? Successful year of execution in FY 2016 including rapid integration of US
businesses and transformation into leading transatlantic, converged telecoms
and media operator.
? Accelerating momentum across Altice Group – all businesses with positive
revenue growth, best quarterly performance in Q4 since Altice IPO:
o Group revenue growth accelerated to +2.7% YoY2 in Q4 2016 with further
expansion in margins and growing cash flow conversion;
o Return to revenue growth in France in Q4 (+0.6% YoY3) after 24 quarters of
decline, of which only 7 after Altice control. Revenues expected to stabilize
in FY 2017 supported by stabilization of B2C and B2B mobile customer base
in Q4 2016 following significant improvements in network quality and
services;
o Significant acceleration in Altice USA revenue growth to +5.1% YoY in Q4
on a constant currency (CC) basis (vs. +1.2% YoY in Q4 2015 before Altice
took control of the businesses);
? Optimum revenue growth accelerated in Q4 to +4.4% YoY on a CC
basis; continued strong revenue growth at Suddenlink (+6.7% YoY
on a CC basis);
? Significant improvement in customer service metrics4;
1 Financials shown in these bullet points are pro forma defined here as results of the Altice N.V. Group as if all
acquisitions had occurred on 1/1/15, including PT Portugal (MEO), Suddenlink, Cablevision (Optimum),
NextRadioTV and Altice Media Group France (and excluding Belgium and Luxembourg, Newsday Media Group,
Cabovisao, ONI, La Reunion and Mayotte mobile activities as if the disposals occurred on 1/1/15). Segments
shown on a pro forma standalone reporting basis, Group figures shown on a pro forma consolidated basis.
Financials include only one month of contribution from the insourcing of Parilis and no impact from the
insourcing of Intelcia, as the impacts were not material.
2 In constant currency, Altice N.V. Group revenue grew 2.2% YoY in Q4.
3 Altice France revenue grew 0.8% YoY excluding retail roaming EU tariffs impacts in May 2016.
4 19% YoY reduction in total calls and 21% YoY reduction in technical service visits in H2 2016 vs. H2 2015 at
Altice USA.

? US accounts for 44% of Group Operating FCF5
o Return to revenue growth in Portugal in Q4 (+0.5% YoY6) after 32 quarters
of decline, of which only 4 after Altice control;
o Further acceleration in revenue growth in Israel in Q4 to +4.1% YoY on a CC
basis.
? Altice Model and strategy validated with advanced turnaround in Europe and
stronger US performance:
o All 2016 financial guidance achieved;
o Completed internal reorganization to leverage scale, expertise and
innovation;
o Reinvesting growing cash flows and attracting the best talent to provide
the best customer experience, the best infrastructure, and the best
content across the Group;
o Rapid de-leveraging (reduction in net debt / Adjusted EBITDA of 0.5x YoY7)
to facilitate further investments in accelerating growth platform.
? Leading global commitment to rapidly build state-of-the-art fiber networks:
o c.9 million homes upgraded for higher speed broadband services across
Altice Group in 2016;
o Leading fiber8 operator in France reaching 9.3 million homes passed at the
end of 2016 (+1.6 million additional homes YoY), targeting 11 million
5 Based on FY 2016 pro forma consolidated Operating FCF (defined as Adjusted EBITDA less Capex)
contribution, excluding group corporate segment (€-88.1m), €44.0m of capitalised exclusive content costs in
Portugal for multi-year contracts and €413.8m of capex related to the acquisition of multi-year major sport
rights at Altice International.
6 Altice Portugal revenue grew 1.3% YoY excluding regulatory impacts.
7 Altice Group leverage as measured by net debt / Adjusted EBITDA on a L2QA basis reduced to 5.4x in Q4 2016
from 5.9x in Q4 2015.
8 FTTB and FTTH homes passed.

fiber (up to 1 Gbps) and DSL speeds with the most reliable connections9;
o Announced substantial 5-year upgrade of Altice USA network from fiber
HFC to FTTH to deliver 10 Gbps broadband speeds (“Generation
GigaSpeed”);
? Whole Optimum network already offering 300/350Mbps
broadband speeds10), increased from 101 Mbps pre-Altice;
? 58% of Suddenlink network now offering 1 Gbps speeds, from 20%
pre-Altice;
o Accelerated fiber rollout in Portugal reaching 3.0 homes passed at the end
of 2016 (+714k additional homes passed YoY), increased from 1.8 million
pre-Altice. Well on track to reach target of 5.3 million fiber homes passed
by 2020, with more than 900k homes passed expected to be rolled out in
2017 to become the market leader for fiber.
? Altice Group Adjusted EBITDA grew +15.7% YoY (+15.1% on a CC basis) in Q4
driven by the strong growth of Altice USA (Optimum Adjusted EBITDA +40.6%
YoY, Suddenlink +17.4% YoY on a CC basis) and strong growth in France +12.1%.
Altice USA reached an Adjusted EBITDA margin of 40.7% on a combined basis in
Q4 (+8.3 % pts YoY vs. 32.4% in Q4 2015).
? Altice Group Operating Free Cash Flow grew +20.4% YoY (+19.5% on a CC basis) in
Q411 driven by the strong growth of Altice USA (Optimum and Suddenlink grew
+93.8% and +29.6% YoY on a CC basis, respectively, having simultaneously
accelerated revenue growth and significantly expanded operating cash flow
margins during 2016).
9 Fastest fiber speeds delivered on average according to ISP Speed Index as of December 2016. Fastest DSL
speeds according to data from nPerf as of Q4 2016. Most reliable connections for fiber and DSL according to
ARCEP Quality of access to fixed services as of November 2016.
10 300Mbps for B2C (residential) customers and 350Mbps for B2B (commercial) customers.
11 Excluding spectrum capex of €477m in France in Q4 2015.


? Robust, diversified and long-term capital structure: during 2016, Altice refinanced
over EUR 21 billion equivalent of its debt, extending the weighted average life of
the Group’s debt by 18 months (6.6 years end-2016) while keeping the average
cost of debt constant.
Guidance 201712
For 2017 we expect growth YoY in Altice Group revenue, including revenue
stabilization in France on a pro forma organic basis. We expect high-single digit
growth in Group Adjusted EBITDA YoY and Group capex of c.€4 billion.
Michel Combes, Chief Executive Officer of Altice, said: “2016 was a pivotal year for
Altice as we successfully transformed the Group into a leading, transatlantic converged
communications player. Our business is stronger than ever and we have put all the
building blocks in place for continued profitable growth.
Our 2016 performance has validated the Altice Model as we’ve been very focused on
execution, seeing an advanced turnaround in Europe and stronger US performance.
Indeed, since Altice took control of the major businesses it has acquired, France and
Portugal have returned to revenue growth for the first time in many years, and growth
in the US has significantly accelerated. This growth has been driven by our clear
strategy:
Attract the best talent to create and provide the best customer experience, the best
infrastructure and the best content.
We continue to invest in these areas to differentiate our offers, expand our capabilities
and expertise, and add new revenue sources to the Group.
12 2017 guidance applies to current Group perimeter in this earnings release at constant currency. Refers to pro
forma revenue and EBITDA growth including Optimum (Cablevision) and Media assets in France (i.e.
NextRadioTV and Altice Media Group France), and excluding Belgium and Luxembourg, for 12 months in 2016.
Capex guidance excludes net impact of handset securitisation.

We are proud of our global network commitments – during 2016 we upgraded over 9
million homes for higher speed broadband services and more than doubled the number
of 4G mobile sites in France. We have a leading commitment to fiber with rapid
deployments across the Group and technological innovation well in advance of our
peers. All of this investment is being facilitated by driving significant efficiency savings
across every one of our businesses, supported by completing our internal
reorganization to leverage our new scale. The combination of growth and margin
expansion confirms our original investment thesis when we entered all of the markets
where we now have operations. We firmly believe this strategy will continue to support
our growth well into the future.”
March 8, 2017: Altice N.V. (Euronext: ATC NA and ATCB NA), today announces
financial and operating results for the quarter and year ended December, 2016.
All major markets drove profitable growth in Q4
? Altice Group Revenue €6,087m, up 2.7% YoY13:
o €2,892m France (SFR) Revenue14, up 0.6%.
o €1,522m US Optimum Revenue15, up 5.8% on a reported basis; increase
of 4.4% on a CC basis to $1,645m in local currency.
o €611m US Suddenlink Revenue, up 8.1% on a reported basis; increase
of 6.7% on a CC basis to $660m in local currency.
o €580m Portugal Revenue, up 0.5%.
? Altice Group Adjusted EBITDA €2,286m, up 15.7% YoY16:
o €954m France (SFR) Adjusted EBITDA17, up 12.1%.
o €579m US Optimum Adjusted EBITDA, up 42.5% on a reported basis;
increase of 40.6% on a CC basis to $626m in local currency.
o €289m US Suddenlink Adjusted EBITDA, up 19.0% on a reported basis;
increase of 17.4% on a CC basis to $313m in local currency.
13 Group Revenue grew 2.2% on a constant currency (CC) basis.
14 Includes media assets (i.e. NextRadioTV and Altice Media Group France).
15 Excluding Newsday following disposal of 75% stake completed in July 2016.
16 Group Adjusted EBITDA increased 15.1% on a CC basis.
17 Includes media assets (i.e. NextRadioTV and Altice Media Group France).

o €265m Portugal Adjusted EBITDA, up 7.8%.
? Altice Group Adjusted EBITDA margin expanded by 4.2% pts YoY to 37.6%:
o France (SFR) margin increased by 3.4% pts to 33.0%.
o US Optimum margin expanded by 9.8% pts to 38.0%.
o US Suddenlink margin expanded by 4.3% pts to 47.3%.
o Portugal margin increased by 3.1% pts to 45.6%;
? Altice Group Operating Free Cash Flow18 of €968m, up 20.4% YoY; up 19.5% on
a CC basis.
Other Significant Events
? On March 2, 2017, Altice USA announced that it had acquired Audience
Partners, a leading provider of data-driven, audience-based advertising
solutions worldwide. Altice USA has a successful TV data and addressable
advertising track record in the New York DMA, and this will expand to include
the digital capabilities of Audience Partners to deliver seamless multiscreen
addressable solutions.
? On February 24, 2017, Altice N.V. announced that its subsidiary MEO entered
the capital of SPORT TV, strengthening the shareholder structure of this sports
channel as a 25% shareholder along with, NOS, Olivedesportos and Vodafone.
This new structure benefits, above all, MEO’s customers and the Portuguese
market, guaranteeing all of the operators access to the sports content
considered essential in fair and non-discriminatory market conditions.
? On January 13, 2017, i24 NEWS, the only 24/7 international news and current
affairs channel from the heart of the Middle East, launched a US news channel,
providing differentiated approach to domestic and international news for
American audiences. This follows the creation of the Altice Channel Factory
which has supported the launch of three other channels in France in 2016:
BFM Sport in June, SFR Sport 1 (English Premier League channel) in August and
BFM Paris in November.
? On December 22, 2016, Altice N.V. and its indirect subsidiary Coditel Holding
S.A. entered into an agreement to sell the Group’s Belgian and Luxembourg
telecommunication businesses, which are operated by Coditel Brabant SPRL
and Coditel S.à r.l., to Telenet Group BVBA, a direct subsidiary of Telenet
Group Holding N.V. The transaction, which is subject to the clearance of the
18 Defined as Adjusted EBITDA less Capital Expenditure, excluding spectrum capex of €477m in France in Q4 2015

Belgian competition authorities, valued the Group’s Belgian and Luxembourg
telecommunication businesses at an enterprise value of €400 million.
? On December 13, 2016, Altice N.V. filed a notification with the French
securities regulator (Autorité des marchés financiers, “AMF”) indicating that,
following the acquisition of double voting rights by its indirect subsidiary Altice
France S.A. and further acquisitions of SFR Group shares in private off-market
transactions, the Group held 84.0% of the share capital and 90.3% of the
voting rights of SFR Group.
? On December 8, 2016, Altice N.V. announced that it is exploring the possibility of an initial public offering (IPO) of a minority interest in its US operations, Altice USA. No assurance can be given that an IPO will be pursued.

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Altice EUR 20,71 +26ct vol. 581.000