Altice France Holding S.A (ALTICE) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was €2,266 million, down 9.3% year-over-year, with EBITDA at €764 million and operating free cash flow at €391 million.

• Financial restructuring completed on October 1, 2025, significantly reducing indebtedness, extending debt maturities, and improving liquidity.

• Exclusive negotiations to sell Infracos JV to Phoenix Tower International, with closure expected by year-end.

• Disposal of a 65% stake in Intelcia signed, expected to close in Q1 2026, subject to regulatory approval.

• Two new independent non-executive directors were appointed to the board.

Financial highlights

• Revenue declined 9.3% year-over-year; residential service revenue fell 9.4%, business services revenue dropped 8.1%.

• EBITDA decreased by 11.4% year-over-year to €764 million, mainly due to lower residential revenue and reduced construction activity.

• Accrued CapEx for Q3 was €373 million, down 23.9% year-over-year.

• Operating free cash flow increased 5.0% year-over-year to €391 million.

• Free cash flow for Q3 2025 was €595 million, benefiting from no interest payments during restructuring.

Outlook and guidance

• Expectation to grow EBITDA minus CapEx for full year 2025 compared to 2024 is reaffirmed.

• Proceeds from planned Infracos and Intelcia sales are expected to reduce net debt.

• No major debt maturities are expected until 2028, supporting liquidity and operational focus.

• Q4 trends anticipated to be consistent with recent quarters due to the subscription-based business model.

• The financial restructuring is expected to be a turning point, improving future financial stability and flexibility.