Cablevisión Holding Announces Its Nine Months and Third Quarter 2023 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 10, 2023 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company") (BCBA:CVH)(LSE:CVH)(Level 1:CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO),(BCBA:TECO2), announced today its Nine months and Third Quarter 2023 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of September 30, 2023, unless otherwise indicated.

The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").

CVH Highlights (9M23 vs. 9M22):

• Total Revenues reached Ps. 1,030,771 million, a decrease of 8.1% in real terms as of 9M23, compared to the same period of 2022, in a context in which price increases for our services in 2022 and the first nine months of 2023 weren't sufficient to compensate for the increasing inflation (138.3% interannually as of September 2022).
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 734,263 million, a decrease of 8.3% in constant currency, driven by lower costs on all items.
• EBITDA reached Ps. 296,508 million as of 9M23, a decrease of 7.6% in real terms compared to 9M22, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in an increased EBITDA Margin of 28.8% in 9M23, compared to 28.6% in 9M22.
• Consolidated Net Income amounted to Ps. 86,196 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 31,722 million.

FINANCIAL HIGHLIGHTS

(millions of Ps. in constant Currency as of September 30, 2023)	9M23	9M22	% Ch.	3Q23	2Q23	3Q22	QoQ	YoY
Total Revenues	1,030,771	1,122,215	(8.1%)	333,403	338,873	353,225	(1.6%)	(5.6%)
EBITDA(1)	296,508	321,060	(7.6%)	99,279	88,981	86,696	11.6%	14.5%
EBITDA Margin(2)	28.8%	28.6%	0.5%	29.8%	26.3%	24.5%	13.4%	21.3%
Net income	86,196	(314,530)	(127.4%)	31,588	7,580	(405,685)	316.7%	(107.8%)
Attributable to:
Equity Shareholders	31,722	(192,980)	(116.4%)	11,392	2,732	(226,978)	317.0%	(105.0%)
Non-Controlling Interests	54,474	(121,550)	(144.8%)	20,196	4,849	(178,707)	316.5%	(111.3%)

⁽¹⁾ EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.