The fiber and convergence leader in the North of Spain. October 2018
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1 The fiber and convergence leader in the North of Spain October 2018
2 Disclaimer This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of Euskaltel, S.A. ("Euskaltel" or "the Company"). For the purposes hereof, the Presentation shall mean and include the slides that follow, any prospective oral presentations of such slides by the Company, as well as any question-and-answer session that may follow that oral presentation and any materials distributed at, or in connection with, any of the above. The information contained in the Presentation has not been independently verified and some of the information is in summary form. No representation or warranty, express or implied, is made by the Euskaltel Group (including Euskaltel, S.A., R Cable y Telecomunicaciones Galicia, S.A.U. and Parselaya, S.L.U. and its subsidiaries (Telecable Capital Holding, S.A.U. and Telecable de Asturias S.A.U.)), nor by their directors, officers, employees, representatives or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. None of Euskaltel Group, nor their respective directors, officers, employees, representatives or agents shall have any liability whatsoever (in negligence or otherwise) for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of the Presentation or its contents or otherwise arising in connection with the Presentation, save with respect to any liability for fraud, and expressly disclaim any and all liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or misstatements contained in the Presentation. Euskaltel cautions that this Presentation contains forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Euskaltel Group. The words "believe", " expect", " anticipate", "intends", " estimate", "forecast", "project", "will", "may", "should" and similar expressions identify forward-looking statements. Other forward-looking statements can be identified from the context in which they are made. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a certain number of risks, uncertainties and other important factors, including those published in our past and future filings and reports, including those with the Spanish Securities and Exchange Commission ( CNMV ) and available to the public both in Euskaltel s website ( and in the CNMV s website ( as well as other risk factors currently unknown or not foreseeable, which may be beyond Euskaltel s control, could adversely affect our business and financial performance and cause actual developments and results to differ materially from those implied in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. The information contained in the Presentation, including but not limited to forward-looking statements, is provided as of the date hereof and is not intended to give any assurances as to future results. No person is under any obligation to update, complete, revise or keep current the information contained in the Presentation, whether as a result of new information, future events or results or otherwise. The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose. Market and competitive position data in the Presentation have generally been obtained from industry publications and surveys or studies conducted by third-party sources. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Euskaltel has not independently verified such data and can provide no assurance of its accuracy or completeness. Certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Euskaltel, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, no undue reliance should be placed on any of the industry, market or Euskaltel s competitive position data contained in the Presentation. You may wish to seek independent and professional advice and conduct your own independent investigation and analysis of the information contained in this Presentation and of the business, operations, financial condition, prospects, status and affairs of the Euskaltel Group. Euskaltel is not nor can it be held responsible for the use, valuations, opinions, expectations or decisions which might be adopted by third parties following the publication of this Presentation. No one should purchase or subscribe for any securities in the Company on the basis of this Presentation. This Presentation does not constitute or form part of, and should not be construed as, (i) an offer, solicitation or invitation to subscribe for, sell or issue, underwrite or otherwise acquire any securities, nor shall it, or the fact of its communication, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract or commitment whatsoever with respect to any securities; or (ii) any form of financial opinion, recommendation or investment advice with respect to any securities. The distribution of this Presentation in certain jurisdictions may be restricted by law. Recipients of this Presentation should inform themselves about and observe such restrictions. Euskaltel disclaims any liability for the distribution of this Presentation by any of its recipients. By receiving or accessing to this Presentation you accept and agree to be bound by the foregoing terms, conditions and restrictions. 2
3 The leading platform in the north of Spain Geographical complementarity Key metrics Subs 1 : 284k Population 2 : 2.7m Subs 1 : 153k Population 2 : 1.0m Subs 1 : 350k Population 2 : 2.2m Addressable market (inhabitants) ~ 6m Homes passed (000 ) ~ 2,200 Subscribers ~ 790k Wi-Fi spots > 400k 31% 42% 83% 39% 65% 68% 39% Total group: c.790k subs 42% 79% 1 Market position (in respective regions) Mobile penetration (2017) Broadband mkt share (2015) Pay TV mkt share (2015) Key achievements Consistently leading market position in our regions From a single region company to a multi-region platform Shareholder remuneration initiated Value-accretive M&A delivered Now Source INE, CNMC, Company internal estimates Notes: 1. Total subscribers (Residential + business) figures as of Dec data from INE 3. 3 rd operator in the Basque country 4. 4 th operator in Asturias Financial discipline preserved Sector-top operating and financial metrics maintained 3
4 Strategic milestones Initial Public Offering Jul-15 Acquisition of R Cable Nov-15 Platform creation Dec-15 / Today 1 Successful IPO of the first Spanish cable company 1 in history Transformational transaction in Euskaltel 1 history 1 Acquisition of the remaining independent regional cable business 2 Fully consistent with consolidation strategy 2 Support of highly reputed institutional investors 3 Highly value accretive with cash flow impact over 20% 2 Largest independent convergent cable platform in Spain 4 Synergies delivered on time and revised upwards 3 Strong after market performance of the stock 5 Support from institutional equity and debt investors ( 255m equity raising and 900m debt raising) 3 Governance support with the incorporation of Zegona s and Jon James international expertise Note 1. On a Spanish stock exchange 4
5 We have built a 2x larger business since IPO Subscribers ( 000) EBITDA 1 ( m) OpCF 2 ( m) Mobile penetration (%) EBITDA margin (%) As % of revenue (%) 53% 77% 49% 48% 35% 31% >2x >2x ~2x IPO 2017 IPO 2017 IPO 2017 Notes 1. EBITDA adjusted for management fees, M&A expenses, transaction bonuses and other extraordinary items 2. Throughout the presentation, OpCF defined as (EBITDA capex) 5
6 Strong operational and financial profile while doubling size Statutory figures IPO (Mar-15) FY2015 FY2016 FY2017 3P / 4P (%) 57.6% 63.3% 65.8% 68.0% KPIs Mobility (%) % 71.7% 77.2% 77.1% ARPU ( ) EBITDA ( m) 156m 167m 281m 307m EBITDA Margin (%) 48.7% 47.8% 49.0% 49.3% OpCF ( m) 113m 114m 185m 198m Financial statements OpCF margin (%) 35.1% 32.6% 32.2% 31.8% Net income 3 ( m) 37m 7m 62m 50m EPS 3 ( ) Eq. CF per share 3 ( ) Notes: 1. Mobile penetration as a percentage of fixed-line customers 2. For the residential segment 3. Statutory figures including extraordinary and non-recurrent elements 4. EqCF per share at IPO calculated as of 31-Dec
7 The regional integrated telecommunication champion 1 2 Undisputed leading fiber and convergence operator in the Basque Country, Galicia and Asturias Supportive macro dynamics across regional footprint with broader improvement in telecom dynamics 8 3 Strong and experienced management team supported by anchor shareholder base Benefitting from strong emotional attachment and high-quality client base 7 Best-in-class margins and cash flow generation underpinned by a prudent financial policy 4 State-of-the-art fiber network fully invested, providing best-in-class service and acting as an entry barrier 6 5 Growth through expansion to nearby territories Growth momentum underway focused on the lifetime value of the client 7
8 Business Residential 1 Undisputed leading operator Basque Country Galicia Asturias Market Share Market Share (1) Market Share % 36% 38% 46% 28% 29% 30% 39% 20% 31% 39% 16% Market Share Market Share (1) Market Share (1) % 35% 33% 35% 23% 27% 12% (1) SoHo SMEs & Large Accounts Fixed Source: Company estimates and CNMC data. Market share in their respective footprints. (1) Ranking based on market share over cabled areas (2) 2016 data for all segments and region, except B2B Telecable which accounts for
9 1 on the back of a fully convergent offering Residential Segment Successful migration towards 3P/4P driving an increase in value per customer RGUs /Sub 3.04x 3.29x 3.43x 3.52x ARPU ( ) (proforma for Telecable acquisition) % 65% 67% 68% % 31% 28% 26% % 34% 39% 42% P 3P
10 2 Supportive macro dynamics Price war bringing down ARPUs below EU average leading to a rapid shift towards convergence driving market consolidation, content investments and capex and resulting in tariff inflation and sector recovery Spanish Telecom market (1) historical revenue growth (%YoY) Introduction of heavily discounted Movistar Fusión bundles Vodafone acquires Ono for 7.2bn Orange acquires Jazztel for 3.3bn High end 4P bundles pricing improved 19% for Orange, 35% for Telefonica and 47% for Vodafone since Q % A C A C 0.0% (0.5%) (1.6%) (0.9%) 0.5% (6.2%) (6.0%) (4.8%) (5.1%) (5.3%) (3.3%) (3.0%) (7.3%) (7.5%) (8.8%) (9.8%) 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Proportion of 3P / 4P bundles almost triples from 24% in 2012A to 67% Three main national operators initiated c. 3.3bn football rights and c. 9.2bn network upgrade investment plans Sources: CNMC, IMF and Company Filings. Notes: (1) Spanish TMT market includes the following segment as defined by CNMC: fixed telephony, broadband, Pay TV, Business communications, Wholesale, Mobile, TV advertising, Other TV and other revenues. A = Announcement; C = Closing 10
11 2 Market context : data and TV driven market with increased competition Contribution to growth Spanish telecom sector 1,2 CAGR 11A-21E 04.0% 4.0% 2.0% - (2.0%) (4.0%) (6.0%) (8.0%) (2.3%) (3.4%) (5.5%) (3.0%) 1.1% 1.1% 1.3% 1.3% 1.2% 0.5% (0.1%) Mobile data Fixed broadband Pay-TV Mobile voice & messaging Fixed telefony Total revenue growth (0.8%) 0.5% 0.6% 1.9% (2.8%) (0.9%) 02.0% - (2.0%) (4.0%) (6.0%) (8.0%) (10.0%) (12.0%) 1.4% 2.1% 0.6% 1.2% E 2018E 2019E (3.8%) (4.8%) (6.9%) (8.9%) (9.5%) Data and TV driving moderate industry growth Moderate growth expected for the coming years Source Arthur D. Little (2015), CNMC Notes: 1. Revenue growth over the 2011A E period calculated as the evolution of the aggregated revenues of the 5 main Spanish competitors (Euskaltel, Movistar, Vodafone, Orange, MásMovil). The series has been adjusted for Ono and Jazztel acquisitions by Vodafone and Orange. Estimates for 2017E-2019E based on a selection of broker projections for each of the above mentioned companies growth excluding Euskaltel, Masmovil and Orange growth growth excludes Masmovil 11
12 /month 3 High valuable, longstanding customer base and best-in-class brand perception 120 Distribution of our customer base within our ARPU bands 1 Average seniority of the group s client base Brand recognition % 45% Approachable and close 8.00 Group average 8.6 years Op.1 Op.2 Op.3 Op Best quality of service 40 ARPU: Op.1 Op.2 Op.3 Op I trust more than others 0 < > Op.1 Op.2 Op.3 Op.4 ARPU ARPU Note 1. ARPU as of 3Q 2017 of the combined entity (Euskaltel + R Cable + Telecable) 2. Kantar media independent study (period of study 1H17) Highly valuable customer base The one I like most Op.1 Op.2 Op.3 Op.4 12
13 4 Fully invested network - Best-in-class fiber network Coverage (%HH) 87% 55% (6) 72% 35% 39% 61% 36% (1) 81% 47% % of EuroDOCSIS % 100% 100% c.50% 92% 100% c.96% 100% (2) 100% Access capacity (MHz) (3) Households per node (avg.) c.500 c.280 c.585 n.a. c.580 c.580 c.450 n.a. c.500 Fully-owned backbone network (4) (5) 4G license via SFR via BASE via Optimus via Vodafone Future-proofed network supports success-based capex and 17% capex over revenues as medium term target Source: Company filings. (1) In Core regions (as defined by Telecolumbus). (2) EuroDOCSIS NGN. (3) In August 2014, announced upgrade to 1 GHz in Flanders by
14 Gbps 4 Fully invested network - Euskaltel network vs. FTTH challenge Symmetry not a threat and our network is highly recognised by independent third parties Broadband traffic evolution since Jan-15 (Upload vs Download) September 2017 ranking Growth (%) 100% 91% % (13%) Jan-15 Sep-15 May-16 Jan-17 Oct Weekly average download 2.5 Weekly average upload Previous year - Weekly average download Previous year - Weekly average upload Source: Netflix ISP Speed Index 14
15 5 Lifetime value of customers Residential segment Unrivalled coverage with the fastest broadband offering The speed leader with the only ultra-fast broadband offering across the entire region (100% DOCSIS 3.0 network) Ongoing upgrade to DOCSIS 3.1 Highly attractive and competitive mobility proposition Full-service, leading MVNO Competitive and innovative tariffs to address real customer needs The most complete and innovative TV proposition High-quality and comprehensive content offering covering different customer groups needs with possibility of adding premium channels Superior fiber coverage in the Basque Country, Galicia and Asturias (2.1m homes passed) Wide offering of commercial speeds, ranging from 50Mbps to 350Mbps Largest WiFi network in the Basque Country, Galicia and Asturias with more than 400k hotspots allowing for data for clients OTT platform offered by Telecable: - live coverage of Champions League and Europa League football matches First hybrid 4K/UHD set top box in Spain Competitive prices offering best value for money and superior service to competitors Enhanced offering providing a superior and differentiated user experience (PVR, VoD, TV Everywhere) Increased penetration of superior quality services (HD, catch-up TV, VOD, network PVR, start over, time shift...) FY 2017 RGUs: 489k (1) FY 2017 RGUs: 915k (1) (77.1% penetration over fixed customers) FY 2017 RGUs: 393k (1) Convergent offer with a leading value proposition focused on the lifetime value of the client (1) Pro-forma for Telecable acquisition 15
16 5 Leading business segment providing diversification Diversified through significant B2B (1) presence based on strong and unique positioning pillars Business revenues as a % of total revenues (2) PF1 27% Strong and local brand 2 27% High technical capabilities in their respective footprint 3 21% Fully oriented offering based on addressing specific customer needs by sector and client 4 12% Tailor made and complex solutions 5 6 6% 5% Dedicated sales force and customer care to deliver best results and services Clear strategy to leverage superior infrastructure, brand and customer service to win in Business Sources: Company filings. (1) % of B2B revenues over total revenues as of 1H-17 LTM revenues (2) Pro-forma for Telecable acquisition 16
17 6 Expansion strategy Market shares across all segments to be balanced Pillars of the expansion strategy Cantabria 1 Disciplined Leon Navarra La Rioja 2 Value-accretive 3 Fast time-to-market Canary Islands (Spain) 4 Ability to leverage brand equity Current presence Potential expansion areas 5 Consistent with overall strategy Expansion plan will add over 500,000 households 17
18 6 A two-fold approach Two-fold strategy Infill projects New regions Key details of the agreement with Orange Framework agreement with leading operator Agreement with Orange Targeted deployment (FTTH HFC) Support from regional governments Agreement with Orange (mutualised / indirect access model) Fast time-to-market Flexible agreement in terms of: Economics: Indirect (opex) vs. coinvestment (capex) Products and services Symmetric and up to 1 GB Limited competition in targeted areas Well-defined commercial plan ICX services included 80,000 residential premises 6,200 enterprises 5 year roll out plan Break-even in 2-3 years Project IRR > 15% No difference in customer experience 18
19 7 Resilient top line across business segments Proforma revenue evolution Revenue outlook ( 3.5m) / (0.5%) Stable - Low single digit revenue growth 9.3m revenue without margin m / +0.8% growth Mainly due to loss of Basque country government contract Residential Stable net subscriber evolution preserving current market share Target churn below 14% amid implementation of specific measures in Galicia and Asturias ARPU growth linked to attractive value proposals Increase 3P&4P penetration in existing customer base New services will include Increase mobile offering and penetration in Asturias Improved TV functionalities and 4K Deco New products penetration: Home connectivity, on-street Wi-Fi Revenue of new regions to amount for 5% of total revenue by 2022 Around 10-15% subscriber penetration over targeted new regions Business Residential Business Wholesale and other Adjusted for revenue without margin Growth YoY (%) SoHo will mirror similar trends than residential Renewed commercial push in SMEs and LA targeting to drive superior growth rates than residential over the medium term Penetration of hybrid-cloud, security, big data and alliances Targeted commercial offering in new expansion areas Source Company information Note: 1. Change of accounting method in 2016: revenue without margin no longer accounted for (2015 revenue without margin included in 713m revenue at 9.3m) 19
20 7 Stable gross margin and strong focus on efficiencies to improve cost structure Proforma gross margin ( m) Proforma EBITDA ( m) Gross margin as a % of sales (%) EBITDA margin (%) 72.8% 74.7% 74.5% 46.7% 47.3% 48.3% 48.2% EBITDA margin Adjusted for revenue without margin Efficient management of Content and ITX costs driving gross margin over 75% in the medium term Integration synergies and structure optimisation driving EBITDA margin c.50% in the medium term TV strategy focused on functionality and customer experience with disciplined approach to new content investment Renewed commercial effort in brand equity and expansion Unified organisation leading to leaner and more flexible operations Sufficient data allowances under current host agreements to mitigate ITX costs growth Systems integration, network management and talent management driving structure optimization 20
21 7 Stable capex with future spending linked to commercial success and expansion plan Proforma capex Capex breakdown and outlook Capex (as a % of sales) 18.5% 16.9% 17.7% Business as usual capex < 17% revenue Business integration and strategic projects investments 20m - 25m ( accum.) Footprint expansion investments 20m (excluding SAC) ( accum.) Recurrent capex to remain in the 16-17% revenue range once platform integration has concluded Business as usual capex expected to remain below 17% of revenue Source Company information Additional extraordinary capex to be incurred in period corresponding to business integration, strategic projects and footprint expansion investments 21
22 7 Rapid deleveraging, supported by best in class EBITDA and cash conversion Strong EBITDA performance with remaining future upside EBITDA margin (%) (1) + Historical Operational FCF generation 48% 48% 48% 46% 37% 34% As % of EBITDA 59% 67% 64% 66% 63% As % of Sales 28% 33% 32% 33% 31% K + R + T Liberty Global Com Hem Telenet Nos Numericable PF 2H 15 1H 16 2H 16 1H 17 2H 17 driving superior cash flow conversion Historical Net Debt and Net Debt/EBITDA (3) OpFCF conversion (2) and as % of Sales (1) 31% 30% 22% 18% 12% 13% 64% 63% 48% 37% 35% 35% 2.6x 4.8x 4.2x 1,385 1,307 1,223 1,185 c.4.5x 1, PF 417 1H H H Note: Company data (1) 1H-17 LTM numbers (2) OpFCF = EBITDA-CAPEX (3) Leverage shown including synergies. Excluding synergies, leverage equal to 5.1x and 4.7x at R Cable and Telecable closing respectively 22
23 7 Strong support from debt and equity capital markets Pre-IPO IPO + Debt refinancing R Cable acquisition + Debt refinancing Repricing of the institutional tranche Commercial paper 1 Acquisition of Telecable Debt refinancing Total debt ( m) 500m 900m Up to 200m 437m 835m Total equity placed ( m) 840m 255m 250m 5.5% 4.6x 4.4x 4.3x 4.6x 4.6x 4.5x 3.5% 3.5% 3.2% 3.1% 3.0% 2.8% 1.5x 2.7x Dec-14 Jun-15 Nov-15 Sep-16 Jun-17 Jul-17 Current Average cost of debt Leverage BB- Oct-15 Aug-17 B1 Source Company information Note: 1. Commercial paper issued as of Mar-17 23
24 8 Anchor shareholder base Shareholder structure 53% 55% 21% 21% 15% 15% 9% 11% Kutxabank Zegona CF Alba Free-float Board of Directors (1) VP & Lead Director Chairman CEO Proprietary director Executive director Independent director (1) Proprietary directors in the Board of Directors representing Kutxabank (2), Zegona (1) and Corporación Financiera Alba (1) 24
25 Conclusion 1 Euskaltel has delivered its ambitious organic and inorganic targets in record-time since the IPO 2 Euskaltel has become a real multi-region platform, deeply rooted in its core markets, but fully prepared to grow and enter new markets 3 We are competing in an evolving scenario that offers new challenges, but also great opportunities 4 5 We have defined a clear and comprehensive strategy focused on value generation through customer experience, growth and efficiencies, to which the entire organisation is committed The results of the implementation will offer sustained mid/long-term value creation potential to our shareholders 25
26 Results presentation 3Q18 5 November 2018
27 Disclaimer The disclosure to the market of the Periodic Financial Information relating to the third quarter of fiscal year 2018 of Euskaltel S.A, does not include any information or opinion relating to the announcement of a tender offer disclosed by Zegona Communications plc on October 19, Moreover, Euskaltel shall not make any representations or statements regarding the referred announcement in the context of this communication. This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of Euskaltel, S.A. ("Euskaltel" or "the Company"). For the purposes hereof, the Presentation shall mean and include the slides that follow, any prospective oral presentations of such slides by the Company, as well as any question-and-answer session that may follow that oral presentation and any materials distributed at, or in connection with, any of the above. The information contained in the Presentation has not been independently verified and some of the information is in summary form. No representation or warranty, express or implied, is made by the Euskaltel Group (including Euskaltel, S.A., R Cable y Telecomunicaciones Galicia, S.A.U. and Parselaya, S.L.U. and its subsidiaries (Telecable Capital Holding, S.A.U. and Telecable de Asturias S.A.U.)), nor by their directors, officers, employees, representatives or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. None of Euskaltel Group, nor their respective directors, officers, employees, representatives or agents shall have any liability whatsoever (in negligence or otherwise) for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of the Presentation or its contents or otherwise arising in connection with the Presentation, save with respect to any liability for fraud, and expressly disclaim any and all liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or misstatements contained in the Presentation. Euskaltel cautions that this Presentation contains forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Euskaltel Group. The words "believe", " expect", " anticipate", "intends", " estimate", "forecast", "project", "will", "may", "should" and similar expressions identify forward-looking statements. Other forward-looking statements can be identified from the context in which they are made. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a certain number of risks, uncertainties and other important factors, including those published in our past and future filings and reports, including those with the Spanish Securities and Exchange Commission ( CNMV ) and available to the public both in Euskaltel s website ( and in the CNMV s website ( as well as other risk factors currently unknown or not foreseeable, which may be beyond Euskaltel s control, could adversely affect our business and financial performance and cause actual developments and results to differ materially from those implied in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. The information contained in the Presentation, including but not limited to forward-looking statements, is provided as of the date hereof and is not intended to give any assurances as to future results. No person is under any obligation to update, complete, revise or keep current the information contained in the Presentation, whether as a result of new information, future events or results or otherwise. The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose. Market and competitive position data in the Presentation have generally been obtained from industry publications and surveys or studies conducted by third-party sources. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Euskaltel has not independently verified such data and can provide no assurance of its accuracy or completeness. Certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Euskaltel, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, no undue reliance should be placed on any of the industry, market or Euskaltel s competitive position data contained in the Presentation. You may wish to seek independent and professional advice and conduct your own independent investigation and analysis of the information contained in this Presentation and of the business, operations, financial condition, prospects, status and affairs of the Euskaltel Group. Euskaltel is not nor can it be held responsible for the use, valuations, opinions, expectations or decisions which might be adopted by third parties following the publication of this Presentation. No one should purchase or subscribe for any securities in the Company on the basis of this Presentation. This Presentation does not constitute or form part of, and should not be construed as, (i) an offer, solicitation or invitation to subscribe for, sell or issue, underwrite or otherwise acquire any securities, nor shall it, or the fact of its communication, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract or commitment whatsoever with respect to any securities; or (ii) any form of financial opinion, recommendation or investment advice with respect to any securities. The distribution of this Presentation in certain jurisdictions may be restricted by law. Recipients of this Presentation should inform themselves about and observe such restrictions. Euskaltel disclaims any liability for the distribution of this Presentation by any of its recipients. By receiving or accessing to this Presentation you accept and agree to be bound by the foregoing terms, conditions and restrictions. 3Q18 results presentation 1
28 3Q18 key highlights (proforma data) B2C stabilized despite strong competition. Expansion on track and ready to ramp up - 1,706 fixed net adds in 9M18, 0.3% of total subs B2B revenue recovery driven by SMEs and Large Accounts +0.3% YoY in in 9M18 9M18 (+5,8% (+5,8% SMEs+LA) SMEs+LA) EBITDA margin growth thanks to announced synergies and efficiencies +61bps YoY in 9M18; up to up 48.5% to 48,5% Solid Free Cash Flow generation 16.4% over revenue in 9M18 Net Income growing EPS: EUR 0.26 in 9M18 3Q18 results presentation 2
29 YTD 9M18 main figures Financial figures (statutory data) Residential KPIs (proforma data) 521.1m +17.4% yoy Total revenue 573.6k -1.7k ytd Fixed subscribers 252.9m +15.3% yoy Adj. EBITDA Adj. EBITDA margin 48.5% 16.6% -82bps ytd Churn ratio 148.8m -0.1% yoy OpCF 1 OpCF margin 28.5% % ytd ARPU global 46.4m +41.0% yoy Net income 2,363k +39k ytd Total RGUs Note: 1. OpCF defined as EBITDA-Capex 2. Operating Cash Flow margin excluding expansión & integration capex stood at 32.4% of revenue 3Q18 results presentation 3
30 Operating review Note: all 2017 data shown are proforma for including Telecable 3Q18 results presentation 4
31 B2C A quarter impacted by a renewed offensive by the competition Fixed residential subscribers evolution (000 ) Higher commercial aggressiveness from industry leaders as a result of football strategy Removal of Champions League content from Telecable football offer +3.1 (2.1) (3.9) EOP 4Q17 Net adds 1H18 EOPs 1H18 Net adds July Net adds August Net adds September EOPs 3Q18 3Q18 results presentation 5
32 B2C ARPU growth despite summer commercial aggressiveness Churn fixed residential subscribers (% YTD) Residential ARPU ( /month) +0.2% 16.6% % 17.0% 16.6% Negative impact qoq: Football (0.1 ) Interconnection (0.1 ) 15.6% % 3P/4P penetration 14.9% 1Q 2Q 3Q 6M18 9M18 Telecom Interconnection Football 3Q18 results presentation 6
33 B2B segment Consolidating the recovery Soho subscribers (000 ) SME subscribers evolution (#) (300) ,269 (51) 12,918 13,041 3Q17 4Q17 1Q18 2Q18 3Q18 3P&4P Penetration Soho EOP 4Q16 Net Adds 9M17 Net Adds 4Q17 EOP 4Q17 Net Adds 9M18 EOP 3Q18 Large Accounts revenue ( m) 60.8% 61.1% % +9.1% 58.2% 58.6% 3Q17 4Q17 1Q18 2Q18 3Q18 9M17 9M18 3Q18 results presentation 7
34 Expansion Ready to ramp up HOUSEHOLDS DELIVERED THROUGH PARTNERSHIPS # Customers ( 000) ,000 90, , ACTIVE CUSTOMERS 9M18 30, ,002 2,279 4, /06/ /09/ /12/ /12/ /12/ /12/ /12/2022 # HHs ( 000) % of expansion revenues over total 0.1% c.8% 3Q18 results presentation 8
35 Financial review Note: all 2017 data shown are proforma for including Telecable 3Q18 results presentation 9
36 Top line performance Total revenue ( m) Residential revenue ( m) (1.5%) +0.5% % % Mobile penetration M17 9M18 1Q18 2Q18 3Q18 Wholesale & others Business Residential 3Q18 results presentation 10
37 EBITDA performance Adj. EBITDA ( m) and Adj. EBITDA margin (% over revenues) Adj. EBITDA evolution 9M18 vs 9M17 ( m) 300,00 Impact of profit-neutral revenue: (6.8) Mobile host + TV content + Other: % 250,00 52% (7.7) (1.5) , % 48.5% 50% 48% Cost efficiencies and synergies achieved from integration process , % 44% 100,00 42% 50,00 9M17 9M18 40% 9M17 Revenue Direct costs Commercial and overhead 9M18 3Q18 results presentation 11
38 CAPEX overview Recurrent capex in line with guidance 16.7% 16.8% CAPEX ( m) and CAPEX over revenue (%) CAPEX breakdown ( m) and CAPEX over revenue (%) 20.0% % % 19.2% 19.7% % % 25% 0.0% 20% 15% 10% 16.4% % 17.0% 16.2% 16.2% 15.6% % 00 3Q17 4Q17 1Q18 2Q18 3Q18 00% 9M17 9M18 Capex ex - expansion&integration Expansion&integration 3Q18 results presentation 12
39 Cash generation OpCF 1 ( m) and OpCF margin (% over revenue) Cash allocation ( m) 32.5% ex expansion & integration 32.1% in 3Q % in 9M % Over revenue (%) % 28.5% % 27.9% % 25% 20% 15% 10% 05% (104.1) 28.5% (30.7) (32.7) 16.4% Q17 4Q17 1Q18 2Q18 3Q18 00% EBITDA 9M18 Capex OpCF 9M18 Interest expenses WC,tax&others FCF 9M18 Dividends Debt reduction since Dec Net Debt Net Debt/EBITDA 3 Average Cost of Debt Average Maturity 1,571m 4.48x 2.76% 4.5 years Note: 1. Operating Cash Flow calculated as EBITDA-capex 2. WC,tax&others includes 15.5m of non recurrent payments related to the acquisition of Telecable and the optimization of the organizational structure 3. Including 10m of synergies in EBITDA 3Q18 results presentation 13
40 2019 interim dividend Distribution of an interim dividend of EUR 0.14 per share against 2018 results, c.+10% versus last year, approved by the Board of Directors on 31 October 2018 to be paid in February Total dividend to be communicated upon approval of the 2018 accounts by the AGM (in 1H 2019). 3Q18 results presentation 14
41 Pillars of our strategic plan BEST CUSTOMER EXPERIENCE WHILE MAINTAINING OUR LEADERSHIP IN B2C BACK TO GROWTH IN B2B EXPANSION PLAN TO BOOST GROWTH SIMPLIFICATION, PLATFORM INTEGRATION AND DIGITALISATION 3Q18 results presentation 15
42 Q&A
43 Appendix I Euskaltel Group 3Q 2018 consolidated statutory results and KPIs Note: FY2017 figures include Telecable data from 01-August-2017 to 31-December Q18 results presentation
44 Euskaltel Group consolidated - KPIs (i/iii) Residential Annual Quarterly KPIs Unit Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Homes passed # 1,707,558 2,166,001 1,708,468 1,709,771 2,163,919 2,166,001 2,222,026 2,230,073 2,306,030 Household coverage % 65% 70% 65% 65% 70% 70% 70% 70% 70% Residential subs # 546, , , , , , , , ,909 o/w fixed services # 469, , , , , , , , ,648 as % of homes passed % 27.5% 26.6% 27.4% 27.2% 26.9% 26.6% 25.9% 26.7% 26.4% o/w mobile only subs # 76,378 85,592 75,407 75,033 88,179 85,592 84,788 83,998 84,261 o/w 1P (%) % 21.7% 19.5% 21.2% 20.9% 19.8% 19.5% 19.2% 18.7% 19.1% o/w 2P (%) % 12.5% 12.5% 12.3% 12.4% 12.6% 12.5% 12.2% 12.0% 11.9% o/w 3P (%) % 26.4% 26.3% 26.0% 25.9% 26.8% 26.3% 25.5% 24.8% 24.0% o/w 4P (%) % 39.4% 41.7% 40.6% 40.8% 40.8% 41.7% 43.2% 44.5% 45.0% Total RGUs # 1,891,653 2,324,640 1,904,783 1,899,532 2,338,345 2,324,640 2,349,101 2,381,419 2,363,292 RGUs / sub # Residential churn fixed customers % 15.1% 17.4% 16.1% 15.3% 16.9% 17.4% 15.6% 14.9% 16.6% Global ARPU fixed customers /month Fixed Voice RGU's # 462, , , , , , , , ,453 as% fixed customers % 98.5% 91.8% 98.1% 97.5% 92.5% 91.8% 91.1% 90.8% 90.0% BB RGU's # 394, , , , , , , , ,732 as% fixed customers % 84.1% 84.9% 84.5% 84.4% 84.7% 84.9% 85.4% 85.7% 85.9% TV RGU's # 270, , , , , , , , ,911 as% fixed customers % 57.6% 68.4% 58.5% 58.9% 67.7% 68.4% 69.3% 70.6% 70.9% Postpaid lines # 763, , , , , , , , , % Postpaid customers # 438, , , , , , , , ,575 as% fixed customers (only mobile excluded) % 77.2% 77.1% 78.6% 79.6% 76.1% 77.1% 78.9% 80.1% 80.2% Mobile lines / customer # SOHO Annual Quarterly KPIs Unit Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Subs # 89, ,378 88,945 88, , , ,038 99,667 98,754 o/w 1P (%) % 29.7% 26.7% 28.7% 28.0% 26.9% 26.7% 26.3% 25.7% 25.8% o/w 2P (%) % 16.4% 14.7% 15.9% 15.5% 14.9% 14.7% 14.2% 13.4% 13.1% o/w 3P (%) % 39.7% 39.3% 40.1% 40.5% 39.7% 39.3% 38.8% 38.6% 38.4% o/w 4P (%) % 14.2% 19.4% 15.2% 15.9% 18.5% 19.4% 20.7% 22.2% 22.7% Total RGUs # 300, , , , , , , , ,723 RGUs / sub # Soho churn fixed customers % 20.3% 22.2% 24.1% 22.4% 21.9% 22.2% 22.1% 20.7% 20.1% Global ARPU Fixed customers /month SMEs and Large Accounts Annual Quarterly KPIs Unit Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Customers # 11,193 14,670 11,084 11,042 14,688 14,670 14,728 14,785 14,801 3Q18 results presentation
45 Euskaltel Group consolidated Consolidated statutory financials (ii/iii) Selected financial information Annual Quarterly Unit Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Total revenue m Y-o-y change % 164.0% 8.6% -1.6% -3.0% 14.0% 25.1% 26.6% 23.5% 4.4% o/w residential m Y-o-y change % 173.0% 11.6% 1.2% -0.5% 17.5% 27.9% 25.7% 24.3% 4.3% o/w Business m Y-o-y change % 167.7% 2.4% -8.1% -9.7% 5.9% 23.0% 26.4% 24.0% 4.6% o/w Wholesale and Other m Y-o-y change % 130.6% 6.0% 0.1% 2.5% 15.2% 6.4% 37.1% 11.8% 3.9% 0.0% Adjusted EBITDA m Y-o-y change % 168.0% 9.4% -1.5% -0.6% 16.0% 23.3% 23.8% 21.0% 3.3% Margin % 49.0% 49.3% 48.8% 50.0% 49.4% 49.2% 47.7% 49.0% 48.9% Capital expenditures m (95.9) (108.8) (23.3) (22.9) (24.1) (38.4) (33.9) (34.0) (36.1) Y-o-y change % 180.5% 13.4% 7.3% -4.4% 10.9% 35.0% 45.9% 48.2% 49.6% % total revenues % -16.7% -17.5% -16.7% -16.4% -14.7% -21.5% -19.2% -19.7% -21.0% Operating Free Cash Flow m Y-o-y change % 162.1% 7.3% -5.6% 1.4% 18.3% 15.5% 12.3% 7.7% -16.2% % total revenues % 32.2% 31.8% 32.1% 33.5% 34.8% 27.6% 28.5% 29.3% 27.9% Net Income m Q18 results presentation
46 Euskaltel Group consolidated P&L (iii/iii) m 1Q17 2Q17 3Q17 1Q18 2Q18 3Q18 9M17 9M18 Change Residential % Business % Wholesale & other % Revenues % Direct costs (32.8) (30.2) (42.7) (49.0) (41.8) (46.9) (105.7) (137.6) +30.2% Gross profit % Commercial and fixed costs (38.7) (39.8) (40.6) (43.4) (46.4) (40.9) (119.0) (130.6) +9.8% EBITDA % D&A (38.0) (37.8) (46.8) (48.8) (50.6) (48.2) (122.7) (147.6) +20.3% EBIT % Interest (11.3) (11.9) (12.4) (12.9) (11.3) (11.9) (35.6) (36.1) +1.5% Extraordinary items (0.9) (9.5) (6.5) (2.9) (3.6) (1.4) (16.9) (8.0) (52.7%) Taxes (4.6) (2.7) (3.9) (4.9) (4.8) (4.9) (11.2) (14.6) +30.0% Net income % 3Q18 results presentation
47 Appendix II Proforma results and KPIs (for full year consolidation of Telecable) 3Q18 results presentation
48 Proforma (for full year consolidation of Telecable) KPIs (i/iii) Residential Quarterly KPIs Unit 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Homes passed # 2,160,946 2,162,408 2,163,919 2,166,001 2,222,026 2,230,073 2,306,030 Household coverage % 70% 70% 70% 70% 70% 70% 70% Residential subs # 679, , , , , , ,909 o/w fixed services # 590, , , , , , ,648 as % of homes passed % 27.3% 27.1% 26.9% 26.6% 25.9% 26.7% 26.4% o/w mobile only subs # 88,668 89,036 88,179 85,592 84,788 83,998 84,261 o/w 1P (%) % 19.7% 19.5% 19.8% 19.5% 19.2% 18.7% 19.1% o/w 2P (%) % 12.5% 12.6% 12.6% 12.5% 12.2% 12.0% 11.9% o/w 3P (%) % 27.4% 27.2% 26.8% 26.3% 25.5% 24.8% 24.0% o/w 4P (%) % 40.4% 40.8% 40.8% 41.7% 43.2% 44.5% 45.0% Total RGUs # 2,358,696 2,356,503 2,338,345 2,324,640 2,349,101 2,381,419 2,363,292 RGUs / sub # Residential churn fixed customers % 16.6% 15.9% 17.0% 17.5% 15.6% 14.9% 16.6% Global ARPU fixed customers /month Fixed Voice RGU's # 557, , , , , , ,453 as% fixed customers % 94.4% 93.9% 92.5% 91.8% 91.1% 90.8% 90.0% BB RGU's # 498, , , , , , ,732 as% fixed customers % 84.3% 84.3% 84.7% 84.9% 85.4% 85.7% 85.9% TV RGU's # 397, , , , , , ,911 as% fixed customers % 67.3% 67.6% 67.7% 68.4% 69.3% 70.6% 70.9% 0.0% Postpaid lines # 904, , , , , , ,196 Postpaid customers # 529, , , , , , ,575 as% fixed customers (only mobile excluded) % 74.5% 75.8% 76.1% 77.1% 78.9% 80.1% 80.2% Mobile lines / customer # SOHO Quarterly KPIs Unit 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Subs # 105, , , , ,038 99,667 98,754 o/w 1P (%) % 27.8% 27.2% 26.9% 26.7% 26.3% 25.7% 25.8% o/w 2P (%) % 15.3% 14.9% 14.9% 14.7% 14.2% 13.4% 13.1% o/w 3P (%) % 40.2% 40.5% 39.7% 39.3% 38.8% 38.6% 38.4% o/w 4P (%) % 16.7% 17.4% 18.5% 19.4% 20.7% 22.2% 22.7% Total RGUs # 361, , , , , , ,723 RGUs / sub # Soho churn fixed customers % 24.2% 22.7% 22.1% 22.3% 22.1% 20.7% 20.1% Global ARPU Fixed customers /month SMEs and Large Accounts Quarterly KPIs Unit 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Customers # 14,818 14,762 14,688 14,670 14,728 14,785 14,801 3Q18 results presentation
49 Proforma (for full year consolidation of Telecable) Financials (ii/iii) Selected financial information Quarterly Unit 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Total revenue m Y-o-y change % -1.0% -1.9% -1.6% 0.0% 0.4% -2.0% -2.7% o/w residential m Y-o-y change % 1.8% 0.2% 0.1% -0.2% -2.4% -3.1% -3.3% o/w Business m Y-o-y change % -6.5% -7.1% -7.0% 0.4% 2.5% 0.0% -1.7% o/w Wholesale and Other m Y-o-y change % -5.0% -0.3% 5.2% 1.2% 26.5% 1.0% 0.8% 0.0% Adjusted EBITDA m Y-o-y change % -1.8% -1.9% -2.3% 0.9% 0.3% -0.8% 0.0% Margin % 47.7% 48.4% 47.6% 49.2% 47.7% 49.0% 48.9% Capital expenditures m (30.8) (29.0) (26.8) (38.4) (33.9) (34.0) (36.1) Y-o-y change % 4.9% -0.3% -5.8% 12.0% 10.1% 17.4% 34.8% % total revenues % -17.5% -16.4% -15.2% -21.5% -19.2% -19.7% -21.0% Operating Free Cash Flow m Y-o-y change % -5.4% -2.7% -0.6% -6.4% -5.4% -10.3% -16.3% % total revenues % 30.2% 31.9% 32.5% 27.6% 28.5% 29.3% 27.9% 3Q18 results presentation
50 Proforma (for full year consolidation of Telecable) P&L (iii/iii) m 1Q17 2Q17 3Q17 1Q18 2Q18 3Q18 9M17 9M18 Change Residential (2.9%) Business % Wholesale & other % Revenues (1.5%) Direct costs (44.8) (42.9) (48.5) (49.0) (41.8) (46.9) (136.1) (137.6) +1.1% Gross profit (2.3%) Commercial and fixed costs (47.2) (48.1) (44.0) (43.4) (46.4) (40.9) (139.3) (130.6) (6.2%) EBITDA (0.2%) D&A (51.5) (51.5) (51.4) (48.8) (50.6) (48.2) (154.5) (147.6) (4.4%) EBIT % Interest (18.1) (18.8) (21.5) (12.9) (11.3) (11.9) (58.3) (36.1) - Extraordinary items (1.2) (14.7) (8.0) (2.9) (3.6) (1.4) (23.9) (8.0) - Taxes (3.4) (0.1) (0.5) (4.9) (4.8) (4.9) (3.9) (14.6) - Net income Q18 results presentation
51 Thank you
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