Unsurprisingly it seems that today’s (21 April) Altice International Q4 25 results release will not be accompanied by an earnings call. Instead, many questions remain unanswered as we await owner Patrick Drahi’s next move.
There are, however, some answers hidden deep in the releases which help put some of the pieces of the puzzle together. But first, how much liquidity runway does RemainCo have left?
We estimate that what is left at the restricted group – mostly Altice Israel – will run out of money by the end of 2026 setting a clear outer bound on timing: the group has eight months left to strike a deal with creditors.
Our workings are based on the €660m liquidity that Altice International had at the end of Q4 25. This comes after Altice repaid its RCF down to €215m drawn from €407m at the end of October 2025 to avoid its maintenance covenant test which only occurs if drawings exceed 40% of RCF commitments.
With €158m of 2026 maturities and an estimated €494m in annual interest expense that is practically all of Altice International’s liquidity used up. Its operations are unlikely to provide any buffer here given the Israel business generated negative...
