Altice France Holding S.A (ALTICE) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue declined 5.6% to €10.08 billion, or 2.4% excluding construction, mainly due to lower construction revenue.

• EBITDA for 2024 was €3.351 billion, with operating free cash flow at €1.351 billion.

• Major agreements with creditors in early 2025 will substantially reduce debt, lower interest expenses, and extend maturities, with over 98% creditor support.

• Significant asset sales completed, including 49% of La Poste Telecom and 70% of UltraEdge, with proceeds used for debt repayment.

• Pro forma net leverage at end of 2024 was 4.5x, with liquidity at €1.4 billion.

Financial highlights

• Q4 2024 revenue was €2.528 billion, down 9.0% year-over-year; excluding construction, Q4 revenue declined 4.1%.

• Q4 2024 EBITDA was €822 million, down 14.1% year-over-year; FY 2024 EBITDA margin was 33.2%.

• FY 2024 accrued Capex was €1.999 billion, down 11.1% year-over-year.

• Full year operating free cash flow was €1.351 billion, down 6.9% year-over-year.

• Pro forma free cash flow for 2024, after transaction and swap benefits, would be around €500 million.

Outlook and guidance

• Debt restructuring will reduce debt, lower interest expense, and extend maturities, with no major maturities until 2029.

• CapEx is expected to decrease significantly in 2025 compared to €2 billion in 2024.

• Revenue and EBITDA trends in 2025 will be weighed down by negative net adds in 2024 and continued construction drag, but positive net adds in early 2025 should progressively help revenue.

• Some mechanical unwind of positive working capital inflows from 2024 is expected in 2025.

• Implementation of restructuring expected over Q2–Q4 2025, with strong creditor support.