New Street Research - Altice USA Inc. Class A (ATUS) ATUS: Can Altice achieve their EBITDA guidance?

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New Street Research

Vikash Harlalka

ATUS: Can Altice achieve their EBITDA guidance?

Heading into 3Q, we were worried that Altice might lower its full year EBITDA guidance. This didn’t happen. Management sounded confident that they would be able to meet their original guidance. Investors remain skeptical though as 4Q25 will be the first quarter since 3Q21 where Altice is trying to report positive EBITDA growth. Making things more challenging, 4Q implied growth is almost double digits. Our view is investor skepticism is well-founded.

06/11/2025 1 EN

Underlying

Altice USA Inc. Class A

Altice USA is a holding company. Through its subsidiaries, the company provides broadband communications and video services and markets its services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. The company delivers broadband, video, and telephony services to the residential and business customers. The company also provides fiber connectivity, bandwidth and managed services to enterprise customers through its Lightpath business (also marketed as Altice Business) and the company provides advertising time and services to advertisers. The company has launched Altice Mobile, a mobile offering, to consumers across its footprint.

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US02156K1034 New York Stock Exchange United States

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Analysts

Vikash Harlalka

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ATUS: Can Altice achieve their EBITDA guidance?

ATUS 3Q25 Quick Take: Subs and EBITDA miss; ’25 full year EBITDA guidance reaffirmed

Autumn for Broadband 3Q25 – FWA ascendant, Cable struggling

Millicom (Buy, TP: $46) - Q3 25: Solid quarter, growth and margins improving again

Cellnex (Neutral, €29, +5%) Upgrade to Neutral

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