Altice Europe — Altice International — Q3 2023 Earnings Presentation
14 slides from Altice Europe's earnings presentation, Nov 21, 2023
Slide 1: Altice International Q3 2023 results
Altice International Q3 2023 results November 21, 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: Q3 2023 Summary
Q3 2023 Summary Revenue growth across all telecom assets on a constant currency basis supporting total revenue, EBITDA and OpFCF growth in Q3 2023: • Total revenue grew by +5% YoY on a constant currency basis (-0.6% reported) • Total EBITDA grew by +10% YoY on a constant currency basis (+3.8% report
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends -0.6% (CC +5.0%) Q3 2023 revenue trends YoY (€m) • Total: -0.6% (CC +5.0%) 1,296 1,288 • Portugal: +9.1% 149 136 • Israel: -14.5% (CC +1.7%) 160 147 • Dominican Republic: -8.0% (CC +3.3%) 267 • Teads: -8.7% (CC -5.9%) 312 Revenue growth evolution YoY (CC) +12.3% +
Slide 5: Altice International Financials
Altice International Financials Q3-22 Q3-23 Growth YoY Reported Growth YoY Constant FX €m Portugal 680 742 +9.1% +9.1% Israel 312 267 -14.5% +1.7% Dominican Republic 160 147 -8.0% +3.3% Teads 149 136 -8.7% -5.9% Eliminations & Other -6 -5 n.m. n.m. Revenue 1,296 1,288 -0.6% +5.0% Portugal 234 281 +2
Slide 6: Q3 2023 Free Cash Flow
Q3 2023 Free Cash Flow (€m) 476 (205) 271 (173) (29) 37 (70) 38 Adjusted Accrued OpFCF Interest Pension Taxes Change in WC & FCF EBITDA Capex paid paydown other For footnotes see slide 14 6
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice International Net debt €8,652m (€bn) WAL 4.6 years 0.01 0.03 0.20 0.20 2.84 2.93 2.69 WACD 5.7% Fixed interest 79% Net leverage 4.6x Liquidity €0.7bn Unsecured Net debt €675m WAL 4.3 years WACD 4.8% Secured Net debt €7,977m WAL 4.6 years 2023 2024
Slide 8: Narrowed Guidance Reiterated
Narrowed Guidance Reiterated 2023 Growth YoY (constant currency) Q1-23 Q2-23 Q3-23 Revenue +8.0% +7.5% +5.0% EBITDA +6.6% +7.2% +10.0% OpFCF +3.2% +23.3% +25.5% FY 2023 Revenue, EBITDA and OpFCF growth YoY EBITDA & OpFCF FY growth YoY at CC expected to be broadly in line with H1 performance Mid-term
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation to Swap Adjusted Debt as of September 30, 2023
Reconciliation to Swap Adjusted Debt as of September 30, 2023 €m Actual Pro Forma1 Total Debenture and Loans from Financial Institutions 8,846 8,846 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,758 -6,758 Value of debenture and loans fr
Slide 12: Leverage Reconciliation as of September 30, 2023
Leverage Reconciliation as of September 30, 2023 €m Actual Pro Forma1 Gross Debt Consolidated 8,941 8,941 Cash and restricted cash -328 -290 Net Debt Consolidated 8,614 8,652 LTM EBITDA Consolidated 1,852 1,852 Net Leverage 4.6x 4.7x L2QA EBITDA Consolidated 1,864 1,864 Net Leverage 4.6x 4.6x For fo
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-23 Q2-23 Q3-23 Revenue - Financial Statements 1,234 1,277 1,288 Purchasing and subcontracting costs -333 -341 -331 Other operating expenses -245 -255 -258 Staff costs and employee benefits -184 -183 -182 Total 472 498 517 Rental expense operat
Slide 14: Footnotes
Footnotes €0.7 billion liquidity includes €0.4 billion of undrawn revolver and €0.3 billion of cash. The cash position as show is pro forma for the October 2023 Slides 3, 7 loan raise (the raise at Altice Financing S.A. of €800 million of Term Loan due October 2027, the redemption, defeasance or oth