Q2 2025 Cablevision Holding SA Earnings Call Transcript
Key Points
- Cablevision Holding SA (CVHSY) reported a significant increase in EBITDA margin to 32.2% in the first half of 2025, up from 29.6% in the first half of 2024.
- The acquisition of Telefónica Móviles Argentina (TMA) has enhanced Telecom's capabilities, allowing for expanded coverage and improved service quality across Argentina.
- Inflation in Argentina has shown a downward trend, decreasing from 118% in 2024 to 39% year-on-year as of June 2025.
- The company has maintained a healthy net debt-to-EBITDA ratio of 2.5 times, despite the new indebtedness for the acquisition of TMA.
- Cablevision Holding SA (CVHSY) has achieved a fiscal surplus for the second consecutive year, a milestone not reached since 2008.
- The regulatory approval process for the acquisition of TMA is still pending, which may take up to 12 to 14 months to resolve.
- Net income decreased significantly, with a net loss of ARS37.4 billion, mainly due to negative financial results and FX differences.
- Economic activity in Argentina has been irregular across sectors, with construction, industry, and mass consumption still lagging.
- Household disposable income remains constrained as real wages have not risen enough to offset the higher cost of living.
- The upcoming midterm elections in October pose a risk to the economic program's direction and could impact Argentina's country risk index.
Good morning and welcome to Cablevision Holding's conference call.
Today, the team will be discussing Cablevision Holding's first-half and second-quarter 2025 result. As for the earnings release, distributed Monday, August 11, 2025.
My name is Steve and I'll be your 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 FIG Corporate Communication.
Comments made by the management may contain forward-looking statements about Cablevision Holding's future performance, plans, strategies, and targets. Such statements are subject to uncertainties that could cause Cablevision Holding's actual result and operation to differ materially. Such uncertainties include, but are not limited to, the effects of the impact of new or ongoing industries and economic regulation, possible changes in demand for Cablevision Holding's product and services, and the effect of more general factors such as changes in general market, economic, or
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