Core Insights - The company successfully completed its "Lead the Future" strategic plan for 2023-2025, achieving all objectives set for 2025, resulting in a simpler, stronger, and more efficient organization [3][4]. Financial Performance - Revenues for 2025 reached €40,396 million, reflecting a year-on-year increase of 0.9% (+€374 million), driven by a 2.2% growth in retail services [8][56]. - EBITDAaL increased by 3.8% to €12,470 million, surpassing the target of at least 3.5% growth, with significant contributions from Africa & Middle East (+13.9%) and Europe (+3.2%) [9][56]. - Consolidated net income was €1,139 million, a decrease of 60.7% year-on-year, primarily due to increased costs and impairments [12][56]. - Adjusted net income was €3,094 million, down 5.7% from the previous year [15][56]. - Organic cash flow from telecom activities was €3,653 million, up 8.3% year-on-year, while free cash flow all-in was €2,793 million, down 6.6% [16][58]. Market Position and Growth - The company maintained its leadership in a competitive European market, with a total customer base exceeding 340 million, and Africa & Middle East recorded its eleventh consecutive quarter of double-digit growth [4][7]. - A binding agreement was signed to acquire full ownership of MasOrange, positioning Spain as the second-largest market in Europe for the company [5][6]. - The PremiumFiber joint venture with Vodafone and GIC began operations, becoming the largest FiberCo in Europe with over 12 million access lines [6][7]. Operational Efficiency - The company achieved a 30.2% increase in EBITDAaL minus eCAPEX, reaching €6,262 million, supported by operational efficiency measures [10][25]. - eCAPEX was reduced by 0.4% to €6,208 million, representing 15.4% of revenues, aligning with the company's eCAPEX discipline objectives [11][57]. Regional Performance - In France, revenues decreased by 2.1% to €17,473 million, with retail services excluding PSTN growing by 0.6% [22][23]. - Africa & Middle East revenues increased by 12.2% to €8,427 million, driven by strong growth in mobile data, fixed broadband, and Orange Money [14][28]. - European revenues rose by 2.2% to €7,263 million, primarily due to retail services growth [34][56]. Sustainability and ESG - The company exceeded its GHG emissions reduction targets, achieving a 49.3% decrease in scopes 1 and 2 emissions compared to 2015, and a 16.4% reduction in scope 3 emissions compared to 2018 [19][20]. - The company also surpassed its target for digital support and training, benefiting over 3.3 million individuals between 2021 and 2025 [20].

Industry Trend - Debt restructuring fights, exemplified by Altice, are becoming increasingly prevalent [1] - A specialized industry of bankers and lawyers is profiting from the gamesmanship surrounding these restructurings [1]

Altice, the telecoms empire, has struggled with a huge debt load while remaining under the control of a shareholder whose approach to debt is singularly ruthless. Lately creditors have been wrung out even further https://t.co/Vfi34OBSwe ...

Police raids took place across France today as part of the corruption probe involving billionaire Patrick Drahi’s sprawling telecommunications group Altice: Here's your Evening Briefing https://t.co/h4QyWkjVib ...

Police carried out raids across France on Tuesday as part of the ongoing corruption probe involving billionaire Patrick Drahi’s telecommunications group Altice https://t.co/eKTqerYGrP ...

Core Viewpoint - The telecom operator, owned by billionaire Patrick Drahi, has rejected a joint non-binding offer from Bouygues, Orange, and Free-iliad group to acquire a significant portion of the company [1] Company Summary - The telecom operator is under the ownership of billionaire Patrick Drahi [1] - A joint non-binding offer was made by Bouygues, Orange, and Free-iliad group [1] - The offer aimed to purchase a large part of the telecom operator [1]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have made a joint non-binding offer to acquire a significant portion of Altice's telecommunications business in France [1] Group 1 - The joint offer indicates a strategic move by the three companies to consolidate their positions in the French telecommunications market [1] - This acquisition could potentially reshape the competitive landscape in the industry, impacting market share and pricing strategies [1] - The non-binding nature of the offer suggests that further negotiations and evaluations will be necessary before any final agreement is reached [1]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a non-binding offer to acquire a significant portion of Altice's operations in France, with a total enterprise value of €17 billion [1] Group 1: Companies Involved - Bouygues Telecom, Free-iliad Group, and Orange are the three companies that have made the offer [1] - The acquisition targets a large part of Altice's activities specifically in France [1] Group 2: Financial Details - The total enterprise value of the proposed acquisition is €17 billion [1]

A consortium made up of Bouygues Telecom, Orange and Iliad made an offer to buy most of Altice’s telecommunications assets in France for an enterprise value of €17 billion ($19.7 billion) https://t.co/SRiFgPIfvz ...

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a joint non-binding offer to acquire a significant portion of Altice's telecommunications activities in France, aiming to ensure service continuity for SFR customers in a mature market [1][2]. Summary by Sections Offer Details - The joint offer has a total enterprise value of €17 billion for the targeted Altice group assets in France, implying an enterprise value of over €21 billion for the entire Altice France [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Conditions and Process - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment [3]. - The transaction will require prior consultation with employee representative bodies and clearance from relevant regulatory authorities before completion [3]. Transition and Management - Any assets that cannot be immediately transferred will be managed by a joint company during a transition period, allowing for the gradual migration of customers, relying on Altice group employees [4]. Business Segmentation - The B2B business will primarily be taken over by Bouygues Telecom and Free-iliad Group, while the B2C business will be shared among Bouygues Telecom, Free-iliad Group, and Orange [6]. - Infrastructure and frequencies will also be shared among the three operators, except for SFR's mobile network in less densely populated areas, which will be taken over by Bouygues Telecom [6].