Altice Europe — Altice International — Q3 2024 Earnings Presentation
17 slides from Altice Europe's earnings presentation, Nov 27, 2024
Slide 1: Altice International Q3 2024 results
Altice International Q3 2024 results November 27, 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: Q3 2024 Summary
Q3 2024 Summary Altice International pro forma key financial trends in Q3 2024: • Total revenue declined by -1.3% YoY on a constant currency basis (-2.1% reported) • Total EBITDA declined by -3.8% YoY on a constant currency basis (-5.0% reported) • Total OpFCF declined by -0.8% YoY on a constant cur
Slide 4: Altice International Pro Forma Revenue Trends
Altice International Pro Forma Revenue Trends Q3 2024 revenue trends YoY -2.1% (CC -1.3%) (€m) • Total: -2.1% (CC -1.3%) • Portugal: +1.7% 1,102 1,079 • Israel: -7.8% (CC -7.8%) 147 135 • Dominican Republic: -8.4% (CC -2.2%) 267 246 Revenue growth evolution YoY (CC) +5.9% +3.9% +4.4% +3.2% +3.3% 693
Slide 5: Altice International Pro Forma Financials
Altice International Pro Forma Financials €m Q3-23 Q3-24 Growth YoY Reported Growth YoY Constant FX Portugal 693 704 +1.7% +1.7% Israel 267 246 -7.8% -7.8% Dominican Republic 147 135 -8.4% -2.2% Eliminations & other -5 -7 - - Revenue 1,102 1,079 -2.1% -1.3% Portugal 271 258 -4.5% -4.5% Israel 87 85
Slide 6: Q3 2024 Free Cash Flow
Q3 2024 Free Cash Flow (€m) 413 (184) 228 (5) (205) (25) (58) (18) 4 (79) Adjusted Accrued OpFCF Geodesia Interest Pension Taxes Dividends to Change in WC FCF EBITDA Capex OpFCF paid paydown minorities & other For footnotes see slide 17 6
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice International 0.01 0.19 0.19 3.01 2.91 2.69 Net debt €8,580m WAL 3.6 years (€bn) WACD 5.7% Fixed interest 82% Net leverage (LTM) 5.3x Liquidity €1.03bn Unsecured Net debt €675m WAL 3.3 years WACD 4.8% Secured Net debt €7,905m WAL 3.6 years 2024 20
Slide 8: Guidance
Guidance • EBITDA ~€1.6 billion (pro forma for the sale of Teads and the carve out of Geodesia) 2024 Landing • OpFCF of ~€800 million (pro forma for the sale of Teads and the carve out of Geodesia) Target Leverage Target leverage of 4.0 to 4.5x net debt to EBITDA For footnotes see slide 17 8 a
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: Altice Portugal Financials
Altice Portugal Financials €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Portugal excluding Geodesia 679 680 693 704 681 664 704 Geodesia 21 38 49 43 23 41 44 Revenue 699 718 742 747 704 705 748 Portugal excluding Geodesia 245 247 271 244 258 247 258 Geodesia 1 7 10 13 1 5 (4) Adjusted EBITDA 245 254
Slide 12: Reconciliation to Swap Adjusted Debt as of September 30, 2024
Reconciliation to Swap Adjusted Debt as of September 30, 2024 Q1-24 Q2-24 Q3-24 Q3-24 €m Actual Actual Actual Pro Forma Total Debenture and Loans from Financial Institutions 9,934 9,830 9,762 9,762 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX r
Slide 13: Leverage Reconciliation as of September 30, 2024
Leverage Reconciliation as of September 30, 2024 €m Actual Pro Forma Gross Debt Consolidated 10,079 9,029 Cash and cash equivalents -171 -171 Restricted cash -56 -56 Cash collateralized for redemption, defeasance or otherwise discharge of the €600 million 2.25% 2025 SSN -600 - Pro forma for proceeds
Slide 14: Reconciliation to Unaudited GAAP Measures
Reconciliation to Unaudited GAAP Measures €m Q1-24 Q2-24 Q3-24 Revenue - Financial Statements 1,097 1,095 1,123 Purchasing and subcontracting costs -307 -303 -337 Other operating expenses -177 -180 -178 Staff costs and employee benefits -160 -158 -158 Total 452 454 450 Rental expense operating lease
Slide 15: Cash Reconciliation as of September 30, 2024
Cash Reconciliation as of September 30, 2024 €m Actual Altice International cash and cash equivalents - excluding Teads & restricted cash 214 Teads cash and cash equivalents 82 Cash and cash equivalents – as of January 1, 2024 (including Teads) 296 Net cash used in continuing operations -131 Net cas
Slide 16: Q3 2024 Free Cash Flow and Change in Net Debt
Q3 2024 Free Cash Flow and Change in Net Debt (€m) 413 (184) 228 (5) (205) (25) (58) (18) 4 52 (46) (19) (79) Adjusted Accrued OpFCF Geodesia Interest Pension Taxes Dividends Change in WC FCF Restructuring Financing Change EBITDA Capex OpFCF paid paydown to minorities & other IRU & & FX in net debt
Slide 17: Footnotes
Footnotes Following the agreement between Altice Teads S.A. and Outbrain, the disposal of Teads was considered highly probable and as a consequence, the assets and liabilities of Teads in the Condensed All slides Interim Consolidated Financial Statements were classified as held for sale as per the p