Cablevision Holding S.A.

Good morning, and welcome to Cable Vision Holdings conference call. Today, the team will discuss first quarter 2025 results as per the earnings release distributed Monday, May 12, 2025. My name is Nick, and I will be your conference operator for 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 Cablevision Holdings' future performance, plans, strategies, and targets. Such statements are subject to uncertainties that could cause Cablevision 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 Cablevision Holdings' products and services, and the effect 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 received the report or need 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.cablevisionholdings.com forward 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 speakers, Ms. Samantha Olivieri, Head of Investor Relations, and Mr. Julian Brescia, Senior Analyst. For the Q&A session, they will be joined by Mr. Ignacio Drellet, CVH's Executive Director and Chairman. It is now my pleasure to turn the call over to Mrs. Samantha Olivieri. Please go ahead, ma'am.

Thank you, Nick. 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 Julián for the macro overview.

Thank you, Samantha. When the current administration took office 18 months ago, it entered into an economy marked by deep macroeconomic imbalances that had deteriorated over 2023. After more than a decade of stagnation, with average annual GDP growth of only 0.2%, the country was running persistent in deficits, triple digit inflation, its central banks held negative net reserves, and markets were heavily intervened with massive exchange rate controls and utility tariffs well below cost recovery levels, all contributing to growing distortions and fiscal pressures. In this context, the new administration implemented a stabilization program based on three key anchors. A fiscal anchor in 2024, Argentina recorded a fiscal surplus of 0.3% of GDP. The first in over a decade. As part of its ongoing fiscal treasury, the government has set a target of 1.6% premium surplus for 2025 aligned with fiscal sustainability. A monetary anchor. Monetary issues resulting from central bank financing of the treasury was fully eliminated. Inflation showed a consistent descending trend from 211% in 2023 to 118% in 2024 and continued at 56% year-on-year as of March. An exchange rate anchor. For the first 70 months, under a framework of currency controls, a cruel impact policy was adopted to set an exchange rate expectation and contain inflation in a B monetary economy. It led to an appreciation of the peso against the dollar of 70% since 2024, contributing to a correction in relative prices, including those of regulated services. In this macroeconomic rebalancing, economic activity has shown V-shaped recovery. According to the monthly economic activity index, the economy bottomed out in April 2024 with a 3% year-on-year decline, then Gradually improved, averaging 1.7% decline in 2024. And data from the first semester index of 2025 suggests that if current levels continue, GDP could grow by around 5% this year, mainly due to the carryover effect from the rebound that began in the second semester of 2024. It is worth mentioning that this recovery has been highly irregular across sectors. the best performing agriculture and energy, while construction, industry, and mass consumption remain relatively lagging. Following the initial phase of economy rebalancing, April 2025 marked a turning point. In a context of rising global volatility driven by trade tensions and tariff-related uncertainty that affected export commodity prices and amplified risk spreads for emerging markets, the government reached a new agreement with the AMF. The agreement involved a loan of over $20 billion. of which more than 12 billion have already been disbursed. The treasury used debt funds to repay interest state debt with the central bank, which in turn increased the central bank's gross reserves from 24 to 38 billion dollars. The agreement also involved a partial lifting of foreign exchange controls. Individuals now face no restriction on access to the FX market. while most of the restrictions on corporations remain in place. The lifting of foreign exchange controls was followed by the implementation of a new exchange rate regime based on a banded flow system. As long as the exchange rate remains within the defined advance, the government is not required to intervene. This framework provides flexibility to absorb external shocks and enables price discovery, an issue that has raised concerns among market participants under the previous exchange regime. given the challenging dynamics of the central bank's reserve accumulation. The liberalization of the exchange rate in the middle of April led to a convergence between the official and financial exchange rates, resulting in a 4.45% depreciation of the official rate as of this date. Regarding perspectives, the dynamics of the exchange rate in the coming months will be a key variable to monitor. In a big currency economy, excessive volatility could challenge inflation expectations, especially considering that the external sector is showing signs of stress. The commercial balance has deteriorated, with the 2.2 billion deficit recorded as of March compared to the 9 billion surplus in the same period of last year, excluding the effect of the exporters' plain exchange rate scheme. And country risk remains unlimited, with a spread of 678 points, indicating that access to international markets is still distant. an issue of concern given Argentina's need to rule over maturity in debt. Additionally, political uncertainty ahead of the middle elections will be critical tests of public support for the government's economic program. On top of these domestic challenges, the global environment remains unpredictable. Having gone through the macro overview, now I will pass the call back to Samantha. Thank you.