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Altice USA Q3 2025 Results November 6, 2025
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Altice USA Q3 2025 Earnings Results 2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things, our future financial condition, liquidity and results of operations; our strategy, objectives, prospects and trends; our 2025 priorities: operational efficiency (including workforce optimization, cultural transformation and our AI capabilities and partnerships), revenue opportunity (including broadband, mobile and fiber growth and expanding penetration of new and existing product offerings), network enhancements (including our ability to deliver multi-gig speeds on HFC, expand our passings footprint, and our hyperscaler expansion opportunities) and sustainable capital structure (including our capital structure transformation plans); our expectations regarding macroeconomic conditions, consumer demand, subscriber and market share trends, and competitive dynamics, as well as other future events and developments; our go-to-market strategies, our ability to achieve targets for Adjusted EBITDA, revenue, programming and other direct costs, other operating expense, value-added services and cash capital expenditures; our ability to realize the anticipated benefits of financing and strategic transactions(such as our first-ever primarily HFC asset-backed loan); our pricing and rate management strategies and the anticipated benefits thereof; our rebranding and related initiatives and the expected benefits thereof; assumptions regarding impairment assessments and future asset valuations; 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 without limitation the terms “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “opportunity”, “plan”, “project”, “should”, “target”, “outlook”, 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 result or be achieved or accomplished. To the extent that statements in this presentation 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 our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q. You are cautioned to not place undue reliance on Altice USA’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made. Altice USA specifically disclaims any obligation to publicly update or revise any forward-looking statement, as of any future date. NON-GAAP FINANCIAL MEASURES We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees). We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities. We believe Adjusted EBITDA is an appropriate measure for evaluating our operating performance. Adjusted EBITDA and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to our ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. We also use Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as a liquidity measure. We believe this measure is useful to investors in evaluating our ability to service our debt and make continuing investments with internally generated funds, although it may not be directly comparable to similar measures reported by other companies. For a reconciliation of these non-GAAP measures to net income and net cash flows from operating activities, respectively, please see the Q3 2025 Altice USA earnings release posted to the Altice USA website. Note: Certain numerical information is presented on a rounded basis. Minor differences in totals and percentage calculations may exist due to rounding.
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Altice USA Q3 2025 Earnings Results 3 (1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to net income (loss), see the Q3 2025 Altice USA earnings release posted to the Altice USA website. Operating in a low growth and highly competitive marketplace Focused on evolving go-to-market and base management strategies to stabilize broadband trends Outlook Reiterated: ~$3.4bn of Adj. EBITDA(1) in FY 2025 Q3 2025 Overview
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Altice USA Q3 2025 Earnings Results 4 Revenue Opportunity Operational Efficiency Network Enhancements + Expanding penetration of new and existing products including Fiber and Mobile + Mobile service revenue +38% YoY + Lightpath revenue +5.6% YoY + News & Advertising revenue excluding political +8.9% YoY + Adj. EBITDA(1) -3.6% YoY and +3.3% QoQ + Adj. EBITDA(1) Margin expansion of 70bps YoY and 200bps QoQ + Gross Margin reached all time high of 69.7% + Other Operating Expenses(2) 2.4% lower YoY and lower 6.2% QoQ + Deploying mid-split upgrades on HFC to deliver multi-gig speeds + Expanding total passings footprint + Lightpath grows presence in hyperscaler community (1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to net income (loss), see the Q3 2025 Altice USA earnings release posted to the Altice USA website. (2) Other Operating Expenses exclude programming and direct costs, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items. Q3 2025 Highlights
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Altice USA Q3 2025 Earnings Results 5 Broadband Subscriber Trends (50) (58) Q3-24 Q3-25 Broadband Net Additions (000s) Focus on Profitable Growth + Continued consumer financial strain + Heightened competitive marketing spend and subscriber acquisition costs + Aggressive competitive offers + Increased pressure from fixed wireless competitors + Q3-25 subscriber performance year over year driven by low gross additions, and uptick in churn Q3-25 Market Dynamics + Maintaining financial discipline & focusing on profitable growth over low-return volume + Balancing rate and volume while prioritizing customer retention + Adapting and enhancing go-to-market effectiveness to compete better over time
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Altice USA Q3 2025 Earnings Results 6 Deepening Penetration of New & Existing Products Fiber Customer Net Adds (000s) Mobile Line Net Adds (000s) Fiber Customer Penetration of Network Mobile Customer Penetration of Broadband Base(1) 36 38 Q3-24 Q3-25 17% Q3-24 18% Q4-24 20% Q1-25 22% Q2-25 23% Q3-25 5.2% Q3-24 5.7% Q4-24 6.3% Q1-25 6.8% Q2-25 7.3% Q3-25 Entertainment TV, Extra TV, Everything TV Net Adds (000s) Entertainment TV, Extra TV, Everything TV Penetration of Residential Video Base 5 58 Q3-24 Q3-25 47 40 Q3-24 Q3-25 0% Q3-24 2% Q4-24 6% Q1-25 10% Q2-25 13% Q3-25 (1) Mobile customer penetration of broadband base is expressed as the percentage of customers subscribing to both broadband and mobile services divided by the total broadband customer base. Excludes mobile only customers. New Video TiersMobileFiber
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Altice USA Q3 2025 Earnings Results 7 Q3 Financials (1) Residential ARPU is calculated by dividing the average monthly revenue for the respective period derived from the sale of broadband, video, telephony and mobile services to residential customers by the average number of total residential customers for the same period and excludes mobile-only customer relationships. (2) Video Contribution to Residential ARPU is calculated by dividing the average monthly revenue for the respective period derived from the sale of video to residential customers by the average number of total residential customers for the same period. (3) Broadband ARPU is calculated by dividing the average monthly residential broadband revenue for the respective period by the average number of total residential broadband customers for the same period. $56.16 $79.61 Q3-24 $54.54 $79.42 Q4-24 $53.43 $80.50 Q1-25 $53.58 $80.10 Q2-25 $52.99 $80.29 Q3-25 $135.77 $133.95 $133.93 $133.68 $133.28 -1.8% 74.92 74.64 75.31 74.77 74.65 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -0.4% $1.39 $1.39 $1.38 $1.37 $1.36 $0.12 $0.16 $0.12 $0.72 $0.69 $0.67 $0.66 $0.65 Q3-24 Q4-24 $0.10 Q1-25 Q2-25 $0.11 Q3-25 $2.23 $2.24 $2.15 $2.15 $2.11 -5.4% Residential Video News & Advertising Connectivity & All Other -9.8% -10.0% -2.7% Broadband ARPU(3) ($)Residential ARPU(1)(2) ($)Revenue ($bn) Video Contribution to Residential ARPU Residential ARPU excluding Video Contribution -$3.16 +$0.68 -$2.48 or +8.9% ex. political
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Altice USA Q3 2025 Earnings Results 8 Q3 Financials $862 $837 $799 $804 $831 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -3.6% Adj. EBITDA(1) Margin %Adj. EBITDA(1) ($m)Gross Margin % (1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to net income (loss), see the Q3 2025 Altice USA earnings release posted to the Altice USA website. Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 68.1% 67.7% 68.8% 69.1% 69.7% +160 bps Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 38.7% 37.5% 37.1% 37.4% 39.4% +70 bps
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Altice USA Q3 2025 Earnings Results 9 Operational Efficiency Momentum $654 $676 $683 $681 $638 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -2.4% (1) Other Operating Expenses exclude programming and direct costs, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items. (2) Service call rate refers to the number of unique customers requiring a technical, care or support call as a percent of total customer base, annualized. (3) Service visit rate refers to the number of unique customers requiring a service visit, as a percent of total customer base, annualized. (4) Relationship Net Promoter Score (rNPS) measures a customer's overall loyalty and satisfaction with a company and gauges how likely a customer is to recommend the company. Optimizing video business with video gross margin expansion of +350bps Q3 YoY Other Operating Expense (1) ($m) Deploying new AI Tools to automate decisions, reduce costs, and deliver more personalized customer experiences Service call rate(2) improved ~6% Q3 YoY, and service visit rate(3) improved ~20% Q3 YoY Relationship NPS (rNPS) (4) grew +6 points Q3 YoY and grew +17 points in the last 3 years
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Altice USA Q3 2025 Earnings Results 10 Network Investment and Capital Expenditures Cash Capital Expenditures ($m) $137 $214 $167 $1,778 $1,491 $1,266 FY-22 FY-23 FY-24 $1,050 - $1,100 $200 - $250 FY-25 Outlook $1,914 $1,705 $1,433 ~ $1,300 + Updated FY-25 Cash Capital Outlook to ~$1.3bn driven by incremental investment at Lightpath to fuel hyperscaler builds, as well as timing of capital spend + Added +51k total new passings Q3-25 and +112k YTD Q3-25 + Added +30k fiber passings Q3-25 and +91k YTD Q3-25 + Continue to target +175k total new passings in FY-25, primarily new fiber passings + Deploying mid-split upgrades on DOCSIS 3.1 HFC network to deliver multi-gig speeds Expanding & Enhancing Our Networks Total Company excl. Lightpath Lightpath
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Altice USA Q3 2025 Earnings Results 11 2025 2026 2027 2028 2029 2030 2031 $0.1 $0.1 $7.4 $5.4 $3.9 $5.7 $3.8 Debt Maturity Profile (1) WACD and Fixed Rate % of Debt includes floating to fixed interest rate swaps at Cablevision Lightpath LLC. (2) Liquidity is calculated as undrawn capacity on revolving credit facilities plus ending cash and cash equivalents, less letters of credit issued on our behalf. Liquidity is calculated across CSC Holdings, LLC, Cablevision Lightpath LLC, and Cablevision Funding LLC. (3) L2QA leverage is calculated as quarter end net debt divided by the last two quarters of Adjusted EBITDA annualized. Weighted Average Cost of Debt (WACD)(1) 6.9% Weighted Average Life of Debt (WAL) 3.4 years Fixed Rate % of Debt(1) ~73% L2QA Leverage(3) 7.8x Liquidity(2) ~$1.2bn ($bn) Altice USA Consolidated as of September 30, 2025 CSC Holdings, LLC Cablevision Lightpath LLC Cablevision Funding LLC
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Altice USA Q3 2025 Earnings Results 12 12Altice USA Q3 2025 Earnings Results Q&A
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Altice USA Q3 2025 Earnings Results 13 13Altice USA Q3 2025 Earnings Results Appendix
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Altice USA Q3 2025 Earnings Results 14 ($326) $831 Adjusted EBITDA(1) Cash capex ($523) Cash interest ($35) Cash tax ($126) Other operating cash flows ($178) Free Cash Flow(1) Free Cash Flow ($m) (1) Adjusted EBITDA and Free Cash Flow are non-GAAP measures. For a reconciliation of these non-GAAP measures to net income (loss) and net cash flows from operating activities, respectively, please see the Q3 2025 Altice USA earnings release posted to the Altice USA website. Q3 2025 Free Cash Flow Bridge
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Altice USA Q3 2025 Earnings Results 15 Summary Financial Information (1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to net income (loss), please see the Q3 2025 Altice USA earnings release posted to the Altice USA website. ($m) Q3-24 Q3-25 Q3-25 YoY Residential $1,729 $1,623 -6.1% Business Services $366 $362 -1.2% News & Advertising $118 $106 -10.0% Other $15 $18 20.1% Total Revenue $2,228 $2,108 -5.4% Adjusted EBITDA(1) $862 $831 -3.6% Margin (%) 38.7% 39.4% Cash capital expenditures $359 $326 -9.4% Capex % of revenue 16.1% 15.4%