Earnings release
Page 1
1 August 26, 2026 ALTICE FRANCE Q2 2026 RESULTS Altice France1 today announces financial and operating results2 for the quarter ended June 30, 2026. Q2 2026 Key Highlights Revenue of €2,034 million. EBITDA was €681 million and total accrued Capex was €251 million3, resulting in total operating free cash flow of €430 million. Capital Structure Key Highlights – including subsequent events Total pro forma4 net debt was €15.87 billion (actual net debt was €15.92 billion) at the end of Q2 2026. 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, one of the largest industrial transactions in Europe in the telecommunications sector5. On November 24, 2025, Altice France signed an agreement with Intelcia Holding (a company wholly owned by the Intelcia management), with a view to selling its 65% stake in Intelcia. Intelcia is engaged in the provision of outsourced customer experience management, consulting and digital transformation services. The transaction closed on April 28, 2026. Altice France will continue to be a key customer of Intelcia. 1 Altice France refers to the Altice France Lux 3 Restricted Group throughout this press release. The perimeter of consolidation for this press release, 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. 2 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) and pro forma for the sale of the 65% stake in Intelcia (transaction closed on April 28, 2026). 3 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. 4 Net debt is presented on a pro forma basis to reflect €46 million of deferred proceeds related to the sale of La Poste Telecom. 5 Further information is disclosed in note 2.2 to the condensed interim consolidated financial statements of Altice France Lux 3 as of and for three and six-month periods ended June 30, 2026.
Page 2
2 Altice France Q2 2026 Results Call Invitation A call will be held on Wednesday, August 26, 2026 at 14:30 CEST (13:30 BST, 08:30 EDT), to discuss its Q2 2026 results. Dial-in Details: UK: +44 8081968935 USA: +1 8334615787 France: +33 801130229 Conference ID: 686175699 A live webcast of the presentation will be available on the following website: https://events.q4inc.com/attendee/686175699 Contacts Head of Investor Relations Sam Wood sam.wood@altice.net Head of Communications Arthur Dreyfuss arthur.dreyfuss@altice.net
Page 3
3 About SFR – alticefrance.com SFR is the second largest telecom provider in France, serving more than 25 million customers. The company has a fibre optic network and more than 40 million homes passed across France. SFR covers 99.9% of the population with 4G and more than 87% of the population with 5G. Financial Presentation Altice France refers to the Altice France Lux 3 Restricted Group throughout this press release. The perimeter of consolidation for this press release, 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 S.A.S. 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’s results of operations, we have presented and discussed the pro-forma consolidated financial information of the Altice France Lux 3 Restricted Group. Therefore, financials for the quarters ended June 30, 2026 and June 30, 2025 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) and pro forma for the sale of the 65% stake in Intelcia (transaction closed on April 28, 2026). 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 income before depreciation, amortisation and impairment, other expenses and income (capital gains, non-recurring litigation, restructuring costs and management fees), 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, amortisation, and impairment, excluded from Adjusted EBITDA, do ultimately affect the operating results. Operating results presented in the condensed interim consolidated financial statements are in accordance with IAS 1 – Presentation of Financial Statements. All references to EBITDA in this press release are to Adjusted EBITDA, as defined in this paragraph.
Page 4
4 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 Lux 3 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 ended June 30, 2026, unless otherwise stated, and any year over year comparisons are for the quarter ended June 30, 2025.
Page 5
5 Summary Pro Forma Financial Information Quarters ended June 30, 2026 and June 30, 2025 In € million Q2-25 Q2-26 Q2-26 Growth YoY Fixed 636 602 -5.4% Mobile 807 732 -9.3% Residential service 1,444 1,334 -7.6% Equipment 118 98 -16.8% Total residential 1,561 1,432 -8.3% Business services 667 602 -9.7% Total revenue 2,228 2,034 -8.7% EBITDA 781 681 -12.9% Margin (%) 35.1% 33.5% Accrued Capex 377 251 -33.4% EBITDA - accrued Capex 404 430 +6.3% Key Performance Indicators Quarter ended June 30, 2026 000’s unless stated otherwise Q2-26 Fibre homes passed 42,212 Total fibre customers 5,393 Total fixed customers 5,890 Total mobile subscribers 19,096 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.
Page 6
6 Financial and Operational Review For the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 At the end of Q2 2026, SFR had 42.2 million addressable homes passed (FTTH/FTTB), an increase of 0.2 million homes passed compared to Q1 2026. SFR continues to invest in its 4G network, with 106,000 4G systems activated (1,400 new units in Q2 2026). The current 4G coverage of the SFR mobile network reaches more than 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 Q2 2026, more than 13,000 municipalities were covered with 5G (more than 16,000 radio sites) in all of France and at the end of Q2 2026, 5G coverage reached more than 87% of the population. Total revenue declined by -8.7% year over year in Q2 2026 to €2,034 million. Total residential service revenue declined by -7.6% year over year and residential equipment revenue declined by -16.8% year over year in Q2 2026. o Mobile service revenue declined by -9.3% year over year in Q2 2026, mainly driven by pricing pressure and year over year subscriber base declines. o Fixed service revenue fell by -5.4% year over year, mainly driven by previous quarters’ subscriber base declines and reduced revenue from other fixed services. Business service revenue declined by -9.7% year over year in Q2 2026. In Q2 2026, 26k FTTH homes were constructed for XpFibre (vs. 67k homes in Q2 2025). Total EBITDA declined by -12.9% year over year in Q2 2026 to €681 million. The decline was mainly driven by the impact of the service revenue decline year over year. Total accrued Capex was €2511 million in Q2 2026, compared to €377 million in Q2 2025. Key drivers of the lower Capex year over year include the substantial progress made with both the 5G mobile network deployment and the process of migrating the subscriber base to fibre. Consequently, operating free cash flow amounted to €430 million in Q2 2026. 1 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.
Page 7
7 Pro Forma Consolidated Net Debt as of June 30, 2026 Altice France has a diversified and long-term capital structure: o Weighted average debt maturity of 4.6 years; o Altice France S.A.S. and Altice France Lux 3 combined weighted average cost of debt of 7.8%; o No material maturities before 2028; o Available pro forma liquidity of €0.43 billion1. o Total pro forma2 net debt was €15.87 billion (actual net debt was €15.92 billion) at the end of Q2 2026. Amount in millions (local currency) Actual (€m) Pro Forma3 (€m) Coupon / Margin Maturity Senior Secured Notes EUR 127 127 127 12.875% 2029 Senior Secured Notes USD 1,334 1,169 1,169 9.500% 2029 Senior Secured Notes EUR 762 762 762 7.250% 2029 Senior Secured Notes EUR 762 762 762 4.750% 2030 Senior Secured Notes USD 838 735 735 6.875% 2030 Senior Secured Notes EUR 381 381 381 5.500% 2031 Senior Secured Notes USD 362 317 317 6.500% 2031 Senior Secured Notes USD 1,905 1,669 1,669 6.500% 2032 Senior Secured Notes EUR 305 305 305 5.375% 2032 Senior Secured Notes USD 1,524 1,336 1,336 6.875% 2032 Senior Secured Notes EUR 610 610 610 5.625% 2032 Term Loan EUR 153 153 153 E+4.375% 2028 Term Loan USD 263 230 230 S+4.125% 2028 Term Loan USD 407 357 357 S+5.0630% 2028 Term Loan EUR 183 183 183 E+4.375% 2028 Term Loan USD 432 379 379 S+5.375% 2029 Term Loan EUR 1,277 1,277 1,277 E+6.875% 2031 Term Loan USD 3,175 2,782 2,782 S+6.875% 2031 Drawn RCF EUR 1,201 1,201 1,201 E+3.30% 2030 Other debt & leases - 5 5 - - Swap adjustment - 718 718 - - Secured debt 15,459 15,459 Senior Notes USD 957 838 838 10.000% 2033 Gross debt 16,297 16,297 Total cash -382 -427 Net debt 15,915 15,869 Undrawn RCF 0 WACD 7.8% 1 €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. 2 Net debt is presented on a pro forma basis to reflect €46 million of deferred proceeds related to the sale of La Poste Telecom.
Page 8
8 Reconciliation to Swap Adjusted Debt as of June 30, 2026 In € million Actual Pro Forma 1 Total debenture and loans from financial institutions 15,014 15,014 Value of debenture and loans from financial institutions in foreign currency converted at closing FX rate -9,097 -9,097 Value of debenture and loans from financial institutions in foreign currency converted at hedged rate 9,815 9,815 Transaction costs 559 559 Total swap adjusted value of debenture and loans from financial institutions 16,292 16,292 Other debt and leases 5 5 Gross debt consolidated 16,297 16,297 Cash -382 -427 Net debt consolidated 15,915 15,869 Pro Forma Leverage Reconciliation as of June 30, 2026 In € million Actual Pro Forma1 2 Gross debt consolidated 16,297 16,297 Cash -382 -427 Net debt consolidated 15,915 15,869 LTM EBITDA consolidated 2,834 2,685 Net leverage 5.9x L2QA EBITDA consolidated 2,592 2,500 Net leverage 6.3x 1 Net debt is presented on a pro forma basis to reflect €46 million of deferred proceeds related to the sale of La Poste Telecom. 2 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).
Page 9
9 Non-GAAP Reconciliation to Consolidated Financial Statements1 GAAP Measures2 in € million Q1-26 Q2-26 Revenue 2,190 2,059 Purchasing and subcontracting costs -470 -433 Other operating expenses -516 -400 Staff costs and employee benefits -277 -198 Total 928 1,028 Rental expense operating lease -329 -331 Adjusted EBITDA 599 697 Revenue – Consolidated Financial Statements 2,190 2,059 Pro forma for the sale of the 49% stake in La Poste Telecom -26 -25 Pro forma for the sale of the 65% stake in Intelcia -66 - Revenue - Investor Press Release 2,098 2,034 Adjusted EBITDA – Consolidated Financial Statements 599 697 Pro forma for the sale of the 49% stake in La Poste Telecom -17 -16 Pro forma for the sale of the 65% stake in Intelcia -13 - Adjusted EBITDA - Investor Press Release 569 681 Capital expenditure (accrued) – Consolidated Financial Statements 328 253 New IRU -2 -1 IT transformation project -4 -1 Pro forma for the sale of the 65% stake in Intelcia -1 - Capital expenditure (accrued) – Investor Press Release 322 251 1 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. 2 Accrued Capex for Q2 2026 excludes costs related to an IRU of €1 million and excludes accruals related to an IT transformation project for an amount of €1 million.
Page 10
10 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 Lux 3 or Altice France S.A.S., as the case may be, annual and quarterly financial statements.