Regional demand and product sales diverge
Quarterly revenue fell from €470 million in 2025, with the decline measuring 7.0% at constant exchange rates. For the first nine months of 2026, sales totaled €1,170 million, compared with €1,331 million a year earlier, a drop of 12.1%, or 8.3% at constant exchange rates.
Vantiva linked the Americas slowdown to a product transition, reduced capital spending by some network operators and a comparison with unusually high deliveries in the third quarter of 2025. Eurasia benefited from substantial video-product shipments to a key customer and price increases introduced to address higher component costs.
The two product businesses moved in opposite directions during the quarter. Broadband revenue dropped to €321 million from €378 million, down 15.1%, or 15.4% at constant exchange rates. Video revenue increased to €115 million from €92 million, a gain of 25.2%, or 27.2% at constant exchange rates.
Both businesses remained below their year-earlier sales levels over nine months. Broadband generated €918 million, down 9.1%, or 5.2% at constant exchange rates. Video brought in €252 million, down 21.4%, or 17.8% at constant exchange rates.
Interim CEO and Chief Financial Officer Lars Ihlen described the regional and product shifts as unusual short-term fluctuations rather than a change in business fundamentals. He said quarterly revenue was broadly consistent with expectations and forecast a more normalized sales mix in the fourth quarter.
Cash flow guidance holds despite supply uncertainty
Ihlen reaffirmed the positive free cash flow objective for 2026 while noting continued uncertainty over component prices and supply chains. In its first-half results, Vantiva had also identified industry-wide component constraints, particularly memory allocation and pricing, as limits on the predictability of its revenue outlook.
The company's July 30 first-half report showed positive free cash flow after interest, taxes and restructuring costs of €30 million, compared with €95 million in the first half of 2025. Adjusted EBITDA declined to €43 million from €66 million, while revenue fell 14.7% to €734 million. At constant exchange rates, the revenue decline was 8.9%.
Earlier results show a different product mix
The third-quarter Video recovery contrasts with the first quarter, when that business's revenue fell 46.7%, or 40.4% at constant exchange rates. Broadband revenue grew 1.4% in the first quarter, or 13.2% at constant exchange rates. Group sales for that period were €349 million, down 14.1%, or 4.0% at constant exchange rates.
For full-year 2025, Vantiva reported revenue of €1,736 million, a decline of 7.0%, or 3.1% at constant exchange rates. Adjusted EBITDA rose 33.4% to €145 million. Free cash flow after interest and taxes was positive at €62 million, compared with negative €25 million in 2024.
Refinancing and shareholder plans
Vantiva said in its first-half results that it had completed its debt refinancing during that period. The company and its lenders agreed to committed term sheets in April 2026 extending maturities by four years, on terms Vantiva described as favorable relative to both its existing arrangements and the credit market.
At June 30, total nominal net debt, including leases, was €536 million, up from €512 million at December 31, 2025. Cash and cash equivalents totaled €21 million, and €6 million remained undrawn under a €70 million available facility.
The first-half report also outlined a plan to convene shareholders in September 2026 to seek approval to transfer the ordinary-share listing to the Euronext Growth Paris multilateral trading facility. That report postponed to 2027 the shareholder vote on authorization for a potential convertible bond issuance announced alongside the refinancing.
MarketScreener data showed Vantiva shares closing at €0.0804 on Euronext Paris on October 28, down 42.57% since January 1.
