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Note 7 - Financial results | 12 Months Ended
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Dec. 31, 2025
Note 7 - Financial results |
Note 7 - Financial results | 7 Financial results
| Year ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
Interest income | 228,369 |  |  | 229,835 |  |  | 201,852 |
Net result on changes in FV of financial assets at FVPL | 23,869 |  |  | 12,484 |  |  | 11,622 |
Finance income | 252,238 |  |  | 242,319 |  |  | 213,474 |
Finance cost | (46,933 | ) |  | (61,212 | ) |  | (106,862 | )
Net foreign exchange transactions results | (30,394 | ) |  | 61,395 |  |  | 218,383 |
Net foreign exchange derivatives contracts results | (26,291 | ) |  | (12,727 | ) |  | (8,974 | )
Other | (15,979 | ) |  | (100,719 | ) |  | (95,044 | )
Other financial results, net | (72,664 | ) |  | (52,051 | ) |  | 114,365 |
Net financial results | 132,641 |  |  | 129,056 |  |  | 220,977 |
Finance Income: In 202 5, 202 4 and 202 3 includes $36.9 million, $40.7 million and $61.2 million of interest related to instruments carried at FVPL, respectively. In 202 5, 202 4 and 202 3 includes $83.7 million, $88.2 million and $30.9 million of interest related to instruments carried at FV OCI, respectively. Net foreign exchange transactions results: In 2025 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, partially offset by changes in currency translation adjustment reserve from an Italian subsidiary reco gnized in Other Comprehensive Income and the result from the Mexican peso appreciation against the U.S. dollar on Mexican peso denominated receivables, at subsidiaries with functional currency U.S. dollar. In 2024 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real de preciation against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro de preciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by changes in currency translation adjustment reserve from an Italian subsidiary reco gnized in Other Comprehensive Income. In 2023 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by changes in currency translation adjustment reserve from an Italian subsidiary reco gnized in Other Comprehensive Income. Net f oreign exchange derivatives contracts results: In 2025 includes mainly losses on derivatives covering receivables in Mexican peso. In 2024 includes mainly losses on derivatives covering net receivables, fiscal and other liabilities in Brazilian real. In 2023 includes mainly losses on derivatives covering net receivables in Brazilian real. Other: In both 2025 and 202 4 includes losses for $16 million, related to fee s payable in connection with collection s involving the Company’s Mexican subsidiary. In 2024 also includes approximately $84 million related to result of U.S. dollar denominated Argentine bonds used to cancel commercial debt. In 2023 includes a net loss of $94.7 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from Argentinian subsidiar ies to its foreign shareholders.

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