Altice Europe — Altice International — Q1 2024 Earnings Presentation
15 slides from Altice Europe's earnings presentation, May 28, 2024
Slide 1: Altice International Q1 2024 results
Altice International Q1 2024 results May 28, 2024
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitatio
Slide 3: Q1 2024 Summary
Q1 2024 Summary Total revenue, EBITDA and OpFCF growth in Q1 2024: • Total revenue grew by +0.1% YoY on a constant currency basis (-1.8% reported) • Total EBITDA grew by +0.5% YoY on a constant currency basis (-1.6% reported) • Total OpFCF grew by +8.4% YoY on a constant currency basis (+6.8% report
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Q1 2024 revenue trends YoY -1.8% (CC +0.1%) (€m) • Total: -1.8% (CC +0.1%) 1,234 1,213 • Portugal: +0.6% 115 115 • Israel: -5.8% (CC -1.1%) 147 139 • Dominican Republic: -5.3% (CC +0.8%) • Teads: stable (CC +0.9%) 279 263 Revenue growth evolution YoY (CC) +8.0% +7
Slide 5: Altice International Financials
Altice International Financials €m Q1-23 Q1-24 Growth YoY Reported Growth YoY Constant FX Portugal 699 704 +0.6% +0.6% Israel 279 263 -5.8% -1.1% Dominican Republic 147 139 -5.3% +0.8% Teads 115 115 -0.0% +0.9% Eliminations & other -6 -8 - - Revenue 1,234 1,213 -1.8% +0.1% Portugal 245 259 +5.6% +5.
Slide 6: Q1 2024 Free Cash Flow
Q1 2024 Free Cash Flow (€m) 423 (209) 214 (193) 11 (22) (30) 60 (18) Adjusted Accrued OpFCF Interest Pension Taxes Dividends to Change in WC & FCF EBITDA Capex paid paydown minorities other For footnotes see slide 15 6
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice International 0.02 0.20 0.20 3.48 2.93 2.69 Net debt €9,233m WAL 4.0 years (€bn) WACD 5.8% Fixed interest 81% Net leverage 5.0x Liquidity €0.45bn Unsecured Net debt €675m WAL 3.8 years WACD 4.8% Secured Net debt €8,558m WAL 4.0 years 2024 2025 202
Slide 8: Guidance reiterated
Guidance reiterated 2024 • FY 2024: revenue and EBITDA growth YoY, absolute OpFCF in excess of €1 billion Guidance • Target leverage of 4.0x to 4.5x net debt to EBITDA For footnotes see slide 15 8 a
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation to Swap Adjusted Debt as of March 31, 2024
Reconciliation to Swap Adjusted Debt as of March 31, 2024 €m Actual Pro Forma1 Total Debenture and Loans from Financial Institutions 9,934 9,934 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -7,088 -7,088 Value of debenture and loans from f
Slide 12: Leverage Reconciliation as of March 31, 2024
Leverage Reconciliation as of March 31, 2024 €m Actual Pro Forma1 Gross Debt Consolidated 10,157 9,557 Cash and restricted cash -324 -324 Cash collateralized for redemption, defeasance or otherwise discharge of the €600 million 2.25% 2025 SSN -600 - Net Debt Consolidated 9,233 9,233 LTM EBITDA Conso
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-24 Revenue - Financial Statements 1,213 Purchasing and subcontracting costs -307 Other operating expenses -239 Staff costs and employee benefits -219 Total 447 Rental expense operating lease -44 Share based expense 19 Adjusted EBITDA - Financi
Slide 14: Q1 2024 Free Cash Flow and Change in Net Debt
Q1 2024 Free Cash Flow and Change in Net Debt (€m) 423 (209) 214 (193) 11 (22) (17) (30) 60 (18) (441) (447) Adjusted Accrued OpFCF Interest Pension Taxes Dividends to Change in WC FCF M&A and Other Financing, Change in EBITDA Capex paid paydown minorities & other FX impact & net debt distributions
Slide 15: Footnotes
Footnotes €0.45 billion liquidity includes €0.13 billion of undrawn revolvers and €0.32 billion of cash. The cash position as shown is pro forma for the Slides 3, 7 redemption, defeasance or otherwise discharge of the outstanding €600 million 2.25% 2025 Senior Secured Notes Accrued Capex for Israel