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Cablevisión Holding (OTC:CVHSY), the controlling shareholder of Telecom Argentina, reported its First Half 2025 results, marked by the significant acquisition of Telefónica Móvil Argentina (TMA) in February 2025.
Key financial highlights include: Total revenues reached Ps. 3,357,004 million, up 44.4% year-over-year, primarily driven by TMA integration and higher ARPUs. EBITDA increased 45.2% to Ps. 1,000,447 million, with margin expanding to 29.8%. However, the company reported a consolidated net loss of Ps. 80,188 million, with Ps. 37,380 million attributable to controlling shareholders.
Results for 1H25 are not directly comparable to 1H24 due to the inclusion of TMA’s operations starting March 1st, 2025. Excluding TMA, total costs decreased by 0.6% compared to 1H24.
Cablevisión Holding (OTC:CVHSY), azionista di controllo di Telecom Argentina, ha comunicato i risultati del primo semestre 2025, contraddistinti dalla significativa acquisizione di Telefónica Móvil Argentina (TMA) a febbraio 2025.
Punti finanziari chiave: i ricavi totali si sono attestati a Ps. 3,357,004 million, in aumento del 44,4% su base annua, principalmente grazie all’integrazione di TMA e all’incremento degli ARPU. L’EBITDA è cresciuto del 45,2%, raggiungendo Ps. 1,000,447 million, con il margine che si è ampliato al 29,8%. Tuttavia, la società ha registrato una perdita netta consolidata di Ps. 80,188 million, di cui Ps. 37,380 million attribuibili agli azionisti di controllo.
I risultati di 1H25 non sono direttamente confrontabili con quelli di 1H24 a causa dell’inclusione delle attività di TMA a partire dal 1º marzo 2025. Escludendo TMA, i costi totali sono diminuiti del 0,6% rispetto a 1H24.
Cablevisión Holding (OTC:CVHSY), accionista mayoritario de Telecom Argentina, informó sus resultados del Primer Semestre 2025, marcados por la significativa adquisición de Telefónica Móvil Argentina (TMA) en febrero de 2025.
Puntos financieros clave: los ingresos totales alcanzaron Ps. 3,357,004 million, un aumento del 44,4% interanual, impulsado principalmente por la integración de TMA y un mayor ARPU. El EBITDA aumentó un 45,2% hasta Ps. 1,000,447 million, con el margen ampliándose al 29,8%. No obstante, la compañía registró una pérdida neta consolidada de Ps. 80,188 million, de los cuales Ps. 37,380 million fueron atribuibles a los accionistas controladores.
Los resultados de 1H25 no son directamente comparables con los de 1H24 debido a la inclusión de las operaciones de TMA desde el 1 de marzo de 2025. Excluyendo TMA, los costos totales disminuyeron un 0,6% respecto a 1H24.
Cablevisión Holding (OTC:CVHSY)는 Telecom Argentina의 지배주주로서 2025년 상반기 실적을 발표했으며, 2025년 2월 Telefónica Móvil Argentina(TMA)를 인수한 것이 주요 특징입니다.
주요 재무 포인트로 총수익이 Ps. 3,357,004 million으로 전년 동기 대비 44.4% 증가했으며, 이는 주로 TMA 통합과 ARPU 상승에 기인합니다. EBITDA는 45.2% 증가하여 Ps. 1,000,447 million을 기록했고, 마진은 29.8%로 확대되었습니다. 다만 연결 순손실은 Ps. 80,188 million으로 보고되었고, 그중 Ps. 37,380 million이 지배주주에 귀속되었습니다.
1H25 실적은 2025년 3월 1일부터 TMA 영업이 포함되어 1H24와 직접 비교할 수 없습니다. TMA를 제외하면 총비용은 1H24 대비 0.6% 감소했습니다.
Cablevisión Holding (OTC:CVHSY), actionnaire de contrôle de Telecom Argentina, a publié ses résultats du premier semestre 2025, marqués par l’acquisition significative de Telefónica Móvil Argentina (TMA) en février 2025.
Points financiers clés : les revenus totaux se sont élevés à Ps. 3,357,004 million, en hausse de 44,4 % en glissement annuel, principalement tirés par l’intégration de TMA et une augmentation des ARPU. L’EBITDA a progressé de 45,2 % pour atteindre Ps. 1,000,447 million, la marge s’étant élargie à 29,8 %. Toutefois, la société a enregistré une perte nette consolidée de Ps. 80,188 million, dont Ps. 37,380 million attribuables aux actionnaires de contrôle.
Les résultats du 1H25 ne sont pas directement comparables à ceux du 1H24 en raison de l’inclusion des opérations de TMA à partir du 1er mars 2025. Hors TMA, les coûts totaux ont diminué de 0,6 % par rapport à 1H24.
Cablevisión Holding (OTC:CVHSY), Mehrheitsaktionär von Telecom Argentina, hat seine Ergebnisse für das erste Halbjahr 2025 veröffentlicht, die von der bedeutenden Übernahme von Telefónica Móvil Argentina (TMA) im Februar 2025 geprägt sind.
Wesentliche finanzielle Kennzahlen: Die Gesamtumsätze beliefen sich auf Ps. 3,357,004 million, ein Anstieg von 44,4 % gegenüber dem Vorjahr, hauptsächlich bedingt durch die Integration von TMA und höhere ARPU. Das EBITDA stieg um 45,2 % auf Ps. 1,000,447 million, wobei die Marge auf 29,8 % anstieg. Allerdings meldete das Unternehmen einen konsolidierten Nettoverlust von Ps. 80,188 million, davon entfallen Ps. 37,380 million auf die Mehrheitsaktionäre.
Die Ergebnisse für 1H25 sind nicht direkt mit 1H24 vergleichbar, da die TMA-Aktivitäten ab dem 1. März 2025 berücksichtigt werden. Ohne TMA sind die Gesamtkosten im Vergleich zu 1H24 um 0,6 % gesunken.
Positive
- Major acquisition of Telefónica Móvil Argentina completed, expanding market presence
- Total revenues increased 44.4% year-over-year to Ps. 3,357,004 million
- EBITDA grew 45.2% with margin expansion to 29.8%
- Higher ARPUs achieved across all services
- Total costs (excluding TMA) decreased by 0.6% year-over-year
Negative
- Consolidated net loss of Ps. 80,188 million compared to profit in 1H24
- Decrease in fixed telephony copper accesses
- EBITDA margin in Q2 declined to 27.5% from 32.9% in Q1 2025
- Net loss attributable to shareholders of Ps. 37,380 million versus profit in previous year
Insights
CVH reports mixed results with revenue growth driven by TMA acquisition, but posts net loss despite improved EBITDA.
Cablevision Holding’s first half 2025 results present a complex picture of growth coupled with profitability challenges. The company’s total revenue surged 44.4% year-over-year to 3,357,004 million pesos, primarily driven by the acquisition of Telefónica Móvil Argentina (TMA) on February 24, 2025. This strategic acquisition has significantly expanded CVH’s market presence, with TMA’s contributions included from March 1st.
The EBITDA performance shows improvement, increasing by 45.2% to 1,000,447 million pesos with a slightly improved margin of 29.8% compared to 29.6% in 1H24. This indicates the company is maintaining operational efficiency despite the integration of a major acquisition. Notably, when excluding TMA’s impact, core costs decreased by 0.6%, suggesting effective cost management in the existing business.
However, the bottom line tells a different story. CVH reported a consolidated net loss of 80,188 million pesos, with 37,380 million pesos attributable to controlling shareholders. This represents a dramatic reversal from the 1,193,499 million peso profit in 1H24. The second quarter performance was particularly concerning, with losses deepening to 172,174 million pesos from a 91,985 million peso profit in Q1.
The quarter-over-quarter EBITDA margin deterioration from 32.9% in Q1 to 27.5% in Q2 suggests integration challenges or increasing competitive pressures. Higher ARPUs across services partially offset subscriber losses in fixed telephony copper access, indicating the company is focusing on value over volume.
08/11/2025 – 09:30 PM
BUENOS AIRES, ARGENTINA / ACCESS Newswire / August 11, 2025 / Cablevisión Holding S.A., (“Cablevision Holding”, “CVH” or “the Company”)(BCBA:CVH)(OTC:CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO)(BCBA:TECO2), announced today its First Half and Second 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 June 30, 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”).
Key Takeaways from Cablevisión Holding’s (CVH) First Half 2025:
-
First-half results include Telefónica Móvil Argentina (‘TMA’), acquired by Telecom Argentina on February 24, 2025. Like-for-like comparisons with the first half of 2024 are therefore skewed, as TMA’s numbers are included from March 1st 2025.
-
Total Revenues jumped to Ps. 3,357,004 million, a 44.4% increase year-over-year in real terms. This was largely fueled by the addition of TMA revenue, alongside higher ARPUs across all services, as price hikes implemented in 2024 start to take effect amid moderating inflation. A decline in fixed telephony copper line subscriptions partially offset these gains.
-
Total Costs (Excluding Depreciation and Amortization) reached Ps. 2,356,557 million, up 44.1% in constant currency, primarily due to the incorporation of TMA. Strip out the TMA effect, and total costs were Ps. 1,625,722 million, a 0.6% decrease from 1H24 – a sign of cost-cutting measures taking effect in existing operations.
-
EBITDA rose to Ps. 1,000,447 million in 1H25, a 45.2% surge compared to 1H24, largely thanks to TMA’s EBITDA contribution, as well as higher revenues (excluding TMA). This drove a higher EBITDA Margin of 29.8% in 1H25, versus 29.6% in 1H24.
-
However, the bottom line painted a less rosy picture. Consolidated Net Loss amounted to Ps. 80,188 million, with the loss attributable to the Controlling Company hitting Ps. 37,380 million.
FINANCIAL HIGHLIGHTS
|
(millions of Ps. in constant Currency as of June 30, 2025) |
1H25 |
1H24 |
% Ch. |
2Q25 |
1Q25 |
2Q24 |
QoQ |
YoY |
||||||||||||||||||||||||
|
Total Revenues |
3,357,004 |
2,324,104 |
44.4 |
% |
1,911,678 |
1,445,326 |
1,193,553.5 |
32.3 |
% |
60.2 |
% |
|||||||||||||||||||||
|
EBITDA (1) |
1,000,447 |
688,776 |
45.2 |
% |
524,886 |
475,561 |
347,058 |
10.4 |
% |
51.2 |
% |
|||||||||||||||||||||
|
EBITDA Margin (2) |
29.8 |
% |
29.6 |
% |
0.6 |
% |
27.5 |
% |
32.9 |
% |
29.1 |
% |
(16.6 |
%) |
(5.6 |
%) |
||||||||||||||||
|
Net income |
(80,188 |
) |
1,193,499 |
(106.7 |
%) |
(172,174 |
) |
91,985 |
79,589 |
(287.2 |
%) |
(316.3 |
%) |
|||||||||||||||||||
|
Attributable to: |
||||||||||||||||||||||||||||||||
|
Equity Shareholders |
(37,380 |
) |
459,614 |
(108.1 |
%) |
(67,459 |
) |
|||||||||||||||||||||||||
