Grupo Clarín Announces First Quarter 2024 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 13, 2024 / Grupo Clarín S.A. ("Grupo Clarín" or the "Company") (BCBA:GCLA), the largest media company in Argentina, announced today its First Quarter 2024 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ^(*) ("IFRS") as of March 31, 2024 and are stated in Argentine Pesos ("Ps"), unless otherwise indicated.

^(*) _{The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) as per Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), that establishes that the restatement must be applied to the financial statements.}

Highlights (1Q24 vs. 1Q23):

• For the purposes of the analysis, it should be noted that the results presented in a comparative manner (1Q23) include the effect of year over year inflation as of March 31, 2024, which amounted to 287.9%.
• Total Revenues reached Ps. 49,901.2 million, a decrease of 43.5% in real terms compared to 1Q23, mainly due to lower Circulation revenues in Digital and Printed Publications and lower Advertising and Programming revenues in real terms.
• Adjusted EBITDA⁽¹⁾ reached Ps. 604.7 million, a decrease of 95.1% compared to 12,431.2 for 1Q23, mainly driven by lower revenues in all segments, which couldn't be totally offset by lower costs.
• Grupo Clarín's Adjusted EBITDA Margin⁽²⁾ was 1.2% in 1Q24, compared to 14.1% in 1Q23.
• Net Income for the period resulted in a loss of Ps. 6,863.5 million, a change of -268.2% compared to a profit of Ps. 4,080.0 million reported in 1Q23. Loss for the period attributable to Equity Shareholders amounted Ps 7,262.8 million in 1Q24 from a profit of Ps. 4,112.0 million in 1Q23, a change of -276.6%.

FINANCIAL HIGHLIGHTS

(In millions of Ps.)			1Q24				1Q23			% Ch.					4Q23			QoQ
Total Revenues			49,901.2				88,286.3				(43.5	%)			73,379.3				(32.0	%)
Adjusted EBITDA (1)			604.7				12,431.2				(95.1	%)			(1,303.5	)			(146.4	%)
Adjusted EBITDA Margin (2)			1.2	%			14.1	%			(91.4	%)			(1.8	%)			(168.2	%)
Profit/(Loss) for the period			(6,863.5	)			4,080.0				(268.2	%)			(13,709.6	)			(49.9	%)
Attributable to:
Equity Shareholders			(7,262.8	)			4,112.0				(276.6	%)			(12,790.7	)			(43.2	%)
Non-Controlling Interests			399.3				(32.1	)			(1345.7	%)			(918.9	)			(143.5	%)

^{(1) We define Adjusted EBITDA as Total Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted 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, Adjusted 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 Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.}