Cablevisión Holding Announces its First Half and Second Quarter 2023 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 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 Half and Second 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 June 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 (1H23 vs. 1H22):

• Total Revenues reached Ps. 517,253 million, a decrease of 9.3% in real terms as of 1H23, compared to the same period of 2022, in a context in which price increases for our services in 2022 and the first semester of 2023 weren´t sufficient to compensate for the increasing inflation (115.6% interannually as of June 2022).
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 370,965 million, a decrease of 6.5% in constant currency, driven by lower costs on all items.
• EBITDA reached Ps. 146,288 million as of 1H23, a decrease of 15.8% in real terms compared to 1H22, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 28.3% in 1H23, compared to 30.5% in 1H22.
• Consolidated Net Income amounted to Ps. 40,504 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 15,079 million.

FINANCIAL HIGHLIGHTS

(millions of Ps. in constant Currency as of June 30, 2023)	1H23	1H22	% Ch.	2Q23	1Q23	2Q22	QoQ	YoY
Total Revenues	517,253	570,376	(9.3%)	251,349	265,904	273,565	(5.5%)	(8.1%)
EBITDA (1)	146,288	173,830	(15.8%)	65,999	80,289	71,140	(17.8%)	(7.2%)
EBITDA Margin (2)	28.3%	30.5%	(7.2%)	26.3%	30.2%	26.0%	(13.0%)	1.0%
Net income	40,504	67,608	(40.1%)	5,623	34,881	7,558	(83.9%)	(25.6%)
Attributable to:
Equity Shareholders	15,079	25,219	(40.2%)	2,026	13,053	1,975	(84.5%)	2.6%
Non-Controlling Interests	25,425	42,389	(40.0%)	3,597	21,829	5,583	(83.5%)	(35.6%)

⁽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.}