EX-15.1 15 ex151_9.htm EXHIBIT 15.1

Exhibit 15.1

Ratios

Liquid financial assets to total assets

| At December 31,
Thousands of U.S. dollars | 2025 | 2024 | 2023
Cash and cash equivalents | 572,647 | 675,256 | 1,637,821
Other current investments | 2,306,760 | 2,372,999 | 1,969,631
Non-current investments | 750,957 | 998,251 | 398,220
Liquid financial assets | 3,630,364 | 4,046,506 | 4,005,672
Total assets | 20,072,313 | 20,450,125 | 21,081,895
Ratio | 0.18 | 0.20 | 0.19

Total liabilities to total assets ratio

| At December 31,
Thousands of U.S. dollars | 2025 | 2024 | 2023
Total liabilities | 3,243,245 | 3,636,290 | 4,051,458
Total assets | 20,072,313 | 20,450,125 | 21,081,895
Ratio | 0.16 | 0.18 | 0.19

Current borrowings to total borrowings

| At December 31,
Thousands of U.S. dollars | 2025 | 2024 | 2023
Current borrowings | 305,354 | 425,999 | 535,133
Total borrowings | 305,722 | 437,398 | 583,437
Ratio | 1.00 | 0.97 | 0.92