Altice SFR France - comment

The Company maintains guidance that EBITDA less capital expenditure will increase for the full year 2025, primarily driven by a reduction in capital expenditure. Both revenue and EBITDA trends are expected to remain under pressure in the second half of the year, reflecting the highly competitive environment in which Altice SFR operates across both fixed and mobile segments.

Altice SFR will finalise the sale of its 50 per cent stake in Infracos, an entity established to deploy and manage shared radio sites in less densely populated areas of France. Infracos is jointly owned by Bouygues Telecom and SFR. Net proceeds from the sale are expected to be €460 million, with closure anticipated before year-end.

We await the full financial statements before updating our model.