Altice Europe reports revenues of EUR3.5bn for 1Q18; updates on Altice USA spin-off

17 May 2018

Altice Europe has reported consolidated revenues of EUR3.5 billion (USD4.1 billion) for the three months ended 31 March 2018, down from EUR3.6 billion in 1Q17. Adjusted EBITDA for the period under review dropped to EUR1.3 billion, while the company generated first quarter operating profit of EUR141 million. Patrick Drahi, founder of Altice Group, commented: ‘In the first quarter of 2018 Altice Europe has started to deliver on its operational turnaround plan, showing the best subscriber trends Altice has ever reported.’

TeleGeography notes that the decision by Altice NV (also known as Altice Group) to spin off its Altice USA business and rename its core business as ‘Altice Europe’ was announced in January this year. In order to facilitate the spin-off, Altice NV’s 67.2% interest in Altice USA will be distributed to Altice NV shareholders. The group expects the spin-off transaction to be completed in early June 2018, following its AGM later this month; US regulatory approvals have already been secured.

The group expects to complete the divestment of its Altice Dominicana unit in 2H18, as well as selling its tower portfolio in France and Portugal. Altice owns around 10,000 cell sites in France and 3,000 in Portugal.