Cablevision Holding S.A.

Good morning and welcome to Cablevision Holdings conference call. Today the team will be discussing Cablevision Holdings first half and second quarter 2025 result as per the earnings release distributed Monday, August 11, 2025. My name is Steve and I will be a 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 FIC Corporate Communication. Comments made by the management may contain forward-looking statements about cable vision holdings, future performance, plans, strategies and targets. Such statements are subject to uncertainties that could cause cable vision holdings, actual result and operation to differ materially. Such uncertainties include but are not limited to to differ materially. Limited to the effects of the impact of new or ongoing industries and economic regulation. Possible changes in demand for cable vision holdings, product, 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 today's call. Please contact FIT Corporate Communication in New York at 917-691-7000 Cablevision Holdings has also posted the webcast presentation that can be found at www.cablevisionholdings.com slash investors. Following the presentation, there will be a question and answer session. You may submit a question throughout the event by clicking in the Submit a Question box on your screen. I will now introduce our speakers, Ms. Samantha Oliveri, Head of Investor Relations, and Julian Brascia, Senior Analyst. Ms. Samantha Oliveri, please go ahead.

Thank you, Steve. 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.

Thanks, Samantha. By the end of 2021, programs centered on a fiscal surplus by reducing public spending. It also focuses on monetary discipline, including the improvement of the central bank's balance sheet, while also correcting relative prices, mainly through subsidy reductions and stabilizing the exchange rate. Key macro indicators have shown progress so far. However, the risk persists and requires close attention, particularly in relation to the main pillars of the economic program. The fiscal anchor remains at the core of the stabilization program. So far this year, the national public sector has accumulated the primary surplus of 0.9% of GDP. The government has set a 1.6 target, which is 0.3% above the one agreed on with the IMF. This will be the second consecutive year with a fiscal surplus, something Argentina has not achieved since 2008. Inflation has also continued effective normalization. While the official rate has remained within the defined balance, it is currently trading above the midpoint, reflecting some pressure in the lead-up to October midterm elections and especially weaker supply of dollars from agriculture exports. In a bi-currency economy like Argentina, exchange rate dynamics remain a key variable for sustaining this inflation, which is the government's most valuable achievement. A point to be monitored is the performance of the current accounts and the practical move toward a more flexible foreign exchange system may help correct this imbalance over time. regarding the purchase of dollars in the official market by the non-financial private sector. After the partial listing of foreign exchange controls in April, individuals have purchased more than $9.3 billion. Given this trend, the external sector is showing a dynamic that should be closely monitored. As a result of this stabilization program, economic activity here on the year declined. Then it went and improved averaging 1.3% decline in 2024. Data from the first four months of 2025 suggest that if current levels continue, GDP could grow by around 5% this year, mainly due to the carryover effects from the rebound that began in the second semester of 2024. We should also consider that this recovery has been highly irregular across sectors. The best performing sectors are agriculture and energy. while construction, industry and mass consumption are still lagging. Besides, household disposable income remains significantly constrained because real wages have not risen enough to offset the higher cost of living. Finally, the focus of the market is clearly on the electoral cycle. The upcoming midterm election in October will be a critical moment to test if Argentina validates the direction of the economic program. The outcome will determine the level of political support for further structural reforms and will be a key factor in the evolution of Argentina's country risk index, which remains elevated. About 724 basic points, reflecting limited access to international capital markets, even in a context where the central bank is rarely accumulating reserves. This concludes our macroeconomic analysis. I will now pass the call back to Samantha. Thank you.