Earnings release
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1 April 15, 2025 ALTICE FRANCE Q4 & FY 2024 RESULTS Altice France1 today announces financial and operating results2 for the quarter and year ended December 31, 2024. FY 2024 Key Highlights Revenue of €10,080 million declined by -5.6% YoY on a reported basis, or -2.4% YoY excluding construction for XpFibre EBITDA was €3,351 million in FY 2024 and total accrued Capex was €1,9993 million, resulting in total operating free cash flow of €1,351 million in FY 2024 Capital Structure Key Highlights – including subsequent events Total pro forma4 net debt was €15.2 billion (actual5 net debt was €21.2 billion) at the end of Q4 2024. On November 15, 2024, SFR closed the sale of its 49% stake in La Poste Telecom to Bouygues Telecom. Agreement with creditors of Altice France and Altice France Holding S.A. On February 26, 2025, Altice France announced that it has reached an agreement with a group of holders of its senior secured notes (the “Altice France Senior Notes”) and term loans (the “Altice France Term Loans” and together with the Altice France Senior Notes, the “Altice France Secured Debt”) (the “Transaction”). The Transaction also includes an agreement on debt of Altice France’s parent, Altice France Holding S.A. (“Altice France Holding”), with certain holders of the senior notes at that entity (the “Altice France Holding Senior Debt”). o The Transaction will substantially reduce Altice France’s and Altice France Holding’s existing debt and interest expense while significantly extending maturities and improving Altice France’s and Altice France Holding’s balance sheet. The key highlights of the Transaction include: 1 Altice France refers to the Altice France Holding Restricted Group throughout this press release. The perimeter of consolidation for this press release, the Altice France Holding Restricted Group, consists of Altice France Holding S.A., Altice France S.A. and its consolidated entities, excluding the legal entities that have been declared as “unrestricted subsidiaries”. 2 Altice France financial and operating results are presented pro forma for the sale of a 70% stake in UltraEdge to Morgan Stanley (transaction closed on May 23, 2024), pro forma for the sale of a 49% stake in la Poste Telecom to Bouygues Telecom (transaction closed on November 15, 2024) and exclude Altice Media (sold to the CMA CGM Group and Merit France, family holding, on July 2, 2024). 3 Accrued Capex in Q4 2024 excludes accruals related to an IT transformation project for an amount of €9 million and 4G spectrum frequency renewal for an amount of €21 million and capitalized costs related to the reversal of an IRU of -€2 million. 4 Net debt is presented pro forma for the Transaction (as referenced on page 1 of this press release). In order to bridge from €15,542 million (as presented on slide 5 of the February 26, 2025 Altice France announcement, Annex C) to €15,197 million net debt as presented in this press release, add other debt and leases of €39 million, Altice France S.A. swap adjustment of -€199 million and Altice France Holding S.A. swap adjustment of -€184 million. 5 See “cash reconciliation” on page 11 of this press release for a bridge between actual cash presented in the special purpose financial statements of Altice France Holding as of and for the year ended December 31, 2024 (the “Special Purpose Financial Statements”) and actual cash presented in this press release.
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2 a substantial debt reduction: upon completion, the Transaction will eliminate approximately €8.6 billion of term debt (including debt repaid in January - February 2025) and will bring consolidated net debt to €15.5 billion (based on debt balances and foreign exchange rate as of December 31, 2024); a debt maturity extension: the Transaction will extend Altice France’s and Altice France Holding’s maturity runway to 2028/2033. Pro forma for the Transaction, the funded debt will reflect a weighted average maturity of 6.1-years, extended from 3.1-years (with 7.125% EUR weighted average cost of Altice France Secured Debt); existing shareholders to hold 55% of common equity: creditors in Altice France Secured Debt will receive an equity stake of 31% in common equity, while Altice France Holding’s creditors will receive an equity stake of 14% in common equity; a strong creditor support: each of the steering committees of Altice France’s creditors and Altice France Holding’s creditors unanimously support the Transaction. The terms are documented in framework agreements between, notably, Altice France, Altice France Holding and certain creditors representing 55.0% of Altice France Secured Debt and 51.2% of Altice France Holding Senior Debt (each a “Framework Agreement” and, respectively, the “OpCo Framework Agreement” and the “HoldCo Framework Agreement”). o Under the terms of the Transaction, in exchange for their existing Altice France Secured Debt, creditors will receive the following consideration: a cash payment of approximately €1.5 billion (or 7.6 cents per €1 equivalent of Altice France Secured Debt plus any additional amount due to below 100% early participation), as well as accrued interest through implementation of the Transaction; an additional premium paid in cash at closing of 2.5 percent of the principal amount of Altice France Secured Debt for creditors that sign onto the Transaction prior to March 19, 2025 (or up to €0.5 billion assuming full participation); approximately 77.0 cents of new secured debt instruments issued by Altice France (the “New Secured Debt”) with a 2.75-year maturity extension vs. the existing Altice France Secured Debt tranches and an approximately 137.5 basis point increase in rate (which implies approximately €14.8 billion of New Secured Debt); and an aggregate equity stake of 31% in common equity. o Altice France Holding’s creditors will receive the following consideration: a cash payment of approximately €0.1 billion (or 2.5 cents per €1 of Altice France Holding Senior Debt plus any additional amount due to below 100% early participation), as well as accrued interest through March 31, 2025; an additional premium paid in cash at closing of 2.5 percent of the principal amount of Altice France Holding Senior Debt for creditors that sign onto the Transaction prior to March 19, 2025 (or up to €0.1 billion assuming full participation); 20.0 cents of new debt due January 2033 issued by a new intermediate holding company that will be the indirect owner of Altice France (the “New HoldCo Debt”) with the USD-equivalent of a 9.125% EUR coupon (which implies approximately €0.9 billion of New HoldCo Debt);
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3 an aggregate equity stake of 14% in common equity; and contingent value rights issued by Altice France Holding. o Altice France has launched a solicitation for creditors to accede to the relevant Framework Agreement and provide binding consents to support the Transaction. Creditors of Altice France and Altice France Holding that have signed prior to March 19, 2025 will receive a premium paid in cash of 2.5 percent of the principal amount of Altice France Secured Debt and Altice France Holding Senior Debt (or up to €0.5 billion and €0.1 billion, respectively, assuming full participation) at closing (the “Premium”). Absent full participation, any cash amounts not allocated via the Premium will be distributed pro rata to all Altice France’s and Altice France Holding’s creditors, respectively, as additional cash consideration in the restructuring proceedings. o In addition, Altice France has agreed with the ad hoc group of its creditors and the consenting Altice France Holding’s creditors on key terms of governance, shareholder rights and terms of the New Secured Debt and New HoldCo Debt. Altice France has also agreed to recontribute previously unrestricted assets to the Altice France’s restricted perimeter as part of the Transaction. On March 17, 2025, Altice France and Altice France Holding announced that the achieved levels of creditor support for the Transaction enable Altice France to implement the Transaction by way of restructuring proceedings in France with the benefit of overwhelming stakeholder support and for Altice France Holding to implement the Transaction on an out-of-court basis without a judicial proceeding, with the following levels of support provided: o creditors representing at least 90% of the Altice France Senior Notes have submitted accessions to the OpCo Framework Agreement. Additionally, creditors holding at least 90% of the Altice France Term Loans have submitted accessions to the OpCo Framework Agreement; o creditors representing at least 90% of Altice France Holding Senior Debt have submitted accession to the HoldCo Framework Agreement; and o in addition, accessions have been received for at least 90% of each tranche of Altice France Senior Notes and Altice France Holding Senior Debt. On March 28, 2025, Altice France and some of its subsidiaries (Altice B2B France SAS, Completel SAS, Numericable US LLC, SFR Fibre SAS, SFR Presse, SFR Presse Distribution, Société Française du Radiotéléphone – SFR and Ypso France SAS) announced the opening of conciliation proceedings by the President of the Commercial Court of Paris (Tribunal des activités économiques de Paris) to implement the Transaction. In the context of the Transaction, on March 21, 2025, a Luxembourg holding company owning the shares in XpFibre Holding, some receivables against XpFibre Holding and cash (€0.8 billion), was transferred back by Altice Luxembourg to a subsidiary of Altice France. Altice France and Altice France Holding expect to implement the Transaction over the course of the second to the fourth quarter of 2025.
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4 Altice France Q4 & FY 2024 Results Call for Debt Investors A call for existing and prospective debt investors of Altice France will be held on Tuesday, April 15, 2025 at 13:00 CEST (12:00 BST, 07:00 EDT), to discuss its Q4 & FY 2024 results. Dial-in Details: UK: +44 2034814247 USA: +1 6463071963 France: +33 173023136 Conference ID: 1060156 A live webcast of the presentation will be available on the following website: https://events.q4inc.com/attendee/961104582 Contacts Head of Investor Relations Sam Wood sam.wood@altice.net Head of Communications Arthur Dreyfuss arthur.dreyfuss@altice.net
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5 About SFR – alticefrance.com SFR is the second largest telecom provider in France, serving approximately 26 million customers. The company has a fibre optic network (FTTH/ FTTB) and more than 40 million homes passed across France. SFR covers 99.9% of the population with 4G and 84% of the population with 5G. Financial Presentation Altice France refers to the Altice France Holding Restricted Group throughout this press release. The perimeter of consolidation for this press release, the Altice France Holding Restricted Group, consists of Altice France Holding S.A., Altice France S.A. and its consolidated entities, excluding the legal entities that have been declared as “unrestricted subsidiaries”. Altice France Holding S.A. and its subsidiaries have operated for several years and have from time to time made significant equity investments in a number of cable and telecommunication businesses and certain disposals. Therefore, in order to facilitate an understanding of Altice France Holding S.A.’s results of operations, we have presented and discussed the pro-forma consolidated financial information of the Altice France Holding Restricted Group. Therefore, financials for the quarters and years ended December 31, 2024 and December 31, 2023 are presented pro forma for the sale of a 70% stake in UltraEdge to Morgan Stanley (transaction closed on May 23, 2024), pro forma for the sale of a 49% stake in la Poste Telecom to Bouygues Telecom (transaction closed on November 15, 2024) and exclude Altice Media (sold to the CMA CGM Group and Merit France, family holding, on July 2, 2024). This press release contains measures and ratios (the “Non-GAAP Measures”), including Adjusted EBITDA, Capital Expenditure (“Capex”) and Operating Free Cash Flow, that are not required by, or presented in accordance with, IFRS or any other generally accepted accounting standards. We present Non-GAAP Measures because we believe that they are of interest to the investors and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The Non-GAAP Measures may not be comparable to similarly titled measures of other companies or have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our, or any of our subsidiaries’, operating results as reported under IFRS or other generally accepted accounting standards. Non-GAAP measures such as Adjusted EBITDA are not measurements of our, or any of our subsidiaries’, performance or liquidity under IFRS or any other generally accepted accounting principles, including U.S. GAAP. In particular, you should not consider Adjusted EBITDA as an alternative to (a) operating profit or profit for the period (as determined in accordance with IFRS) as a measure of our, or any of our operating entities’, operating performance, (b) cash flows from operating, investing and financing activities as a measure of our, or any of our subsidiaries’, ability to meet its cash needs or (c) any other measures of performance under IFRS or other generally accepted accounting standards. In addition, these measures may also be defined and calculated differently than the corresponding or similar terms under the terms governing our existing debt. Adjusted EBITDA is defined as operating profit before depreciation, amortization and impairment, other expenses and income (capital gains, non-recurring litigation, restructuring costs), share-based expenses and after operating lease expenses (i.e., straight-line recognition of the rent expense over the lease term as performed under IAS 17 Leases for operating leases). This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating income as the effects of depreciation, amortization and impairment excluded from this measure do ultimately affect the operating results, which is also presented within the Altice France Holding S.A. or Altice France S.A., as the case may be, annual and quarterly financial statements in accordance with IAS 1
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6 - Presentation of Financial Statements. All references to EBITDA in this press release are to Adjusted EBITDA, as defined in this paragraph. Capital expenditure (Capex), while measured in accordance with IFRS principles, is not a term that is defined in IFRS. However, management believes it is an important indicator as the profile varies greatly between activities: The fixed business has fixed Capex requirements that are mainly discretionary (network, platforms, general), and variable Capex requirements related to the connection of new customers and the purchase of Customer Premise Equipment (TV decoder, modem, etc.). Mobile Capex is mainly driven by investment in new mobile sites, upgrade to new mobile technology and licenses to operate; once engaged and operational, there are limited further Capex requirements. Other Capex: mainly related to costs incurred in acquiring content rights. Operating free cash flow (OpFCF) is defined as Adjusted EBITDA less Capex. This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating cash flow as presented in the consolidated statement of cash flows in accordance with IAS 1 - Presentation of Financial Statements. It is simply a calculation of the two above mentioned non-GAAP measures. Adjusted EBITDA and similar measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing Adjusted EBITDA as reported by us to Adjusted EBITDA of other companies. Adjusted EBITDA as presented herein differs from the definition of “Consolidated Adjusted EBITDA” for purposes of any of the indebtedness of the Altice France Holding Restricted Group. The financial information presented in this press release, including but not limited to the quarterly and annual financial information, pro forma financial information as well as Adjusted EBITDA and OpFCF, is unaudited. Financial and Statistical Information and Comparisons Financial and statistical information is for the quarter and year ended December 31, 2024, unless otherwise stated, and any year over year comparisons are for the quarter and year ended December 31, 2023.
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7 Summary Pro Forma Financial Information Quarter ended December 31, 2024 and full year ended December 31, 2024 In € million Q4-23 Q4-24 Q4-24 Growth YoY FY-23 FY-24 FY-24 Growth YoY Fixed 660 687 +4.0% 2,620 2,710 +3.5% Mobile 932 876 -6.0% 3,766 3,603 -4.3% Residential services 1,592 1,563 -1.8% 6,385 6,314 -1.1% Equipment 226 202 -10.5% 709 654 -7.7% Total residential 1,818 1,765 -2.9% 7,094 6,967 -1.8% Business services 959 763 -20.4% 3,586 3,113 -13.2% Total revenue 2,777 2,528 -9.0% 10,680 10,080 -5.6% Excluding construction 2,445 -4.1% 9,617 -2.4% EBITDA 956 822 -14.1% 3,700 3,351 -9.4% Margin (%) 34.4% 32.5% 34.6% 33.2% Accrued Capex 583 523 -10.2% 2,248 1,999 -11.1% EBITDA - Accrued Capex 374 298 -20.1% 1,452 1,351 -6.9% Key Performance Indicators Quarter ended December 31, 2024 000’s unless stated otherwise Q4-24 Fibre homes passed 40,124 Total fibre customers 5,082 Total fixed customers 6,133 Total mobile subscribers 19,403 Notes to Key Performance Indicators table (1) Fibre unique customers represent the number of end users who subscribed for one or more of our fibre / cable-based services (including pay television, broadband or telephony), without regard to how many services to which the end user subscribed. Fibre customer base for France includes FTTH, FTTB and 4G Box customers and excludes white-label wholesale customers. (2) Total mobile subscribers are equal to the net number of lines or SIM cards activated on the mobile network, includes 4G dongle subscribers and excludes M2M.
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8 Financial and Operational Review For the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023 At the end of Q4 2024, SFR had 40.1 million addressable homes passed (FTTH/FTTB), an increase of 0.6 million homes passed compared to Q3 2024. SFR continues to invest in its 4G network, with 93,371 4G systems activated (4,685 new units in Q4 2024). The current 4G coverage of the SFR mobile network reaches 99.9% of the national population. SFR continues to deploy 5G on the 3.5GHz band and also on the 2,100MHz band for additional coverage. All the top 32 French cities are covered in 5G on the 3.5GHz band. In Q4 2024, more than 11,540 municipalities were covered with 5G in all of France and at the end of Q4 2024, 5G coverage reached 83% of the population. SFR subscribers enjoyed the best overall mobile internet performance in 2024, according to the latest nPerf 2024 mobile Internet connection barometer. This annual ranking reflects the overall connection quality as experienced by nPerf users. Total revenue declined by -9.0% year over year in Q4 2024 to €2,528 million. Excluding construction for XpFibre, total revenue declined by -4.1% to €2,445 million. Total residential service revenue declined by -1.8% year over year in Q4 2024 and residential equipment revenue declined by -10.5% year over year. o Mobile service revenue declined by -6.0% year over year in Q4 2024, mostly driven by subscriber losses incurred in prior periods. Approximately 40% of the total mobile subscriber losses during 2024 were related to prepaid, whilst postpaid net losses improved notably in H2 2024 compared to H1 2024. o Fixed service revenue grew by 4.0% year over year in Q4 2024 supported by ARPU growth. Business services revenue declined by -20.4% year over year in Q4 2024, predominantly driven by a decline in construction revenue year over year as a result of the ongoing slowdown of the construction activity, in addition to lower B2B revenue. In Q4 2024, 88k FTTH homes were constructed for XpFibre (vs. 179k homes in Q4 2023). Total EBITDA declined by -14.1% year over year in Q4 2024 to €822 million. The decline was mainly driven by a reduced contribution from construction and by the impact of the mobile service revenue decline year over year. Total accrued Capex was €5231 million in Q4 2024. Consequently, operating free cash flow amounted to €298 million in Q4 2024. 1 Accrued Capex in Q4 2024 excludes accruals related to an IT transformation project for an amount of €9 million and 4G spectrum frequency renewal for an amount of €21 million and capitalized costs related to the reversal of an IRU of -€2 million.
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9 Pro Forma Consolidated Net Debt as of December 31, 2024 Altice France has a diversified and long-term capital structure: o Weighted average debt maturity of 5.9 years; o Altice France S.A.1 weighted average cost of debt of 7.125% o Altice France Holding S.A.2 weighted average cost of debt of 9.125% o No material maturities before 2029; o Available pro forma liquidity of €1.4 billion3. o Total pro forma4 net debt was €15.2 billion (actual5 net debt was €21.2 billion) at the end of Q4 2024. 1 Existing coupons / spreads at Altice France S.A. receive 137.5 bps bump, subject to adjustment based on EURIBOR rates prior to the closing date of the Transaction, resulting in a 7.125% weighted average cost of EUR debt. 2 New HoldCo Debt to reflect USD equivalent coupon to target EUR 9.125% rate. 3 €1.4 billion liquidity includes €1.4 billion of cash. RCF is fully drawn as part of the agreement with creditors of Altice France and Altice France Holding. 4 Net debt is presented pro forma for the Transaction (as referenced on page 1 of this press release). In order to bridge from €15,542 million (as presented on slide 5 of the February 26, 2025 Altice France announcement, Annex C) to €15,197 million net debt as presented in this press release, add other debt and leases of €39 million, Altice France S.A. swap adjustment of -€199 million and Altice France Holding S.A. swap adjustment of -€184 million. 5 See “cash reconciliation” on page 11 of this press release for a bridge between actual cash presented in the Special Purpose Financial Statements and actual cash presented in this press release. Actual5 Capital Structure Pro Forma4 Capital Structure Amount (LC, millions) Actual (€m) Coupon / Margin Maturity Amount (LC, millions) Pro Forma (€m) Coupon / Margin Maturity SSN EUR 381 381 2.500% 2025 - - - - SSN EUR 329 329 2.125% 2025 - - - - SSN EUR 350 350 11.500% 2027 EUR 270 270 12.875% 2029 SSN USD 1,750 1,691 8.125% 2027 EUR 770 770 7.250% 2029 SSN EUR 1,000 1,000 5.875% 2027 USD 1,348 1,302 9.500% 2029 SSN EUR 1,000 1,000 3.375% 2028 EUR 770 770 4.750% 2030 SSN USD 1,100 1,063 5.500% 2028 USD 847 819 6.875% 2030 SSN EUR 500 500 4.125% 2029 USD 366 353 6.500% 2031 SSN USD 475 459 5.125% 2029 EUR 385 385 5.500% 2031 SSN USD 2,500 2,416 5.125% 2029 EUR 308 308 5.375% 2032 SSN EUR 400 400 4.000% 2029 EUR 616 616 5.625% 2032 SSN USD 2,000 1,933 5.500% 2029 USD 1,925 1,860 6.500% 2032 SSN EUR 800 800 4.250% 2029 USD 1,540 1,488 6.875% 2032 TLB EUR 203 203 E+3.00% 2025 EUR 157 157 E+4.375% 2028 TLB USD 349 337 L+2.75% 2025 EUR 187 187 E+4.375% 2028 TLB USD 541 523 L+3.6875% 2026 USD 269 260 S+4.125% 2028 TLB EUR 243 243 E+3.00% 2026 USD 416 402 S+5.0625% 2028 TLB USD 574 555 L+4.00% 2026 USD 442 427 S+5.375% 2029 TLB EUR 1,696 1,696 E+5.50% 2028 EUR 1,306 1,306 E+6.875% 2031 TLB USD 4,215 4,073 S+5.50% 2028 USD 3,246 3,137 S+6.875% 2031 Drawn RCF EUR 930 930 E+3.25% 2028 EUR 1,201 1,201 L+3.25% 2030 Other debt - 39 - - - 39 - - Swap adj. - -199 - - - -199 - - Secured debt 20,721 15,859 SN EUR 1,317 1,317 8.000% 2027 EUR 263 263 9.125% 2033 SN USD 1,562 1,509 10.500% 2027 EUR 100 100 9.125% 2033 SN EUR 500 500 4.000% 2028 USD 312 302 11.625% 2033 SN USD 1,100 1,062 6.000% 2028 USD 220 213 11.625% 2033 Drawn RCF - - E+4.250% 2026 - - - - Swap adj. - -184 - - - -184 - - Gross debt 24,925 16,552 Total cash -3,723 -1,355 Net debt 24,026 15,197
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10 Reconciliation to Swap Adjusted Debt as of December 31, 2024 In € million Actual Pro Forma 1 Total debenture and loans from financial institutions 25,086 Value of debenture and loans from financial institutions in foreign currency converted at closing FX rate -17,375 Value of debenture and loans from financial institutions in foreign currency converted at hedged rate 16,992 Transaction costs 183 Total swap adjusted value of debenture and loans from financial institutions 24,886 16,513 Overdraft 3 3 Other debt and leases 36 36 Gross debt consolidated 24,925 16,552 Cash -3,723 -1,355 Net debt consolidated 21,202 15,197 Pro Forma Leverage Reconciliation as of December 31, 2024 In € million Actual2 Pro Forma1 3 Gross debt consolidated 24,925 16,552 Cash -3,723 -1,355 Net debt consolidated 21,202 15,197 LTM EBITDA consolidated 3,435 3,351 Net leverage 4.5x L2QA EBITDA consolidated 3,447 3,369 Net leverage 4.5x Cash Reconciliation as of December 31, 2024 In € million As of December 31, 2024 Cash and cash equivalents – as per this press release 3,723 Disposal proceeds (100% of Altice Media, 70% in UltraEdge S.A.S and proceeds from the recapitalization of XpFibre) -2,824 Cash and cash equivalents – as per the Special Purpose Financial Statements 899 1 Net debt is presented pro forma for the Transaction (as referenced on page 1 of this press release). In order to bridge from €15,542 million (as presented on slide 5 of the February 26, 2025 Altice France announcement, Annex C) to €15,197 million net debt as presented in this press release, add other debt and leases of €39 million, Altice France S.A. swap adjustment of -€199 million and Altice France Holding S.A. swap adjustment of -€184 million. Pro forma post transaction cash balance of €1.36 billion reflects a pre transaction cash balance of €3.72 billion, pro forma for RCF draw up to the maximum amount, deferred proceeds related to the sale of La Poste Telecom (€0.23 billion), net of redemption of the SSNs due Jan–Feb 2025 (€0.71 billion), total cash consideration paid to Altice France S.A. and Altice France Holding S.A. of €1.57 billion and cash premium paid to Altice France S.A. and Altice France Holding S.A. of €0.59 billion. 2 Actual Adjusted EBITDA excludes Altice Media which was sold to the CMA CGM Group and Merit France, family holding (€39 million on an LTM basis and -€3 million on an L2QA basis). 3 Adjusted EBITDA is presented pro forma for the sale of a 70% stake in UltraEdge S.A.S. to Morgan Stanley (€15 million on an LTM basis and €0 million on an L2QA basis) and is pro forma for the sale of the 49% stake in La Poste Telecom (€69 million on an LTM basis and €78 million on an L2QA basis).
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11 Non-GAAP Reconciliation to Special Purpose Financial Statements GAAP Measures1 in € million Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Revenue 2,564 2,542 2,526 2,569 10,194 Purchasing and subcontracting costs -656 -654 -626 -693 -2,628 Other operating expenses -544 -390 -456 -428 -1,812 Staff costs and employee benefits -273 -268 -259 -294 -1,094 Total 1,091 1,231 1,184 1,154 4,660 Rental expense operating lease -301 -310 -305 -309 -1,226 Adjusted EBITDA 790 921 879 845 3,435 Depreciation, amortisation and impairment -731 -749 -781 -779 -3,040 Other expenses and income -33 56 -39 379 363 Rental expense operating lease 301 310 305 309 1,226 Operating profit 327 538 365 754 1,984 Revenue - Financial Statements 2,564 2,542 2,526 2,569 10,194 Pro forma for the sale of the 49% stake in La Poste Telecom -25 -27 -28 -34 -114 Revenue - Investor Press Release 2,539 2,515 2,498 2,528 10,080 Adjusted EBITDA - Financial Statements 790 921 879 845 3,435 Datacenter disposal pro forma (for the sale of a 70% stake in UltraEdge S.A.S. to Morgan Stanley) -8 -8 - - -15 Pro forma for the sale of the 49% stake in La Poste Telecom -14 -15 -16 -23 -69 Adjusted EBITDA - Investor Press Release 768 898 863 822 3,351 Capital expenditure (accrued) - Financial Statements 496 514 498 551 2,058 New IRU -4 -11 -6 2 -18 IT transformation project -2 -7 -2 -9 -20 5G license renewal - - - -21 -21 Capital expenditure (accrued) - Investor Press Release 490 496 490 523 1,999 1 Accrued Capex in Q4 2024 excludes accruals related to an IT transformation project for an amount of €9 million and 4G spectrum frequency renewal for an amount of €21 million and capitalized costs related to the reversal of an IRU of -€2 million.
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12 FORWARD-LOOKING STATEMENTS Certain statements in this press release 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 press release, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future financial conditions and performance, results of operations and liquidity; our strategy, plans, objectives, prospects, growth, goals and targets; and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “plan”, “project” or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will be achieved or accomplished. To the extent that statements in this press release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in the Altice France Holding S.A. or Altice France S.A., as the case may be, annual and quarterly financial statements.