Altice France Holding S.A (ALTICE) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue declined 4.7% year-over-year to €2,526 million, with all segments showing negative growth and residential service revenue down 1.6%.

• EBITDA fell 9.9% year-over-year to €879 million, reflecting margin pressure from lower mobile service revenue, reduced construction activity, and higher FTTH lease costs.

• Operating free cash flow for Q3 2024 was €389 million, down 9.3% year-over-year.

Financial highlights

• Residential services revenue dropped 1.6% year-over-year to €1,569 million; business services fell 10.3% to €796 million.

• Fixed service revenue grew 2.5% year-over-year to €667 million, while mobile service revenue declined 4.4% to €902 million.

• Accrued Capex for Q3 2024 was €490 million, a 10.4% decrease year-over-year.

• EBITDA margin decreased to 34.8% from 36.8% in Q3 2023.

• Free cash flow (FCF) excluding spectrum, IRUs, and significant litigation was €37 million for the quarter.

Segment performance

• Fixed network expanded to over 39 million fiber homes passed by Q3 end, with limited FTTB.

• 5G mobile coverage surpassed 80% of the population by September 2024.

• Business services revenue declined 10.3% year-over-year, mainly due to lower construction activity and B2B revenue.

• Residential equipment sales declined 4.9% year-over-year to €161 million.

• 81,000 FTTH homes built for XP Fibre in Q3 2024, down from 129,000 in Q3 2023.