Belgian telecom operator Telenet gained 9,500 broadband customers in Q2 2020.
The operator claimed its best performance since Q4 2015, driven by improved sales and reduced churn with a obust financial performance in H1, delivering 230% profit growth due to non-cash variances in the fair value of our derivatives and 2% rebased Adjusted EBITDA growth.
At June 30, 2020, Telenet served 2,052,200 unique customer relationships, which represented approximately 61% of the 3,355,200 homes passed by the operator’s network across its Flemish and Brussels footprint.
Telenet provided 4,707,500 fixed services consisting of 1,835,600 video, 1,676,500 broadband internet and 1,195,400 fixed-line telephony subscriptions.
On April 1, 2020, the company divested its wholly-owned Luxembourg cable subsidiary Coditel to Eltrona and acquired a 34% stake in the latter from Post Luxembourg.
Following both transactions, Telenet now holds a 50% minus 1 share ownership in Eltrona, which is the largest cable operator in Luxembourg. As of April 1, 2020, SFR-Coditel is no longer consolidated in operational and financial results.
Consequently, Telenet removed 47,700 homes passed, 9,500 customer relationships and 18,500 RGUs (video: 9,200 RGUs, broadband: 5,500 RGUs and fixed-line telephony: 3,800 RGUs) from its consolidated subscriber counts.
Net profit of €184.9 million (Q2 2020: €31.7 million) in H1 2020, +230% yoy, driven by significantly lower net finance expense in the period and lower income tax expense.
H1 2020 and Q2 2020 Adjusted EBITDA of €698.0 million and €352.4 million, +5% and +2% yoy on a reported basis.
