| FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS 29.1 - Categories of financial instruments As of December 31, 2024 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 142,093 Investments Mutual funds 13,992 — — Contribution to funds — — 2,212 Trade receivables — — 605,002 Other assets — — 25,170 Other receivables — — 16,863 Other financial assets Convertible notes 10,558 — — Foreign exchange forward contracts 170 731 — Equity instruments — 32,955 — Equity forward contract — 89 — Financial liabilities Trade payables — — 110,838 Borrowings — — 292,536 Other financial liabilities (1) Other financial liabilities related to business combinations 158,542 — 39,043 Foreign exchange forward contracts 848 6,500 — Equity forward contract — 1,408 — Others — 925 — Lease liabilities — — 117,623 Other liabilities — — 231 (1) The Company recognized a put option liability for 73,618 (see note 3.13.3) related to the minority interest of GUT. Changes in the measurement of the redemption amount are recognized in the statements of changes in equity . As of December 31, 2023 Financial assets FVTPL FVTOCI Amortized cost Cash and cash equivalents — — 307,223 Investments Mutual funds 13,570 — — Commercial Papers 2,500 — — Contribution to funds — — 1,833 Trade receivables — — 499,283 Other assets — — 35,841 Other receivables — — 17,474 Other financial assets Convertible notes 9,110 — — Foreign exchange forward contracts 2,330 8,078 — Equity instruments — 29,354 — Interest rate SWAP 852 — — Equity forward contract — 558 — Financial liabilities Trade payables — — 119,477 Borrowings — — 159,107 Other financial liabilities (1) Foreign exchange forward contracts 308 3 — Other financial liabilities related to business combinations 67,539 — 59,158 Equity forward contract — 1,167 — Lease liabilities — — 118,736 Other liabilities — — 896 (1) As of December 31, 2023 the Company recognized a put option liability for 75,813 (see note 3.13.3) related to the minority interest of GUT. Changes in the measurement of the redemption amount are recognized in the statements of changes in equity. 29.2 - Market risk The Company is exposed to a variety of risks: market risk, including the effects of changes in foreign currency exchange rates and interest rates, and liquidity risk. The Company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's financial performance. The Company does not use derivative instruments to hedge its exposure to risks, apart from those mentioned in note 29.10 and 29.11. 29.3 - Foreign currency risk management The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Except for the subsidiaries that have its local currency as functional currency, the functional currency of the Company and its subsidiaries is the U.S. dollar. In 2024, 66.67% of the Company's revenues are denominated in U.S. dollars. Because the majority of its personnel are located in Latin America, the Company incurs the majority of its operating expenses and capital expenditures in non-U.S. dollar currencies, primarily the Colombian peso, Mexican peso, Chilean peso, Peruvian sol, Uruguayan peso and Brazilian real. Operating expenses are also significantly incurred in Indian Rupee, Great Britain Pound and European Union Euros. Foreign exchange sensitivity analysis The Company is mainly exposed to Argentine pesos, Australian Dollar, Chilean pesos, Colombian pesos, Danish Krone, Indian rupees, European Union euros, Mexican pesos, Polish złoty, Saudi Riyal, Pounds sterling and Uruguayan pesos. The following tables illustrate the Company's sensitivity to increases and decreases in the U.S. dollar against the relevant foreign currency. The following sensitivity analysis includes outstanding foreign currency denominated monetary items at December 31, 2024 and adjusts their translation at the year-end for changes in U.S. dollars against the relevant foreign currency. Gain/(loss) Account Currency Amount % Increase Amount % Decrease Amount Net balances Argentine pesos 10,816 30 % (2,496) 10 % 1,202 Australian Dollar (5,115) 10 % 465 10 % (568) Chilean pesos 1,660 10 % (151) 10 % 184 Colombian pesos (49,077) 10 % 4,462 10 % (5,453) Danish Krone (2,336) 10 % 212 10 % (260) European Union euros 9,065 10 % (824) 10 % 1,007 Indian Rupees (24,608) 10 % 2,237 10 % (2,734) Mexican pesos (2,816) 10 % 256 10 % (313) Polish złoty 1,291 10 % (117) 10 % 143 Sterling pound (5,575) 10 % 507 10 % (619) Saudi Riyal 26,498 10 % (2,409) 10 % 2,944 Uruguayan pesos (8,684) 10 % 789 10 % (965) TOTAL (48,881) 2,931 (5,432) As explained in note 29.10, the subsidiaries in Argentina, Colombia, United States, Mexico, Chile and Uruguay entered into foreign exchange forward and future contracts in order to mitigate the risk of fluctuations in the foreign exchange rate and reduce the impact in the financial statements. The effect in equity of the U.S. dollar fluctuation against the relevant foreign currency as of December 31, 2023, is not material. Depreciation of the Argentine Peso During 2024, the Argentine peso experienced a 27.70% devaluation from 806.95 Argentine peso per U.S dollar to 969.00 Argentine peso per U.S dollar. During 2023, the Argentine peso experienced a 355.7% devaluation from 177.06 Argentine peso per U.S dollar to 806.95 Argentine peso per U.S dollar. 29.4 - Interest rate risk management The Company's exposure to market risk for changes in interest rates relates primarily to its cash and bank balances and its credit facilities. The Company's credit line in the U.S. bear interest at a fixed rate between 1.25% or 1.88% depending on the amount borrowed. During the beginning of 2021 the Company chose to discontinue the hedge accounting of the remaining interest rate swap acquired during 2020, since the hedged future cash flows were no longer expected to occur. As of December 31, 2024, 2023 and 2022 the Company has recognized a net gain of 11, 356 and 3,701, respectively, through results of profit and loss. Interest rate swap assets and liabilities are presented in the line item "Other financial assets" and "Other financial liabilities" within the statements of financial position, respectively. As of December 31, 2024, there were no Interest rate swap contracts outstanding. As of December 31, 2023 interest rate swap contracts outstanding: Floating rate Fixed rate Fair value Maturity Date Notional receivable payable assets / (liabilities) Instruments for which hedge accounting has been discontinued Current March 11, 2024 15,000 SOFR 0.647 % 181 March 12, 2024 20,000 SOFR 0.566 % 245 April 30, 2024 25,000 SOFR 0.355 % 426 Fair value as of December 31, 2023 852 29.5 – Liquidity risk management The Company's primary sources of liquidity are cash flows from operating activities and borrowings under credit facilities. See note 21. Management monitors rolling forecasts of the Company's liquidity position on the basis of expected cash flow. The table below analyzes financial liabilities into relevant maturity groups based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Expected Maturity Date 2025 2026 2027 Thereafter Total Borrowings 1,601 19,802 19,620 309,244 350,267 Trade payables 114,743 1,345 661 — 116,749 Lease liabilities 34,307 26,308 21,582 51,011 133,208 Other financial liabilities (*) 169,528 95,955 27,542 2,307 295,332 TOTAL 320,179 143,410 69,405 362,562 895,556 (*) The amounts disclosed in the line of other financial liabilities do not include foreign exchange forward contracts, equity forward contracts and 99,491 related to business combinations payments through subscription agreements. 29.6 - Concentration of credit risk The Company derives revenues from clients in the U.S. (approximately 54%) and clients related from diverse industries. For the years ended December 31, 2024, 2023 and 2022, the Company's top five clients accounted for 20.8%, 22.9% and 25.6% of its revenues, respectively. One single customer accounted for 8.7%, 8.7% and 10.7% of revenues for the years ended December 31, 2024, 2023 and 2022. Credit risk from trade receivables is considered to be low because the Company minimize the risk by setting credit limits for its customers, which are mainly large and renowned companies. Cash and cash equivalents and derivative financial instruments are considered to have low credit risk because these assets are held with widely renowned financial institutions (see note 13). 29.7 - Fair value of financial instruments that are not measured at fair value Except as detailed in the following table, the carrying amounts of financial assets and liabilities included in the consolidated statement of financial position as of December 31, 2024 and 2023, are a reasonable approximation of fair value due to the short time of realization. As of December 31, 2024 As of December 31, 2023 Carrying amount Fair value Carrying amount Fair value Non-current assets Other receivables Guarantee deposits 7,417 6,172 7,558 6,447 Other assets 4,750 4,268 4,088 3,486 Non-current liabilities Trade payables 2,006 1,883 2,981 2,779 Borrowings 290,935 240,450 2,191 1,907 29.8 - Fair value measurements recognized in the consolidated statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows: Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities. As of December 31, 2024 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 13,992 — 13,992 Foreign exchange forward contracts — 901 — 901 Convertibles notes — — 10,558 10,558 Equity instrument — 32,955 — 32,955 Equity forward contract — 89 — 89 Financial liabilities Contingent consideration — — 158,542 158,542 Foreign exchange forward contracts — 7,348 — 7,348 Equity forward contract — 1,408 — 1,408 As of December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 13,570 — 13,570 Commercial Papers 2,500 — — 2,500 Foreign exchange forward contracts — 10,408 — 10,408 Convertibles notes — — 9,110 9,110 Equity instrument — 29,354 — 29,354 Interest rate SWAP — 852 — 852 Equity forward contract — 558 — 558 Financial liabilities Contingent consideration — — 67,539 67,539 Foreign exchange forward contracts — 311 — 311 Equity forward contract — 1,167 — 1,167 (1) Mutual funds are measured at fair value through profit or loss, based on the changes of the fund's net asset value. There were no transfers of financial assets and liabilities between Level 1, Level 2 and Level 3 during the period. The Company has applied the market approach technique in order to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable (i.e., similar) assets, liabilities or a group of assets and liabilities. When the inputs required by the market approach are not available, the Company applies the income approach technique. The income approach technique estimates the fair value of an asset or a liability by converting future amounts (e.g. cash flows or income and expenses) to a single current (i.e. discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts. 29.9 Level 3 29.9.1 Contingent consideration As described in note 26.1, certain acquisitions included contingent consideration agreements which are payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's financial performance like revenue, gross margin and operating margin. The actual amounts to be paid under the contingent consideration arrangements may be increased proportionally to the target's achievements and are not subject to any maximum amount. The fair values of the contingent consideration arrangements are estimated by using a probabilistic framework such as Montecarlo simulation where each iteration was discounted to present value using a discount rate. In other cases the contingent consideration was estimated by discounting to present value using a risk-adjusted discount rate. The Company also performed an estimation of the potential minimum amount of all future payments that could be required to be made under the agreements. As of December 31, 2024 the nominal value, minimum amount and fair value amounted to 167,790, 48,739, and 158,542, respectively. As of December 31, 2023 the nominal value, minimum amount and fair value amounted to 107,920, 64,083, and 67,539, respectively. During 2024 the Company paid the aggregate consideration of 29,481 related to the target achievements during the year 2023. As of December 31, 2024, 2023, and 2022 the results from remeasurement of the contingent considerations resulted in a net gain of 5,736, 4,227, and 967, respectively. During 2024 it mainly includes a gain of 13,523 related to Experience IT and KTBO acquisitions, and a loss of 7,355 related to Chili, Ewave and Adbid acquisitions. The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value at December 31, 2024 Unobservable inputs Range of inputs Relationship of unobservable inputs to Fair Value Contingent consideration 158,542 Risk adjusted discount rate Between 3.17% and 7.1% An increase in the discount rates by 1% would increase the fair value by $2,302 and a decrease in the discount rates by 1% would increase the fair value by $2,891 Contingent consideration 158,542 Expected revenues Between 5,282 and 28,751 An increase in the expected revenues by 10% would increase the fair value by $4,583 and a decrease in the expected revenues by 10% would decrease the fair value by $11,931 Contingent consideration 158,542 Expected operating margin Between 28.10% and 41.00% An increase in the expected operating margin by 10% would increase the fair value by $1,435 and a increase in the expected operating margin by 10% would decrease the fair value by $2,235 29.9.2 Convertible notes As described in note 3.12.8, the Company entered into several convertible notes that include the right to convert the outstanding amount into equity shares of the invested companies. The fair value of such convertible notes was estimated using unobservable inputs. The amounts of gains and losses for the period related to changes in the fair value of the convertible notes were not material. 29.9.3. Reconciliation of recurring fair value measurements categorized within Level 3 The following table shows the reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: Financial Assets Financial liabilities Convertible notes Contingent consideration December 31, 2022 6,684 54,667 Fair value remeasurement (1) — (4,227) Acquisition of business (1) — 31,385 Acquisition of investment (3) 2,367 — Payments (2) — (24,086) Interests (1) 59 3,641 Reclassifications (1) — 5,736 Foreign exchange difference (1) — 1,153 Translation (1) — 823 Others (1) — (1,553) December 31, 2023 9,110 67,539 Financial Assets Financial liabilities Convertible notes Contingent consideration December 31, 2023 9,110 67,539 Fair value remeasurement (1) (4) — (5,736) Acquisition of business (1) — 134,043 Acquisition of investment (3) 2,533 — Payments (2) — (29,481) Interests (1) 29 4,005 Gain for sale — — Reclassifications (1) — (8,503) Foreign exchange difference (1) — (1,877) Translation (1) — (1,448) Write-off (1,114) — December 31, 2024 10,558 158,542 ( 1) Non-cash transactions. (2) Cash transactions included in investing activities, except for remeasurement of contingent considerations which are in operating activities, in the Consolidated Statement of Cash Flows. (3) As of December 31, 2024 and 2023 the amount of 1,075 and 1,748, respectively were Cash transactions included in investing activities in the consolidated statement of cash flows. (4) Including the effects of the remeasurement of Ewave and Genexus mentioned in notes 26.6 and 26.7 29.10 Foreign exchange futures and forward contracts During 2024 and 2023, certain subsidiaries from Argentina, Uruguay, Chile, Colombia, United Kingdom and Mexico acquired foreign exchange forward contracts with certain banks in U.S. dollars, with the purpose of hedging the possible decrease of assets' value held in the local currencies from each country, due to the risk of exposure to fluctuations in those foreign currencies and a subsidiary in the United States of America has also acquired foreign exchange forward contracts with certain banks, with the purpose of hedging the exposure in currencies different than U.S dollar. Those contracts were recognized, according to IFRS 9, as financial assets at fair value through profit or loss. For the years ended December 31, 2024 and 2023, the Company recognized a net loss of 3,734 and a net gain of 13,045, respectively. As of December 31, 2024 and 2023, the foreign exchange forward contracts that were recognized as financial assets and liabilities at fair value through profit or loss were as follows: Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2025 Chilean Peso 977.00 995.03 145 February 28, 2025 Chilean Peso 992.22 995.54 25 Fair value as of December 31, 2024 170 January 31, 2024 Australian Dollar 1.54 1.46 789 January 31, 2024 Colombian Peso 4,006.50 3,846.04 336 January 31, 2024 Colombian Peso 4,005.08 3,846.03 333 January 31, 2024 Colombian Peso 4,004.07 3,846.02 331 January 31, 2024 Danish Krone 6.82 6.71 172 January 31, 2024 Pound Sterling 0.82 0.78 63 January 31, 2024 Uruguayan Peso 39.46 39.21 29 January 31, 2024 Indian Rupee 83.51 83.31 19 January 31, 2024 Indian Rupee 83.44 83.25 17 January 31, 2024 Pound Sterling 0.79 0.78 14 January 31, 2024 Euro 0.91 0.90 8 February 29, 2024 Colombian Peso 3,907.00 3,866.64 83 February 29, 2024 Colombian Peso 3,901.80 3,865.84 74 February 29, 2024 Colombian Peso 3,898.50 3,868.41 62 Fair value as of December 31, 2023 2,330 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 2, 2025 Indian Rupee 84.27 85.27 (111) January 31, 2025 Indian Rupee 84.67 85.87 (119) January 31, 2025 Colombian Peso 4,424.70 4,427.00 (6) January 31, 2025 Colombian Peso 4,424.00 4,427.00 (7) January 31, 2025 Pound sterling 0.79 0.80 (34) February 28, 2025 Australian Dollar 1.52 1.62 (443) February 28, 2025 Indian Rupee 85.94 86.11 (22) February 28, 2025 Colombian Peso 4,411.50 4,443.21 (105) February 28, 2025 Uruguayan Peso 44.39 44.40 (1) Fair value as of December 31, 2024 (848) January 31, 2024 Chilean Peso 876.95 875.93 (10) February 29, 2024 Chilean Peso 890.85 877.33 (120) February 29, 2024 Australian Dollar 1.46 1.46 (89) February 29, 2024 Uruguayan Peso 39.36 39.37 (1) April 3, 2024 Danish Krone 6.67 6.72 (88) Fair value as of December 31, 2023 (308) The most frequently applied valuation techniques include forward pricing models. The models incorporate various inputs including: foreign exchange spot, interest rates curves of the respective currencies and the term of the contract. 29.11 Hedge accounting During the year ended December 31, 2024 and 2023, the United States of America and Argentine subsidiaries, acquired foreign exchange forward and foreign exchange futures, contracts respectively, in U.S. dollars, with the purpose of hedging the possible decrease of revenues' expected in Argentine Pesos, Pound sterling and European euros. The Company designated those derivatives and futures as hedging instruments in respect of foreign currency risk in cash flow hedges. As of December 31, 2024 and 2023 the Company has recognized a net loss 1,216 and 38 , respectively,included in Revenues and a net gain of 625 and 287, respectively, included in other comprehensive income. As of December 31, 2024, the Company did not maintain any collaterals. As of December 31, 2023, collaterals regarding the transactions are restricted assets for an amount of 218 in Mutual funds included as investments. During 2023, certain subsidiaries from Colombia, India, Brazil, Uruguay, Mexico, Chile and the United States of America entered into foreign exchange forward and future contracts to manage the foreign currency risk associated with the salaries payable in the local currency of each country. During 2024 the subsidiaries from Argentina, Peru, Colombia, India, Brazil, Uruguay, Mexico, Chile and the United States of America entered into foreign exchange forward contracts to manage the foreign currency risk associated with the salaries payable in the local currency of each country The Company designated those derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges are recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the ‘finance income’ or ‘finance expense’ line items. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item (i.e. Salaries, employee benefits and social security taxes). As of December 31, 2024, the Company has recognized a net loss of 6,421 and during the years ended December 31, 2023 and 2022, the Company has recognized a net gain of 21,997 and a net loss 2,332, respectively, included in Salaries, employee benefits and social security taxes and a net loss of 14,494,a net gain of 6,604 and 1,305, respectively, included in other comprehensive income. Foreign currency forward contract assets and liabilities are presented in the line ‘Other financial assets’ and ‘Other financial liabilities’ within the statement of financial position. The following table detail the foreign currency forward contracts outstanding as of December 31, 2024: Hedging instruments - Outstanding contracts Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2025 Euro 0.95 0.96 163 January 31, 2025 Pound sterling 0.79 0.80 45 February 28, 2025 Euro 0.95 0.96 164 February 28, 2025 Pound sterling 0.79 0.80 45 March 31, 2025 Euro 0.95 0.96 164 March 31, 2025 Pound sterling 0.79 0.80 45 April 29, 2025 Colombian Peso 4,504.77 4,479.58 51 April 29, 2025 Colombian Peso 4,500.50 4,479.48 42 May 29, 2025 Chilean Peso 998.65 997.07 7 June 30, 2025 Chilean Peso 998.96 997.70 5 Fair value as of December 31, 2024 731 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 25, 2024 Indian Rupee 83.53 83.29 9 January 25, 2024 Indian Rupee 83.53 83.29 6 January 31, 2024 Colombian Peso 4,445.50 3,850.40 1,366 January 31, 2024 Colombian Peso 4,314.50 3,849.10 1,129 January 31, 2024 Mexican Peso 18.30 17.05 504 January 31, 2024 Chilean Peso 923.00 876.27 263 January 31, 2024 Brazilian Real 5.18 4.87 187 January 31, 2024 Uruguayan Peso 40.55 39.22 127 February 27, 2024 Indian Rupee 83.64 83.39 9 February 27, 2024 Indian Rupee 83.64 83.39 6 February 29, 2024 Colombian Peso 4,415.71 3,875.77 800 February 29, 2024 Mexican Peso 18.78 17.16 639 February 29, 2024 Colombian Peso 4,177.65 3,871.87 479 February 29, 2024 Chilean Peso 924.70 877.77 264 February 29, 2024 Colombian Peso 4,074.90 3,869.88 263 February 29, 2024 Brazilian Real 5.21 4.89 197 February 29, 2024 Uruguayan Peso 40.30 39.61 87 March 26, 2024 Indian Rupee 83.55 83.47 3 March 26, 2024 Indian Rupee 83.54 83.47 2 March 27, 2024 Colombian Peso 4,440.00 3,901.25 794 March 27, 2024 Mexican Peso 18.83 17.24 625 March 27, 2024 Chilean Peso 935.50 879.35 312 April 25, 2024 Indian Rupee 83.70 83.62 3 April 25, 2024 Indian Rupee 83.70 83.62 2 April 25, 2024 Indian Rupee 83.72 83.62 2 Fair value as of December 31, 2023 8,078 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 24, 2025 Indian Rupee 84.37 85.85 (52) January 24, 2025 Indian Rupee 84.36 85.81 (42) January 24, 2025 Indian Rupee 84.35 85.85 (26) January 29, 2025 Colombian Peso 4,273.00 4,424.76 (335) January 30, 2025 Colombian Peso 4,224.50 4,424.97 (404) January 30, 2025 Brazilian Real 5.73 6.21 (206) January 30, 2025 Chilean Peso 960.45 994.94 (147) January 30, 2025 Brazilian Real 6.21 6.22 (1) January 31, 2025 Mexican Peso 19.65 20.98 (419) January 31, 2025 Mexican Peso 19.82 20.98 (361) January 31, 2025 Uruguayan Peso 42.55 44.25 (117) February 25, 2025 Indian Rupee 84.61 86.07 (51) February 25, 2025 Indian Rupee 84.65 86.03 (40) February 25, 2025 Indian Rupee 84.67 86.07 (25) February 27, 2025 Colombian Peso 4,241.62 4,439.72 (397) February 27, 2025 Colombian Peso 4,301.59 4,440.53 (290) February 27, 2025 Brazilian Real 5.75 6.26 (226) February 27, 2025 Chilean Peso 960.95 995.29 (146) February 27, 2025 Brazilian Real 6.25 6.25 (1) February 28, 2025 Mexican Peso 19.72 21.07 (422) February 28, 2025 Mexican Peso 20.00 21.06 (326) February 28, 2025 Uruguayan Peso 43.33 44.43 (77) March 25, 2025 Indian Rupee 85.25 86.27 (36) March 25, 2025 Indian Rupee 85.23 86.23 (29) March 25, 2025 Indian Rupee 85.25 86.27 (18) March 28, 2025 Mexican Peso 20.39 21.17 (468) March 28, 2025 Colombian Peso 4,331.90 4,457.23 (249) March 28, 2025 Colombian Peso 4,348.50 4,457.58 (239) March 28, 2025 Brazilian Real 5.78 6.27 (217) March 28, 2025 Chilean Peso 958.60 995.56 (157) March 28, 2025 Brazilian Real 6.28 6.28 (1) March 31, 2025 Uruguayan Peso 43.61 44.56 (64) April 25, 2025 Indian Rupee 85.48 86.53 (38) April 25, 2025 Indian Rupee 85.46 86.42 (28) April 25, 2025 Indian Rupee 85.48 86.53 (18) April 29, 2025 Chilean Peso 970.50 996.01 (107) April 30, 2025 Brazilian Real 5.93 6.30 (162) April 30, 2025 Mexican Peso 21.12 21.29 (80) April 30, 2025 Uruguayan Peso 43.80 44.82 (68) May 27, 2025 Indian Rupee 85.86 86.70 (30) May 27, 2025 Indian Rupee 85.84 86.61 (22) May 27, 2025 Indian Rupee 86.10 86.71 (11) May 28, 2025 Colombian Peso 4,489.00 4,495.92 (15) May 28, 2025 Colombian Peso 4,490.00 4,495.95 (12) May 30, 2025 Mexican Peso 21.01 21.38 (210) May 30, 2025 Brazilian Real 6.20 6.35 (74) May 30, 2025 Uruguayan Peso 44.64 45.04 (27) June 27, 2025 Uruguayan Peso 45.09 45.24 (9) Fair value as of December 31, 2024 (6,500) Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 25, 2024 Argentine Peso 560.00 808.48 (1) January 25, 2024 Indian Rupee 83.21 83.28 (2) Fair value as of December 31, 2023 (3) During the year ended December 31, 2022, Globant LLC entered into equity forward contracts to manage the risk associated with the volatility of the Company's market share price use to determine the cash-settled shared based plan. The Company designated those derivatives as hedging instruments in respect of market share price risk in cash flow hedges. Hedges of cash-settled share base payment risk on firm commitments are accounted for as cash flow hedges. Since the Company separates the forward element and the spot element of the forward contract and designates as the hedging instrument only the change in the value of the spot element of the forward contract, the effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge, except for the portion that affects comprehensive income for the granted shares in which the rendering of services over time lapse has already occur to the date of report. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the "other financial results, net" line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item (i.e., Sharebased compensation expense). As of December 31, 2024 and 2023, the Company recognized a loss of 1,203 and a gain of 575, respectively, included in the line item "Share-based compensation expense - Cash settle", a loss of 46 and a gain of 2,362, respectively, included in the line item "Gains and losses on cash flow hedges", from other comprehensive income and as of December 31, 2024 and 2023 a financial gain of 0 and 492, respectively, included in the line item "Net loss arising from financial assets measured at fair value through OCI". Currency Forward Fair value Settlement date from contracts Price assets / (liabilities) June 2, 2025 US dollars 208.72 45 June 1, 2026 US dollars 219.34 44 Fair value as of December 31, 2024 89 Currency Forward Fair value Settlement date from contracts Price assets / (liabilities) June 2, 2025 US dollars 302.36 (710) June 1, 2026 US dollars 315.09 (698) Fair value as of December 31, 2024 (1,408) Currency Forward Fair value Settlement date from contracts Price assets / (liabilities) June 3, 2024 US dollars 198.85 188 June 2, 2025 US dollars 208.72 189 June 1, 2026 US dollars 219.34 181 Fair value as of December 31, 2023 558 Currency Forward Fair value Settlement date from contracts Price assets / (liabilities) June 3, 2024 US dollars 289.90 (393) June 2, 2025 US dollars 302.36 (383) June 1, 2026 US dollars 315.09 (391) Fair value as of December 31, 2023 (1,167) |
