Altice France Holding S.A (ALTICE) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue was €9.23 billion, down 8.4% year-over-year, with EBITDA at €2.93 billion and operating free cash flow up 5.7% to €1.4 billion, in line with guidance.

• Mobile customer base remained stable at 19.4 million, fixed base declined slightly, but fiber customers grew and now represent 90% of the fixed base.

• Net Promoter Score turned positive for the first time, reflecting improved customer satisfaction and rising ARCEP scores.

• Completed financial restructuring in October 2025 and closed the sale of Infracos, using €279 million proceeds to repay debt.

• Entered exclusive negotiations to sell Mainland France telecom activities (SFR) to a consortium for €20.35 billion enterprise value, with exclusivity until mid-May 2026.

Financial highlights

• Q4 2025 revenue declined 9.3% year-over-year to €2.29 billion; full year revenue down 8.4%.

• EBITDA margin compressed to 31.8% as EBITDA declined 11.7% year-over-year.

• Operating free cash flow increased 5.7% year-over-year to €1.4 billion, driven by lower CapEx.

• Accrued CapEx for FY 2025 was €1.54 billion, down 23.2% year-over-year, reflecting the end of major investment cycles.

• Q4 free cash flow was a €725 million outflow, mainly due to working capital changes.

Outlook and guidance

• EBITDA decline is expected to stabilize in coming quarters, with the bottom of the decline now reached.

• Softer competitive environment in early 2026 supports expectations for EBITDA stabilization.

• No further guidance provided for 2026 EBITDA or CapEx.

• Sale of Mainland France activities expected to reshape the business and capital structure.

• Forward-looking statements highlight risks and uncertainties that could affect actual results.