Altice France Holding S.A (ALTICE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €2,164 million, EBITDA €583 million, and operating free cash flow €260 million, with CapEx at €323 million.

• Sale of Infracos completed in December 2025, with €279 million of proceeds used for debt repayment.

• Entered exclusive negotiations to sell Mainland France telecom activities for €20.35 billion enterprise value, with exclusivity extended to June 5, 2026.

• Mobile customer base declined due to prepaid losses, while fiber base grew to over 90% of fixed subscribers.

• Continued investment in 4G and 5G networks, with 99.9% 4G and 86% 5G population coverage.

Financial highlights

• Revenue declined 9.1% year-over-year to €2,164 million in Q1 2026.

• EBITDA decreased 13.1% year-over-year to €583 million, mainly due to lower residential service revenue.

• CapEx fell 20.5% year-over-year to €323 million, reflecting lower network investment.

• Operating free cash flow was €260 million, broadly stable year-over-year as lower CapEx offset EBITDA decline.

• Free cash flow for Q1 was €80 million after adjustments and cash flows.

Outlook and guidance

• Management expects EBITDA trends to improve in coming quarters, citing stabilized customer base and improved retention.

• No formal EBITDA guidance for 2026, but gradual recovery is anticipated.

• CapEx reduction is seen as sustainable due to lower investment needs in fiber and 5G coverage now exceeding 86% of the population.

• Forward-looking statements highlight ongoing risks and uncertainties regarding future financial performance and market developments.

• Pro forma net leverage stands at 5.5x LTM, with pro forma liquidity of €0.77 billion at Q1 2026 end.