Financial Data and Key Metrics Changes - For Q2 2025, total revenue was €2.29 billion, a decline of 9.1% year over year on a reported basis [3] - Q2 EBITDA was €801 million, and operating free cash flow was €423 million [3] - EBITDA decreased by 10.8% in the second quarter, primarily due to a decline in residential revenue [14] - CapEx expenditure for the quarter totaled €378 million, reflecting a notable reduction compared to Q2 2024 [14] - Free cash flow for Q2 2025 amounted to an outflow of €137 million [16] Business Line Data and Key Metrics Changes - Residential service revenue declined by 9.1% year over year, with fixed residential service revenue down 6.2% [12] - Mobile residential service revenue declined by 11.3%, impacted by customer base erosion and competitive pricing pressure [13] - Business Services, excluding construction, declined by 2%, with the majority of the decline driven by construction [13] - Total net losses in fixed services were minimal in 2025 compared to 2024, indicating improved commercial trends [9] Market Data and Key Metrics Changes - The competitive environment in France remains intense, particularly in the budget mobile segment, with aggressive pricing from competitors [35] - The volume of net adds in the French market was low compared to previous years, with a total of approximately 80,000 net adds across all players [48] Company Strategy and Development Direction - The company aims to reduce leverage to four times and has entered into agreements with creditors to extend debt maturities and reduce interest expenses [20] - The focus remains on CapEx discipline, particularly in areas like FTTH and 5G, where prior investment levels will not need to be sustained [14] - The company is actively reviewing its portfolio for potential transactions that make strategic sense [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to improve trends in the coming quarters despite current revenue declines [9] - The restructuring plan aims to reduce the absolute debt of Altice France without impacting operations or employees [28] - Management believes the current political situation in France does not impact business operations or transaction capabilities [30] Other Important Information - The company has started implementing a safeguard plan and expects to close the process by early October 2025 [4] - A technical incident in June affected mobile network service, but the issue was resolved quickly, and impacted customers were compensated with additional mobile data [10][11] Q&A Session Summary Question: Guidance for full year operating cash flow - Management confirmed guidance for growth in EBITDA minus CapEx for 2025, primarily driven by CapEx reduction [25][26] Question: Update on safeguard process and appeals - One appeal has been made by employee representatives, but management remains confident in the October timeline for restructuring [27][28] Question: Competitive environment in mobile and B2B business - The competitive environment remains intense, with pricing pressures affecting both mobile and B2B segments [35][36] Question: Fixed service revenue decline and connection revenue base - Fixed service revenue declined by 6.2% year over year, with connection fees contributing to the decline [42] Question: Net proceeds from the tower transaction - Expected net proceeds from the tower transaction are around €460 million [45] Question: Trends in net adds and churn issues - Management noted that net adds in Q2 were comparable to last year, with improvements in customer retention [48] Question: Sustainability of CapEx reduction - Management indicated that the reduction in CapEx is sustainable due to lower network investment needs and changing data consumption patterns [50][51]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were €2,380,000,000, a decline of 6.2% year over year [2] - Q1 EBITDA was €678,000,000, and operating free cash flow was €271,000,000 [2] - EBITDA declined by 11.8% year over year, primarily due to customer losses and increased operational costs [10][12] Business Line Data and Key Metrics Changes - Fixed Residential Services revenue declined by 3%, with subscriber losses contributing to this decline [9] - Mobile Residential Services revenue decreased by approximately 9%, driven by volume decline and competitive pricing pressure [10] - B2C net subscriber losses for mobile decreased, with positive net additions in Q1 2025 despite a challenging pricing environment [7] Market Data and Key Metrics Changes - The competitive environment has led to significant price pressure, with mobile service revenue declining by approximately 9% year over year [26] - The market has seen aggressive pricing strategies, with competitors offering lower prices for mobile packages [27][28] Company Strategy and Development Direction - The company is focused on reducing its debt burden and lowering interest expenses through an agreement with creditors [3] - There is a commitment to optimizing CapEx in 2025, with reduced investments in FTTH and 5G infrastructure [12] - The objective is to reduce leverage to four times or below through the sale of non-core assets [16] Management Comments on Operating Environment and Future Outlook - Management noted that improved commercial trends are leading indicators for future financial performance, despite current revenue declines [7] - The company expects EBITDA minus CapEx to grow in 2025 compared to 2024, despite a decline in EBITDA in Q1 2025 [39] Other Important Information - Pro forma net leverage was reported at 4.8x, with pro forma liquidity at €1,200,000,000 [4][16] - The company is actively working on further disposal processes to realize additional proceeds [16] Q&A Session Summary Question: Is there any debt associated with the Bouygues Tower JV? - Management confirmed that there is no debt on the tower JV with Bouygues Telecom [22] Question: Can you clarify the €28,000,000 Laposte pro forma adjustment? - The adjustment relates to wholesale revenues still being received as Bouygues Telecom transitions from the SFR network, expected to complete by early 2027 [22] Question: What is the outlook for working capital? - Management indicated that there will be further unwinding of working capital in Q2, but not to the full extent of 2024 [24] Question: Is the lower ARPU due to price-driven dynamics? - Management acknowledged that mobile service revenue declined by approximately 9%, with half attributed to customer base losses and the remainder to ARPU pressure from competition [26] Question: What is the impact of the IFRIC taxes in Q1? - The amount of IFRIC tax paid was around €110,000,000, which was booked in OpEx in Q1 [42]