Telecom Argentina SA

Good morning and welcome to Kabul Vision Holdings conference call. Today the team will discuss nine months and third quarter 2024 results as per the earnings release distributed last Thursday, November 7th. My name is Drew and I will be your conference operator today. This call is for investors and analysts only. Therefore, questions from the media will not be taken at this time. However, if you are a member of the media and have questions, please contact FIG Corporate Communications. Comments made by the company may contain forward-looking statements about Cabo Vision Holdings' future performance, plans, strategies, and targets. Such statements are subject to uncertainties that could cause Cabo Vision Holdings' actual results and operations to differ materially. Such uncertainties include but are not limited to the effects of the impact of new or ongoing industry and economic regulations, possible changes in demand for Cabo Vision Holdings products and services, and the effects of more general factors such as changes in general market, economic, or in regulatory conditions. Please refer to the disclaimer in the earnings report or presentation for additional information regarding forward-looking statements. If you have not receive the report or need any assistance during today's call, please contact FIG Corporate Communications in New York at 917-691-4047 or the company in Buenos Aires at 5411-4309-3417. CVH has also posted the webcast presentation that can be found at www.cabalvisionholding.com slash investors. Following the presentation, there will be a question and answer session. You may submit your questions throughout the event by clicking in the submit a question box on your screen. I will now introduce our speaker, Mrs. Samantha Olivieri, Head of Investor Relations, and Julianne Rashia, Senior Analyst. For the Q&A session, they will be joined by Mr. Ignacio Driolet, CVH's Executive Director and Chairman. It is now my pleasure to turn the call over to Mrs. Samantha Olivieri. Please go ahead.

Thank you, Drew. Good morning, everyone, and thank you for joining us. Today's call will begin with a brief macro overview and continue with a review of the company's income statements and operating results. followed by a review of the financial position. Having gone through the agenda for today's webcast, I will now pass the call to Julian for the macro overview.

Thank you, Samantha. Please move to slide four. As we mentioned in the previous calls in the first month in office, the government implemented a stabilization program based on three key anchors, a fiscal anchor, an exchange rate anchor, and a monetary anchor. For the first time in over a decade, a fiscal surplus was achieved On the exchange rate front, the government stabilized the currency through a crawling peg policy set around 2% monthly adjustment within a framework of currency controls. Additionally, monetary issuance was stopped. The government also advanced in adjusting relative prices, in particular for regulated services. Regarding inflation, there was a progress in slowing down the speed of price increases. The rate of deterioration was more pronounced during the initial month. However, in recent months, this acceleration has moderated, aligning more closely with the 2% monthly crawling pay. The central bank has focused on improving its balance sheet by eliminating remunerated liabilities and gradually rebuilding gross international reserves. In addition, the recent tax amnesty program leads to an increase in private sector USD deposits of nearly $16 billion, 86% in just two and a half months. This inflow of foreign currency, along with substantial agricultural sector exports and increased corporate bond issuance, boosted the central bank's gross reserves to over $30 billion. Market confidence in the economic program has shown signs of improvement. Since the change in government, the country's risk index has dropped by 62% and fallen below 900 points, the lowest level in the last five years. This is an encouraging indicator given the need to re-access international debt markets. The stabilisation programme is having a negative impact on activity and consumption. It is estimated that the economy will contract by 3.5% this year, but will grow by 5% in 2025. The decline is concentrated in the early months of the year, after which a plur was reached and gradual signs of improvement begin to emerge. The monthly economic activity estimator has increased for the second consecutive month, but is still showing a 3.8% year-on-year decline compared to August 2023. The best-performing sectors this year are agriculture and energy, while the sectors still lagging are industry, construction, and retail. Looking forward, despite the progress made, the current administration will face several challenges. The legislative election next year, which will retest approval levels during the stabilization lifting currency controls, and returning to international debt markets. Now, I will pass the call back to Samantha. Thank you.