (5 and 6) under the IDB loan for a total of US$120 million, equivalent to $41,145 million ($126,817 million in current currency as of December 31, 2023), net of issuance expenses for $866 million ($2,670 million in current currency as of December 31, 2023). The funds were used to pay for the 5G spectrum.

In December 2024, the Company has prepaid a part of the loan totaling US$46 million (includes payment of principal and interest), equivalent to $48,038 million in current currency as of December 31, 2024.

(3)	In November 2024, the Company has paid a part of the loan totaling RMB156 million (includes payment of principal and interest), equivalent to $22,802 million in current currency as of December 31, 2024.

(4)	On May 5, 2023, the Company submitted a proposal for an export credit line for a total amount of up to US$50 million to EDC, the official export credit agency of Canada.

The funds received will be used to finance up to 100% of the payments due to “Nokia Solutions and Networks Oy” and/or “Nokia Spain S.A.”, received from August 30, 2022 until November 1, 2024.

During 2024 and 2023, the Company received a disbursement for a total amount of US$11.6 million ($12,969 million in current currency as of December 31, 2024), and U$12.7 million ($14,806 million in current currency as of December 31, 2024), maturing in May 2030. The principal disbursed accrues compensatory interest at a semi-annual SOFR plus a margin of 6.65 percentage points.

(5)

During August 2024, through the liquidation of BOPREAL bonds, the Company prepaid its loan with the supplier for US$18 million (principal of US$17.6 million and interest of US$0.4 million). This negotiation resulted in a reduction of US$1.8 million ($1,903 million in current currency as as of December 31, 2024) recognized in “Borrowings renegotiation results” item, within Financial results from borrowings.

(6)	In December 2024, The Company subscribed an equipment loan of US$10.1 million, equivalent to $10,456 million.

(7)	In the months of August, November and December 2024, the Company subscribed loans totaling $45,000 million ($48,214 million in current currency as of December 31, 2024).

BORROWINGS

Schedule of notes borrowings

Amount

Interest

Accouting balance (*)

involved

Issuance

Maturity

payment

As of December 31,

Series

Currency

(in millions)

date

Amortization

Interest rate

date

2024

2023

1

Gs.

120,000

03/2019

03/2024

In one installment at maturity date

Annual fixed rate of 9.00

%

Quarterly basis

—

28,819

2

Gs.

30,000

03/2019

03/2024

In one installment at maturity date

Annual fixed rate of 9.00

%

Quarterly basis

—

7,177

3

Gs.

100,000

03/2020

03/2025

In one installment at maturity date

Annual fixed rate of 8.75

%

Quarterly basis

13,261

24,045

4

Gs.

130,000

03/2021

01/2028

In one installment at maturity date

Annual fixed rate of 7.10

%

Quarterly basis

17,506

31,702

5

Gs.

120,000

03/2021

01/2031

In one installment at maturity date

Annual fixed rate of 8.00

%

Quarterly basis

16,176

29,294

(*)These accounting balances include interest and related expenses.