Americas demand weighs on sales
The unaudited figures, released October 28, put quarterly revenue below the €470 million recorded a year earlier. Revenue for the first nine months totaled €1.17 billion, compared with €1.331 billion in 2025, a decline of 12.1% as reported and 8.3% at constant exchange rates.
Vantiva cited three factors behind the Americas weakness: a product transition, reduced capital spending by some network operators and a difficult comparison with unusually high deliveries in the third quarter of 2025. In Eurasia, substantial video-product shipments to a key customer helped sales, as did price increases introduced to address higher component costs.
Interim CEO and Chief Financial Officer Lars Ihlen characterized the regional and product shifts as unusual short-term fluctuations rather than a change in the business's underlying fundamentals. Management said revenue was broadly in line with expectations and anticipated a more normal sales mix in the fourth quarter.
Video growth contrasts with broadband decline
Broadband generated €321 million in quarterly revenue, down from €378 million a year earlier. That represented a 15.1% decline, or 15.4% at constant exchange rates. Nine-month broadband sales were €918 million, down 9.1% as reported and 5.2% at constant exchange rates.
Video sales rose to €115 million from €92 million in the quarter, an increase of 25.2%, or 27.2% at constant exchange rates. The quarterly gain did not erase the decline over the first nine months: video revenue for that period was €252 million, down 21.4% as reported and 17.8% at constant exchange rates.
Separately, Vantiva expanded its broadband product lineup on October 13 by unveiling the FXA701Z, its flagship 50G PON optical network terminal. The company described the model as one of the first commercially ready 50G PON devices. It complies with the ITU-T G.9804 standard, supports fully symmetrical operation and includes an XGS-PON port to support migration from existing 10G networks.
Cash flow target holds despite operating uncertainty
Ihlen said component pricing and supply chain conditions continued to make the operating environment uncertain. Vantiva nevertheless reaffirmed its objective of generating positive free cash flow for full-year 2026.
The company's July 30 first-half results showed positive free cash flow of €30 million after interest, taxes and restructuring costs, compared with €95 million a year earlier. First-half revenue fell 14.7% to €734 million, or 8.9% at constant exchange rates, while adjusted EBITDA declined to €43 million from €66 million.
For full-year 2025, Vantiva reported €1.736 billion in sales, down 7.0% as reported and 3.1% at constant exchange rates. Adjusted EBITDA rose 33.4% to €145 million, which the company attributed to cost efficiencies and synergies from the integration of CommScope's Home Networks business. Free cash flow after interest and taxes was positive at €62 million, compared with negative €25 million in 2024.
Refinancing and shareholder plans
Vantiva completed its debt refinancing in the first half of 2026. The committed term sheets agreed with lenders provided for a four-year extension of debt maturities. The company described the terms as favorable both relative to its existing arrangements and to the credit market.
At June 30, total nominal net debt, including leases, was €536 million, up from €512 million at December 31, 2025. Vantiva had €21 million in cash and cash equivalents, along with €6 million still undrawn under a €70 million facility.
In its July half-year release, Vantiva said it planned to convene shareholders in September 2026 to seek approval to transfer its ordinary-share listing to the Euronext Growth Paris multilateral trading facility. It also said the shareholder vote authorizing a potential convertible bond issuance associated with the refinancing had been postponed to 2027.
