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CABLEVISIÓN HOLDING S.A. Annual Report 2025

Mar 11, 2026

68634_rns_2026-03-11_123ff8d5-c3b7-434a-90d6-4270b74bd028.pdf

Annual Report

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2025 2024		2025	2024 % del Total de Ventas Netas
	%Var.	% del Total de
		Ventas Netas
4.092.162 2.209.143 1.808.527 1.390.490 915.046 789.469 1.011.528 659.330 74.780 60.998 7.902.043 5.109.430 426.771 333.526 8.328.814 5.442.956	85,2% 30,1% 15,9% 53,4% 22,6% 54,7% 28,0% 53,0%	49,1% 21,7% 11,0% 12,1% 0,9% 94,9% 5,1% 100,0%	40,6% 25,5% 14,5% 12,1% 1,1% 93,9% 6,1% 100,0%

2025	2024	% Var.
22.577,5 19.930,1 2.647,5 40% 30% 9.081,9 2,1% 4.160,2 27.062,6 1,2%	24.184,6 21.625,1 2.559,5 38% 27% 7.840,3 1,4% 4.030,1 26.860,4 1,5% 3.432,0 18.143,6 1,8% 2.666,4	- 6,6% - 7,8% 3,3% 5,1% 11,9% 15,8% 46,4% 3,2% 0,8% - 20,0% 0,9% 2,8% - 16,7% 3,0%

3.464,3 18.643,2 1,5%

2.746,7

	31.12.202 5	31.12.20 2 4

Ventas	8.328.814 (1.962.101) ( 243.797 ) (1.068.548) (720.511) (437.205) ( 288.668 ) ( 450.698 ) (143.722) (510.197)	5.442.958
Costos laborales e indemnizaciones por despidos		(1.347.858)
Costos por interconexión y transmisión		(155.918)
Honorarios por servicios, mantenimiento y materiales		(726.911)
Impuestos, tasas y derechos del ente regulador		(428.358)
Comisiones y publicidad		(305.491 )
Costo de equipos vendidos		(259.216)
Costos de programación y de contenido		(314.423)
Deudores incobrables		(112.102)
Otros costos operativos		(272.57 3 )
Utilidad de la explotación antes de depreciaciones, amortizaciones y desvalorizaciones	2.503.367 (2.075.331)
		1.520.108
Depreciaciones, amortiz aciones y desvalorizaciones de Activos F ijos e Intangibles
		(1.724.903 )
Utilidad / ( Pérdida ) de la explotación	428.036 ( 3.742 )	(204.795 )
Resultados por participación en asociadas		(15.094)
Costos financieros	( 748.840 )	1.914.790
Otros resultados financieros,netos	118.292	191.376
(Pérdida) / Utilidad ordinaria antes de impuesto a las ganancias	( 206.254 ) 46.338	1.886.27 7
Impuesto a lasganancias		(538.286)
(Pérdida) / Utilidad neta	( 159.916 )	1.347.991

Otros resultados integrales
Con imputación futura a resultados	85.195 - 8.333 ( 2.997 ) ( 4 . 897 ) 1 . 714 87.348 ( 72.568 ) ( 81.050 ) ( 78.866 ) ( 54.166 ) ( 18.402 )
Efectos de conversión monetaria (sin efecto en impuesto a las ganancias)
		(300.647)
Efectos de IFD calificados como de cobertura		(7.778)
Resultados de inversiones valuadas a valor razonable		-
Efecto impositivo de IFD calificados como de cobertura y otros		2.403
Sin imputación futura a resultados
Resultados actuariales		(37)
Efecto impositivo		13
Otros resultados integrales, netos de impuestos		(306.046)
Total de resultados integrales		1.041.945

Resultado de operaciones atribuible a:
Accionistas de la controlante		509.233
Interés no controlante		838.758

Resultado integral total atribuible a:
Accionistas de la controlante		425.389
Interés no controlante		616.556

Resultado básico y diluido por acción atribuible a los accionistas de la controlante (en pesos)	( 448,68 )	2.81 9,01

ACTIVO ACTIVO CORRIENTE Efectivo y equivalentes de efectivo Inversiones Créditos por ventas Otros créditos Inventarios Activos disponibles para la venta Total del activo corriente ACTIVO NO CORRIENTE Créditos por ventas Otros créditos Activo por impuesto a las ganancias diferido Inversiones Llaves de negocio Propiedades, planta y equipo (“PP&E”) Activos intangibles Activos por derechos de uso Propiedades de inversión Total del activo no corriente Total del activo PASIVO PASIVO CORRIENTE Cuentas por pagar Préstamos Remuneraciones y cargas sociales Deudas por impuesto a las ganancias Cargas fiscales Dividendos a pagar Pasivos por arrendamientos Otros pasivos Pro visiones Total del pasivo corriente PASIVO NO CORRIENTE Cuentas por pagar Préstamos Remuneraciones y cargas sociales Pasivo por impuesto a las ganancias diferido Cargas fiscales Pasivos por arrendamientos Otros pasivos Pro visiones Total del pasivo no corriente Total del pasivo PATRIMONIO (según estado respectivo) Atribuible a los propietarios de la controladora Atribuible a las participaciones no controladoras TOTAL PATRIMONIO TOTAL PASIVO Y PATRIMONIO		31.12.202 5		31.12.20 2 4
		483.785		428.394 110.702 389.375 60.00 8 79.513 2.322
		403.567
		799.188
		161.585
		79.530
		3.011
		1.930.666		1.070.31 4

		940		56 8 69.917 44.638 17.902 4.436.73 6 5.691.77 1 2.494.659 646.324 -
		36.718
		49.635
		14.701
		4.443.998
		6.784.315
		2.671.525
		727.288
		63.866
		14.792.986 16.723.652		13.402.515
				14.472.82 9

		1.108.864		585.14 9 1.411.178 297.995 5.99 9 127.815 902 98.045 53.14 4 5.109
		1.616.544
		435.364
		66.741
		255.76 4
		87
		149.030
		85.165
		133.783
		3.851.342		2.585.336

		20.314		21.674 2.374.802 12.455 1.855.808 3 182.123 20.1 62 69.52 4
		3.820.071
		59.034
		1.179.974
		-
		239.266
		52.983
		429.302
		5.800.944 9.652.286 2.770.472 4.300.894 7.071.366 16.723.652		4.536.551
				7.121.887
				2.858.983 4.491.95 9
				7.350.9 42
				14.472.8 2 9

Patri	monio atribuible apropietarios de la control	Total patrimonio
Aportes de los propietarios Capital social Ajuste de capital Prima de emisión Subtotal	Otros componentes Otros resultados integrales Otras reservas
181 226.79 8 533.746 760.72 5 - - - - - - - - - - - - - - - - - - - - - - - - 181 226.79 8 533.746 760.72 5 - - - - - - - - - - - - - - - - - - - - 181 226.79 8 533.746 760.72 5	(70.47 5 ) 2.829.6 09 - - - - - - (13.525) - - - (83.84 4 ) - (167.84 4 ) 2.829.6 09 - - - - 21.617 - - - 26.884 - ( 119.343) 2.829.609	6.452.5 2 1 - - (108.968) (34.556 ) 1.347.991 (306.046)
		7.350.942
		- (207.008) - ( 159.916 ) 87.348
		7.071.366

FLUJO DE EFE CTIVO GENERADO POR LAS OPERACIONES (Pérdida) / Utilidad neta Ajustes para arribar al flujo neto de efectivo proveniente de las operaciones Previsiones deducidas del activo Depreciaciones de PP&E Amortizaciones de activos intangibles Amortizaciones de activos por derechos de uso Depreciaciones de propiedades de inversión Desvalorización de llaves de negocio Resultados por participación en asociadas y negocios conjuntos V alo r residual de bajas de Activos F ijos e Intangibles Resultados financieros y otros Impuesto a las ganancias devengado Impuesto a las ganancias pagado Cambios en activos y pasivos operativos, netos de adquisición de subsidiarias Aumento de Créditos por ventas Aumento de Otros créditos Disminución / (Aumento) de Inventarios (Disminución) / Aumento de Cuentas por pagar Aumento de Remuneraciones y cargas sociales (Disminución) / Aumento de Otras cargas fiscales Disminución de Otros pasivos y provisiones Flujo neto de efectivo generado por las operaciones FLUJO DE EFECTIVO UTILIZADO EN LAS ACTIVIDADES DE INVERSION Adquisición de PP&E Adquisición de activos intangibles Pagos por adquisición de sociedades neto de efectivo adquirido Dividendos cobrados Ingresos por venta de PP&E y activos intangibles Integración de aportes en negocios conjuntos Compensación por adquisición de sociedades Cobros por liquidación de IFD Cobros por venta de Inversiones no consideradas efectivo y equivalentes Pagos por adquisición de Inversiones no consideradas efectivo y equivalentes Flujo neto de efectivo utilizado en las actividades de inversión FLUJO DE EFECTIVO GENERADO POR ( UTILIZADO EN ) LAS ACTIVIDADES DE FINANCIACION Toma de préstamos Pago de préstamos Pago por recompra de ON Pago de IFD, intereses y gastos relacionados Pago de pasivos por arrendamientos Transacción con accionistas no controlantes Pago de dividendos a accionistas no controlantes Pago de dividendos Flujo neto de efectivo generado por / utilizado en las actividades de financiación AUMENTO NETO DEL EFECTIVO EFECTIVO AL INICIO DEL EJERCICIO DIFERENCIAS DE CAMBIO NETAS Y RECPAM POR EFECTIVO Y EQUIVALENTES DE EFECTIVO EFECTIVO AL CIERRE DEL EJERCICIO		3 1.12 .202 5 ( 159.916 ) 160.105 1.532.934 234.722 278.639 2.028 15.941 3.742 147.293 616.914 ( 46.338 ) (15.012) (224.666) ( 5.658 ) 71.370 ( 17.915 ) 62.189 (244.721) (31.697) 2.379.954 ( 1.355.061 ) ( 135.574 ) (1.304.037) 7 37.202 (220) 1.720 33.850 455.105 (732.319) ( 2.999.327 ) 3.959.692 ( 2.583.267 ) ( 15.011 ) ( 514.351 ) (196.180) - (17.640) (13.534) 619.709 336 428.394 55.055 483.785		31.12.20 2 4 1.347.991 99.860 1.312.74 4 152.940 260.674 - - 15.094 2.217 (2.419.247 ) 538.286 (9.703) ( 343.132 ) ( 106.281 ) ( 8.403 ) 27.602 110.229 93.613 ( 9.745 )
				1.064.7 39
				(457.953) (60.623) (18.237) 1.333 7.777 - 4.208 5.186 438.002 (423.480)
				(503.787)
				1.573.995 (1.474.844) (34.913) (428.014) (121.016) (36.164) - (12.634)
				(533.5 90 )
				27.362 476.951 ( 75.919 )
				428.394

	December 31, 2025	December 31, 2024

Revenues	8,328,814 (1,962,101) (243,797) (1,068,548) (720,511) (437,205) (288,668) (450,698) (143,722) (510,197)	5,442,958
Employee benefit expenses and severance payments		(1,347,858)
Interconnection and Transmission Costs		(155,918)
Fees for Services, Maintenance, and Materials		(726,911)
Taxes and Fees with the Regulatory Authority		(428,358)
Commissions and Advertising		(305,491)
Cost of Equipment and Handsets		(259,216)
Programming and Content Costs		(314,423)
Bad Debt Expenses		(112,102)
Other OperatingCosts		(272,573)
Operating Income before Depreciation, Amortization, and Impairment	2,503,367 (2,075,331)	1,520,108
Depreciation,amortization,and impairment of Fixed Assets		(1,724,903)
Operating Income / (Loss)	428,036 (3,742)	(204,795)
Equity in Earnings from Associates		(15,094)
Financial Expenses on Debt	(748,840)	1,914,790
Other Financial Results,net	118,292	191,376
(Loss) / Income before Income Tax	(206,254) 46,338	1,886,277
Income Tax		(538,286)
Net (Loss) / Income	(159,916)	1,347,991

Other Comprehensive Income
To be subsequently reclassified to profit or loss	85,195 - 8,333 (2,997) (4,897) 1,714 87,348 (72,568) (81,050) (78,866) (54,166) (18,402)
Currency Translation Adjustments (no effect on Income Tax)		(300,647)
Effect of NDF classified as hedges		(7,778)
Gain (Loss) on Investments Measured at Fair Value		-
Tax Effect of NDF classified as hedges and other		2,403
Not to be subsequently reclassified to profit or loss
Actuarial Results		(37)
Tax Effect		13
Other Comprehensive Income, net of Taxes		(306,046)
Total Comprehensive Income/ (Loss)		1,041,945

Net Income (Loss) attributable to:
Shareholders of the Controlling Company		509,233
Non - Controlling Interest		838,758

Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company		425,389
Non - Controlling Interest		616,556

Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in Argentine Pesos)	(448.68)	2,819.01

ASSETS CURRENT ASSETS Cash and Cash Equivalents Investments Trade Receivables Other Receivables Inventories Assets Available for Sale Total Current Assets NON - CURRENT ASSETS Trade Receivables Other Receivables Deferred Income Tax Assets Investments Goodwill Property, Plant and Equipment (“PP&E”) Intangible Assets Right - of - Use Assets Investment Properties Total Non - Current Assets Total Assets LIABILITIES CURRENT LIABILITIES Accounts Payable Financial Debt Salaries and Social Security Payables Income Tax Liabilities Taxes Payable Dividends Payable Lease Liabilities Other Liabilities Provisions Total Current Liabilities NON - CURRENT LIABILITIES Accounts Payable Financial Debt Salaries and Social Security Payables Deferred Income Tax Liabilities Taxes Payable Lease Liabilities Other Liabilities Provisions Total Non - Current Liabilities Total Liabilities EQUITY (as per the corresponding statement) Attributable to Shareholders of the Controlling Company Attributable to Non - Controlling Interests TOTAL EQUITY TOTAL LIABILITIES AND EQUITY	December 31, 2025	December 31, 2024
	483,785	428,394 110,702 389,375 60,008 79,513 2,322
	403,567
	799,188
	161,585
	79,530
	3,011
	1,930,666	1,070,314

	940	568 69,917 44,638 17,902 4,436,736 5,691,771 2,494,659 646,324 -
	36,718
	49,635
	14,701
	4,443,998
	6,784,315
	2,671,525
	727,288
	63,866
	14,792,986 16,723,652	13,402,515
		14,472,829

	1,108,864	585,149 1,411,178 297,995 5,999 127,815 902 98,045 53,144 5,109
	1,616,544
	435,364
	66,741
	255,764
	87
	149,030
	85,165
	133,783
	3,851,342	2,585,336

	20,314	21,674 2,374,802 12,455 1,855,808 3 182,123 20,162 69,524
	3,820,071
	59,034
	1,179,974
	-
	239,266
	52,983
	429,302
	5,800,944 9,652,286 2,770,472 4,300,894 7,071,366 16,723,652	4,536,551
		7,121,887
		2,858,983 4,491,959
		7,350,942
		14,472,829

Equityatt	ributable to Shareholders of the ControllingCompany Other Items Retained Earnings Total Equity of Controlling Company Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves (1) Retained Earnings (70,475) 2,829,609 45,387 2,006,688 (3,124,815) 2,447,119 - - - (285,106) 285,106 - - - - - - - - - - - - - (13,525) - - - - (13,525) - - - - 509,233 509,233 (83,844) - - - - (83,844) (167,844) 2,829,609 45,387 1,721,582 (2,330,476) 2,858,983 - - 9 509,224 (509,233) - - - - (55,962) - (55,962) 21,617 - - - - (21,617) - - - - (81,050) (81,050) 26,884 - - - - 26,884 (119,343) 2,829,609 45,396 2,174,844 (2,920,759) 2,770,472	Total Equity
Shareholders’ Contribution Capital Stock Inflation Adjustment on Capital Stock Additional Paid - in Capital Subtotal	Other Items Other Comprehensive Income Other Reserves
181 226,798 533,746 760,725 - - - - - - - - - - - - - - - - - - - - - - - - 181 226,798 533,746 760,725 - - - - - - - - - - - - - - - - - - - - 181 226,798 533,746 760,725	(70,475) 2,829,609 - - - - - - (13,525) - - - (83,844) - (167,844) 2,829,609 - - - - 21,617 - - - 26,884 - (119,343) 2,829,609	6,452,521 - - (108,968) (34,556) 1,347,991 (306,046)
		7,350,942
		- (207,008) - (159,916) 87,348
		7,071,366

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES Net (Loss) / Income Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities Allowances deducted from assets Depreciation of PP&E Amortization of Intangible Assets Amortization of Right - of - Use Assets Depreciation of Investment Properties Impairment of Goodwill Equity in Earnings from Associates and Joint Ventures Net Book Value of Fixed Assets and Consumption of Materials Financial Results and Other Income Tax Expense Income Tax Paid Changes in Operating Assets and Liabilities, net of Acquisition of Subsidiaries Trade Receivables Other Receivables Inventories Accounts Payable Salaries and Social Security Payables Other Taxes Payable Other Liabilities and Provisions Net Cash Flows provided by Operating Activities CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of PP&E Intangible Assets Acquisition Acquisition of Associates and Joint Ventures, Net of Cash Acquired Collection of Dividends Income from Sale of PP&E and Intangible Assets Payment of Capital Contributions in Joint Ventures Offsetting for Acquisition of Companies Collection from Settlement of NDFs Proceeds from Disposal of Investments not considered as Cash and Cash Equivalents Payment for Acquisition of Investments not considered as Cash and Cash Equivalents Net Cash Flows used in Investing Activities CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES Proceeds from Financial Debt Payment of Financial Debt Payment for Repurchase of Notes Payment of NDFs, Interest, and Related Expenses Payment of Lease Liabilities Transaction with Non - Controlling Shareholders Payment of Dividends to Non - Controlling Shareholders Payment of Dividends Net Cash Flows provided by / used in Financing Activities NET INCREASE IN CASH FLOWS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	December 31, 2025 (159,916) 160,105 1,532,934 234,722 278,639 2,028 15,941 3,742 147,293 616,914 (46,338) (15,012) (224,666) (5,658) 71,370 (17,915) 62,189 (244,721) (31,697) 2,379,954 (1,355,061) (135,574) (1,304,037) 7 37,202 (220) 1,720 33,850 455,105 (732,319) (2,999,327) 3,959,692 (2,583,267) (15,011) (514,351) (196,180) - (17,640) (13,534) 619,709 336 428,394 55,055 483,785		December 31, 2024 1,347,991 99,860 1,312,744 152,940 260,674 - - 15,094 2,217 (2,419,247) 538,286 (9,703) (343,132) (106,281) (8,403) 27,602 110,229 93,613 (9,745)
			1,064,739
			(457,953) (60,623) (18,237) 1,333 7,777 - 4,208 5,186 438,002 (423,480)
			(503,787)
			1,573,995 (1,474,844) (34,913) (428,014) (121,016) (36,164) - (12,634)
			(533,590)
			27,362 476,951 (75,919)
			428,394

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CABLEVISIÓN HOLDING S.A. — Annual Report 2025

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