Altice France Holding S.A (ALTICE) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue was €9.23 billion, down 8.4% year-over-year, with EBITDA at €2.93 billion and operating free cash flow up 5.7% to €1.4 billion, in line with guidance.

• Mobile customer base remained stable at 19.4 million, while fixed base declined slightly but fiber customers grew, now representing 90% of the fixed base.

• Financial restructuring completed in October 2025, extending debt maturities and strengthening the capital structure.

• Entered exclusive negotiations to sell Mainland France telecom activities (SFR) for an enterprise value of €20.35 billion.

• Customer satisfaction improved, with Net Promoter Score turning positive and ARCEP survey scores rising.

Financial highlights

• Q4 2025 revenue declined 9.3% year-over-year; full year revenue declined 8.4%.

• Full year EBITDA declined 11.7%; Q4 EBITDA declined 12.7%.

• Operating free cash flow increased 5.7% year-over-year to €1,398 million, driven by lower CapEx.

• Accrued CapEx for FY 2025 was €1,535 million, down 23.2% year-over-year.

• EBITDA margin for FY 2025 was 31.8%, down from 33.0% in FY 2024.

Outlook and guidance

• EBITDA decline is expected to stabilize, with management seeing the bottom of the decline and anticipating recovery as the competitive environment softens in early 2026.

• No further guidance provided for 2026 EBITDA or CapEx.

• Forward-looking statements highlight risks and uncertainties that could affect future results.