Vantiva - First Half 2025 Results

Core Insights - Vantiva's financial results for the first half of 2025 demonstrate significant progress in its transformation plan, particularly through the integration of CommScope's CPE business, with a notable increase in revenue and adjusted EBITDA [2][6][8]. Financial Performance - Revenue for H1 2025 reached €861 million, marking an 8.0% increase compared to H1 2024, and a 9.4% increase at constant exchange rates [7][17]. - Adjusted EBITDA surged to €64 million, nearly tripling from €22 million in H1 2024, reflecting improved operational efficiency [3][11]. - Adjusted EBITA was positive at €33 million, a significant recovery from a loss of -€12 million in H1 2024 [8][19]. - Free cash flow after interest, taxes, and restructuring costs was positive at €91 million, up from €22 million in H1 2024, driven by increased EBITDA and favorable working capital developments [12][23]. Segment Performance - Broadband revenue increased by approximately 28.1% to €597 million, while Video and Diversification segments saw declines of around 20% due to lower demand [10][11]. - The adjusted EBITDA margin improved to 7.4% of revenue, up from 2.8% a year earlier, indicating effective cost management and restructuring efforts [11][17]. Cash Flow and Debt - As of June 30, 2025, Vantiva held €35 million in cash and cash equivalents, with total nominal net debt amounting to €435 million, down from €478 million at the end of 2024 [8][23]. - Free cash flow before interest and taxes rose significantly from €67 million to €112 million, attributed to increased EBITDA and reduced capital expenditures [22][23]. Outlook - The positive results for the first half support the company's full-year targets, with expectations of continued favorable tariff positions [13][20].