Estimated Operational Results Full Year 2025
Vantiva meets its guidance at the budget forex rateADJUSTED EBITDA: €145 MILLION vs €109 million in 20241(€155 MILLION at budget forex rate)FCF2 POSITIVE: €62 MILLION vs -€25 million in 2024(€71 MILLION at budget forex rate)
Paris (France), March 27, 2026, Vantiva (PARIS:VANTI), a global technology leader in connectivity, announces its estimated unaudited operational results for the year 2025.
The accounting basis used for these estimates is consistent with the accounting methods applied by Vantiva and described in its consolidated financial statements. However, since some annual closing procedures for 2025 are not yet completed, the auditors' opinion is still pending. The estimated financial data has been reviewed by Vantiva's Board of Directors and is currently subject to audit, with formal closing scheduled for April 2026.
Full-year sales decreased by 7.0% to €1,736 million largely due to USD weakness (-3.1% at constant exchange rates) and Video decline coupled with a soft Q4 due to a challenging YoY comparable and some component supply delays.
Adjusted EBITDA totaled €145 million (+33.4%), driven by cost efficiency and the synergies from the integration of CommScope's Home Networks business (HN). At the budget forex rate, it would have amounted to €155 million.
Free cash flow, after interest and taxes, was positive at €62 million compared with negative €25 million in 2024. At the budget forex rate, it would have been €71 million.
At year-end, Vantiva held cash and cash equivalents of €13 million and an undrawn credit line of €22 million.
Total net debt (including asset leases) amounted to €513 million (nominal).
The group is targeting a positive cash flow in 2026 supported by encouraging signals in customer demand trends.
The refinancing process is ongoing regarding the financial debt maturing in the course of 2026
Tim O'Loughlin, Chief Executive Officer of Vantiva, said:
"Vantiva is proud to have met its guidance this year and to have delivered a significant improvement in EBITDA and free cash flow. This performance was achieved despite a volatile environment and reflects the outstanding performance of our teams and their deep customer relationships. The year ahead shows potential for underlying strength in broadband demand with regionalized video demand, offset by some macro challenges like memory. Still, I am confident that our people and disciplined business processes will enable us to meet our goals."
Key Points 2025 and Outlook 2026
In millions of euros, continuing operations
2025
2024
Real exchange rates
Constant exchange rates
Sales Figures
1,736
1,865
(7.0)%
(3.1)%
Adjusted EBITDA
145
109
33.4%
39.2%
As % of sales
8.3%
5.8%
252 bps
254 bps
FCF after interest and taxes
62
(25)
87
ns
Key Points 2025
The connectivity business enjoyed a positive trend in H1 2025, which accelerated in Q3. However, this trend has reversed in Q4 due to the strength of the 2024 comparative. Decline in the Video business in certain markets and weakness of the USD weighed on the reported full-year revenues.
Breakdown of Sales by Product
In millions of euros
2025
2024
Real exchange rates
Constant exchange rates
Sales Figures
1,736
1,865
(7.0)%
(3.1)%
Of which (1)
Broadband
1,336
1,224
9.1%
13.6%
Video
400
641
(37.7)%
(35.0)%
Adjusted EBITDA
145
109
33.4%
39.2%
As % of sales
8.3%
5.8%
(1) Retail and services are included in Broadband, and HomeSight and CVS (Commercial Video Solutions) in VideoDemand 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.
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 ...
