Altice Europe — Altice International — Q2 2024 Earnings Presentation
15 slides from Altice Europe's earnings presentation, Aug 29, 2024
Slide 1: Altice International Q2 2024 results
Altice International Q2 2024 results August 29, 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: Q2 2024 Summary
Q2 2024 Summary Altice International pro forma key financial trends in Q2 2024: • Total revenue declined by -2.2% YoY on a constant currency basis (-3.2% reported) • Total EBITDA declined by -1.1% YoY on a constant currency basis (-2.5% reported) • Total OpFCF grew by +9.0% YoY on a constant currenc
Slide 4: Altice International Pro Forma Revenue Trends
Altice International Pro Forma Revenue Trends Q2 2024 revenue trends YoY -3.2% (CC -2.2%) (€m) • Total: -3.2% (CC -2.2%) • Portugal: -1.7% 1,131 1,095 • Israel: -6.0% (CC -5.3%) 148 141 • Dominican Republic: -4.6% (CC +1.6%) 269 253 Revenue growth evolution YoY (CC) +7.9% +6.4% 718 705 +3.9% +0.0% (
Slide 5: Altice International Pro Forma Financials
Altice International Pro Forma Financials €m Q2-23 Q2-24 Growth YoY Reported Growth YoY Constant FX Portugal 718 705 -1.7% -1.7% Israel 269 253 -6.0% -5.3% Dominican Republic 148 141 -4.6% +1.6% Eliminations & other -4 -5 - - Revenue 1,131 1,095 -3.2% -2.2% Portugal 254 252 -0.9% -0.9% Israel 90 85
Slide 6: Q2 2024 Free Cash Flow
Q2 2024 Free Cash Flow (€m) 412 (186) 225 27 (77) (22) (25) 116 (43) 30 Adjusted Accrued OpFCF Teads OpFCF Interest Pension Taxes Dividends to Change in WC FCF EBITDA Capex paid paydown minorities & other For footnotes see slide 15 6
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice International 0.02 0.20 0.20 3.04 2.93 2.69 Net debt €8,463m WAL 3.8 years (€bn) WACD 5.8% Fixed interest 83% Net leverage (LTM) 5.0x Liquidity €1.2bn Unsecured Net debt €675m WAL 3.5 years WACD 4.8% Secured Net debt €7,788m WAL 3.8 years 2024 202
Slide 8: Guidance
Guidance 2024 • FY 2024: revenue and EBITDA growth YoY, absolute OpFCF in excess of €850 million (Pro Forma for the Sale of Teads) Guidance • Target leverage of 4.0x to 4.5x net debt to EBITDA For footnotes see slide 15 8 a
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation to Swap Adjusted Debt as of June 30, 2024
Reconciliation to Swap Adjusted Debt as of June 30, 2024 €m Actual Pro Forma Total Debenture and Loans from Financial Institutions 9,830 9,830 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -7,004 -7,004 Value of debenture and loans from fin
Slide 12: Leverage Reconciliation as of June 30, 2024
Leverage Reconciliation as of June 30, 2024 €m Actual Pro Forma Gross Debt Consolidated 10,032 9,117 Cash and cash equivalents -234 -234 Restricted cash -34 -34 Cash collateralized for redemption, defeasance or otherwise discharge of the €600 million 2.25% 2025 SSN -600 - Pro forma for proceeds from
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-24 Q2-24 Revenue - Financial Statements 1,213 1,237 Purchasing and subcontracting costs -307 -303 Other operating expenses -239 -255 Staff costs and employee benefits -219 -204 Total 447 475 Rental expense operating lease -44 -44 Share based e
Slide 14: Q2 2024 Free Cash Flow and Change in Net Debt
Q2 2024 Free Cash Flow and Change in Net Debt (€m) 412 (186) 225 27 (77) (22) (25) 116 (43) (9) 30 (37) 70 (19) Adjusted Accrued OpFCF Teads OpFCF Interest Pension Taxes Dividends to Change in WC FCF Israel Financing, FX impact, Change in EBITDA Capex paid paydown minorities & other IRU corporate fu
Slide 15: Footnotes
Footnotes Altice International financial and operating results in this presentation are presented pro forma for the sale of Teads All slides €1.2 billion liquidity includes €0.58 billion of undrawn revolvers and €0.65 billion of cash. The cash position as shown is pro forma for the Slides 3, 7 redem