#1SFR Q4 & FY 2021 Results February 24, 2022 SFR a altice#2Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future financial conditions and performance, results of operations and liquidity; our strategy, plans, objectives, prospects, growth, goals and targets; and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believe", "could", "estimate", "expect", "forecast", "intend", "may", "plan", "project" or "will" or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will be achieved or accomplished. To the extent that statements in this presentation are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in the Altice France Holdings S.A. or Altice France S.A., as the case may be, annual and quarterly financial statements. FINANCIAL MEASURES SFR refers to the Altice France Holding Restricted Group. Altice France Holding S.A. holds 100% less one share of Altice France S.A., and Altice Luxembourg S.A. holds 100% of Altice France Holding S.A. and one share of Altice France S.A. The perimeter of consolidation for this presentation, the Altice France Holding Restricted Group, consists of Altice France Holding S.A., Altice France S.A. and its consolidated entities, excluding legal entities that have been declared as 'unrestricted subsidiaries', notably SportsCoTV S.A.S, the company that houses the Altice TV activity, as well as Altice Finco France S.A.S. This presentation contains measures and ratios (the "Non-GAAP Measures"), including Adjusted EBITDA, Capital Expenditure ("Capex") and Operating Free Cash Flow, that are not required by, or presented in accordance with, IFRS or any other generally accepted accounting standards. We present Non-GAAP Measures because we believe that they are of interest to the investors and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The Non-GAAP Measures may not be comparable to similarly titled measures of other companies or have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our, or any of our subsidiaries', operating results as reported under IFRS or other generally accepted accounting standards. Non-GAAP measures such as Adjusted EBITDA are not measurements of our, or any of our subsidiaries', performance or liquidity under IFRS or any other generally accepted accounting principles, including U.S. GAAP. In particular, you should not consider Adjusted EBITDA as an alternative to (a) operating profit or profit for the period (as determined in accordance with IFRS) as a measure of our, or any of our operating entities', operating performance, (b) cash flows from operating, investing and financing activities as a measure of our, or any of our subsidiaries', ability to meet its cash needs or (c) any other measures of performance under IFRS or other generally accepted accounting standards. In addition, these measures may also be defined and calculated differently than the corresponding or similar terms under the terms governing our existing debt. Adjusted EBITDA is defined as operating profit before depreciation, amortization and impairment, other expenses and income (capital gains, non-recurring litigation, restructuring costs), share-based expenses and after operating lease expenses (i.e., straight-line recognition of the rent expense over the lease term as performed under IAS 17 Leases for operating leases). This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating income as the effects of depreciation, amortization and impairment excluded from this measure do ultimately affect the operating results, which is also presented within the Altice France Holdings S.A. or Altice France S.A., as the case may be, annual and quarterly financial statements in accordance with IAS 1 - Presentation of Financial Statements. All references to EBITDA in this presentation are to Adjusted EBITDA, as defined in this paragraph. Capital expenditure (Capex), while measured in accordance with IFRS principles, is not a term that is defined in IFRS. However, management believes it is an important indicator as the profile varies greatly between activities: The fixed business has fixed Capex requirements that are mainly discretionary (network, platforms, general), and variable Capex requirements related to the connection of new customers and the purchase of Customer Premise Equipment (TV decoder, modem, etc.). Mobile Capex is mainly driven by investment in new mobile sites, upgrade to new mobile technology and licenses to operate; once engaged and operational, there are limited further Capex requirements. Other Capex: Mainly related to costs incurred in acquiring content rights. Operating free cash flow (OpFCF) is defined as Adjusted EBITDA less Capex. This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating cash flow as presented in the consolidated statement of cash flows in accordance with IAS 1 - Presentation of Financial Statements. It is simply a calculation of the two above mentioned non-GAAP measures. Adjusted EBITDA and similar measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing Adjusted EBITDA as reported by us to Adjusted EBITDA of other companies. Adjusted EBITDA as presented herein differs from the definition of "Consolidated Combined Adjusted EBITDA" for purposes of any of the indebtedness of the Altice France Holding Restricted Group. The financial information presented in this presentation, including but not limited to, the quarterly financial information, pro forma financial information as well as Adjusted EBITDA and OpFCF is unaudited. 2 SFR a altice#3Q4 & FY 2021 Results Update SFR a altice#4Q4 & FY 2021 Summary Subscriber growth in all segments, residential and B2B, fixed and mobile Residential service revenue, EBITDA and OpFCF growth for FY 2021: • Total residential service revenue grew by +3.3% YoY in FY 2021 (+2.2% in Q4), total revenue +1.5% in FY 2021 (-0.3% in Q4) • • Total EBITDA grew by +0.5% in FY 2021 (-4.5% in Q4, mainly driven by EIT MVNO contract loss and construction) Total OpFCF grew by +1.5% in FY 2021 (+19% in Q4) FY 2021 guidance achieved: revenue growth of +1.5%, EBITDA growth of +0.5% and operating free cash flow growth of +1.5% $3 billion (equivalent) 8-year Euro and Dollar 2029 Senior Secured Notes issued, maturity profile improved and interest savings realised €1.3 billion liquidity, no debt maturity before 2025 For footnotes see slide 22 SFR a altice#5Pro Forma Revenue Trends (Єm) Q4 2021 -0.3% FY 2021 (Єm) +1.5% 2,949 2,940 10,902 97 103 315 11,070 333 260 234 700 722 3,654 1,015 990 3,728 Q4 2021 revenue trends YoY • Telecom: -0.5% • Residential services: +2.2% Residential equipment: -10% • Business services: -2.4% (positive trend YoY excl. construction activity: 236k homes built in Q4-21 vs. 352k Q4-20) • Media: +6.0% Revenue growth evolution YoY 1,578 1,613 6,159 6,362 +4.6% +4.4% +3.6% +4.1% +2.6% +2.1% +2.2% Q4-20 Q4-21 FY-20 FY-21 -0.3% -1.0% -0.5% Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 ■Residential services ■Business services ■Equipment sales Media - Residential services Telecom For footnotes see slide 22 5 SFR a altice#6Summary Financials €m Q4-20 Q4-21 Growth YoY FY-20 FY-21 Growth YoY Residential services 1,578 1,613 +2.2% 6,159 6,362 +3.3% Residential equipment 260 234 -10.0% 700 722 +3.2% Business services 1,015 990 -2.4% 3,728 3,654 -2.0% Telecom 2,852 2,837 -0.5% 10,586 10,738 +1.4% Media 97 103 +6.0% 315 333 +5.4% Revenue 2,949 2,940 -0.3% 10,902 11,070 +1.5% Telecom Media EBITDA 1,070 1,014 -5.2% 4,043 4,023 -0.5% 36 42 +16.1% 64 104 +62.0% 1,106 1,056 -4.5% 4,107 4,127 +0.5% Telecom 776 665 -14.3% 2,314 2,306 -0.3% Media 9 10 +14.4% 36 37 +2.8% Accrued Capex 785 675 -14.0% 2,349 2,343 -0.3% Telecom Media Total OpFCF For footnotes see slide 22 6 294 349 +18.9% 1,729 1,717 -0.7% 28 32 +16.6% 29 67 n.m. 321 381 +18.7% 1,757 1,784 +1.5% SFR a altice#7Q4 2021 Free Cash Flow (€m) 1,056 (675) 381 20 20 401 (261) (9) 126 (6) Adjusted EBITDA (Pro Forma) Accrued Capex (Pro Forma) OpFCF Hivory OpFCF Interest Taxes (Pro Forma) OpFCF Change in WC & other FCF FCF excluding spectrum, IRUS and significant litigation paid and received 7 SFR a altice#8SFR Capital Structure and Debt Maturity Restricted Group Net debt €23,013m WAL WACD 5.5 years 4.4% Fixed interest Net leverage (L2QA) Liquidity 92% 5.4x €1.3bn Unsecured Net debt WAL WACD Net leverage (L2QA) Net debt WAL WACD Net leverage (L2QA) Secured €4,293m 5.7 years 6.8% 1.0x €18,721m 5.4 years 3.8% 4.4x (€bn) 0.3 0.1 0.1 3.2 4.6 54 5.1 3.6 6.0 2022 2023 2024 2025 ■Secured 2026 Unsecured 2027 2028 2029 Altice France continues to evaluate alternatives and monitor the bond and loan markets to opportunistically refinance its outstanding indebtedness For other footnotes see slide 22 8 SFR a altice#9Strategy Update & Mid-term Objectives SFR a altice#10SFR Operational Update Operational turnaround supported residential revenue growth Improvements in customer experience + Better technical service operations + Ongoing infrastructure investment For footnotes see slide 22 10 10 2021 vs. 2017: Fixed & Mobile Churn -30% Incoming technical calls -30% Fibre subscriber base penetration +20ppts Addressable fibre footprint >X2 Well positioned for ongoing growth in 2022 and mid-term Subscriber growth, lower churn, higher convergence ✓ Fixed and mobile subscriber growth in 2019, 2020 and 2021 with lower churn across all products Greater fixed-mobile convergence, supported by media offers Digitalization to drive better experience and improved returns Scaling of service revenue into cash flow Proprietary infrastructure with attractive owner economics Massive expansion in total FTTH footprint, accelerating fibre penetration ✓ XpFibre: the leading alternative FTTH platform in France Only 2.6 million residential customers still on ADSL network SFR: best 4G connection in 2021 (nPerf 2021 awards) SFR: #1 highest number of technically operational sites on 3.5 GHz as of Dec-2021 (L'Observatoire de l'ANFR) SFR a altice#11High Value Infrastructure Assets * XpFibre 50.01% stake (4.7m HPS FTTH growing to 7.2m HPS FTTH) A Passive mobile towers (>3k) 11 Data centers (nationwide portfolio) * ((•))mm FTTB/FTTH Network (8.9m HPs with 5.3m FTTH) Active mobile antennas (c.25k) & Complete spectrum portfolio (>240MHz) Nationwide fibre backbone (>80,000km) SFR a altice#12Focus on Fibre Infrastructure Fibre homes passed (FTTB / FTTH) (m) 12 26m HP 50% owned Nationwide Coverage 50% leased 11m HP 3.6 8.8 5.3 7.8 7.2 - 16m HP 4.7 1.3 1.0 2018 2021 Mid-term ■FTTH (XpFibre) =FTTH (SFR) ■FTTB (SFR) - FTTH (leased) SFR a altice#13Update on XpFibre Network rollout on track +1.5m o/w 0.8m built by SFR +1.3m o/w 1.1m built by SFR 4.7m 1.9m 1.0m 3.2m Penetration ramping 7.2m 42%, 35% 28% 26% 85% 2018 2019 2020 2021 Mid- term 2018 2019 2020 2021 Mid term XpFibre excl. Covage HP Covage HP 13 N°1 The leading alternative FTTH infra platform in France Attractive mid-term financial profile Revenue: > €0.9bn EBITDA: > €0.6bn FCF: €0.3bn Cash flow breakeven in 2023 Net debt end 2021: €1.8bn Not consolidated today Path to control (call option) SFR a altice#14ESG Key Highlights 14 2021 Achievements Commitments Ambitions Nearly 1.6 million of training hours 1,043 social projects supported by SFR Foundation since 2006 SFR foundation investments through financial sponsorship and >€4 million of donations in-kind (telecom products) Reduce greenhouse gas emissions Promote digital inclusion through significantly expanding high-speed connectivity: Fibre homes passed of 26m at the end of 2021, ongoing 5G network investment Mobilising employees and customers for equal opportunities Carbon emission reduction of 50% by the end of 2030 vs. 2020 and carbon neutrality on scope 1 and 2 by 2040 Guarantee a high quality service through investments in very high speed communication networks Further promote digital inclusion and equal opportunities Over 88% of SFR's energy consumption certified ISO 50001 Almost 30% reduction in energy consumption in relation to customer usage Promote and facilitate entry into professional world for people with disabilities or vulnerable positions SFR a altice#15Mid-term Capex Reduction 15 Today - €0.5bn Fixed-migration to fibre largely completed leading to lower churn and lower customer Capex (installations, CPE) Fixed Mobile IT Mobile - vendor upgrade and 5G investment cycle completed Mid-Term Capex IT - simplification and increased digitalization SFR a altice#16Mid-term Financial Objectives Revenue growth • Residential subscriber and ARPU growth • B2B revenue growth (excluding construction activity) • EBITDA growth Operating leverage of core business with cost control driving EBITDA growth • Mid-term organic EBITDA growth + €0.5bn (excluding impacts relating to XpFibre) Capex reduction Leverage For other footnotes see slide 23 16 + €0.5bn Mid-term organic OpFCF + €1bn • Peak Capex in FY-21 to FY-23 - €0.5bn • Mid-term reduction post migration to fibre, mobile upgrade and IT simplification • Unchanged leverage target of 4.5x net debt to EBITDA SFR a altice#17Q&A 17 SFR a altice#1818 Appendix SFR a altice#19Reconciliation to Swap Adjusted Debt as of December 31, 2021 €m Total debenture and loans from financial institutions Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate Value of debenture and loans from financial institutions in foreign currency converted at hedged rate Transaction costs Total swap adjusted value of debenture and loans from financial institutions Commercial paper Overdraft Other debt and leases Gross debt consolidated Cash Net debt consolidated For footnotes see slide 22 19 Actual Pro Forma 22,888 22,888 -30,529 -30,529 30,271 186 22,816 30,271 186 22,816 181 181 17 17 51 51 23,065 23,065 -467 -52 22,598 23,013 SFR a altice#20Pro Forma Leverage Reconciliation as of December 31, 2021 For footnotes see slide 22 20 20 €m Gross debt consolidated Cash Net debt consolidated Actual 23,065 Pro Forma 23,065 -467 22,598 -52 23,013 LTM EBITDA consolidated pro forma 4,285 4,195 Gross leverage 5.5x Net leverage 5.5x L2QA EBITDA consolidated pro forma 4,357 4,281 Gross leverage 5.4x Net leverage 5.4x SFR a altice#21Non-GAAP Reconciliation to Unaudited Consolidated Interim Financial Statements GAAP Measures €m Revenue Purchasing and subcontracting costs Other operating expenses Staff costs and employee benefits Total Share-based expense Rental expense operating lease Adjusted EBITDA Depreciation, amortisation and impairment Share-based expense Other expenses and income Rental expense operating lease Operating profit/(loss) Q1-21 Q2-21 Q3-21 Q4-21 FY-21 2,704 2,725 2,726 2,946 11,101 -721 -677 -732 -1,017 -3,148 -527 -453 -432 -329 -1,741 -271 -259 -249 -287 -1,066 1,184 1,337 1,314 1,313 5,147 3 -0 1 4 -208 -209 -209 -240 -866 979 1,128 1,104 1,074 4,285 -829 -823 -820 -875 -3,347 -3 0 -1 -4 339 -329 -29 -955 -974 208 209 209 240 866 694 184 464 -517 825 SFR a altice Adjusted EBITDA - Unaudited Consolidated Interim Financial Statements 979 1,128 1,104 1,074 4,285 Pro forma adjustment for Hivory -40 -46 -55 -18 -158 Adjusted EBITDA - Investor Presentation 939 1,082 1,050 1,056 4,127 Capital expenditure (accrued) - Unaudited Consolidated Interim Financial Statements New IRU 999 573 636 703 2,911 -183 -38 -6 -29 -256 Renewal of 2G licences -212 5 -56 -1 -263 5G spectrum frequency reorganization -7 -1 -8 Pro forma adjustment for Hivory -17 -15 -10 2 -40 Capital expenditure (accrued) - Investor Presentation 581 523 564 675 2,343 For footnotes see slide 22 21 224#22Footnotes Altice France Holding S.A. holds 100% less one share of Altice France S.A., and Altice Luxembourg S.A. holds 100% of Altice France Holding S.A. and one share of Altice France S.A. The perimeter of consolidation for this presentation, SFR (the Altice France Holding Restricted Group), consists of Altice France Holding S.A., Altice France S.A. and its consolidated entities, excluding legal entities that have been declared as 'unrestricted subsidiaries', notably SportsCoTV S.A.S, the company that houses the Altice TV activity, as well as Altice Finco France S.A.S. Financials are shown pro forma for the Hivory transaction (Altice France announced it had entered into an exclusivity agreement to sell its 50.01% stake in Hivory to Cellnex on February 3, 2021; the transaction closed on October 28, 2021, following regulatory approvals). Financials exclude the newspaper Libération (following disposal on September 3, 2020) All pages Accrued Capex in Q4 2021 mainly excludes accruals related to the acquisition of a new IRU for an amount of €29 million €1.3 billion liquidity includes €1.2 billion of undrawn revolvers and €0.1 billion of cash. The €0.1 billion of cash is pro forma for the acquisition of Coriolis (upfront purchase price of €298 million upon expected completion in the first half of 2022 and deferred consideration of €117 million expected to be paid in several instalments by 2024). The acquisition of Coriolis is subject to the antitrust clearance by the French competition authority Pages 4, 6, 7 Pages 4, 8 Interest as shown includes Altice France Holding interest SFR capital structure and debt maturity refers to the Altice France Restricted Group, comprised of Altice France Holding (Unsecured) and Altice France (Secured) Leverage is shown on an L2QA basis and reflects the impact for the Hivory transaction and for the acquisition of Coriolis, including certain estimated synergies. SFR (Altice France Restricted Group) net debt is presented pro forma for the acquisition of Coriolis (upfront purchase price of €298 million upon expected completion in the first half of 2022 and deferred consideration of €117 million expected to be paid in several instalments by 2024). Adjusted EBITDA is presented pro forma for the Hivory transaction (€158 million on an LTM basis, €145 million on an L2QA basis) and is presented pro forma for the acquisition of Coriolis (€69 million on an LTM and L2QA basis), including certain estimated synergies, it being provided that the Coriolis acquisition is subject to the antitrust clearance by the French competition authority Altice France net debt excludes operating lease liabilities recognized under IFRS 16 and Altice France gross debt as shown is net of swaps Maturity profile and gross debt as shown excludes other debt, leases and overdraft (c.€68 million) Fibre subscriber base penetration includes FTTH, FTTB and 4G Box customers and excludes white-label wholesale customers. Fibre homes passed as referenced includes FTTH (XpFibre), FTTH (SFR, which includes FTTH owned by SFR and FTTB owned by SFR with third party FTTH solution), FTTB (SFR) and FTTH (leased) Organic growth excluding the contribution of construction activities, related to the construction of the XpFibre FTTH network. The decline in the construction contribution will be offset by the contribution of SFR's interest in XpFibre (Altice France owns a 50.01% interest in the XpFibre Joint Venture, which is consolidated using the equity method in the Financial Statements) Page 7, 19 Pages 7, 8, 19, 20, 21 Page 8 Pages 10, 11, 12 Page 16 22 22 SFR a altice