Cablevision Holding Sa Class B · BCBA:CVH
Cablevision Holding Sa Class B — Q3 2025 Earnings Presentation
18 slides from Cablevision Holding Sa Class B's earnings presentation, Nov 12, 2025
Slide 1: Nine Months and Third Quarter 2025 Results
Nine Months and Third Quarter 2025 Results November 12 th , 2025 www.cvh.com.ar Please consider the environment before printing this presentation IR@cvh.com.ar
Slide 2: Disclaimer
Disclaimer The information contained herein has been prepared by Cablevisión Holding S.A . (“CVH”) solely for use at this presentation . The information herein is only a summary and does not purport to be complete . This presentation is strictly confidential and may not be disclosed to any other per
Slide 3: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results 2025 Financial Debt th , – November 12 Q & A Session 25 Results 9M&3Q 3
Slide 4: Macroeconomic Environment
Macroeconomic Environment Key Indicators Inflation (1) Gap vs. Official FX(3) 30 Montly inflation % 25.5 Official FX EoP Crossborder (CCL) FX 25 1,800 20.6 20 1,600 1,501 13.2 11.0 1,400 1,475 15 1,400 10 8.9 1,419 1,200 4.2 4.6 4.0 4.2 3.5 3.0 5 2.4 2.7 2.2 2.4 3.7 2.8 1.5 1.6 1.9 1.9 2.1 1,000 932
Slide 5: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results 2025 Financial Debt th , – November 12 Q & A Session 25 Results 9M&3Q 5
Slide 6: Highlights
Highlights • 9M2025 include results of Telefónica Móvil Argentina ('TMA'), which was acquired by Telecom Argentina on February 24, 2025, hence, the results for the 9M25 aren’t comparable to the results of 9M24 as they include results of TMA from March 1st 2025, onwards. • All Telecom ARPUs present s
Slide 7: Income Statement
Income Statement 9M25 & 9M24 Exhibit 1: Revenues & EBITDA 1 1 9M25 9M24 Exhibit 2: Revenues & EBITDA Exhibit 3: Net Income 9M25 AR$ MM AR$ MM AR$ Bn 3,758,165 IAS 29 5,622,561 1,705.9 Nominal Pesos 395,193 321,290 EBTIDA Margin 1,026,411 1,374,002 1,364.0 3,595,345 681.9 64.4 4.1 1,650,632 5,227,368
Slide 8: CVH (Excluding TMA) - Income Statement
CVH (Excluding TMA) - Income Statement 3Q25 & 3Q24 Exhibit 5: Revenues & EBITDA 1 3Q24 1 3Q25 Exhibit 7: Revenues Breakdown 3Q25 Exhibit 6: Revenues & EBITDA Constant AR$ in MM Constant AR$ in MM 1,317,798 1,295,363 4% 10% 15% 1% 873,302 944,120 25% 45% 33.7% 2025 27.1% 444,497 th , 351,243 – Novemb
Slide 9: Results of the Incorporation of TMA
Results of the Incorporation of TMA 9M25 &2Q25 Exhibit 8: Network coverage Exhibit 9: Subs Subs in Thousands Subs in Thousands 19,064 Only TEO 2,107 1,610 395 Mobile Telephony Fixed Telephony Broadband Pay TV TEO + Exhibit 10: Revenues & EBITDA 1 TMA AR$ MM 2025 1,762,192 747,404 th , – November 12
Slide 10: Revenue Breakdown & KPI - Mobile services
Revenue Breakdown & KPI Mobile services Exhibit 11: Mobile Services Revenues Exhibit 12: Excl. TMA Effect AR$ MM AR$ MM +96% 1,035,223 14,835 +12% 50% 528,359 589,422 528,359 1,020,388 IAS Adjustment 141,811 Constant Pesos Nominal Revenue 386,548 3Q24 3Q25 3Q24 3Q25 2025 Exhibit 13: Mobile Personal
Slide 11: Revenue Breakdown & KPI - Fixed services
Revenue Breakdown & KPI Fixed services Exhibit 16: Fixed Services Revenues Exhibit 17: Broadband Subs and BB Speed AR$ MM Subs in Thousands 38.5% 926,126 19,298 4,044 4,146 IAS Adjustment 13% 3% 13% 668,572 437,415 Broadband 179,116 1,610 97% 87% 247,699 252,079 Fixed Telephony 22% 105,605 9M24 9M25
Slide 12: Income Statement - 3Q25 Expenses Breakdown
Income Statement 3Q25 Expenses Breakdown Exhibit 21 : 3Q25 Expenses Breakdown % yoy, AR$ MM 2% Employee benefit expenses and severance payments 5% 0% Fees for Services, Maintenance, Materials and Supplies 5% 36% Taxes and Fees with the Regulatory Authority Commissions and Advertising 7% Interconnect
Slide 13: Income Statement - 3Q25 & 3Q24 yoy figures
Income Statement 3Q25 & 3Q24 yoy figures Exhibit 22: EBITDA Evolution 3Q25 vs 3Q24 % yoy, AR$ MM 645,770 201,273 (6.6%) (14.8%) (5.3%) (0.6%) (37.2%) 4.7% (45.3%) 11,324 6,172 4,782 3,816 1,048 12,471 21,952 351,243 57,351 34,916 29,229 6.0% 5.1% (41.3%) 2025 th , Revenues Reve
Slide 14: Capex
Capex 3Q25 & 3Q24 yoy figures Exhibit 23: Investments AR$ Bn & % over Total Revenues 51 new sites were deployed; 140 sites were upgraded. Rights of Use from leases TMA CAPEX PP&E and intangible assets 1,348 FTTH blocks were added. 18.5% 18.8% +57% 382,305 6,030 blocks with FTTH overlay. 2025 42,843
Slide 15: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results 2025 Financial Debt th , – November 12 Q & A Session 25 Results 9M&3Q 15
Slide 16: CVH Consolidated Financial Debt
CVH Consolidated Financial Debt Exhibit 24: CVH Consolidated Proforma Debt Profile as of September 30 th , 2025 3,652 US$ MM 454 ARS CNY 428 717 Local USD GUA USD 190 500 500 414 437 362 2,423 268 62 280 295 134 93 147 98 223 278 94 312 18 35 36 53 18 17 35 2025 2026 2027 2028 2029 2030 2031 2032 20
Slide 17: Telecom Dividend and CVH Financial Position
Telecom Dividend and CVH Financial Position Exhibit 25: CVH Separate Financial Position As of September 2025, MM AR$ USD Total in USD 1 Total Financial Debt - - - Cash And Equivalents 339.0 4.1 4.3 ) Total Net Debt (4.3) Exhibit 26: Dividend from Telecom’s 2025 Dividend Distribution In MM Nominal Ma
Slide 18: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results 2025 Financial Debt th , – November 12 Q & A Session 25 Results 9M&3Q 18