Slides
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Altice FranceQ2 2026 ResultsAugust 26, 2026
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DisclaimerFORWARD-LOOKING STATEMENTSCertain 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, withoutlimitation, 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, goalsand 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 resultsor 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 thispresentation 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 suchstatements including risks referred to in the Altice France Lux 3 or Altice France S.A.S., as the case may be, annual and quarterly financial statements.FINANCIAL MEASURESAltice France refers to the Altice France Lux 3 Restricted Group throughout this presentation. The perimeter of consolidation for this presentation, the Altice France Lux 3 Restricted Group, consists of Altice France Lux 3, Altice France Lux 2, AlticeFrance Lux 1, Altice France S.A.S. and its consolidated entities, excluding XpFibre Holding SAS and its subsidiaries.This presentation 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 othergenerally 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 assupplemental 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 asubstitute 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 oursubsidiaries’, 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 (asdetermined 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 itscash 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 theterms governing our existing debt.Adjusted EBITDA is defined as operating income before depreciation, amortisation and impairment, other expenses and income (capital gains, non-recurring litigation, restructuring costs and management fees), share-based expenses and afteroperating lease expenses (i.e., straight-line recognition of the rent expense over the lease term as performed under IAS 17 –Leasesfor operating leases). This may not be comparable to similarly titled measures used by other entities. Further, thismeasure should not be considered as an alternative for operating income as the effects of depreciation, amortisation, and impairment, excluded from Adjusted EBITDA, do ultimately affect the operating results. Operating results presented in thecondensed interim consolidated financial statements are in accordance with IAS 1 –Presentation of Financial Statements. All references to EBITDA in this presentation 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 PremiseEquipment (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 flowas 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 asreported 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 Lux 3 Restricted Group. Thefinancial information presented in this presentation, including but not limited to, the quarterly and annual financial information, pro forma financial information as well as Adjusted EBITDA and OpFCF is unaudited.2
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Q2 2026 Summary 3 Q2 2026 financials: •Revenue: €2,034 million•EBITDA: €681 million•OpFCF: €430 millionFor footnotes see slide 15 Pro forma net leverage of 5.9x on an LTM basis at the end of Q2 2026, pro forma liquidity of €0.43 billion On June 6, 2026, Altice France announced it has signed a Memorandum of Understanding with Bouygues Telecom, the Free–iliad Group and Orange for the sale of its telecom activities in Mainland France On November 24, 2025, Altice France signed an agreement with Intelcia Holding with a view to selling its 65% stake in Intelcia. The transaction closed on April 28, 2026. Altice France will continue to be a key customer of Intelcia
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-99+45+66-21-84Q2-25 Q3-25 Q4-25 Q1-26 Q2-26Total mobile net adds (‘000)Total fixed net adds +79+60+49+36-23-19-33-51-47-89Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 5.9mTotal fixed base Q2-26 19.1mTotal mobile base Q2-26 92%of which fibre FibreTotal Commercial Performance 4 (‘000) *Q1-26 and Q2-26 mobile net losses of -21k and -84k as shown exclude prepaid losses of -144k and -77k respectively (immaterial impact on revenue given monthly ARPU <€5)**
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Financial Performance 5For footnotes see slide 15 Quarterly revenue trends YoY -7.9%-7.8%-9.6%-8.5%-8.0%Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Total excl. ConstructionGrowth YoY Q2-26Q2-25€m-7.6%1,3341,444Residential services-16.8%98118Residential equipment-9.7%602667Business services-8.7%2,0342,228Revenue-8.0%1,9732,144Excluding construction -12.9%681781EBITDA-33.4%251377Accrued Capex +6.3%430404Total OpFCF
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Q2 2026 Free Cash Flow681 (251)16446 (374)(8)(224)(160)AdjustedEBITDAAccruedCapexLa Poste ProFormaOpFCF Interest Taxes Change in WC& otherFCF6FCF excluding spectrum, IRUs and significant litigation paid and received (€m)
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2025 2026 2027 2028 2029 2030 2031 2032 2033 Pro Forma Capital Structure and Debt Maturity 7 AF S.A.S. SSNAF Lux 3 SNAF S.A.S. TLBDrawn RCF (€bn)0.843.924.682.702.430.91 For footnotes see slide 15 Altice France Consolidated €15,869mNet debt4.6 yearsWAL7.8%WACD5.9xNet leverage (LTM)€0.43bnLiquidity AF S.A.S. €15,031mNet debt4.5 yearsWAL7.7%WACD5.6xNet leverage (LTM)AF Lux 3 €838mNet debt 6.6 yearsWAL10.0%WACD0.3xNet leverage (LTM) 0.070.03
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8Appendix
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Signing of MoU to Sell Mainland France Activities 9 Altice France S.A.S.CoriolisSymaPrixtelRéglomobileSFR SA and other Mainland France subsidiaries1 FOT (Caribbeans) ATS XpFibre UltraEdge SRR (Indian Ocean) • Sale of 100% of SFR SA shares and MVNOs to a consortium of Bouygues Telecom, Iliad and Orange• €20.35 billion enterprise value • 100% cash consideration • Acquired perimeter: all business conducted by SFR (including MVNOs) in Mainland France • Retained assets:‒Overseas operations (SRR and FOT)‒Altice Technical Services ‒XpFibre‒UltraEdge50%30% Retained assetsACQUIRED PERIMETER50%MVNOs1. SFR Fibre and Completel will be merged into SFR SA before closing
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Pro Forma Capital Structure 10 Altice France Holding55%Other shareholdersConsolidated Capitalization €838mAF Lux 3 net debt€15,031mAF S.A.S. net debt€15,869mTotal net debt5.9xLeverage (LTM)45%AF S.A.S. Capitalization€15,459mGross debt €15,031mNet debt 5.6xNet Leverage (LTM)AF Lux 3(Luxembourg)AF Lux 2(Luxembourg)AF Lux 1(Luxembourg)AF S.A.S. (France)50%XpFibreSFR & other subsidiaries For footnotes see slide 15
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11 Reconciliation to Swap Adjusted Debt as of June 30, 2026 For footnotes see slide 15 Pro FormaActual€m 15,01415,014Total debenture and loans from financial institutions-9,097-9,097Value of debenture and loans from financial institutions in foreign currency converted at closing FX rate 9,8159,815Value of debenture and loans from financial institutions in foreign currency converted at hedged rate 559559Transaction costs16,29216,292Total swap adjusted value of debenture and loans from financial institutions55Other debt and leases 16,29716,297Gross debt consolidated-427-382Cash15,86915,915Net debt consolidated
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12 Pro Forma Leverage Reconciliation as of June 30, 2026 Pro FormaActual€m 16,29716,297Gross debt consolidated-427-382Cash15,86915,915Net debt consolidated2,6852,834LTM EBITDA consolidated5.9xNet leverage 2,5002,592L2QA EBITDA consolidated6.3xNet leverageFor footnotes see slide 15
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Q2 2026 Change in Net Debt681 (251)16 446 (374)(8)(224)(160)(5)(45)(102)(312)AdjustedEBITDAAccruedCapexLa Poste ProFormaOpFCF Interest Taxes Change in WC& otherFCF Spectrum M&A Financing & FX Actual changein net debt13FCF excluding spectrum, IRUs and significant litigation paid and received (€m)
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14 Non-GAAP Reconciliation to Consolidated FS1GAAP MeasuresQ2-26Q1-26€m2,0592,190Revenue-433-470Purchasing and subcontracting costs-400-516Other operating expenses-198-277Staff costs and employee benefits1,028928Total-331-329Rental expense operating lease697599Adjusted EBITDA2,0592,190Revenue – Consolidated Financial statements-25-26Pro forma for the sale of the 49% stake in La Poste Telecom--66Pro forma for the sale of the 65% stake in Intelcia2,0342,098Revenue – Investor presentation 697599Adjusted EBITDA – Consolidated Financial statements-16-17Pro forma for the sale of the 49% stake in La Poste Telecom--13Pro forma for the sale of the 65% stake in Intelcia681569Adjusted EBITDA - Investor Presentation253328Capital expenditure (accrued) – Consolidated Financial statements-1-2New IRU-1-4IT transformation project--1Pro forma for the sale of the 65% stake in Intelcia251322Capital expenditure (accrued) - Investor presentation 1. FS refers to the condensed interim consolidated financial statements of Altice France Lux 3 as of and for the three and six-month periods ended June 30, 2026 For footnotes see slide 15
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FootnotesAll pagesAltice France refers to the Altice France Lux 3 Restricted Group throughout this presentation. The perimeter of consolidation for this presentation, the Altice France Lux 3 Restricted Group, consists of Altice France Lux 3, Altice France Lux 2, Altice France Lux 1, Altice France S.A.S. and its consolidated entities, excluding XpFibre Holding SAS and its subsidiaries.Altice France financial and operating results are presented pro forma for the sale of a 49% stake in La Poste Telecom to Bouygues Telecom (transaction closed on November 15, 2024), pro forma for the sale of Infracos (transaction closed on December 22, 2025), pro forma for the sale of the 65% stake in Intelcia (transaction closed on April 28, 2026) and excludes Altice Media (sold to the CMA CGM Group and Merit France, family holding, on July 2, 2024). Slides 3, 5, 6, 13 and 14 Accrued Capex for Q2 2026 excludes costs related to an IRU of €1m and excludes accruals related to an IT transformation project for an amount of €1 million. Slides 3 and 7€0.43 billion liquidity includes €0.38 billion of cash and is presented on a pro forma basis to reflect €46 million of deferred proceeds related to the sale of La Poste Telecom.RCF is fully drawn as part of the agreement with creditors of Altice France and Altice France Holding. Slide 7Maturity profile as shown excludes other debt, leases and overdraft (c.€5 million) and is shown excluding swaps.Slides 3, 7, 10, 11 and 12SFR capital structure and debt maturity refers to the Altice France Lux 3 Restricted Group, comprised of Altice France Lux 3 (Unsecured) and Altice France (Secured) Net debt is presented on a pro forma basis to reflect €46 million of deferred proceeds related to the sale of La Poste Telecom. Adjusted EBITDA is presented pro forma for the sale of the 49% stake in La Poste Telecom (€88 million on an LTM and €66 million on an L2QA basis), pro forma for the sale of Infracos (€14 million on an LTM basis) and pro forma for the sale of the 65% stake in Intelcia (€46 million on an LTM and €27 million on an L2QA basis). 15