Altice Europe — Altice International — Q1 2023 Earnings Presentation
14 slides from Altice Europe's earnings presentation, May 10, 2023
Slide 1: Altice International Q1 2023 results
Altice International Q1 2023 results May 10, 2023
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 2023 Summary
Q1 2023 Summary Revenue growth across all telecoms supporting total revenue, EBITDA and OpFCF growth in Q1 2023: • Total revenue grew by +7.5% YoY on a reported basis (+8.0% constant currency) • Total EBITDA grew by +6.4% YoY on a reported basis (+6.6% constant currency) • Total OpFCF grew by +3.9%
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Q1 2023 revenue trends YoY +7.5% (CC +8.0%) (€m) • Total: +7.5% (CC +8.0%) 1,234 • Portugal: +14.2% 1,148 115 • Israel: -2.9% (CC +2.6%) 118 147 • Dominican Republic: +8.3% (CC +2.6%) 135 • Teads: -2.1% (CC -4.2%) 279 288 Revenue growth evolution YoY (CC) +12.3% +
Slide 5: Altice International Financials
Altice International Financials €m Q1-22 Q1-23 Growth YoY Reported Growth YoY Constant FX Portugal 613 699 +14.2% +14.2% Israel 288 279 -2.9% +2.6% Dominican Republic 135 147 +8.3% +2.6% Teads 118 115 -2.1% -4.2% Eliminations & other -5 -6 - - Revenue 1,148 1,234 +7.5% +8.0% Portugal 222 245 +10.5%
Slide 6: Q1 2023 Free Cash Flow
Q1 2023 Free Cash Flow (€m) 430 (230) 200 (117) (23) 56 (25) 22 Adjusted Accrued OpFCF Interest Pension Taxes Change in WC & FCF EBITDA Capex paid paydown other For footnotes see slide 14 6
Slide 7: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Restricted Group Net debt €8,523m (€bn) WAL 4.9 years 0.02 0.02 0.79 0.19 2.16 2.88 2.69 WACD 5.1% Fixed interest 79% Net leverage 4.6x Liquidity €0.55bn Unsecured Net debt €675m WAL 4.8 years WACD 4.8% Secured Net debt €7,848m WAL 4.9 years 2023 2024 2025 2026 20
Slide 8: Guidance
Guidance FY 2023 Revenue, EBITDA and OpFCF growth YoY Mid-term: absolute OpFCF in excess of €1 billion Mid-term Underpinned by EBITDA growth, supporting 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 March 31, 2023
Reconciliation to Swap Adjusted Debt as of March 31, 2023 €m Actual Total Debenture and Loans from Financial Institutions 8,674 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,629 Value of debenture and loans from financial institutions in
Slide 12: Leverage Reconciliation
Leverage Reconciliation €m Actual Gross Debt Consolidated 8,857 Cash -334 Net Debt Consolidated 8,523 LTM EBITDA Consolidated 1,816 Net Leverage 4.7x Net Leverage adjusted for Altice UK investment 4.4x L2QA EBITDA Consolidated 1,841 Net Leverage 4.6x Net leverage adjusted for Altice UK investment 4.
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-23 Revenue - Financial Statements 1,234 Purchasing and subcontracting costs -333 Other operating expenses -245 Staff costs and employee benefits -184 Total 472 Rental expense operating lease -41 Adjusted EBITDA - Financial Statements & Investo
Slide 14: Footnotes
Footnotes €0.55 billion liquidity includes €0.22 billion of undrawn revolvers and €0.33 billion of cash. Total cash of €334 million includes restricted cash for an Slides 3, 7 amount of €44 million Accrued Capex for Israel excludes accruals related to the acquisition of an additional tranche of the