Altice Europe — Altice International — Q1 2022 Earnings Presentation
14 slides from Altice Europe's earnings presentation, May 17, 2022
Slide 1: Altice International Q1 2022 Results
Altice International Q1 2022 Results May 17, 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: Q1 2022 Summary
Q1 2022 Summary Subscriber net additions across all geographies and segments in Q1 2022 Revenue, EBITDA and OpFCF growth in Q1 2022: • Total revenue grew by +13.2% YoY on a reported basis (+9.1% constant currency) • Total EBITDA grew by +9.0% YoY on a reported basis (+5.1% constant currency) • Total
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Q1 2022 revenue trends YoY +13.2% (CC +9.1%) (€m) • Total: +13.2% (CC +9.1%) 1,148 • Portugal: +11.5% 1,014 118 • Israel: +16.4% (CC +5.9%) 103 135 • Dominican Republic: +14.9% (CC +4.3%) 118 • Teads: +15.0% (CC +11.5%) 288 247 Revenue growth evolution YoY (CC) +1
Slide 5: Altice International Financials
Altice International Financials €m Q1-21 Q1-22 Growth YoY Reported Growth YoY Constant FX Portugal 549 613 +11.5% +11.5% Israel 247 288 +16.4% +5.9% Dominican Republic 118 135 +14.9% +4.3% Teads 103 118 +15.0% +11.5% Eliminations & other -2 -5 - - Revenue 1,014 1,148 +13.2% +9.1% Portugal 204 222 +8
Slide 6: Q1 2022 Free Cash Flow
Q1 2022 Free Cash Flow (€m) 405 (212) 193 (133) 71 (26) 67 (29) Adjusted Accrued OpFCF Interest Pension Taxes Change in WC & FCF EBITDA Capex paydown other For footnotes see slide 14 6
Slide 7: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Restricted Group Net debt €7,744m (€bn) WAL 5.5 years 0.01 0.02 0.02 1.56 1.02 - 2.85 2.65 WACD 3.7% Fixed interest 84% Net leverage 4.5x Net leverage adjusted for Altice UK investment 4.1x Liquidity €0.6bn Unsecured Net debt €675m WAL 5.8 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 March 31, 2022
Reconciliation to Swap Adjusted Debt as of March 31, 2022 €m Q1-22 Total Debenture and Loans from Financial Institutions 8,116 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,539 Value of debenture and loans from financial institutions in
Slide 12: Pro Forma Leverage Reconciliation
Pro Forma Leverage Reconciliation €m Actual Pro Forma Gross Debt Consolidated 8,153 8,153 Cash -409 -409 Net Debt Consolidated 7,744 7,744 LTM EBITDA Consolidated 1,677 1,685 Gross Leverage 4.8x Net Leverage 4.6x Net Leverage adjusted for Altice UK investment 4.2x L2QA EBITDA Consolidated 1,729 1,72
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-22 Revenue - Financial Statements 1,148 Purchasing and subcontracting costs -298 Other operating expenses -243 Staff costs and employee benefits -163 Total 444 Share-based expense - Rental expense operating lease -40 Adjusted EBITDA - Financia
Slide 14: Footnotes
Footnotes €0.6 billion liquidity includes €0.2 billion of undrawn revolvers and €0.4 billion of cash (of which restricted cash for an amount of €43 million) Pages 3, 7 Leverage shown on an LTM basis is presented pro forma for the contribution from the acquisition of Unisono (€12 million), closed on