Altice France Holding S.A (ALTICE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was €2,382 million, down 6.2% year-over-year; EBITDA was €678 million, down 11.8%; operating free cash flow was €271 million; accrued CapEx was €406 million, a 17.2% decrease year-over-year.

• Major debt restructuring agreement reached with over 98% creditor support, reducing debt and interest expense, extending maturities, and improving the balance sheet.

• Pro forma net leverage at 4.8x LTM and liquidity at €1.2 billion at Q1 2025.

Financial highlights

• Residential services revenue declined 6.7% year-over-year to €1,486 million; business services revenue fell 4.2% to €760 million; mobile revenue dropped 9.5%.

• EBITDA margin fell to 28.4% from 30.3% year-over-year.

• CapEx was €406 million, significantly lower than Q1 2024 due to reduced network investment.

• Free cash flow was a €68 million outflow; interest cost €318 million, cash taxes €6 million, working capital outflow €44 million.

• Operating free cash flow was €271 million, a 2.3% decrease year-over-year.

Outlook and guidance

• Expect EBITDA minus CapEx to grow for full year 2025 compared to 2024.

• Objective to reduce leverage to 4x or below, targeting further asset disposals.

• Pro forma liquidity is €1.2 billion, with no major debt maturities until 2029.

• Transaction with creditors is expected to expedite balance sheet improvement and support future financial stability.

• Transaction to restructure debt expected to be implemented between Q2 and Q4 2025, with overwhelming creditor support.