Vantiva - Results Full Year 2025

(1)   Retail and services are included in Broadband, and HomeSight and CVS (Commercial Video Solutions) in Video

Demand for Broadband products continued to be driven by innovation (e.g., Wi-Fi 7, DOCSIS 4.0) and new generations of devices. The strong refresh trend grew Broadband revenues by 9.1% (+13.6% at constant exchange rates). In contrast, demand for Video products faced continuing secular decline as many customers lost video subscribers or growth flattened. Consequently, revenues for Video products decreased 37.7% (-35.0% at constant exchange rates).

Globally, Vantiva's revenues reached €1,736 million, showing a 7.0% decrease on a reported basis (3.1% at constant exchange rates).

Adjusted EBITDA totaled €145 million, compared to €109 million in 2024. In percentage terms, the margin stood at 8.3% of revenues, up from 5.8% in 2024. This strong improvement is explained by the savings arising from the integration of HN, which more than offset the negative impact of the sales mix.

Income Statement

Sales for 2025 amounted to €1,736 million, representing a 7.0% decrease (3.1% at constant exchange rates).

Adjusted EBITDA totaled €145 million, versus €109 million in 2024. This improvement came from the synergies extracted from Home Networks integration.

EBITA of €76 million was up €31 million thanks to the higher EBITDA and despite an increase in depreciation and amortization.

PPA amortization totaled -€13 million, compared with €19 million in 2024.

Non-recurring items showed a negative balance of -€110 million (versus -€75 million in 2024), mostly due to:

• Restructuring costs of -€43 million, compared with -€93 million in 2024.
• Other income and expenses, which represented a negative of -€65 million versus a positive of €23 million the previous year mainly linked to a settlement for a long-lasting litigation
• EBIT is negative at -€47 million, compared with a loss of -€48 million in 2024.
  
  

Net financial expense amounted to -€84 million for 2025, compared with -€92 million the previous year.

Income tax amounted to -€14 million, compared with -€16 million in 2024.

Net income from continuing operations for the year was therefore -€145 million, compared with
-€157 million in 2024.

Discontinued operations had a negative contribution of -€248 million, versus -€125 million in 2024, primarily because of the reclassification of CTA (cumulative translation adjustments) following the disposal of SCS from the balance sheet to net income.

Group net income was a loss of -€393 million, compared with a loss of -€282 million in 2024.

Outlook 2026

The memory market remains volatile with ongoing uncertainty over pricing and availability. Customer cooperation on memory continues to provide a measure of stability.

While the company has no direct exposure to the conflict in the Middle East, the situation introduces indirect risks across supply chains, petroleum prices, and trade flows.

The company is targeting a positive free cash flow this year, but given the uncertainties mentioned above, it is not providing EBITDA guidance at this stage.

Cash Flow and Debt Analysis

Free cash flow before interest and taxes moves from a positive €42 million in 2024 to a positive
€95 million in 2025. This improvement was mostly due to EBITDA (+€36 million) and strict control over capital expenditures (-€18 million).

Free cash flow after interest, taxes and restructuring stood at a positive €62 million compared with
-€25 million in 2024.

The cash position on December 31, 2025, was €13 million, compared with €30 million a year earlier. Liquidity amounted to €35 million, including the undrawn portion of the credit line of Wells Fargo amounting to €22 million.

Nominal net debt at the end of the year stood at €512 million, an increase of €34 million.

Under IFRS, net debt was €508 million on December 31, 2025, up from €468 million on December 31, 2024.

Adjusted EBITDA corresponds to income from continuing operations before tax and net financial income, excluding other income and expenses, depreciation and amortization (including the impact of provisions for risks, guarantees and litigation).

Impact of IFRS 16

Post-Closing Events

Settlement of patent litigations
In early 2026, Vantiva benefited from settlements of several material patent litigations, and the related provisions were recorded in the 2025 financial statements. Given their nature and magnitude, these settlements have been presented as non‑recurring items.

Refinancing
Lenders have agreed to committed term sheets to refinance the capital structure extending the maturities by 4 years, at favorable terms, compared to the existing terms and favorable versus the credit market.

To provide better comparability of operating performance trends between 2025 and 2024, Vantiva presents a set of adjusted indicators. These exclude the following items as detailed in the Group’s consolidated income statement and financial statements, in addition to the published results.

• Net restructuring costs.
• Expenses net of asset impairment.
• Other income and expenses (other non-recurring items).
  
  

Adjusted EBITDA corresponds to income from continuing operations before tax and net financial income, excluding other income and expenses, depreciation and amortization (including the impact of provisions for risks, guarantees and litigation).

Appendices

Debt Details

In millions of euros

Cautionary Statement: Forward-Looking Statements

This press release contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted, or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Vantiva’s filings with the French Autorité des marchés financiers. 2024 Universal Registration Document (Document d’enregistrement universel) has been filed with the French Autorité des marchés financiers (AMF) on April 17, 2025, under number under no. D.250279.

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About Vantiva

Pushing the Edge

Vantiva (Euronext Paris: VANTI) is a global technology leader in the Customer Premises Equipment (CPE) market. For over 130 years, Vantiva (formerly known as Technicolor) has delivered solutions that connect what matters most. Today, the company continues to redefine connectivity with industry-leading broadband, video, and digital home care solutions that elevate how people live, work, and connect globally.

Vantiva combines a customer-focused approach with decades of software development, electronics hardware design, and supply chain expertise to deliver high-quality solutions at scale. This proficiency has positioned Vantiva as a trusted provider to leading network service providers, enterprise customers, and consumers around the world.

A strong commitment to sustainability and responsible business practices has earned Vantiva multiple Gold and Platinum Medals from EcoVadis for environmental and social performance. These awards place the company among the top 2% of organizations in its category evaluated globally.

With its headquarters in Paris and major offices in Australia, China, India, South Korea, the United Kingdom, and the United States, the company serves a diverse global customer base.

For more information, please visit vantiva.com and follow Vantiva on LinkedIn and X (Twitter).

Contacts

Vantiva Investor Relations                                        Image 7 for Vantiva
investor.relations@vantiva.com                                        vantiva.press@image7.fr

Attachment

• 2026 03 27 PR FY 25 EBITDA UK full