New Street Research - ALTICE FRANCE SA/FRANCE (SFR) Altice France (SFR) (Overweight) Q2 25: OpFCF guidance retained despite weak SR and EBITDA result

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New Street Research

Russell Waller

EUR 8590.00 For Business Accounts Only

Altice France (SFR) (Overweight) Q2 25: OpFCF guidance retained despite weak SR and EBITDA result

Altice France has reported Q2 25 results with once again weaker SR trends; underlying EBITDA is slightly better, but still weak at -9.9% y/y ex construction from -11.6% y/y in Q1 25. Guidance for OpFCF to be higher in FY25 then FY24 has been reiterated.

28/08/2025 1 EN

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ALTICE FRANCE SA/FRANCE

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Russell Waller

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Altice France (SFR) (Overweight) Q2 25: OpFCF guidance retained despite weak SR and EBITDA result

Altice International (Equal Weight) Sale process Hot-ting up in Israel

Altice France (Overweight) Iliad (Equal Weight) Bouygues (Buy, TP: €55, +40%) Orange (Buy, TP: €14.9, +13%) More smoke about French M&A (must be some fire): Bid-Ask gap closing?

Is $3-4tn AI infrastructure spending in 2030 credible?

Nvidia: growth next year confirmed; $3-4tn AI infrastructure spend in 2030? Buy, $235 TP

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