Financials IBM Buenos Aires S.E.

Stocks

IBMD

ARDEUT110202

IT Services & Consulting

End-of-day quote Buenos Aires S.E. 20/08/2026			5-day change	1st Jan Change
16.22 ^USD	-0.67%		-1.58%	-22.13%

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Projected Income Statement: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	57,350	60,530	61,860	62,753	67,535	70,384	73,198	76,948
Change	-	5.54%	2.2%	1.44%	7.62%	4.22%	4%	5.12%
EBITDA ¹	-	14,739	15,447	16,400	19,200	20,153	21,555	22,784
Change	-	-	4.8%	6.17%	17.07%	4.96%	6.96%	5.7%
EBIT ¹	-	9,937	11,052	11,263	14,126	14,973	15,999	17,606
Change	-	-	11.22%	1.91%	25.42%	6%	6.85%	10.05%
Interest Paid ¹	-1,155	-1,216	-1,607	-1,712	-1,935	-1,891	-1,959	-2,006
Earnings before Tax (EBT) ¹	4,837	1,156	8,690	5,797	10,328	11,417	12,918	14,807
Change	-	-76.1%	651.73%	-33.29%	78.16%	10.55%	13.14%	14.63%
Net income ¹	5,743	1,639	7,502	6,023	10,593	9,867	11,298	12,433
Change	-	-71.46%	357.72%	-19.71%	75.88%	-6.85%	14.5%	10.04%
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	17,618	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,977	16,331	19,686	15,917	17,162	16,837	20,477	16,516	17,983	17,588	21,335	17,371	18,541
Change	-	-5.24%	-14.96%	9.42%	-9.19%	18.31%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	16.75%	-3.81%	20.54%	-19.15%	7.82%	-1.89%	21.62%	-19.34%	8.89%	-2.2%	21.3%	-18.58%	6.74%
EBITDA ¹	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	3,000	4,000	3,800	5,600	3,400	4,700	4,600	6,500	4,000	4,800	4,721	6,666	4,035	5,279	4,989	7,038	-	-
Change	-	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-46.09%	33.33%	-5%	47.37%	-39.29%	38.24%	-2.13%	41.3%	-38.46%	20%	-1.66%	41.21%	-39.47%	30.83%	-5.5%	41.09%	-	-
EBIT ¹	2,598	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,870	2,363	4,403	2,006	3,641	3,334	5,149	2,504	3,489	3,557	5,411	2,629	3,787	3,630	5,640	-	-
Change	-	39.84%	-54.67%	45.54%	-17.94%	99.59%	-59.86%	62.18%	-1.84%	75.89%	-63.13%	76.4%	-17.67%	86.33%	-54.44%	81.51%	-8.43%	54.44%	-51.37%	39.34%	1.95%	52.13%	-51.41%	44.01%	-4.13%	55.37%	-	-
Charge d'intérêts ¹	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-510	-492	-478	-473	-486	-466.2	-467.8	-436	-434.6	-433.6	-432.7	-485	-480
Earnings before Tax (EBT) ¹	1,319	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,597	2,430	4,144	1,387	2,479	2,758	4,402	1,742	3,065	2,846	4,856	2,054	3,335
Change	-	117.51%	-78.29%	176.4%	-361.38%	173.58%	-68.06%	89.04%	-6.35%	100.69%	-71.43%	106.61%	-136.14%	512.22%	-64.97%	124.27%	-6.43%	70.53%	-66.53%	78.73%	11.27%	59.58%	-60.42%	75.95%	-7.15%	70.63%	-57.7%	62.37%
Net income ¹	1,130	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,834	-330	2,915	1,055	2,194	1,744	5,600	1,216	2,165	2,388	3,866	1,475	2,628	2,394	4,102	1,760	2,854
Change	-	106.37%	-68.57%	89.9%	-329.6%	184.82%	-65.81%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.33%	-63.81%	107.96%	-20.51%	221.1%	-78.29%	78.04%	10.31%	61.87%	-61.84%	78.17%	-8.9%	71.35%	-57.09%	62.16%
Announcement Date	20/10/21	24/01/22	19/04/22	18/07/22	19/10/22	25/01/23	19/04/23	19/07/23	25/10/23	24/01/24	24/04/24	24/07/24	23/10/24	29/01/25	23/04/25	23/07/25	22/10/25	28/01/26	22/04/26	22/07/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	44,147	42,108	43,085	40,168	46,789	43,313	33,564	28,440
Change	-	-4.62%	2.32%	-6.77%	16.48%	-7.43%	-22.51%	-15.27%
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,381	1,860	1,488	1,127	1,617	1,540	1,667	1,706
Change	-	-21.88%	-20%	-24.26%	43.48%	-4.78%	8.29%	2.29%
Free Cash Flow (FCF) ¹	6,508	9,291	11,210	12,749	14,734	15,479	17,171	18,051
Change	-	42.76%	20.65%	13.73%	15.57%	5.06%	10.93%	5.12%
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	24.35%	24.97%	26.13%	28.43%	28.63%	29.45%	29.61%
EBIT Margin (%)	-	16.42%	17.87%	17.95%	20.92%	21.27%	21.86%	22.88%
EBT Margin (%)	8.43%	1.91%	14.05%	9.24%	15.29%	16.22%	17.65%	19.24%
Net margin (%)	10.01%	2.71%	12.13%	9.6%	15.69%	14.02%	15.43%	16.16%
FCF margin (%)	11.35%	15.35%	18.12%	20.32%	21.82%	21.99%	23.46%	23.46%
FCF / Net Income (%)	113.32%	566.87%	149.43%	211.67%	139.09%	156.87%	151.98%	145.19%
Profitability
ROA	3.99%	6.42%	5.73%	7.11%	7.61%	6.95%	7.54%	8.02%
ROE	36.33%	40.77%	33.79%	38.86%	36.67%	32.59%	29.91%	27.41%
Financial Health
Leverage (Debt/EBITDA)	-	2.86x	2.79x	2.45x	2.44x	2.15x	1.56x	1.25x
Debt / Free cash flow	6.78x	4.53x	3.84x	3.15x	3.18x	2.8x	1.95x	1.58x
Capital Intensity
CAPEX / Current Assets (%)	4.15%	3.07%	2.41%	1.8%	2.39%	2.19%	2.28%	2.22%
CAPEX / EBITDA (%)	-	12.62%	9.63%	6.87%	8.42%	7.64%	7.74%	7.49%
CAPEX / FCF (%)	36.59%	20.02%	13.27%	8.84%	10.97%	9.95%	9.71%	9.45%
Items per share
Cash flow per share ¹	14.15	11.44	15.11	14.35	13.91	17.8	17.95	18.77
Change	-	-19.14%	32.08%	-5.04%	-3.06%	28.02%	0.84%	4.57%
Dividend per Share ¹	6.55	6.52	6.63	6.67	6.71	6.766	6.813	6.949
Change	-	-0.46%	1.69%	0.6%	0.6%	0.83%	0.7%	2%
Book Value Per Share ¹	21.09	24.31	24.63	29.48	34.84	40.87	47.34	54.95
Change	-	15.24%	1.3%	19.71%	18.2%	17.3%	15.81%	16.09%
EPS ¹	6.35	1.8	8.14	6.43	11.17	10.19	11.25	12.65
Change	-	-71.65%	352.22%	-21.01%	73.72%	-8.82%	10.45%	12.44%
Nbr of stocks (in thousands)	896,800	904,126	913,119	924,645	934,735	942,134	942,134	942,134
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-