TCMFF Overview

Financial Results Overview: Cablevisión Holding S.A. reported a 49.6% increase in total revenues for the first nine months of 2025, reaching Ps. 5,622,561 million, largely due to the acquisition of Telefónica Móvil Argentina and higher average revenues per user (ARPU) in mobile, internet, and cable TV services.

EBITDA and Costs: The company's EBITDA rose by 57.8% to Ps. 1,705,926 million, with an EBITDA margin of 30.3%. Total costs increased by 46.3%, primarily due to the incorporation of TMA, but showed a 3.0% decrease when excluding this effect.

Net Loss: Cablevisión reported a consolidated net loss of Ps. 279,620 million, with a significant loss attributable to equity shareholders amounting to Ps. 120,080 million, reflecting a 125.2% decline compared to the previous year.

Conference Call Announcement: A webcast presentation to discuss the financial results is scheduled for November 12, 2025, at 3:00 PM Buenos Aires time, with access available through the company's investor relations website.

Analyst Rating Update: Scotiabank analyst Andres Coello has increased the price target for Telecom Argentina (TEO) from $6.10 to $6.20 while maintaining an Underperform rating, anticipating continued investment in network modernization and affordable pricing.

Corporate Developments: Telecom Argentina is set to hold a shareholders' meeting to discuss financials and corporate reorganization, alongside reporting FY24 earnings that indicate recovery despite inflation challenges.

Financial Performance: Telecom Argentina reported a net income of P$1,033,252 million for FY24, driven by gains from exchange rate differences, despite a 7.7% decline in consolidated revenues to P$4,137,596 million compared to FY23. The company experienced a positive trend in service revenues during the fourth quarter, with a year-over-year increase of 2.6%.

Customer Growth and Investments: The customer base saw growth in mobile accesses and cable TV subscribers, while broadband accesses slightly decreased. The company invested P$806,649 million in capital expenditures, focusing on expanding cable TV and internet services, as well as enhancing mobile network capacity.

Financial Performance: Telecom Argentina reported a 10.4% decrease in consolidated revenues for Q3 2024 compared to the previous year, but net income rose significantly to P$951,912 million due to exchange rate gains, despite challenges from high inflation.

Strategic Investments: The company is focusing on expanding its services and improving network capacity, having reduced its net financial debt by 37.6% and invested P$538,119 million in capital expenditures, while maintaining a stable operating income margin.