Cablevisión Holding S.A.

Reported first-half 2026 revenue grew 13.4% in constant currency to ARS 5,075.5 billion, while nominal revenues increased 50%. EBITDA reached approximately ARS 1,854 billion in constant currency, up 35.1% year over year; nominal EBITDA was ARS 1,753.8 billion, up 78%. Net income was a profit of ARS 84.2 billion versus a net loss of ARS 107.1 billion in first half 2025, and equity holders’ net income was ARS 33.9 billion. For Q2 2026, revenues increased 0.4% and EBITDA in real terms increased 33.6%, with a 36.6% margin; service revenues rose 2.6%, fixed telephony and data revenues fell 12.3%, and equipment sales declined 35%. Guidance was qualitative rather than numeric: management said CapEx would continue based on Argentina’s economic conditions, network performance, expansion objectives, and customer requirements, and it expects to keep pursuing liability management to reduce costs and extend maturities.

Management emphasized that the macro backdrop in Argentina is improving, citing fiscal discipline, lower inflation, and better external accounts, but noted the recovery is uneven and household purchasing power remains weak. Strategically, they framed the business as benefiting from effective pricing, higher ARPU, and the full incorporation of TMA, while also continuing network investment in fiber-to-the-home and 5G. The tone was cautiously constructive: they highlighted positive year-over-year trends in revenue and EBITDA even before TMA, but acknowledged the broader demand environment is still challenging in several local services sectors.

The financial review focused on the mechanics behind the margin expansion: in first half 2026, EBITDA margin improved to 35.6% from 29.8%, helped by lower expenses, stronger revenues, and TMA’s contribution. Management said operating costs excluding equipment decreased 7.7% in real terms before TMA, while total operating costs including equipment fell 8.1% before TMA. Debt remained manageable at ARS 5,603.4 billion of total financial debt and ARS 4,637.8 billion of net debt, equal to USD 3.1 billion, and the consolidated net debt to adjusted EBITDA ratio was 1.4x. They also said 73.3% of debt is mostly cross-border dollar-denominated, 14.9% is in Argentine pesos, and they will continue liability management to lower costs and extend tenors.

There was no analyst Q&A because no questions were asked on the call. The only substantive back-and-forth was management’s prepared discussion, which covered TMA integration, margin expansion, subscriber trends, CapEx priorities, and the debt profile. As a result, no new concerns were raised beyond the operating and macro issues management itself discussed.