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v3.26.1

III. FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2025
III. FINANCIAL RISK MANAGEMENT |
Disclosure of effect of changes in foreign exchange rates [text block] |
All amounts Long / (Short) in thousands of U.S. dollars | As of December 31, |
Exposure currency / Functional currency | 2025 |  |  | 2024 |
Euro / U.S. dollar | (204,318 | ) |  | (183,985 | )
Saudi Arabian Riyal / U.S. dollar | (69,289 | ) |  | (173,233 | )
Argentine Peso / U.S. dollar | (8,777 | ) |  | (40,565 | )
Brazilian Real / U.S. dollar | (42,487 | ) |  | (41,591 | )
Disclosure of financial instruments by type of interest rate [text block] |
| As of December 31,
| 2025 | 2024
| In thousands of U.S. dollars |  |  | % | In thousands of U.S. dollars |  |  | %
Fixed rate (*) | 75,012 |  |  | 25% | 172,018 |  |  | 39%
Variable rate | 230,710 |  |  | 75% | 265,380 |  |  | 61%
Total | 305,722 |  |  |  | 437,398 |  |  |
(*) | Out of the $75.0 m illion fixed rate borrowings, $74.6 m illion are short-term.
Disclosure of fair value of financial instruments [text block] |
| Carrying amount |  |  | Measurement Categories |  |  | At Fair Value |
December 31, 2025 | Amortized Cost |  |  | FVOCI |  |  | FVPL |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 572,647 |  |  | 313,728 |  |  | - |  |  | 258,919 |  |  | 258,919 |  |  | - |  |  | - |
Other investments | 2,306,760 |  |  | 827,476 |  |  | 1,069,252 |  |  | 410,032 |  |  | 1,479,284 |  |  | - |  |  | - |
Fixed income (time-deposit, zero coupon bonds, commercial papers) | 827,476 |  |  | 827,476 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Bonds and other fixed income | 1,069,393 |  |  | - |  |  | 1,069,252 |  |  | 141 |  |  | 1,069,393 |  |  | - |  |  | - |
Mutual fund | 409,891 |  |  | - |  |  | - |  |  | 409,891 |  |  | 409,891 |  |  | - |  |  | - |
Derivative financial instruments | 1,875 |  |  | - |  |  | 335 |  |  | 1,540 |  |  | - |  |  | 1,875 |  |  | - |
Other Investments Non-current | 758,085 |  |  | 95,090 |  |  | 621,387 |  |  | 41,608 |  |  | 655,867 |  |  | - |  |  | 7,128 |
Bonds and other fixed income | 655,867 |  |  | - |  |  | 621,387 |  |  | 34,480 |  |  | 655,867 |  |  | - |  |  | - |
Fixed income (time-deposit, zero coupon bonds, commercial papers) | 95,090 |  |  | 95,090 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other investments | 7,128 |  |  | - |  |  | - |  |  | 7,128 |  |  | - |  |  | - |  |  | 7,128 |
Trade receivables | 1,920,840 |  |  | 1,920,840 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Receivables C and NC | 443,273 |  |  | 190,124 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other receivables | 190,124 |  |  | 190,124 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other receivables (non-financial) | 253,149 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Total |  |  |  | 3,347,258 |  |  | 1,690,974 |  |  | 712,099 |  |  | 2,394,070 |  |  | 1,875 |  |  | 7,128 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings C and NC | 305,722 |  |  | 305,722 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Trade payables | 872,913 |  |  | 872,913 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other liabilities C and NC | 687,795 |  |  | 6,227 |  |  | - |  |  | 58,888 |  |  | - |  |  | - |  |  | 58,888 |
Other liabilities (*) | 65,115 |  |  | 6,227 |  |  | - |  |  | 58,888 |  |  | - |  |  | - |  |  | 58,888 |
Other liabilities (non-financial) | 622,680 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Lease liabilities C and NC | 143,249 |  |  | 143,249 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Derivative financial instruments | 14,330 |  |  | - |  |  | 6,327 |  |  | 8,002 |  |  | - |  |  | 14,329 |  |  | - |
Total |  |  |  | 1,328,111 |  |  | 6,327 |  |  | 66,890 |  |  | - |  |  | 14,329 |  |  | 58,888 |
(*) | Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
| Carrying amount |  |  | Measurement Categories |  |  | At Fair Value |
December 31, 2024 | Amortized Cost |  |  | FVOCI |  |  | FVPL |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 675,256 |  |  | 320,212 |  |  | - |  |  | 355,044 |  |  | 355,044 |  |  | - |  |  | - |
Other investments | 2,372,999 |  |  | 722,328 |  |  | 1,273,673 |  |  | 376,998 |  |  | 1,650,671 |  |  | - |  |  | - |
Fixed income (time-deposit, zero coupon bonds, commercial papers) | 722,328 |  |  | 722,328 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Bonds and other fixed income | 1,273,673 |  |  | - |  |  | 1,273,673 |  |  | - |  |  | 1,273,673 |  |  | - |  |  | - |
Mutual fund | 376,998 |  |  | - |  |  | - |  |  | 376,998 |  |  | 376,998 |  |  | - |  |  | - |
Derivative financial instruments | 7,484 |  |  | - |  |  | - |  |  | 7,484 |  |  | - |  |  | 7,484 |  |  | - |
Other Investments Non-current | 1,005,300 |  |  | 140,292 |  |  | 857,959 |  |  | 7,049 |  |  | 857,959 |  |  | - |  |  | 7,049 |
Bonds and other fixed income | 857,959 |  |  | - |  |  | 857,959 |  |  | - |  |  | 857,959 |  |  | - |  |  | - |
Fixed income (time-deposit, zero coupon bonds, commercial papers) | 140,292 |  |  | 140,292 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other investments | 7,049 |  |  | - |  |  | - |  |  | 7,049 |  |  | - |  |  | - |  |  | 7,049 |
Trade receivables | 1,907,507 |  |  | 1,907,507 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Receivables C and NC | 435,973 |  |  | 191,058 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other receivables | 191,058 |  |  | 191,058 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other receivables (non-financial) | 244,915 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Total |  |  |  | 3,281,397 |  |  | 2,131,632 |  |  | 746,575 |  |  | 2,863,674 |  |  | 7,484 |  |  | 7,049 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings C and NC | 437,398 |  |  | 437,398 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Trade payables | 880,261 |  |  | 880,261 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Other liabilities C and NC | 887,526 |  |  | 31,985 |  |  | - |  |  | 243,264 |  |  | - |  |  | - |  |  | 243,264 |
Other liabilities (*) | 275,249 |  |  | 31,985 |  |  | - |  |  | 243,264 |  |  | - |  |  | - |  |  | 243,264 |
Other liabilities (non-financial) | 612,277 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Lease liabilities C and NC | 144,926 |  |  | 144,926 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Derivative financial instruments | 8,300 |  |  | - |  |  | - |  |  | 8,300 |  |  | - |  |  | 8,300 |  |  | - |
Total |  |  |  | 1,494,570 |  |  | - |  |  | 251,564 |  |  | - |  |  | 8,300 |  |  | 243,264 |
(*) | Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
Disclosure of fair value measurement of assets [text block] |
| Year ended December 31, |
| 2025 |  |  | 2024 |
At the beginning of the year | 7,049 |  |  | 7,411 |
Decrease | (243 | ) |  | (185 | )
Currency translation adjustment and others | 322 |  |  | (177 | )
At the end of the year | 7,128 |  |  | 7,049 |
Disclosure of fair value measurement of liabilities [text block] |
| Year ended December 31, |
| 2025 |  |  | 2024 |
At the beginning of the year | 243,264 |  |  | 86,240 |
Settlement of share buyback program liability | (243,264 | ) |  | (86,240 | )
Share buyback program liability | 58,888 |  |  | 243,264 |
At the end of the year | 58,888 |  |  | 243,264 |

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