Altice International - comment

No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by the loss of revenue and EBITDA in the Altice Labs segment, where EBITDA fell from €90m in FY23 to c. €45m in FY24.EBITDA will decline further in FY25 but on a slower basis. The Company did not provide any guidance. Altice management is in control of the timings of any transactions with no major maturities until FY27. 

Net Leverage is 5.5x at year-end and pro forma liquidity is €1bn. The Teads transaction closed in February but was adjusted downwards by $100m for the underperformance of the business in H2 ‘24. The Outbrain stock, which Altice also received, has deteriorated significantly with Altice’s stake now worth c. $100m. 

Separately, the Company disclosed a small infrastructure disposal in Portugal which yielded €60m of proceeds in March. Management confirmed no dividend or intercompany loans were paid/extended in Q424 or Q125.