Cablevision Holding S.A.

Good afternoon and welcome to Cablevision Holdings conference call. Today the team will discuss Cablevision Holdings first half and second quarter 2026 results as detailed in the earnings release distributed on August 10th. My name is David and I will 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 Corporation Communications. Comments made during today's call may contain forward-looking statements regarding Cablevision Holdings Future Performance Plans, Strategies, and Targets Such statements involve risks 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 cablevision, holdings, products, and services, and broader market economic or 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 FIG Corporation Communications in New York at 1917691 4047 or Cablevision Holding in Buenos Aires at 5411 4309 3417 The webcast presentation is available at www.CablevisionHolding.com forward 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 Dreyola, Executive Director and Chairman. It is now my pleasure to turn the call over to Ms. Olivieri.

Thank you, Dave. 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 will now pass the call to Ignacio for the macro overview.

Thank you, Samantha. Good morning, everyone. Please move to slide four for the macro overview. The economic program has continued to make significant progress on several fronts. The shift in economic policy, built around fiscal discipline and a range of incentives for key foreign currency-generating sectors, has helped address some of Argentina's long-standing macroeconomic imbalances, stabilize the peso, and bring inflation down substantially from the high levels incurred in previous years. At the same time, sustained foreign currency purchases by the central bank, totaling just over $13.4 billion today, have helped improve its balance sheet and reduce some of Underlying Vulnerabilities. Despite this progress, the program continues to face a degree of uncertainty regarding the potential adverse effects of the proposed shift in both the economic model and the country's productive structure, as well as the extent to which these changes will gain widespread public support. During the first half of 2026, Argentina's economy remained resilient despite rising global uncertainty linked to the escalation of tensions in the Middle East, The disinflation process resumed during the second quarter, external accounts remained robust, and sovereign financing conditions improved, although activity growth became increasingly concentrated in a limited number of sectors. After accelerating during the first quarter, inflation returned to a downward path in the second quarter, reaching 1.9% in June, its lowest monthly rate in 10 months. The temporary surge observed at the beginning of the year Julian Brescia, Samantha Lee Olivieri follow a volatile pattern and recorded contractions in the last two months of the series. Growth remains largely concentrated in agriculture, energy and mining, sectors supported by federal external conditions and strong investment dynamics. Energy and mining are becoming increasingly important drivers of economic growth and export performance. This trend reflects a broader transformation in Argentina's productive structure, led by a rapid development of Vaca Muerta and expansion of mining sectors. At the same time, private consumption reached record levels, although an increasing share of demand came from imported goods and spending abroad, reflecting both the appreciation of the Argentine peso and the necessary openness of the economy. As a result, despite strong aggregate consumption indicators, many local goods and services sectors continue to face a challenging demand environment. Households have also been affected by a decline in purchasing power related to pre-adjustment levels, Despite the recovery observed in certain segments of the economy, real disposal income remains below 2023 levels, reflecting the combined impact of lower real wages and a higher share of income devoted to utilities and other regulated services following the correction of relative prices. One key development was the return of twin surpluses on both the fiscal and external fronts, something Argentina had not achieved since 2008. During the first half of the year, the government preserved its commitment to fiscal discipline as the primary balance posted a surplus of approximately 0.6% of GDP and the financial balance a surplus of around 0.1% of GDP. On the external front, the cash-based current account posted a US$2 billion surplus, largely driven by a strong export growth of 24% year-on-year, and a slight decline in imports compared to 2025, reversing the deficit record during the same period last year. The high level of foreign currency purchases by individuals remains an important factor to watch closely in a bimonetary economy such as Argentina. Gross ESG purchases by households reached $42 billion in 2025 and amounted to $19.2 billion during the first five months of 2026. Financial conditions also improved during the second quarter. The presentation of the government financing program for 2026 and 2027, combined with sovereign rating upgrades to B-, contributed to a further decline in country rates toward the 400 basis point range. Nevertheless, gains in market sentiment were partially offset by the escalation of the conflict between the United States and Iran, which increased global risk aversion. Looking ahead, the outlook for the second half of 2026 remains broadly constructed, although significant challenges persist. Maintaining balanced public accounts amid a year-on-year decline in tax revenues remains an important challenge for the months ahead. At the same time, the concentration of growth in a few sectors and the weakness of real household income highlight the need for a broader-based recovery. Maintaining social support while advancing the stabilization programs will depend increasingly on the ability of economic growth to generate tangible improvement in employment, incomes, and living standards across a wide range of sectors and regions. Having gone through the macro overview, I will now pass the call back to Samantha.