Altice Europe — Altice International — Q1 2021 Earnings Presentation
15 slides from Altice Europe's earnings presentation, May 25, 2021
Slide 1: Altice International Q1 2021 Results
Altice International Q1 2021 Results May 25, 2021
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 2021 Summary
Q1 2021 Summary Total revenue and total EBITDA growth in Q1 2021: • Total revenue grew by +5.9% YoY on a constant currency basis (+2.5% reported) • Total EBITDA grew by +2.2% YoY on a constant currency basis (-1.2% reported) Net leverage of 4.2x at the end of Q1 2021 €1.2 billion liquidity, no debt
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Total Total ex roaming Components of Q1 2021 revenue trends YoY (€m) +2.5% (CC +5.9%) (€m) • Total ex roaming: +3.0% (CC +6.4%) +3.0% (CC +6.4%) • Portugal: +5.7% 997 1,022 1,012 • Israel: +0.9% (CC +3.1%) 982 96 110 96 110 • Dominican Republic: -11.0% (CC +5.1%)
Slide 5: Teads Offers a Powerful Combination of Growth & Profitability
Teads Offers a Powerful Combination of Growth & Profitability Massive, Massive, growing growing totaltotal addressable addressable market market Revenue Massive Premium market position opportunity in with open-ended growth runway fuelled by YoY in CC +22% focus on the curated internet 197 Premium
Slide 6: Altice International Financials
Altice International Financials Q1-20 Q1-21 Growth YoY Reported Growth YoY Constant FX €m Portugal 522 549 +5.1% +5.1% Israel 247 247 +0.3% +2.5% Dominican Republic 133 118 -11.1% +5.0% Teads 96 110 +14.5% +21.6% Eliminations & other -0 -2 - - Revenue 997 1,022 +2.5% +5.9% Portugal 210 204 -2.8% -2.
Slide 7: Q1 2021 Free Cash Flow
Q1 2021 Free Cash Flow (€m) 371 (211) 161 (142) (596) 2 (23) 23 (17) Adjusted Accrued OpFCF Interest Pensions Taxes Change in WC FCF EBITDA Capex & other For footnotes see slide 15 7
Slide 8: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Altice International Restricted Group (€bn) Net debt €6,775m 0.01 0.02 0.02 0.02 1.36 3.14 0.00 2.85 WAL 5.5 years WACD 4.1% Fixed interest 86% Net leverage 4.2x Liquidity €1.2bn Altice International Unsecured Gross debt €675m WAL 6.8 years WACD 4.8% Fixed interes
Slide 9: Guidance Reiterated
Guidance Reiterated FY 2021 Revenue, EBITDA and OpFCF growth YoY Mid-term: full-year organic FCF target of >€250 million Mid-term Underpinned by EBITDA and OpFCF growth, as well as further reduction in cash interest costs Target leverage of 4.0 to 4.5x net debt to EBITDA For footnotes see slide 15 9
Slide 10: Q&A
Q&A 10 alti
Slide 11: Appendix
Appendix 11
Slide 12: Reconciliation to Swap Adjusted Debt
Reconciliation to Swap Adjusted Debt €m Altice International As of March 31, 2021 Actual Pro Forma Total Debenture and Loans from Financial Institutions 7,241 7,241 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -8,167 -8,167 Value of debent
Slide 13: Pro Forma Net Leverage Reconciliation
Pro Forma Net Leverage Reconciliation €m Altice International As of March 31, 2021 Gross Debt Consolidated 7,452 Cash -677 Net Debt Consolidated 6,775 LTM Standalone 1,578 Eliminations -3 LTM EBITDA Consolidated 1,575 LTM EBITDA Consolidated 1,575 Gross Leverage (LTM EBITDA) 4.7x Net Leverage (LTM E
Slide 14: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Altice International For the three ended March 31, 2021 Revenue 1,015 Purchasing and subcontracting costs -282 Other operating expenses -197 Staff costs and employee benefits -133 Total 402 Share-based expense 1 Rental expense operating lease -32
Slide 15: Footnotes
Footnotes €1.2 billion liquidity includes €0.5 billion of undrawn revolvers and €0.7 billion of cash. €0.7 billion of cash includes the €375 million earn-out to be Pages 3, 8 received in December 2021 (not including the €375 million earn-out to be received in December 2026) related to the FastFiber