Altice France Holding S.A (ALTICE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was €2,288 million, down 9.1% year-over-year, with EBITDA at €801 million and operating free cash flow at €423 million, driven by lower capex.

• Agreements with creditors and accelerated safeguard plans will substantially reduce debt, extend maturities, and lower interest expenses, with closing expected by early October 2025.

• SFR and Bouygues Telecom entered exclusive negotiations to sell InfraCo/Infracos, expected to generate €480 million in gross cash proceeds by year-end 2025.

• Paris Commercial Court approved accelerated safeguard plans for Altice France S.A. and subsidiaries in August 2025.

• Sale of stakes in UltraEdge, La Poste Telecom, and Altice Media completed in 2024.

Financial highlights

• Residential services revenue declined 9.1% year-over-year to €1,444 million; business services revenue fell 8.0% to €727 million.

• EBITDA dropped 10.8% year-over-year to €801 million; accrued capex decreased 23.8% to €378 million.

• Operating free cash flow increased 5.1% year-over-year to €423 million.

• Free cash flow for Q2 2025 was negative, impacted by interest, taxes, and working capital changes.

• Pro forma liquidity at quarter-end was €860 million.

Outlook and guidance

• Guidance maintained for growth in EBITDA minus capex for full year 2025 versus 2024, mainly from further capex reduction in H2 2025.

• Transaction with creditors expected to close by October 1, 2025, reducing net debt and improving balance sheet.

• Pro forma net leverage projected at 5.0x LTM, with liquidity of €860 million post-transaction.