CablevisiAn Holding S.A., the controlling shareholder of Telecom Argentina, announced its full-year and fourth-quarter 2025 financial results prepared under IFRS and stated in constant Argentine Pesos.

Cablevisión Holding S.A., (BYMA: CVH) (OTC Pink: CVHSY) ("Cablevision Holding", "CVH" or "the Company"), controlling shareholder of Telecom Argentina S.A. (NYSE: TEO) (BCBA: TECO2), announced today its Full Year and Last Quarter 2025 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of December 31, 2025, unless otherwise indicated.

The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").

CVH Highlights (2025 vs. 2024):

This year includes results of Telefónica Móvil Argentina ('TMA'), which was acquired by Telecom Argentina on February 24, 2025, hence, the results for the 2025 aren't comparable to the results of 2024 as they include results of TMA from March 1st 2025.

Total Revenues reached Ps. 8,328,814 million, an increase of 53.0% in real terms as of 2025, compared to the same period of 2024, mostly driven by the incorporation of revenue from TMA and by higher ARPUs in real terms in mobile, internet and Cable TV services, in part the effect of price increases carried implemented in 2024 and the decrease in inflation rate; partially offset by a decrease in fixed telephony copper accesses.

Total Costs (Excluding Depreciation and Amortization) reached Ps. 5,825,447 million, an increase of 48.5% in constant currency, mainly driven by higher costs on all items, driven by the incorporation of TMA. Excluding this effect, total costs reached Ps. 3,777,608 million, a decrease of 3.7% compared to 2024.

EBITDA reached Ps. 2,503,367 million as of 2025, an increase of 64.7% in real terms compared to 2024, mainly driven by the incorporation of TMA's EBITDA, and by higher revenues (excluding TMA), resulting in a higher EBITDA Margin of 30.1% in 2025, compared to 27.9% in 2024.

Consolidated Net Loss amounted to Ps. 159,916 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 81,050 million.

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