Altice Europe — Altice International — Q3 2022 Earnings Presentation
15 slides from Altice Europe's earnings presentation, Nov 10, 2022
Slide 1: Altice International Q3 2022 results
Altice International Q3 2022 results November 10, 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: Q3 2022 Summary
Q3 2022 Summary Subscriber base growth across all geographies and segments in Q3 2022 Revenue growth in all geographies supporting total revenue, EBITDA and OpFCF growth in Q3 2022: • Total revenue grew by +19.1% YoY on a reported basis (+12.3% constant currency) • Total EBITDA grew by +11.0% YoY on
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Q3 2022 revenue trends YoY +19.1% (CC +12.3%) (€m) • Total: +19.1% (CC +12.3%) 1,296 • Portugal: +15.4% 149 1,089 • Israel: +25.8% (CC +13.1%) 160 130 • Dominican Republic: +29.9% (CC +5.7%) 123 • Teads: +14.9% (CC +6.0%) 312 248 Revenue growth evolution YoY (CC)
Slide 5: Altice International Financials
Altice International Financials €m Q3-21 Q3-22 Growth YoY Reported Growth YoY Constant FX Portugal 589 680 +15.4% +15.4% Israel 248 312 +25.8% +13.1% Dominican Republic 123 160 +29.9% +5.7% Teads 130 149 +14.9% +6.0% Eliminations & other -2 -6 - - Revenue 1,089 1,296 +19.1% +12.3% Portugal 222 234 +
Slide 6: 9M 2022 Free Cash Flow
9M 2022 Free Cash Flow (€m) 1,300 (683) 617 (288) 25 (81) (167) 100 (29) 23 Adjusted Accrued OpFCF Interest Interest Pension Taxes Dividends to Change in WC FCF EBITDA Capex paid received paydown minorities & other For footnotes see slide 15 6
Slide 7: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Restricted Group Net debt €8,021m (€bn) WAL 5.0 years 0.01 0.02 0.02 1.59 1.12 - 2.91 2.66 WACD 4.1% Fixed interest 86% Net leverage 4.5x Net leverage adjusted for Altice UK investment 4.2x Liquidity €0.7bn Unsecured Net debt €675m WAL 5.3 years WACD 4.8% Secured
Slide 8: Guidance Reiterated
Guidance Reiterated 2022 Growth YoY (reported) Q1-22 Q2-22 Q3-22 YTD-22 Revenue +13% +15% +19% +16% EBITDA +9% +9% +11% +10% OpFCF +20% +3% +2% +8% Mid-term Guidance Absolute OpFCF in excess of €1 billion OpFCF Underpinned by EBITDA growth, supporting significant Free Cash Flow expansion Target Leve
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation to Swap Adjusted Debt as of September 30, 2022
Reconciliation to Swap Adjusted Debt as of September 30, 2022 €m Actual Total Debenture and Loans from Financial Institutions 8,651 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -7,146 Value of debenture and loans from financial institution
Slide 12: Leverage Reconciliation
Leverage Reconciliation €m Actual Gross Debt Consolidated 8,338 Cash -317 Net Debt Consolidated 8,021 LTM EBITDA Consolidated 1,760 Gross Leverage 4.7x Net Leverage 4.6x Net Leverage adjusted for Altice UK investment 4.2x L2QA EBITDA Consolidated 1,791 Gross Leverage 4.7x Net Leverage 4.5x Net lever
Slide 13: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-22 Q2-22 Q3-22 Revenue - Financial Statements 1,148 1,221 1,296 Purchasing and subcontracting costs -298 -314 -351 Other operating expenses -243 -258 -266 Staff costs and employee benefits -163 -170 -179 Total 444 479 500 Rental expense operat
Slide 14: Q3 2022 Free Cash Flow and Change in Net Debt
Q3 2022 Free Cash Flow and Change in Net Debt (€m) 458 (233) 225 (136) 25 (29) (73) 1 (3) (9) (30) (5) (140) (176) Adjusted Accrued OpFCF Interest Interest Pension Taxes Dividends to Change in WC FCF Contingencies M&A Financing & Change in EBITDA Capex paid received paydown minorities & other FX imp
Slide 15: Footnotes
Footnotes €0.7 billion liquidity includes €0.4 billion of undrawn revolvers and €0.3 billion of cash. Total cash of €317 million includes restricted cash for an Pages 3, 7 amount of €43 million. Undrawn revolver of €0.4 billion includes €25 million of new commitment with a relationship bank signed o