Cablevisión Holding Announces Its First Quarter 2023 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 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 First 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 March 31, 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 (1Q23 vs. 1Q22):

• Total Revenues reached Ps. 214,818 million, a decrease of 10.4% in real terms as of 1Q23, compared to the same period of 2022, in a context in which price increases for our services in 2022 and the first quarter of 2023 weren´t sufficient to compensate for the lag vis a vis inflation (104.3% interannually as of March 2022).
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 149,954 million, a decrease of 4.4% in constant currency, mainly driven by lower costs on all items, except for employee benefits expenses and severance payments, and bad debt expenses.
• EBITDA reached Ps. 64,864 million as of 1Q23, a decrease of 21.8% in real terms compared to 1Q22, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 30.2% in 1Q23, compared to 34.6% in 1Q22.
• Consolidated Net Income amounted to Ps. 28,180 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 10,545 million.

FINANCIAL HIGHLIGHTS

(millions of Ps. in constant Currency as of March 31, 2023)	1Q23		1Q22		% Ch.		4Q22		QoQ
Total Revenues	214,818		239,787		(10.4%)		215,195		(0.2%)
EBITDA (1)	64,864		82,963		(21.8%)		50,831		27.6%
EBITDA Margin (2)	30.2%		34.6%		(12.7%)		23.6%		27.8%
Net income	28,180		48,512		(41.9%)		(16,958)		(266.2%)
Attributable to:
Equity Shareholders	10,545		18,787		(43.9%)		(6,951)		(251.7%)
Non-Controlling Interests	17,635		29,725		(40.7%)		(10,007)		(276.2%)

⁽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.}