Altice Europe reported revenue for the third quarter of EUR 3.44 billion, down 6.1 percent from a year earlier on a continued decline in its main market France as well as slightly lower revenues in Portugal and Israel. Adjusted EBITDA fell 10.4 percent to EUR 1.30 billion.
On a constant currency basis and excluding the changes to VAT in France, revenue fell 4.6 percent, and adjusted EBITDA was down 6.8 percent, Altice said.
Capital expenditure totaled EUR 707 million, down from EUR 726 million a year earlier, excluding the EUR 1.01 billion spent on the the Champions League rights in France. This led to operating free cash flow of EUR 593 million, down from EUR 728 million a year ago.
Altice maintained its guidance for operating free cash flow of EUR 2.3-2.5 billion over the full year, excluding the Altice TV segment. Altice France is still expected at the low end of its guidance of EUR 1.5-1.6 billion, due to customer acquisition costs and client capex for the benefit of future growth.
The company's net debt totaled EUR 30 billion at the end of the period, or 5.6x EBITDA. The company completed the sale of stakes in its tower business in Portugal and Dominican Republic since September and expects the towers deal in France to be completed this quarter.
