Altice Europe — Altice International — Q2 2022 Earnings Presentation
14 slides from Altice Europe's earnings presentation, Jul 27, 2022
Slide 1: Altice International Q2 2022 Results
Altice International Q2 2022 Results July 27, 2022
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: Q2 2022 Summary
Q2 2022 Summary Subscriber base growth across all geographies and segments in Q2 2022 Revenue growth in all geographies supporting total revenue, EBITDA and OpFCF growth in Q2 2022: • Total revenue grew by +16.2% YoY on a reported basis (+10.8% constant currency) • Total EBITDA grew by +9.2% YoY on
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Q2 2022 revenue trends YoY +16.2% (CC +10.8%) (€m) • Total: +16.2% (CC +10.8%) 1,221 • Portugal: +16.5% 1,050 142 • Israel: +21.0% (CC +9.6%) 139 150 • Dominican Republic: +24.1% (CC +6.2%) 120 • Teads: +1.7% (CC -4.3%) 292 Revenue growth evolution YoY (CC) 241 +1
Slide 5: Altice International Financials
Altice International Financials €m Q2-21 Q2-22 Growth YoY Reported Growth YoY Constant FX Portugal 551 642 +16.5% +16.5% Israel 241 292 +21.0% +9.6% Dominican Republic 120 150 +24.1% +6.2% Teads 139 142 +1.7% -4.3% Eliminations & other -1 -4 - - Revenue 1,050 1,221 +16.2% +10.8% Portugal 213 232 +9.
Slide 6: Q2 2022 Free Cash Flow
Q2 2022 Free Cash Flow (€m) 437 (238) 199 (18) (26) (65) (26) (35) 28 Adjusted Accrued OpFCF Interest Pension Taxes Dividends to Change in WC & FCF EBITDA Capex paydown minorities other For footnotes see slide 14 6
Slide 7: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Restricted Group Net debt €7,844m (€bn) WAL 5.3 years 0.01 0.02 0.02 1.48 1.07 - 2.85 2.67 WACD 3.9% Fixed interest 84% Net leverage 4.7x Net leverage adjusted for Altice UK investment 4.3x Liquidity €0.7bn Unsecured Net debt €675m WAL 5.5 years WACD 4.8% Secured
Slide 8: Guidance Reiterated
Guidance Reiterated FY 2022 Revenue, EBITDA and OpFCF growth YoY Mid-term: absolute OpFCF in excess of €1 billion Mid-term Underpinned by EBITDA growth, supported by significant expansion in Free Cash Flow Target leverage of 4.0 to 4.5x net debt to EBITDA For footnotes see slide 14 8 a
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation to Swap Adjusted Debt as of June 30, 2022
Reconciliation to Swap Adjusted Debt as of June 30, 2022 €m Q2-22 Total Debenture and Loans from Financial Institutions 8,289 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,802 Value of debenture and loans from financial institutions in f
Slide 12: Pro Forma Leverage Reconciliation
Pro Forma Leverage Reconciliation €m Actual Pro Forma Gross Debt Consolidated 8,126 8,126 Cash -282 -282 Net Debt Consolidated 7,844 7,844 LTM EBITDA Consolidated 1,714 1,720 Gross Leverage 4.7x Net Leverage 4.6x Net Leverage adjusted for Altice UK investment 4.2x L2QA EBITDA Consolidated 1,683 1,68
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-22 Q2-22 Revenue - Financial Statements 1,148 1,221 Purchasing and subcontracting costs -298 -314 Other operating expenses -243 -258 Staff costs and employee benefits -163 -170 Total 444 479 Share-based expense - - Rental expense operating lea
Slide 14: Footnotes
Footnotes €0.7 billion liquidity includes €0.4 billion of undrawn revolvers and €0.3 billion of cash (of which restricted cash for an amount of €42 million) Pages 3, 7 Leverage is presented pro forma for the contribution from the acquisition of Unisono (€6 million on an LTM basis, no impact on an L2