Cablevision Holding S.A.

Good morning, and welcome to Cablevision Holdings conference call. Today, the team will discuss Cablevision's results for the full year, last quarter of 2025, as detailed in the earnings release distributed on March 10th. My name is Chuck, and I'll be your conference operator today. This call is intended for investors and analysts only. Questions from the media will not be taken at this time. Members of the media with inquiries may contact FIG Corporate Communications. Comments made during today's call may contain forward-looking statements regarding cable vision, future performance, plans, strategies, and targets. Such statements involve risk and uncertainties that could cause actual results or operations to differ materially. These uncertainties include, but are not limited to, the impact of industry and economic regulations, changes in demand for cable vision holdings, products, and services. and broader market economic and 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 require assistance during today's call, please contact SIG Corporate Communications in New York at 1-917-691-4047 or Cablevision Holdings in Buenos Aires at 5411-4309-3417. The webcast presentation is available at www.cablevisionholdings.com front slash investors. I would now like to introduce today's speakers, Ms. Samantha Olivieri, Head of Investor Relations, Mr. Ignacio Solari, Senior Analyst. For the Q&A session, they will be joined by Mr. Ignacio Jolette, Executive Director and Chairman, It is now my pleasure to turn the call over to Ms. Olivieri. Please go ahead.

Thank you, Chuck. 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. I would now like to welcome Ignacio, who has joined the team as senior analyst during the last quarter, for the macro overview.

Thank you, Samantha. Good morning, everyone. Please move to slide four for the macro overview. In 2025, Argentina's economic performance was shaped by the midterm electoral cycle and the government goal of consolidating disinflation while maintaining macroeconomic stability. Two key developments supported this process. First, the agreement reached with the International Monetary Fund in April, securing 15.5 billion U.S. dollars disbursement which increased IMF debt to nearly 55 billion U.S. dollars and raised central banks' gross international reserves to around 39 billion U.S. dollars. At the same time, a new banded floating exchange rate regime was introduced, while effects restrictions were removed for individuals and eased for corporations. Second, the effects stabilization arrangement reached with the U.S. Treasury in October, which included a 20 billion U.S. dollars currency swap facility. The use of US$2.5 billion from this line was key to sustaining the exchange rate regime amid a strong effects demand ahead of the elections. Two aspects of the economy's performance stand out. The first was the preservation of fiscal discipline despite the electoral cycle, with the primary fiscal balance estimated at around 1.4 GPD and the overall fiscal balance posting a surplus of approximately 0.2% of GDP. The second was the continuation of the de-inflation process. Consumer price inflation declined significantly during the year, falling from 118% at the end of 2024 to approximately 32% by the end of 2025. However, the channeling process was not without cost. Uncertainty surrounding the sustainability of this trend rate regime and the electoral outcome triggered a sharp increase in portfolio dollarization ahead of the elections. This pushed the exchange rate toward the upper limit of the band and led to higher country risk, which climbed to about 1,000 basis points, and more volatile peso interest rates, slowing activity and private consumption. Despite this episode, real GDP expanded by approximately 4.4% in 2025, largely reflecting the statistical carryover from the recovery that began in the second half of 2024. This growth was mainly driven by financial intermediation, agriculture, energy, and mining. While fiscal performance remains solid, developments in the external sector continue to represent a key source of macroeconomic mobility. Although Argentina recorded an energy trade surplus close to $8 billion, Supported by the expansion of oil and gas production in Vaca Muerta, the overall goods trade surplus, measured on an equal basis according to index methodology, declined by 40% during the year, narrowing from 18.9 billion U.S. dollars in 2024 to 11.3 billion U.S. dollars in 2025. At the same time, demand for foreign currency and effects catching reached critical levels following the removal of effects restrictions for individuals. Gross purchases of foreign currency for savings approaching $42 billion. Looking ahead, the favorable outcome of the midterm elections and the financial support provided by the U.S. Treasury create a window of opportunity for Argentina in a non-election year. The main challenge for the government will be to consolidate macroeconomic stabilization while advancing structural reforms to support sustained economic growth. The recent approval of the National Budget, the first of the current administration, reinforces fiscal balance and the providence of monetary financing of the Treasury as key pillars of the economic program. Private sector expectations remain more cautious than official projections. According to the latest REM survey, based on the projections of the top 10 participants, Real GDP is expected to grow by around 3% in 2026, compared with the government's forecast of 5%. Inflation is projected to reach approximately 27.8% by year-end, above the 10.1% estimated in the national budget. Regarding the external sector, financing needs are expected to remain significant, although spur revenues from agriculture, energy, and mining are projected to increase by $9 billion. The trade balance could face renewed pressure due to stronger import growth, a widening tourism deficit, and the normalization of corporate profit and dividend payments abroad. Under this scenario, external financing to capital markets will remain important. In recent months, foreign currency debt issuance by private companies and provisional governments has become an important source of funding, although the sustainability of this channel will depend on global financial market conditions. Restoring sovereign access to debt markets remains a critical factor for sustainability of the stabilization program. Although Argentina's country risk has declined significantly following the elections and currently stands at around 500 basis points, it remains above that of regional peers. The central bank recently announced preserve accumulation program already in progress. It's expected to contribute to gradual normalization of sovereign risk conditions. Finally, it will be important to monitor how changes in Argentina's productive structure affect household income and employment, particularly in sectors such as industry and construction, which have been recovering at a slower pace, remain major sources of employment in the economy. Having gone through the micro overview, I will now pass back the call back to Samantha.