Cablevision Holding Sa Class B · BCBA:CVH
Cablevision Holding Sa Class B — FY2025 Earnings Presentation
18 slides from Cablevision Holding Sa Class B's earnings presentation, Mar 12, 2026
Slide 1: Full Year and Last Quarter 2025 Results
Full Year and Last Quarter 2025 Results March 12 th , 2026 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 Financial Debt 2026 th , – March 12 Q & A Session 25 Results FY&4Q 3
Slide 4: Macroeconomic Environment
Macroeconomic Environment Key Indicators Inflation (1) Gap vs. Official FX(3) Official FX EoP Crossborder (CCL) FX 300 YoY inflation % 1,800 1,655 250 1,600 2024 Inflation 1,400 1,454 200 118% 1,400 150 2025 Inflation 1,407 32% 1,200 100 50 1,000 843 1,000 0 800 12 -24 12 -23 01 -24 02 -24 03 -24 04
Slide 5: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results Financial Debt 2026 th , – March 12 Q & A Session 25 Results FY&4Q 5
Slide 6: Highlights
Highlights • FY2025 include results of Telefónica Móvil Argentina ('TMA'), which was acquired by Telecom Argentina on February 24, 2025, hence, the results for the FY25 aren’t comparable to the results of 2024 as they include results of TMA from March 1st 2025, onwards. • All Telecom ARPUs present s
Slide 7: Income Statement 2025 & 2024
Income Statement 2025 & 2024 Exhibit 1: Revenues & EBITDA 1 1 2025 2024 Exhibit 2: Revenues & EBITDA Exhibit 3: Net Income 2025 AR$ MM AR$ MM AR$ Bn 5,442,956 IAS 29 8,328,814 2,503.4 Nominal Pesos 895,695 730,493 EBTIDA Margin 1,514,447 2,029,237 2,075.3 5,094,954 630.5 46.3 3.7 2,408,401 7,433,119
Slide 8: CVH (Excluding TMA) - Income Statement
CVH (Excluding TMA) - Income Statement 4Q25 & 4Q24 Exhibit 5: Revenues & EBITDA 1 4Q24 1 4Q25 Exhibit 7: Revenues Breakdown 4Q25 Exhibit 6: Revenues & EBITDA Constant AR$ in MM Constant AR$ in MM 1,452,487 1,389,513 4% 11% 14% 1% 977,593 1,035,473 25% 45% 32.7% 25.5% 2026 474,894 th , 354,040 Fixed
Slide 9: Results of the Incorporation of TMA
Results of the Incorporation of TMA 2025 &4Q25 Exhibit 8: Network coverage Exhibit 9: Subs Subs in Thousands Subs in Thousands 19,129 Only TEO 2,100 1,632 391 Mobile Telephony Fixed Telephony Broadband Pay TV TEO + Exhibit 10: Revenues & EBITDA 1 TMA AR$ MM 2,712,661 812,019 2026 th , – March 12 2,0
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 +101% 1,141,301 34,858 +15% 50% 567,803 650,831 567,803 1,106,443 IAS Adjustment 147,213 Constant Pesos Nominal Revenue 420,590 4Q24 4Q25 4Q24 4Q25 Exhibit 13: Mobile Personal (1)
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 39.3% 992,197 20,107 4,030 4,160 IAS Adjustment 11% 2% 12% 712,026 463,782 Broadband 184,173 1,632 98% 89% 265,546 280,682 Fixed Telephony 21% 112,163 2024 2025
Slide 12: Income Statement - 4Q25 Expenses Breakdown
Income Statement 4Q25 Expenses Breakdown Exhibit 21 : 4Q25 Expenses Breakdown % yoy, AR$ MM 2% 3% Employee benefit expenses and severance payments 2% 7% 1% Fees for Services, Maintenance, Materials and Supplies Other Operating Income and Expense 31% Taxes and Fees with the Regulatory Authority 10% P
Slide 13: Income Statement - 4Q25 & 4Q24 yoy figures
Income Statement 4Q25 & 4Q24 yoy figures Exhibit 22: EBITDA Evolution 4Q25 vs 4Q24 % yoy, AR$ MM 663,412 (13.4%) 10,986 (13.0%) 188,518 (31.2%) (0.1%) (40.1%) 7.1% 48,097 7,588 26,745 3,395 159 13,933 28,599 22,434 6.8% 24.5% 354,040 91,572 4.0% (31.1%) 2026 Revenues Revenues C
Slide 14: Capex
Capex 4Q25 & 4Q24 yoy figures Exhibit 23: Investments AR$ Bn & % over Total Revenues 16 new sites were deployed; 351 sites were upgraded. Rights of Use from leases TMA CAPEX PP&E and intangible assets 8,300 FTTH blocks were added. 27.1% 21.3% +107% 613,767 32,719 1,200 blocks with FTTH overlay. 2026
Slide 15: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results Financial Debt 2026 th , – March 12 Q & A Session 25 Results FY&4Q 15
Slide 16: CVH Consolidated Financial Debt
CVH Consolidated Financial Debt Exhibit 24: CVH Proforma Consolidated Debt Profile as of December 31 st , 2025 1 3,715 US$ MM ARS CNY 369 Dollar Linked GUA 307 516 500 500 USD 443 62 282 312 81 274 274 296 300 300 2,630 88 147 98 280 278 51 371 36 54 20 18 38 2026 2027 2028 2029 2030 2031 2032 2033
Slide 17: Income Statement - YoY Variations (Excluding TMA)
Income Statement YoY Variations (Excluding TMA) Exhibit 26: EBITDA Evolution YoY Revenue & EBITDA Var. (%) Revenues 30 EBITDA 20.9% 20 10 3.2% -1.8% 0 -7.1% -7.7% -10 -6.5% -6.5% -8.1% -12.0% -9.3% -20 -14.5% -22.6% -30 2020 2021 2022 2023 2024 2025 Exhibit 27: EBITDA Margin Evolution 2026 EBITDA Ma
Slide 18: Argentina & Company - Latest Events
Argentina & Company - Latest Events Income Statement & Operating Results Financial Debt 2026 th , – March 12 Q & A Session 25 Results FY&4Q 18