Optimum Communications OPTU Form 10-Q filing Q3 FY2025

• Item 1. Financial Statements
• ALTICE USA, INC. AND SUBSIDIARIES
• Consolidated Financial Statements
• Consolidated Balance Sheets - September 30, 2025 (Unaudited) and December 31, 2024 2
• Consolidated Statements of Operations - Three and nine months ended September 30, 2025 and 2024 (Unaudited) 3
• Consolidated Statements of Comprehensive Loss - Three and nine months ended September 30, 2025 and 2024 (Unaudited) 4
• Consolidated Statements of Stockholders' Deficiency - Three and nine months ended September 30, 2025 and 2024 (Unaudited) 5
• Consolidated Statements of Cash Flows - Nine months ended September 30, 2025 and 2024 (Unaudited) 9
• Combined Notes to Consolidated Financial Statements (Unaudited) 16
• Supplemental Financial Statements Furnished:
• CSC HOLDINGS, LLC AND SUBSIDIARIES
• Consolidated Financial Statements
• Consolidated Balance Sheets - September 30, 2025 (Unaudited) and December 31, 2024 10
• Consolidated Statements of Operations - Three and nine months ended September 30, 2025 and 2024 (Unaudited) 11
• Consolidated Statements of Comprehensive Loss - Three and nine months ended September 30, 2025 and 2024 (Unaudited) 12
• Consolidated Statements of Member's Deficiency - Three and nine months ended September 30, 2025 and 2024 (Unaudited) 13
• Consolidated Statements of Cash Flows - Nine months ended September 30, 2025 and 2024 (Unaudited) 15
• Combined Notes to Consolidated Financial Statements (Unaudited) 16
• Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35
• Item 3. Quantitative and Qualitative Disclosures About Market Risk 56
• Item 4. Controls and Procedures 56
• PART II. OTHER INFORMATION 57
• Item 1. Legal Proceedings 57
• Item 5. Other Information 57
• Item 6. Exhibits 58
• SIGNATURES 59

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

See accompanying notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

3

See accompanying notes to consolidated financial statements.

4

See accompanying notes to consolidated financial statements.

5

See accompanying notes to consolidated financial statements.

6

See accompanying notes to consolidated financial statements.

7

See accompanying notes to consolidated financial statements.

8

See accompanying notes to consolidated financial statements.

9

See accompanying notes to consolidated financial statements.

10

See accompanying notes to consolidated financial statements.

11

See accompanying notes to consolidated financial statements.

12

See accompanying notes to consolidated financial statements.

13

See accompanying notes to consolidated financial statements.

14

See accompanying notes to consolidated financial statements.

15

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NOTE 1. DESCRIPTION OF BUSINESS AND RELATED MATTERS

The Company and Related Matters

Altice USA, Inc. ("Altice USA") was incorporated in Delaware on September 14, 2015. Altice USA is majority-owned by Patrick Drahi through Next Alt S.à r.l. ("Next Alt"). Patrick Drahi also controls Altice Group Lux S.à r.l, formerly Altice Europe N.V. ("Altice Europe") and its subsidiaries and other entities.

Altice USA, through CSC Holdings, LLC (a wholly-owned subsidiary of Cablevision Systems Corporation) and its consolidated subsidiaries ("CSC Holdings," and collectively with Altice USA, the "Company", "we", "us" and "our"), principally delivers broadband, video, and telephony services to residential and business customers, as well as proprietary content and advertising services in the United States. We market our residential services under the Optimum brand and provide enterprise services under the Lightpath and Optimum Business brands. In addition, we offer a full service mobile offering to consumers across our footprint. As these businesses are managed on a consolidated basis, we classify our operations in one segment.

The accompanying consolidated financial statements ("consolidated financial statements") of Altice USA include the accounts of Altice USA and its majority-owned subsidiaries and the accompanying consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. The consolidated balance sheets and statements of operations of Altice USA are essentially identical to the consolidated balance sheets and statements of operations of CSC Holdings, except for the assets and liabilities and results of operations associated with the wholly-owned subsidiary of Altice USA that provides insurance coverage to CSC Holdings ("Captive"), as well as additional cash and deferred tax liabilities at Altice USA. Additionally, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Altice USA.

The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Altice USA and CSC Holdings. All significant intercompany transactions and balances between Altice USA and its respective consolidated subsidiaries are eliminated in Altice USA's consolidated financial statements. All significant intercompany transactions and balances between CSC Holdings and its respective consolidated subsidiaries are eliminated in CSC Holdings' consolidated financial statements. Intercompany transactions between Altice USA and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Altice USA consolidated financial statements.

The financial statements of CSC Holdings are included herein as supplemental information as CSC Holdings is not a Securities and Exchange Commission registrant.

NOTE 2. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements.

The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

The financial statements presented in this report are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.

The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2025.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 11 for a discussion of fair value estimates.

16

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NOTE 3. ACCOUNTING STANDARDS

Recently Issued But Not Yet Adopted Accounting Pronouncements

ASU No. 2025-06 Intangibles—Goodwill and Other—Internal-Use Software

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2025-06 Intangibles—Goodwill and Other—Internal-Use Software related to accounting for internal-use software costs. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 becomes effective for annual periods beginning after December 15, 2027 (January 1, 2028 for us), including interim periods within those fiscal years, though early adoption is permitted. We are currently evaluating the impact of adopting ASU 2025-06 on our consolidated financial statements and related disclosures.

ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disaggregated disclosures of certain categories of expenses on an annual and interim basis. ASU 2024-03 becomes effective for annual reporting periods beginning after December 15, 2026 (January 1, 2027 for us), and interim reporting periods beginning after December 15, 2027 (January 1, 2028 for us). We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures, but we expect the adoption will result in additional disaggregation of expense captions within our footnote disclosures.

ASU No. 2023-09 Income Taxes—Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes—Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. ASU No. 2023-09 is effective for us for the fiscal year ending December 31, 2025. We are currently evaluating the impact of adopting ASU No. 2023-09, but we expect additional disclosure disaggregation in our income tax footnote.

NOTE 4. REVENUE

The following table presents the composition of revenue:

17

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

We are assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collect such taxes from our customers. In instances where the tax is being assessed directly on us, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the three and nine months ended September 30, 2025, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $49,905 and $152,060, respectively. For the three and nine months ended September 30, 2024, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $52,510 and $160,664, respectively.

Customer Contract Costs

Deferred enterprise sales commission costs are included in other current and noncurrent assets in the consolidated balance sheets and totaled $21,125 and $19,743 as of September 30, 2025 and December 31, 2024, respectively.

A significant portion of our revenue is derived from residential and small and medium-sized business ("SMB") customer contracts which are month-to-month. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Contracts with enterprise customers generally range from three years to five years, and services may only be terminated in accordance with the contractual terms.

Concentration of Credit Risk

We did not have a single customer that represented 10% or more of our consolidated revenues for the three and nine months ended September 30, 2025 and 2024 or 10% or more of our consolidated net trade receivables at September 30, 2025 and December 31, 2024, respectively.

NOTE 5. NET INCOME (LOSS) PER SHARE

Basic net income (loss) per common share attributable to Altice USA stockholders is computed by dividing net income (loss) attributable to Altice USA stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share attributable to Altice USA stockholders reflects the dilutive effects of stock options, restricted stock, restricted stock units, and deferred cash-denominated awards. For awards that are performance based, the dilutive effect is reflected upon the achievement of the performance criteria. In periods with reported net losses attributable to Altice USA stockholders, share-based awards are anti-dilutive and excluded from the calculation of diluted loss per share.

Net income (loss) per membership unit for CSC Holdings is not presented since CSC Holdings is a limited liability company and a wholly-owned subsidiary of Altice USA.

18

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NOTE 6. SUPPLEMENTAL CASH FLOW INFORMATION

Our non-cash investing and financing activities and other supplemental data were as follows:

Reconciliation of cash, cash equivalents and restricted cash :

19

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NOTE 7. RESTRUCTURING, IMPAIRMENTS AND OTHER OPERATING ITEMS

Our restructuring, impairments and other operating items are comprised of the following:

(a)See Note 8 for a discussion of the impairment charge related to our indefinite-lived cable franchise rights.

(b)Amounts for the 2025 periods reflect estimated amounts for certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.

(c)Amount for the nine months ended September 30, 2024 includes a credit resulting from the waiver of a payment obligation in June 2024 related to a patent infringement settlement agreement reached in the fourth quarter of 2022 and a credit resulting from the indemnification from a supplier related to this matter. Offsetting these credits was an expense, net of insurance recoveries, in connection with the settlement of other significant litigation and costs to early terminate contracts with vendors.

(d)In July 2025, we completed the sale of certain tower assets for $59,908 and recorded a gain of $55,114. In connection with the sale, we entered into a master license agreement with the buyer pursuant to which we maintain access to space on certain of those towers for an initial term of five years.

(e)Includes costs related to our workforce management initiatives, including costs related to a voluntary retirement program.

NOTE 8. GOODWILL AND INTANGIBLE ASSETS

Our amortizable intangible assets primarily consist of customer relationships acquired pursuant to business combinations and represent the value of the business relationship with those customers.

The following table summarizes information relating to our acquired amortizable intangible assets:

Amortization expense for the three and nine months ended September 30, 2025 aggregated $63,023 and $209,412, respectively, and $73,264 and $240,372 for the three and nine months ended September 30, 2024, respectively.

The carrying amount of indefinite-lived cable television franchises and goodwill is presented below:

20

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

Goodwill and the value of indefinite-lived cable franchises acquired in business combinations are not amortized. Rather, such assets are tested for impairment annually as of October 1, or whenever events or changes in circumstances indicate that it is more likely than not that the assets may be impaired. A deterioration in the Company’s operating performance, projected future performance or broader macro-economic conditions could be a triggering event that would require testing and may result in an impairment charge prior to the annual testing date.

During the three months ended September 30, 2025, we completed our annual long-term plan, which reflected a decline in estimated future cash flows. Management concluded that this was a triggering event and a quantitative impairment test of our indefinite-lived cable franchise rights was performed as of September 30, 2025.

As a result of our quantitative impairment test, we recorded a non-cash impairment charge of $1,611,308 related to our indefinite-lived cable franchise rights for the three months ended September 30, 2025. These intangible assets represent contractual rights to operate cable systems in specific geographic areas. The decline in the estimated fair value of our indefinite-lived franchise rights was attributable to updated long-term financial projections, that reflected a reduction in estimated future cash flows as a result of the sustained competitive environment and macroeconomic conditions. The impairment analysis was conducted using a discounted cash flow methodology, which incorporated updated projections of future cash flows, growth rates, and discount rates consistent with current market assumptions. If we experience a significant decrease in cash flows from new customers, then we may incur future non-cash impairment charges on our indefinite-lived cable franchise rights. This charge is included in "Restructuring, impairments and other operating items" in the consolidated statement of operations and did not impact our cash flow or liquidity.

21

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NOTE 9. DEBT

The following table provides details of our outstanding debt:

(a)The carrying amount is net of the unamortized deferred financing costs and discounts/premiums, as applicable.

22

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

(b)At September 30, 2025, $161,514 of the revolving credit facility was restricted for certain letters of credit issued on our behalf and $188,486 of the $2,475,000 facility was undrawn and available, subject to covenant limitations. The revolving credit facility bears interest at a rate of Secured Overnight Financing Rate ("SOFR") (plus a credit adjustment spread of 0.10%) plus 2.25% per annum.

(c)Incremental Term Loan B-5 requires quarterly installments of $7,500 and bore interest at a rate equal to Synthetic USD London Interbank Offered Rate ("LIBOR") plus 2.50% per annum through March 31, 2025. Thereafter, we are required to pay interest at a rate equal to the alternate base rate (“ABR”), plus the applicable margin, where the ABR is the greater of (x) prime rate or (y) the federal funds effective rate plus 50 basis points, and the applicable margin for any ABR loan is 1.50% per annum.

(d)Incremental Term Loan B-6 requires quarterly installments of $5,005 and bears interest at a rate equal to SOFR plus 4.50% per annum.

(e)See discussion below under "Lightpath Credit Facility" regarding the Refinancing Amendment.

(f)At September 30, 2025, $18,538 of the revolving credit facility was restricted for certain letters of credit issued on Lightpath's behalf and $96,462 of the $115,000 in revolving loan commitments were undrawn and available, subject to covenant limitations.

For financing purposes, we have three debt silos: CSC Holdings, Lightpath and NYC ABS (defined below). The CSC Holdings silo is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes certain designated subsidiaries. The CSC Holdings Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries excluding Cablevision Lightpath and certain of its designated subsidiaries, and Cablevision Funding and certain special-purpose entities formed or transferred to Cablevision Funding in connection with the Loan and Security Agreement (defined below). These CSC Holdings Restricted Group subsidiaries are subject to the covenants and restrictions of CSC Holdings' credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes all of its operating subsidiaries which are subject to the covenants and restrictions of the Lightpath credit facility and indentures governing the notes issued by Lightpath. The NYC ABS silo consists of special-purpose entities that hold, among other things, certain receivables generated by our Bronx and Brooklyn service area and network assets located in that area, and is subject to covenants and restrictions set forth in the Loan and Security Agreement.

CSC Holdings Revolving Credit Facility

During the nine months ended September 30, 2025, CSC Holdings borrowed $875,000 under its revolving credit facility and repaid $450,000 of amounts outstanding under its revolving credit facility.

Lightpath Credit Facility

Lightpath is party to an amended credit agreement (the "Amended Credit Agreement") which provides a term loan in an aggregate principal amount of $676,000 ($670,868 outstanding at September 30, 2025) and revolving loan commitments (the "Lightpath Revolving Credit Facility") in an aggregate principal amount of $115,000.

Under the Amended Credit Agreement, $95,000 of the aggregate principal amount of the Lightpath Revolving Credit Facility will mature on the earlier of (i) June 15, 2027 and (ii) the date that is five business days after any Extension Breach Date, and the remaining $20,000 of the Lightpath Revolving Credit Facility will mature on November 30, 2025 (as defined in the Amended Credit Agreement).

In January 2025, Lightpath entered into a refinancing amendment (the "Refinancing Amendment") to its Amended Credit Agreement, which refinanced all of the term loans outstanding immediately prior to giving effect to the Refinancing Amendment in order to reduce the applicable margins with respect thereto from (i) with respect to any alternate base rate loan, 2.25% per annum to 2.00% per annum and (ii) with respect to any Term SOFR loan, 3.25% per annum to 3.00%. Additionally, after giving effect to the Refinancing Amendment, interest on borrowings made under the refinanced term loan facility are calculated without giving effect to the spread adjustments (0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) initially provided for under the Amended Credit Agreement.

23

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NYC ABS Loan and Security Agreement

On July 16, 2025, Cablevision Funding LLC ("Cablevision Funding"), a newly formed, bankruptcy remote, indirect wholly owned subsidiary of the Company, entered into an asset-backed security transaction (the “NYC ABS”), in accordance with a receivables facility loan and security agreement, by and among Cablevision Funding, certain guarantors party thereto (collectively, the "Guarantors"), Goldman Sachs Bank USA and certain funds managed by TPG Angelo Gordon, as initial lenders, Goldman Sachs Bank USA and TPG Angelo Gordon, as structuring agents, Alter Domus (US) LLC, as administrative agent, and Citibank, N.A., as collateral agent (the “Collateral Agent”) and account bank (the "Loan and Security Agreement"). The obligations under the Loan and Security Agreement are secured by substantially all of the assets of Cablevision Funding and its subsidiary, Cablevision Systems New York City LLC (“NYC AssetCo”), and the Guarantors, consisting of, among other things, certain receivables generated by our Bronx and Brooklyn service area and network assets located in that area.

The Loan and Security Agreement provides for, among other things, initial term loan commitments in an aggregate principal amount of $1,000,000, issued with an original issue discount of 400 basis points. The loans made pursuant to the initial term loan commitments (the "Initial Term Loans") will (i) mature on January 16, 2031; (ii) accrue interest at a fixed rate per annum equal to 8.875%; and (iii) amortize monthly at a rate of 2.0% per annum, up to and including January 15, 2028, and 5.0% per annum thereafter. The proceeds from the Initial Term Loans (after original issue discount, fees and other deferred financing costs) amounted to $894,063, of which a portion was used to fund Cablevision Funding’s interest reserve account with the minimum interest reserve amount in accordance with the terms of the Loan and Security Agreement, and pay certain costs associated with the transactions. The remaining proceeds are being used to finance working capital, to prepay indebtedness and for other general corporate purposes.

Pursuant to the terms of the Loan and Security Agreement, restricted cash is held in bank accounts controlled by the Collateral Agent for the purpose of paying interest, certain fees and scheduled principal and for satisfying the required liquidity reserve amounts. As of September 30, 2025, in blocked accounts under the Loan and Security Agreement, we had short-term restricted cash of $81,908 and long-term restricted cash of $22,704.

Debt Compliance

As of September 30, 2025, CSC Holdings and Lightpath were in compliance with applicable financial covenants under their respective credit facilities and with applicable financial covenants under each respective indenture by which the senior guaranteed notes, senior secured notes and senior notes were issued. As of September 30, 2025, Cablevision Funding was in compliance with all applicable covenants under the Loan and Security Agreement.

Summary of Debt Maturities

The future principal payments under our various debt obligations outstanding as of September 30, 2025, excluding finance lease obligations, are as follows:

(a)Includes $1,906,850 principal amount related to the CSC Holdings' Incremental Term Loan B-6 that is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.

NOTE 10. DERIVATIVE CONTRACTS

Interest Rate Swap Contracts

To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and effectively convert fixed

24

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

rate borrowings to variable rates to permit us to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are not designated as hedges for accounting purposes and are carried at their fair market values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations.

The following represents the location of the assets associated with our derivative instruments within the consolidated balance sheets:

The following table presents the gain (loss) related to our derivative contracts:

Interest Rate Swap Contracts

The following is a summary of the terms of our outstanding interest rate swap contracts at September 30, 2025:

NOTE 11. FAIR VALUE MEASUREMENT

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

• Level I - Quoted prices for identical instruments in active markets.
• Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
• Level III - Instruments whose significant value drivers are unobservable.

The following table presents our financial assets and financial liabilities that are measured at fair value on a recurring basis and their classification under the fair value hierarchy:

25

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

(a)Money market funds at CSC Holdings amounted to $860,203 and $151,205 as of September 30, 2025 and December 31, 2024, respectively.

Our money market funds which are classified as cash equivalents are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

The interest rate swap contracts on our consolidated balance sheets are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit risk considerations. Such adjustments are generally based on available market evidence. Since model inputs can generally be verified and do not involve significant management judgment, we have concluded that these instruments should be classified within Level II of the fair value hierarchy.

The carrying values of cash, accounts receivable, accounts payable, and accrued expenses approximate their fair value due to the short-term maturity of these instruments.

The fair value of the contingent consideration as of September 30, 2025 and December 31, 2024 related to certain acquisitions was determined using a probability assessment of the contingent payment for the respective periods.

Fair Value of Financial Instruments

The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate:

Credit Facility Debt, Senior Notes, Senior Guaranteed Notes, Senior Secured Notes and Supply Chain Financing

The fair values of each of our debt instruments are based on quoted market prices of these instruments. The carrying value of outstanding amounts related to supply chain financing agreements approximates the fair value due to their short-term maturity (less than one year).

Receivables Facility Loan

The fair value of the receivables loan facility is based on Level 3 inputs, as this facility is not actively traded and was determined using a discounted cash flow ("DCF") model. This model estimates the present value of the expected future interest and principal payments under the terms of the receivables loan facility.

The carrying values, estimated fair values, and classification under the fair value hierarchy of our financial instruments, excluding those that are carried at fair value in the accompanying consolidated balance sheets, are summarized below:

26

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

(a)Amounts are net of unamortized deferred financing costs and discounts/premiums.

The table above excludes the estimated fair value of CSC Holding's note payable to Captive of $84,500, as it is eliminated in the Altice USA consolidated financial statements (see Note 14). The carrying value of the note payable approximates fair value due to its short-term maturity (less than one year).

The fair value estimates related to our debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

NOTE 12. INCOME TAXES

Our provision for income taxes during interim reporting periods has historically been calculated by applying an estimate of the annual effective tax rate (“AETR”) for the full year to pretax income (loss) excluding certain discrete items for the reporting period. For the third quarter of 2025, and in accordance with Accounting Standards Codification 740, we computed our provision for income taxes based on the actual effective tax rate for the year-to-date period by applying the discrete method. We determined that the historical method would not provide a reliable estimate for the third quarter of 2025 because small changes in estimated ordinary income for full year 2025 would result in a significant change in the AETR. We believe that the use of this discrete method represents the best estimate of our annual effective tax rate.

Altice USA

For the three and nine months ended September 30, 2025, we recorded a tax benefit of $1,397 and $65,008 on pre-tax losses of $1,623,352 and $1,846,220, respectively, resulting in an effective tax rate that was lower than the U.S. statutory tax rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge during the three and nine months ended September 30, 2025.

For the three and nine months ended September 30, 2024, we recorded a tax benefit (expense) of $9,892 and $(42,045) on pre-tax income (loss) of $(50,727) and $10,016, respectively. For the three months ended September 30, 2024, the effective tax rate was lower than the U.S. statutory tax rate primarily due to the increase in tax deficiencies on share-based compensation. For the nine months ended September 30, 2024, the effective tax rate was higher than the U.S. statutory rate, due to increased state tax expense, primarily from a discrete adjustment of $19,472 from the enacted corporate tax rate increase in New Jersey. In addition, the higher rate for the nine month period is due to the impact of certain non-deductible expenses and tax deficiencies on share-based compensation.

CSC Holdings

For the three and nine months ended September 30, 2025, we recorded a tax benefit of $2,149 and $67,361 on pre-tax losses of $1,627,657 and $1,859,604, respectively, resulting in an effective tax rate that was lower than the U.S. statutory tax rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge during the three and nine months ended September 30, 2025.

For the three and nine months ended September 30, 2024, we recorded a tax benefit (expense) of $10,064 and $(41,873) on pre-tax income (loss) of $(51,589) and $9,154, respectively. For the three months ended September 30,

27

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

2024, the effective tax rate was lower than the U.S. statutory tax rate primarily due to the increase in tax deficiencies on share-based compensation. For the nine months ended September 30, 2024, the effective tax rate was higher than the U.S. statutory rate, due to increased state tax expense, primarily from a discrete adjustment of $19,472 from the enacted corporate tax rate increase in New Jersey. In addition, the higher rate for the nine month period is due to the impact of certain non-deductible expenses and tax deficiencies on share-based compensation.

NOTE 13. SHARE-BASED COMPENSATION

The following table presents share-based compensation expense (benefit) and unrecognized compensation cost:

Restricted Share Units

The following table summarizes activity related to restricted share units granted to our employees:

Cash Denominated Performance Awards

The following table summarizes activity related to cash denominated performance award granted to our employees:

The cash denominated performance awards cliff vest in three years. The payout of these awards can range from 0% to 200% of the target value based on our achievement of certain revenue and Adjusted EBITDA targets during a three year performance period. These awards will be settled in shares of our Class A common stock, or cash, at our option.

Stock Option Awards

Options outstanding under the 2017 LTIP Plan either (i) cliff vest on the third anniversary of the date of grant, (ii) vest over three years in annual increments of 33-1/3%, or (iii) vest over four years, with 50% vesting on the second anniversary of the date of grant, 25% on the third anniversary of the date of grant and 25% on the fourth anniversary of the date of grant. The option awards generally are subject to continued employment with us, and expire ten years

28

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

from the date of grant. Performance based option awards vest upon achievement of performance criteria. As of September 30, 2025, there were 17,065,933 options outstanding of which 15,361,939 were exercisable.

Performance Stock Units

Certain of our employees were granted performance stock units ("PSUs"). Each PSU gives the employee the right to receive one share of Altice USA Class A common stock, upon achievement of a specified stock price hurdle. The PSUs will be forfeited if the applicable performance measure is not achieved prior to January 29, 2026 or if the employee does not continue to provide services to us through the achievement date of the applicable performance measure. As of September 30, 2025 there were 2,500,432 PSUs outstanding.

Lightpath Plan Awards

As of September 30, 2025, 608,859 Class A-1 management incentive units and 281,576 Class A-2 management incentive units ("Award Units") granted to certain employees of Lightpath were outstanding. Vested units will be redeemed upon a partial exit, a change in control or the completion of an initial public offering, as defined in the Lightpath Holdings LLC agreement. The grant date fair value of the Award Units outstanding aggregated $31,501 and will be expensed in the period in which a partial exit or a liquidity event is consummated.

NOTE 14. AFFILIATE AND RELATED PARTY TRANSACTIONS

Affiliate and Related Party Transactions

Altice USA is controlled by Patrick Drahi through Next Alt who also controls Altice Europe and other entities.

As the transactions discussed below were conducted between entities under common control by Mr. Drahi, amounts charged for certain services may not have represented amounts that might have been received or incurred if the transactions were based upon arm's length negotiations.

The following table summarizes the revenue and expenses related to services provided to or received from affiliates and related parties:

Revenue

We recognize revenue primarily from the sale of advertising to a related party.

Programming and Other Direct Costs

Programming and other direct costs include costs incurred for advertising services provided by a related party.

Other Operating Expenses, Net

Other operating expenses primarily include charges for services provided by certain subsidiaries of Altice Europe and other related parties, including costs for customer care services.

Capital Expenditures

Capital expenditures primarily include costs for equipment purchased and software development services provided by subsidiaries of Altice Europe.

29

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

Aggregate amounts that were due from and due to affiliates and related parties are summarized below:

Amounts due from affiliates presented in the table above represent amounts due for services provided to the respective related party. Amounts due to affiliates presented in the table above and included in other current liabilities in the accompanying balance sheets relate to the purchase of equipment, customer care services, and advertising services, as well as reimbursement for payments made on our behalf.

CSC Holdings Transactions with Altice USA

During the nine months ended September 30, 2025, CSC Holdings made cash equity distribution payments to Altice USA of $9,738 and received non-cash equity contributions from Altice USA of $43. During the three and nine months ended September 30, 2024, CSC Holdings made cash equity distribution payments to its parent of $707 and $5,345, respectively. CSC Holdings made non-cash equity distributions to its parent of $64 for the three months ended September 30, 2024 and received net non-cash equity contributions from its parent of $5,794 for the nine months ended September 30, 2024.

As of September 30, 2025, CSC Holdings had a demand promissory note payable to Captive in the amount of $84,500. Interest on this demand promissory note was $3,962 which was paid during the nine months ended September 30, 2025. As of September 30, 2025, CSC Holdings had a receivable from Captive of $162 and a receivable from Altice USA of $1,214.

NOTE 15. COMMITMENTS AND CONTINGENCIES

Legal Matters

On December 7, 2023, Warner Records Inc., Sony Music Publishing (US) LLC and a number of other purported copyright holders (collectively, the “Warner Plaintiffs”) filed a complaint in the U.S. District Court for the Eastern District of Texas (the “Warner Matter”), alleging that certain of our Internet subscribers directly infringed over 10,700 of the Warner Plaintiffs’ copyrighted works. The Warner Plaintiffs seek to hold us liable for claims of contributory infringement of copyright and vicarious copyright infringement. The Warner Plaintiffs also claim that our alleged secondary infringement was willful and seek substantial statutory damages. On July 15, 2025, the Court issued an order staying the case, including the trial scheduled to commence in September 2025, pending the Supreme Court of the United States’s decision in Cox Communications, Inc. v. Sony Music Entertainment.

We intend to and are vigorously defending against the claims in the Warner Matter. In addition to contesting the claims of liability, we have an affirmative defense under the Digital Millennium Copyright Act that, if successful, would preclude or limit monetary damages against us in connection with some or all of the Warner Plaintiffs’ asserted claims. There can be no assurance as to the outcome of this litigation. We may incur significant costs in defending this action, and if we need to take measures to reduce our exposure to these risks or are required to pay damages in relation to such claims or choose to settle such claims, our business, reputation, financial condition and results of operations could be materially adversely affected.

On September 10, 2024, United States Technologies Communication Corp. d/b/a Netceed filed suit in the New York Supreme Court, New York County. Plaintiff asserts claims for declaratory judgment, breach of contract, and breach of the implied covenant of good faith and fair dealing for alleged violations of the parties’ services and sales agreements, and seeks compensatory damages, as set forth in the complaint. We deny the claims and intend to vigorously defend the lawsuit. On November 21, 2024, we filed a motion to dismiss in part plaintiff’s complaint, and

30

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

on May 15, 2025, the Court issued a decision and order on the Company’s motion to dismiss, and dismissed certain causes of action. On June 12, 2025, the Company filed its answer, affirmative defenses, and counterclaim. Although the outcome of this matter cannot be predicted and the impact of the final resolution on our results of operations in a subsequent reporting period is not known, management does not believe that the resolution of the matter will have a material adverse effect on our operations or financial position or our ability to meet our financial obligations as they become due.

We also receive notices from third parties, and in some cases we are named as a defendant in lawsuits, claiming infringement of various patents or copyrights relating to various aspects of our businesses. In certain of these cases other industry participants are also defendants, and in certain of these cases we expect that some or all potential liability would be the responsibility of our vendors pursuant to applicable contractual indemnification provisions. In the event that we are found to infringe on any patent or other intellectual property rights, we may be subject to substantial damages or an injunction that could require us or our vendors to modify certain products and services we offer to our subscribers, as well as enter into royalty or license agreements with respect to the patents at issue. We are also party to various other lawsuits, disputes and investigations arising in the ordinary course of our business, some of which may involve claims for substantial damages, fines or penalties. Although the outcome of these matters cannot be predicted and the impact of the final resolution of these matters on our results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these matters, individually, will have a material adverse effect on our operations or financial position or our ability to meet our financial obligations as they become due, but they could be material to our consolidated results of operations or cash flows for any one period.

NOTE 16. SEGMENT REPORTING

We principally deliver broadband, video, telephony and mobile services to residential and business customers, as well as proprietary content and advertising services in the United States. Our connectivity services are provided through a converged fixed and mobile network and key operating activities and resource allocation decisions are managed centrally. Our chief executive officer is the chief operating decision maker ("CODM"). Our CODM assesses performance and decides how to allocate resources based on our consolidated statements of operations. Our CODM manages the business on a consolidated basis such that we have a single operating segment. Our segment performance measure is consolidated net income (loss).

The following table presents significant expenses that are not separately presented on the statements of operations that are reviewed by the CODM.

(a)Other direct costs include interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services. These costs also include franchise fees which are payable to the state governments and local municipalities where we operate. Additionally, these costs include the cost of media for advertising spots sold, the cost of mobile devices sold to our customers and direct costs of providing mobile services.

(b)Other operating expenses include costs related to our call center operations that handle customer inquiries and billing and collection activities, costs related to our information technology systems, costs related to our news and advertising

31

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

business, as well as our Lightpath business, and various other operating costs such as share-based compensation, corporate overhead and facilities.

(c)Other operating expenses for CSC Holdings for the three and nine months ended September 30, 2025 amounted to $653,377 and $2,054,691, respectively, and include additional costs of $2,923 and $9,184 respectively, that were eliminated at Altice USA.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

NOTE 17. SUPPLEMENTAL INFORMATION

For financing purposes, CSC Holdings’ debt silo is structured as the CSC Holdings Restricted Group and an unrestricted group, which includes certain designated subsidiaries. CSC Holdings Restricted Group is comprised of CSC Holdings and all of its wholly-owned operating subsidiaries, except for Cablevision Lightpath and certain of its designated subsidiaries, and Cablevision Funding and certain special-purpose entities formed or transferred to Cablevision Funding in connection with the Loan and Security Agreement. These CSC Holdings Restricted Group subsidiaries are subject to the covenants and restrictions of the CSC Holdings’ credit facility and indentures governing the notes issued by CSC Holdings.

Presented below is financial information that reflects the financial condition and results of operations of CSC Holdings and its Restricted Subsidiaries separate from the financial condition and results of operations of CSC Holdings' Unrestricted Subsidiaries as of September 30, 2025, and for the three and nine months ended September 30, 2025 and 2024. The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.

32

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

33

ALTICE USA, INC. AND SUBSIDIARIES

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Dollars in thousands, except share, unit and per share amounts)

(Unaudited)

NOTE 18. SUBSEQUENT EVENTS

On November 5, 2025, our Board of Directors approved (i) a Certificate of Amendment to our Fourth Amended and Restated Certificate of Incorporation (the “Charter Amendment”) and (ii) the Third Amended and Restated Bylaws (the “Third Amended and Restated Bylaws”). The Charter Amendment was filed with the Delaware Secretary of State on that date, with a requested effectiveness of November 7, 2025. Effective as of November 7, 2025, our corporate name will change from Altice USA, Inc. to Optimum Communications, Inc. (the “Name Change”).

The Third Amended and Restated Bylaws, which will also become effective November 7, 2025, reflect the Name Change and certain ministerial updates, including updating references to our stockholders’ agreement to reflect the execution of the Amended and Restated Stockholder Agreement, dated as of August 2, 2023, and the changes reflected therein; removing references to “A4,” which we understand has been reorganized and no longer exists in its prior corporate form; and modifying certain limited consent provisions by Next Alt S.à r.l. in connection with the quorum for board meetings.

In connection with the Name Change, we announced that we intend for our shares of Class A common stock to cease trading under the ticker symbol “ATUS” and begin trading under the new ticker symbol “OPTU” on the New York Stock Exchange, which is expected to be effective on November 19, 2025. The CUSIP numbers for our Class A and Class B common stock will remain unchanged following the ticker symbol change.

34

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended. In this Form 10-Q there are statements concerning our future operating results and future financial performance. Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors.

We operate in a highly competitive, consumer and technology driven and rapidly changing business that is affected by government regulation and economic, strategic, technological, political and social conditions. Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from those contained in the forward-looking statements. In addition, important factors that could cause our actual results to differ materially from those in our forward-looking statements include:

• competition for broadband, video and telephony customers from existing competitors (such as broadband communications companies, direct broadcast satellite providers, wireless data and telephony providers, and Internet-based providers) and new fiber-based competitors entering our footprint;
• changes in consumer preferences, laws and regulations or technology that may cause us to change our operational strategies;
• increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and/or the loss of popular programming;
• increasing programming costs and delivery expenses related to our products and services;
• our ability to achieve anticipated customer and revenue growth, to successfully introduce new products and services and to implement our growth strategy;
• our ability to complete our capital investment plans on time and on budget, including our plan to build a parallel fiber-to-the-home ("FTTH") network;
• our ability to develop mobile voice and data services and our ability to attract customers to these services;
• the effects of economic conditions or other factors which may negatively affect our customers’ demand for our current and future products and services;
• the effects of industry conditions;
• demand for digital and linear advertising products and services;
• our substantial indebtedness and debt service obligations;
• adverse changes in the credit market;
• changes as a result of any tax reforms that may affect our business;
• financial community and rating agency perceptions of our business, operations, financial condition and the industries in which we operate;
• the restrictions contained in our financing agreements;
• our ability to generate sufficient cash flow to meet our debt service obligations;
• fluctuations in interest rates which may cause our interest expense to vary from quarter to quarter;
• technical failures, equipment defects, physical or electronic break-ins to our services, computer viruses and similar problems;
• cybersecurity incidents as a result of hacking, phishing, denial of service attacks, dissemination of computer viruses, ransomware and other malicious software, misappropriation of data, and other malicious attempts;
• disruptions to our networks, infrastructure and facilities as a result of natural disasters, power outages, accidents, maintenance failures, telecommunications failures, degradation of plant assets, terrorist attacks and similar events;

35

• labor shortages and supply chain disruptions;
• our ability to obtain necessary hardware, software, communications equipment and services and other items from our vendors at reasonable costs;
• our ability to effectively integrate acquisitions and to maximize expected operating efficiencies from our acquisitions, if any;
• significant unanticipated increases in the use of bandwidth-intensive Internet-based services;
• the outcome of litigation, government investigations and other proceedings; and
• other risks and uncertainties inherent in our cable and broadband communications businesses and our other businesses, including those listed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 13, 2025 (the "Annual Report").

These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could cause our actual results to differ materially from those expressed in any of our forward-looking statements.

Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements are made only as of the date of this Quarterly Report. Except to the extent required by law, we do not undertake, and specifically decline any obligation, to update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

You should read this Quarterly Report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. We qualify all forward-looking statements by these cautionary statements.

Certain numerical figures included in this Quarterly Report have been subject to rounding adjustments. Accordingly, such numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

All dollar amounts, except per customer and per share data, included in the following discussion, are presented in thousands.

Overview

Our Business

We principally provide broadband communications and video services in the United States and market our services under the Optimum brand. We deliver broadband, video, telephony, and mobile services to approximately 4.4 million residential and business customers across our footprint. Our footprint extends across 21 states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial ("HFC") broadband network and a FTTH network with approximately 9.9 million total passings as of September 30, 2025. Additionally, we offer news programming and advertising services.

Key Factors Impacting Operating Results and Financial Condition

Our future performance is dependent, to a large extent, on the impact of direct competition, general economic conditions (including capital and credit market conditions), our ability to manage our businesses effectively, and our relative strength and leverage in the marketplace, both with suppliers and customers. For more information, see "Risk Factors" and "Business-Competition" included in our Annual Report and the cautionary statement regarding forward-looking statements included in this Quarterly Report.

We derive revenue principally through monthly charges to residential customers of our broadband, video, telephony and mobile services. We also derive revenue from digital video recorder, video-on-demand ("VOD"), pay-per-view, installation and home shopping commissions. Our residential broadband, video, telephony and mobile services accounted for approximately 41%, 31%, 3%, and 2%, respectively, of our consolidated revenue for the nine months ended September 30, 2025. We also derive revenue from the sale of a wide and growing variety of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, video, and mobile services. For the nine months ended September 30, 2025, 17% of our

36

consolidated revenue was derived from these business services. In addition, we derive revenue from the sale of advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), digital advertising, data analytics and affiliation fees for news programming, which accounted for approximately 5% of our consolidated revenue for the nine months ended September 30, 2025. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended September 30, 2025 accounted for approximately 1% of our consolidated revenue.

Revenue is impacted by rate increases, changes in promotional offerings, changes in the number of customers that subscribe to our services, including additional services sold to our existing customers, programming package changes by our video customers, speed tier changes by our broadband customers, acquisitions/dispositions, and construction of cable systems that result in the addition of new customers. Additionally, the allocation of revenue between the residential offerings is impacted by changes in the standalone selling price of each performance obligation within our promotional bundled offers.

We operate in a highly competitive consumer-driven industry and we compete against a variety of broadband, video, mobile, fixed wireless broadband and fixed-line telephony providers and delivery systems, including broadband communications companies, wireless data and telephony providers, fiber-based service providers, satellite delivered video signals, Internet-delivered video content and broadcast television signals available to residential and business customers in our service areas. Our competitors include AT&T Inc., DirecTV, DISH Network (a wholly-owned subsidiary of EchoStar Corporation), Frontier Communications Parent, Inc., Lumen Technologies, Inc., T-Mobile US, Inc., and Verizon Communications Inc. Consumers' selection of an alternate source of service, whether due to economic constraints, technological advances, or preference, negatively impacts the demand for our services. For more information on our competitive landscape, see "Risk Factors" and "Business-Competition" included in our Annual Report.

Our programming costs, which are the most significant component of our operating expenses, are impacted by changes in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. We expect contractual rates to increase in the future. See "Results of Operations" below for more information regarding the key factors impacting our revenues and operating expenses.

Historically, we have made substantial investments in our network and the development of new and innovative products and other service offerings for our customers as a way of differentiating ourselves from our competitors and we expect to do so in the future. Our ongoing FTTH network build has enabled us to deliver multi-gig broadband speeds to FTTH customers in order to meet the growing data needs of residential and business customers. Additionally, we are investing in our HFC network which includes a multi-gig network upgrade plan through targeted mid-split upgrades. Finally, we offer a full service mobile offering to consumers across our footprint. We may incur greater than anticipated capital expenditures in connection with these initiatives, fail to realize anticipated benefits, experience delays and business disruptions or encounter other challenges to executing them as planned. See "Liquidity and Capital Resources- Capital Expenditures" for additional information regarding our capital expenditures.

Non-GAAP Financial Measures

We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees). See reconciliation of net income (loss) to Adjusted EBITDA below.

Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities.

We believe Adjusted EBITDA is an appropriate measure for evaluating our operating performance. Adjusted EBITDA and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across

37

reporting periods or that do not otherwise relate to our ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.

We also use Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as a liquidity measure. We believe this measure is useful to investors in evaluating our ability to service our debt and make continuing investments with internally generated funds, although it may not be directly comparable to similar measures reported by other companies.

38

Results of Operations - Altice USA

(unaudited)

39

The following is a reconciliation of net loss to Adjusted EBITDA (unaudited):

The following is a reconciliation of net cash flow from operating activities to Free Cash Flow (Deficit) (unaudited):

40

The following table sets forth certain customer metrics (unaudited):

(a)Represents the estimated number of single residence homes, apartments and condominium units passed by our HFC and FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our HFC and FTTH network. Broadband services were not available to approximately 26 thousand passings and telephony services were not available to approximately 460 thousand passings.

(b)Represents number of households/businesses that receive at least one of our fixed-line services. Customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our HFC and FTTH network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk residential customers, such as an apartment building, we count each subscribing unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual rooms at that hotel. Total customer relationships exclude mobile-only customer relationships.

(c)Represents the number of total customer relationships divided by total passings.

(d)Calculated by dividing the average monthly revenue for the respective quarter (fourth quarter for annual periods) derived from the sale of broadband, video, telephony and mobile services to residential customers by the average number of total residential customers for the same period (excluding mobile-only customer relationships).

(e)Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The total mobile ending lines as of September 30, 2025, June 30, 2025 and September 30, 2024 include approximately 14.2 thousand, 10.8 thousand and 3.0 thousand lines related to business customers, respectively. The service revenue related to these business customers is reflected in business services and wholesale in the table above.

(f)Represents the estimated number of single residence homes, apartments and condominium units passed by the FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our FTTH network.

41

(g)Represents number of households/businesses that receive at least one of our fixed-line services on our FTTH network. FTTH customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our FTTH network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk residential customers, such as an apartment building, we count each subscribing unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual rooms at that hotel.

(h)Represents the number of total FTTH customer relationships divided by FTTH total passings.

Comparison of Results for the Three and Nine Months Ended September 30, 2025 compared to the Three and Nine Months Ended September 30, 2024

Broadband Revenue

Broadband revenue for the three and nine months ended September 30, 2025 was $873,449 and $2,658,149, respectively, and $913,417 and $2,745,400 for the three and nine months ended September 30, 2024, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $39,968 (4%) and $87,251 (3%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2025 compared to the same period in 2024 was due primarily to declines in broadband customers and lower average recurring broadband revenue per broadband subscriber. The decrease for the nine months ended September 30, 2025 compared to the same period in 2024 was due primarily to declines in broadband customers, partially offset by higher average recurring broadband revenue per broadband subscriber, primarily driven by certain rate increases.

Video Revenue

Video revenue for the three and nine months ended September 30, 2025 was $645,207 and $1,971,315, respectively, and $715,117 and $2,210,156 for the three and nine months ended September 30, 2024, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $69,910 (10%) and $238,841 (11%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. The decreases were due primarily to declines in video customers, partially offset by higher average recurring video revenue per video customer, primarily driven by certain rate increases. For the nine months ended September 30, 2025, customer credits attributable to the temporary interruption of certain video programming also contributed to the year-over-year decline.

Telephony Revenue

Telephony revenue for the three and nine months ended September 30, 2025 was $61,791 and $192,836, respectively, and $69,877 and $212,545 for the three and nine months ended September 30, 2024, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $8,086 (12%) and $19,709 (9%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. The decreases were due primarily to declines in telephony customers, partially offset by higher average recurring telephony revenue per telephony customer.

Mobile Service Revenue

Mobile service revenue for the three and nine months ended September 30, 2025 was $42,277 and $116,597, respectively, and $30,563 and $82,935 for the three and nine months ended September 30, 2024, respectively. The increases of $11,714 (38%) and $33,662 (41%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, were primarily due to increases in mobile lines as compared to the prior periods.

Business Services and Wholesale Revenue

Business services and wholesale revenue for the three and nine months ended September 30, 2025 was $361,886 and $1,087,219, respectively, and $366,355 and $1,100,506 for the three and nine months ended September 30, 2024, respectively. Business services and wholesale revenue is derived primarily from the sale of fiber-based telecommunications services to the business market, and the sale of broadband, video, telephony, and mobile services to SMB customers.

42

Business services and wholesale revenue decreased $4,469 (1%) and $13,287 (1%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. The decreases were primarily due to decreases in SMB customers and lower average recurring revenue per SMB customer, partially offset by increases in revenue from our Lightpath business.

News and Advertising Revenue

News and advertising revenue for the three and nine months ended September 30, 2025 was $105,863 and $327,044, respectively, and $117,682 and $328,687 for the three and nine months ended September 30, 2024, respectively. News and advertising revenue is primarily derived from the sale of (i) advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), (ii) digital advertising, (iii) data analytics, and (iv) affiliation fees for news programming.

News and advertising revenue decreased $11,819 (10%) and $1,643 for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, respectively. The decreases were primarily due to a decrease in political advertising revenue, partially offset by an increase in revenue associated with an acquisition in the third quarter of 2024.

Other Revenue

Other revenue for the three and nine months ended September 30, 2025 was $17,637 and $54,435, respectively, and $14,689 and $39,161 for the three and nine months ended September 30, 2024, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $2,948 (20%) and $15,274 (39%) for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, respectively. The increases were primarily due to higher mobile equipment sales during 2025 as compared to the same periods in 2024.

Programming and Other Direct Costs

Programming and other direct costs for the three and nine months ended September 30, 2025 amounted to $639,012 and $1,972,233, respectively, and $711,330 and $2,174,677 for the three and nine months ended September 30, 2024, respectively. Programming and other direct costs include cable programming costs, which are costs paid to programmers (net of amortization of any incentives received from programmers for carriage) for cable content (including costs of VOD and pay-per-view) and are generally paid on a per-customer basis. These costs are impacted by changes in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. These costs also include interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services, which typically vary based on rate changes and the level of usage by our customers. These costs also include franchise fees which are payable to the state governments and local municipalities where we operate and are primarily based on a percentage of certain categories of revenue derived from the provision of video service over our cable systems, which vary by state and municipality. These costs change in relation to changes in such categories of revenues or rate changes. Additionally, these costs include the cost of media for advertising spots sold, the cost of mobile devices sold to our customers and direct costs of providing mobile services.

The decreases in programming and other direct costs of $72,318 (10%) and $202,444 (9%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were primarily attributable to the following:

43

Programming costs

Programming costs for the three and nine months ended September 30, 2025 aggregated $471,116 and $1,473,392, respectively, and $549,928 and $1,720,755 for the three and nine months ended September 30, 2024, respectively. Our programming costs in 2025 will continue to be impacted by changes in the number of video customers, and by changes in programming rates, the latter of which we expect will increase.

Other Operating Expenses

Other operating expenses for the three and nine months ended September 30, 2025 amounted to $650,454 and $2,045,507, respectively, and $674,564 and $2,019,356 for the three and nine months ended September 30, 2024, respectively. Other operating expenses include staff costs and employee benefits including salaries of company employees and related taxes, benefits and other employee related expenses, as well as third-party labor costs. Other operating expenses also include network management and field service costs, which represent costs associated with the maintenance of our broadband network, including costs of certain customer connections and other costs associated with providing and maintaining services to our customers.

Customer installation and network repair and maintenance costs may fluctuate as a result of changes in the level of capitalizable activities, maintenance activities and the utilization of contractors as compared to employees. Costs associated with the initial deployment of new customer premise equipment necessary to provide services are capitalized. The costs of redeployment of customer premise equipment are expensed as incurred.

Other operating expenses also include costs related to our call center operations that handle customer inquiries and billing and collection activities, and sales and marketing costs, which include advertising production and placement costs associated with acquiring and retaining customers. These costs vary period to period and certain of these costs, such as sales and marketing, may increase with intense competition. Additionally, other operating expenses include various other administrative costs.

The increase (decrease) in other operating expenses of $(24,110) (4%) and $26,151 (1%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were attributable to the following:

Restructuring, Impairments and Other Operating Items

Restructuring, impairments and other operating items for the three and nine months ended September 30, 2025 amounted to $1,568,120 and $1,656,568, respectively, as compared to $10,871 and $15,525 for the three and nine months ended September 30, 2024, respectively, and comprised the following:

44

(a)See Note 8 for a discussion of the impairment charge related to our indefinite-lived cable franchise rights.

(b)Amounts for the 2025 periods reflect estimated amounts for certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.

(c)Amount for the nine months ended September 30, 2024 includes a credit resulting from the waiver of a payment obligation in June 2024 related to a patent infringement settlement agreement reached in the fourth quarter of 2022 and a credit resulting from the indemnification from a supplier related to this matter. Offsetting these credits was an expense, net of insurance recoveries, in connection with the settlement of other significant litigation and costs to early terminate contracts with vendors.

(d)In July 2025, we completed the sale of certain tower assets for $59,908 and recorded a gain of $55,114. In connection with the sale, we entered into a master license agreement with the buyer pursuant to which we maintain access to space on certain of those towers for an initial term of five years.

(e)Includes costs related to our workforce management initiatives, including costs related to a voluntary retirement program.

Depreciation and Amortization

Depreciation and amortization for the three and nine months ended September 30, 2025 amounted to $415,308 and $1,243,490, respectively, as compared to $386,342 and $1,170,503 for the three and nine months ended September 30, 2024, respectively.

The increase in depreciation and amortization of $28,966 (7%) and $72,987 (6%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were due to increased depreciation related to asset additions in 2024 and 2025, partially offset by decreased expense related to assets that had become fully depreciated. In addition, the increase for the nine months ended September 30, 2025, as compared to the same period in 2024, included certain losses related to the disposal of plant and equipment and accelerated depreciation.

Adjusted EBITDA

Adjusted EBITDA amounted to $830,657 and $2,433,483 for the three and nine months ended September 30, 2025, respectively, as compared to $861,976 and $2,575,708 for the three and nine months ended September 30, 2024, respectively.

Adjusted EBITDA is a non-GAAP measure that is defined as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees). See reconciliation of net income (loss) to Adjusted EBITDA above.

The decreases in Adjusted EBITDA of $31,319 (4%) and $142,225 (6%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were due to decreases in revenue, partially offset by net decreases in operating expenses during 2025 (excluding depreciation and amortization, share-based compensation, restructuring, impairments and other operating items), as discussed above.

45

Free Cash Flow (Deficit)

Free Cash Flow (Deficit) was $(178,072) and $(318,267) for the three and nine months ended September 30, 2025, respectively, as compared to $76,865 and $99,504 for the three and nine months ended September 30, 2024, respectively. The decreases in Free Cash Flow of $254,937 and $417,771 for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were due to decreases in net cash provided by operating activities and increases in capital expenditures.

Interest Expense, net

Interest expense, net was $459,124 and $1,331,799 for the three and nine months ended September 30, 2025 as compared to $448,168 and $1,328,264 for the same periods in the prior year. The increase of $10,956 (2%) and $3,535 for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were attributable to the following:

Gain (Loss) on Interest Rate Swap Contracts, net

Gain (loss) on interest rate swap contracts, net was $1,147 and $(142) for the three and nine months ended September 30, 2025, respectively, compared to $(45,657) and $10,220 for the three and nine months ended September 30, 2024, respectively. These amounts primarily represent the change in the fair value of our interest rate swap contracts. These swap contracts are not designated as hedges for accounting purposes. The loss for the three months ended September 30, 2024 includes a $52,943 loss related to the early termination of the CSC Holdings interest rate swap agreements with an aggregate notional value of $3,000,000.

Loss on Extinguishment of Debt and Write-off of Deferred Financing Costs

Loss on extinguishment of debt and write-off of deferred financing costs amounted to $1,693 and $7,035 for the nine months ended September 30, 2025 and 2024, respectively, and related to the following:

Other Expense, net

Other expense, net amounted to $591 and $2,388 for the three and nine months ended September 30, 2025, respectively, compared to $1,495 and $4,526 for the three and nine months ended September 30, 2024, respectively. These amounts include the non-service benefit or cost components of our pension plans.

Income Tax Benefit (Expense)

For the three and nine months ended September 30, 2025, we recorded a tax benefit of $1,397 and $65,008 on pre-tax loss of $1,623,352 and $1,846,220, respectively, resulting in an effective tax rate that was lower than the U.S. statutory tax rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge during the three and nine months ended September 30, 2025.

46

For the three and nine months ended September 30, 2024, we recorded a tax benefit (expense) of $9,892 and $(42,045) on pre-tax income (loss) of $(50,727) and $10,016, respectively. For the three months ended September 30, 2024, the effective tax rate was lower than the U.S. statutory tax rate primarily due to the increase in tax deficiencies on share-based compensation. For the nine months ended September 30, 2024, the effective tax rate was higher than the U.S. statutory rate, due to increased state tax expense, primarily from a discrete adjustment of $19,472 from the enacted corporate tax rate increase in New Jersey. In addition, the higher rate for this nine month period is due to the impact of certain non-deductible expenses and tax deficiencies on share-based compensation.

CSC HOLDINGS, LLC

The consolidated statements of operations of CSC Holdings are essentially identical to the consolidated statements of operations of Altice USA, except for the following (unaudited):

Refer to Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein.

47

The following is a reconciliation of CSC Holdings' net loss to Adjusted EBITDA (unaudited):

Refer to Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" above.

The following is a reconciliation of CSC Holdings' net cash flow from operating activities to Free Cash Flow (Deficit) (unaudited):

The differences in Adjusted EBITDA and Free Cash Flow between CSC Holdings and Altice USA relate to the Captive which holds certain workers' compensation, general and automobile liabilities. See Note 14.

CSC HOLDINGS RESTRICTED GROUP

For financing purposes, CSC Holdings is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes certain designated subsidiaries. The CSC Holdings Restricted Group is comprised of CSC Holdings and all of its wholly-owned operating subsidiaries, except for Cablevision Lightpath and certain of its designated subsidiaries, and Cablevision Funding and certain special-purpose entities formed or transferred to Cablevision Funding in connection with the Loan and Security Agreement (defined below). These CSC Holdings Restricted Group subsidiaries are subject to the covenants and restrictions of the CSC Holdings’ credit facility and indentures governing the notes issued by CSC Holdings.

Presented below is financial information that reflects a reconciliation of net income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 (unaudited).

48

49

LIQUIDITY AND CAPITAL RESOURCES

Altice USA has no operations independent of its subsidiaries. Funding for our subsidiaries has generally been provided by (i) cash flow from their respective operations, (ii) cash on hand, (iii) borrowings under the CSC Holdings and Lightpath revolving credit facilities and (iv) proceeds from the issuance of debt securities and borrowings under syndicated term loan facilities or receivables facility loans. Our decision as to the use of cash generated from operating activities, cash on hand, borrowings under revolving credit facilities or accessing the capital or credit markets has been based upon an ongoing review of the funding needs of the business, the optimal allocation of cash resources, the timing of cash flow generation, the cost of borrowing under revolving credit facilities, and market conditions (including cost and availability of capital) in the debt capital and syndicated loan markets. We calculate net leverage ratios for our CSC Holdings Restricted Group and Lightpath debt silos as net debt to L2QA EBITDA (Adjusted EBITDA for the two most recent consecutive fiscal quarters multiplied by 2.0). We calculate the net leverage ratio for our NYC ABS debt silo as net debt to annualized run-rate net cash flow based on recent collections (multiplying the most recent three-month period of collections by four).

We expect to utilize Free Cash Flow and availability under the CSC Holdings Restricted Group and Lightpath revolving credit facilities, as well as future refinancing transactions, to further extend the maturities of, or reduce the principal on, our debt obligations. The timing and terms of any refinancing transactions will be subject to, among other factors, market conditions. Additionally, we may, from time to time, depending on market conditions and other factors, use cash on hand and the proceeds from other borrowings to repay the outstanding debt through open market purchases, privately negotiated purchases, tender offers, exchange offers or redemptions, or engage in similar transactions.

We believe existing cash balances, operating cash flows and availability under the CSC Holdings Restricted Group and Lightpath revolving credit facilities will provide adequate funds to support our current operating plan, make planned capital expenditures and fulfill our debt service requirements for the next twelve months. However, our ability to fund our operations, make planned capital expenditures, make scheduled payments on our indebtedness and repay at, or refinance our indebtedness prior to, maturity depends on our future operating performance and cash flows and our ability to access the capital and credit markets, which, in turn, are subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control. Competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of advertising, and increased incidence of customers' inability to pay for the services we provide. These events, among others, could adversely impact our results of operations, cash flows and financial position. Although we currently believe amounts available under the CSC Holdings Restricted Group and Lightpath revolving credit facilities will be available when, and if, needed, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions. The obligations of the financial institutions under the CSC Holdings Restricted Group and Lightpath revolving credit facilities are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others.

In the longer term, we may not be able to generate sufficient cash from operations to fund anticipated capital expenditures, meet all existing future contractual payment obligations and repay our debt at maturity. As a result, we will be dependent on our ability to access the capital and credit markets to borrow additional amounts, issue additional debt or equity or refinance existing debt obligations. We intend to raise significant amounts of funding over the next several years to fund capital expenditures, repay existing obligations and meet other obligations, and the failure to do so successfully could adversely affect our business. If we are unable to do so, we will need to take other actions including deferring capital expenditures, selling assets, seeking strategic investments from third parties or reducing discretionary uses of cash.

50

Debt Outstanding

The following tables summarize the carrying value of our outstanding debt, net of unamortized deferred financing costs, discounts and premiums (excluding accrued interest) as of September 30, 2025, as well as interest expense for the nine months ended September 30, 2025:

(a)Excludes principal balance of notes payable to affiliate reflected on CSC Holdings balance sheet and the related interest expense which are eliminated in the Altice USA consolidated financial statements. See Note 14.

(b)Supply chain financing obligations were repaid in full during the three months ended June 30, 2025.

Payment Obligations Related to Debt

As of September 30, 2025, total amounts payable in connection with our outstanding obligations, including related interest, but excluding finance lease obligations and the impact of our interest swap agreements, are as follows:

(a)Includes $1,906,850 principal amount related to the CSC Holdings' Incremental Term Loan B-6 that is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.

For financing purposes, we have three debt silos: CSC Holdings, Lightpath and NYC ABS (defined below). The CSC Holdings silo is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes certain designated subsidiaries. The CSC Holdings Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries, excluding Cablevision Lightpath and certain of its designated subsidiaries, and Cablevision Funding and certain special-purpose entities formed or transferred to Cablevision Funding in connection with the Loan and Security Agreement. These CSC Holdings Restricted Group subsidiaries are subject to the covenants and restrictions of CSC Holdings' credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes all of its operating subsidiaries which are subject to the covenants and restrictions of the Lightpath credit facility and indentures governing the notes issued by Lightpath. The

51

NYC ABS silo consists of special-purpose entities that hold, among other things, certain receivables generated by our Bronx and Brooklyn service area and network assets located in that area, and is subject to covenants and restrictions set forth in the Loan and Security Agreement.

CSC Holdings Restricted Group

Sources of cash for the CSC Holdings Restricted Group include primarily cash flow from the operations of the businesses in the CSC Holdings Restricted Group, borrowings under its credit facility and issuance of securities in the capital markets, contributions from Altice USA, and, from time to time, distributions or loans from its subsidiaries. The CSC Holdings Restricted Group's principal uses of cash include: capital spending, in particular, the capital requirements associated with the upgrade of our digital broadband, video and telephony services, including costs to build our FTTH network; debt service; other corporate expenses and changes in working capital; and investments that it may fund from time to time.

CSC Holdings Credit Facilities

In October 2015, a wholly-owned subsidiary of Altice USA, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which, as amended, currently provides for U.S. dollar term loans in an aggregate principal amount of $5,001,942, comprising (i) an incremental term loan amount of $3,000,000 ($2,835,000 outstanding at September 30, 2025) (the "Incremental Term Loan B-5") and (ii) an incremental term loan in an aggregate amount of $2,001,942 ($1,951,894 outstanding at September 30, 2025) (the "Incremental Term Loan B-6"), and (iii) U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,125,000 outstanding at September 30, 2025) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5 and Incremental Term Loan B-6, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings, certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented or otherwise modified from time to time, the "CSC Credit Facilities Agreement").

During the nine months ended September 30, 2025, CSC Holdings borrowed $875,000 under the CSC Revolving Credit Facility and repaid $450,000 of amounts outstanding under the CSC Revolving Credit Facility.

At September 30, 2025, $161,514 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $188,486 was undrawn and available, subject to covenant limitations.

As of September 30, 2025, CSC Holdings was in compliance with applicable financial covenants under the CSC Credit Facilities.

See Note 9 to our consolidated financial statements for further information regarding the CSC Credit Facilities Agreement.

Senior Guaranteed Notes and Senior Notes

As of September 30, 2025, CSC Holdings was in compliance with applicable financial covenants under each respective indenture by which the senior guaranteed notes and senior notes were issued.

NYC ABS

Loan and Security Agreement

On July 16, 2025, Cablevision Funding LLC (“Cablevision Funding”), a newly formed, bankruptcy remote, indirect wholly owned subsidiary of the Company, entered into an asset-backed security transaction (the “NYC ABS”), in accordance with a receivables facility loan and security agreement, by and among Cablevision Funding, certain guarantors party thereto (collectively, the “Guarantors”), Goldman Sachs Bank USA and certain funds managed by TPG Angelo Gordon, as initial lenders, Goldman Sachs Bank USA and TPG Angelo Gordon, as structuring agents, Alter Domus (US) LLC, as administrative agent, and Citibank, N.A., as collateral agent (the “Collateral Agent”) and account bank (the “Loan and Security Agreement”). The obligations under the Loan and Security Agreement are secured by substantially all of the assets of Cablevision Funding and its subsidiary, Cablevision Systems New York City LLC (“NYC AssetCo”), and the Guarantors, consisting of, among other things, certain receivables generated by our Bronx and Brooklyn service area and network assets located in that area.

52

The Loan and Security Agreement provides for, among other things, initial term loan commitments in an aggregate principal amount of $1,000,000, issued with an original issue discount of 400 basis points. The loans made pursuant to the initial term loan commitments (the “Initial Term Loans”) will (i) mature on January 16, 2031; (ii) accrue interest at a fixed rate per annum equal to 8.875%; and (iii) amortize monthly at a rate of 2.0% per annum up to and including January 15, 2028, and 5.0% per annum thereafter. The proceeds from the Initial Term Loans (after original issue discount, fees and other deferred financing costs) amounted to $894,063, of which a portion was used to fund Cablevision Funding’s interest reserve account with the minimum interest reserve amount in accordance with the terms of the Loan and Security Agreement, and pay certain costs associated with the transactions. The remaining proceeds are being used to finance working capital, to prepay indebtedness and for other general corporate purposes.

Pursuant to the terms of the Loan and Security Agreement, restricted cash is held in bank accounts controlled by the Collateral Agent for the purpose of paying interest, certain fees and scheduled principal and for satisfying the required liquidity reserve amounts. As of September 30, 2025, in blocked accounts under the Loan and Security Agreement, we had short-term restricted cash of $81,908 and long-term restricted cash of $22,704.

Lightpath

Sources of cash for Lightpath include existing cash balances, operating cash flows from its operating subsidiaries and availability under its revolving credit facility.

Lightpath Credit Facility

Lightpath is party to an amended credit agreement (the "Amended Credit Agreement") which provides a term loan in an aggregate principal amount of $676,000 ($670,868 outstanding at September 30, 2025) and revolving loan commitments (the "Lightpath Revolving Credit Facility") in an aggregate principal amount of $115,000. As of September 30, 2025, $96,462 of the $115,000 from the Lightpath Revolving Credit Facility was undrawn and available.

Under the Amended Credit Agreement, $95,000 of the aggregate principal amount of the Lightpath Revolving Credit Facility will mature on the earlier of (i) June 15, 2027 and (ii) the date that is five business days after any Extension Breach Date (as defined in the Amended Credit Agreement). The remaining $20,000 of the aggregate principal amount of the Lightpath Revolving Credit Facility will mature on November 30, 2025 (as defined in the Amended Credit Agreement).

In January 2025, Lightpath entered into a refinancing amendment (the "Refinancing Amendment") to its Amended Credit Agreement, which refinanced all of the term loans outstanding immediately prior to giving effect to the Refinancing Amendment in order to reduce the applicable margins with respect thereto from (i) with respect to any alternate base rate loan, 2.25% per annum to 2.00% per annum and (ii) with respect to any Term SOFR loan, 3.25% per annum to 3.00%. Additionally, after giving effect to the Refinancing Amendment, interest on borrowings made under the refinanced term loan facility are calculated without giving effect to the spread adjustments (0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) initially provided for under the Amended Credit Agreement.

As of September 30, 2025, Lightpath was in compliance with applicable financial covenants under the Amended Credit Agreement and with applicable financial covenants under each respective indenture by which its senior secured notes and senior notes were issued.

See Note 9 to our consolidated financial statements for further information on the above debt obligations.

Lightpath Senior Secured Notes and Senior Notes

As of September 30, 2025, Lightpath was in compliance with applicable financial covenants under each respective indenture by which the senior secured notes and senior notes were issued.

Fair Value of Debt

At September 30, 2025, the fair value of our fixed rate debt, comprised of our senior guaranteed and senior secured notes, our senior notes and receivables facility loan of $12,838,002 was lower than its carrying value of $18,599,820 by $5,761,818. The fair value of these financial instruments is estimated based on reference to quoted market prices for these or comparable securities or in the case of our receivables facility loan based on a discounted cash flow model. Our floating rate borrowings, comprised of our term loans and revolving credit facilities bear interest in reference to current SOFR-based market rates and thus their principal values approximate fair value. The effect of a hypothetical 100 basis point decrease in interest rates prevailing at September 30, 2025 would increase the estimated

53

fair value of our fixed rate debt by $387,102 to $13,225,104. This estimate is based on the assumption of an immediate and parallel shift in interest rates across all maturities.

Interest Rate Risk

To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and effectively convert fixed rate borrowings to variable rates to permit us to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are carried at their fair market values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations. See Note 10 to our consolidated financial statements for a summary of interest rate swap contracts outstanding at September 30, 2025. Our outstanding interest rate swap contracts are not designated as hedges for accounting purposes. Accordingly, the changes in the fair value of these interest rate swap contracts are recorded through the statements of operations. For the three and nine months ended September 30, 2025, we recorded a gain (loss) on interest rate swap contracts of $1,147 and $(142), respectively, and had a fair value at September 30, 2025 of $2,414 recorded as other assets, long-term and $511 recorded as other liabilities, long-term on the consolidated balance sheet.

As of September 30, 2025, we did not hold and have not issued derivative instruments for trading or speculative purposes.

Capital Expenditures

The following table presents our capital expenditures:

Customer premise equipment includes expenditures for drop cable, fiber gateways, modems, routers, and other equipment installed at customer locations. Network infrastructure includes (i) scalable infrastructure, such as headend and related equipment, (ii) line extensions, such as fiber and coaxial cable, amplifiers, electronic equipment, and design and engineering costs to expand the network, and (iii) upgrade and rebuild, including costs to modify or replace existing segments of the network. Support and other capital expenditures include costs associated with the replacement or enhancement of non-network assets, such as software systems, vehicles, facilities, and office equipment. Business services capital expenditures include primarily equipment, support and other costs related to our fiber-based telecommunications business serving enterprise customers.

New Tax Legislation

On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Three primary changes impacting us include (i) permanently allowing 100% bonus depreciation of qualifying tangible assets (which is expected to accelerate the timing of depreciation deductions for these assets), (ii) permanently increasing the deductibility of interest expense based on an EBITDA versus EBIT standard, and (iii) permanently eliminating the requirement to capitalize and amortize U.S.-based research and experimental expenditures over five years (making these expenditures fully deductible in the period incurred). These provisions had an immaterial impact to income tax expense, however a reduction in current income tax liabilities (cash taxes) of approximately $102,000 was recorded,

54

offset by an increase in deferred tax liabilities by the same amount.

Asset Sale

In July 2025, we completed the sale of certain tower assets for $59,908. We recorded a gain of $55,114 on this transaction which is reflected in restructuring, impairments and other operating items in our statement of operations. In connection with the sale, we entered into a master license agreement with the buyer pursuant to which we maintain access to space on certain of those towers for an initial term of five years.

Cash Flow Discussion

Altice USA

Operating Activities

Net cash provided by operating activities amounted to $746,896 for the nine months ended September 30, 2025 compared to $1,142,479 for the nine months ended September 30, 2024.

The decrease in net cash provided by operating activities of $395,583 in 2025 as compared to 2024 resulted from a decrease in net income before depreciation and amortization and other non-cash items of $327,440 and a decrease of $68,143 due to changes in working capital (including an increase in interest payments of $93,568, offset by a decrease in tax payments of $103,619) as a result of the timing of payments of liabilities, and collections of accounts receivable, among other items.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2025 was $1,010,693 compared to $1,045,980 for the nine months ended September 30, 2024. Our investing activities consisted primarily of capital expenditures of $1,065,163 and $1,042,975 for the nine months ended September 30, 2025 and 2024, respectively. Investing activities for the nine months ended September 30, 2025 also included proceeds from the sale of equipment, net of costs of disposal of $62,729 (including $59,908 related to the sale of certain tower assets).

Financing Activities

Net cash provided by financing activities amounted to $1,050,283 for the nine months ended September 30, 2025, compared to net cash used in financing activities of $148,143 for the nine months ended September 30, 2024.

In 2025, our financing activities consisted primarily of proceeds from long-term debt of $1,835,000, partially offset by the repayment of debt of $577,619, principal payments on finance lease obligations of $98,347, additions to deferred financing costs of $65,937, distributions to noncontrolling interests of $26,452, and other cash payments of $16,362.

In 2024, our financing activities consisted primarily of the repayment of debt of $3,891,175, principal payments on finance lease obligations of $99,426 and other cash payments of $32,542, partially offset by proceeds from long-term debt of $3,875,000.

CSC Holdings

Operating Activities

Net cash provided by operating activities amounted to $750,819 for the nine months ended September 30, 2025 compared to $1,040,051 for the nine months ended September 30, 2024.

The decrease in cash provided by operating activities of $289,232 in 2025 as compared to 2024 resulted from a decrease in net income before depreciation and amortization and other non-cash items of $340,053, partially offset by an increase of $50,821 due to changes in working capital (including an increase in interest payments of $97,530, offset by a decrease in tax payments of $103,619) as a result of the timing of payments of liabilities and collections of accounts receivable, among other items.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2025 was $1,010,693 compared to $1,045,980 for the nine months ended September 30, 2024. CSC Holdings' investing activities consisted primarily of capital expenditures of $1,065,163 and $1,042,975 for the nine months ended September 30, 2025 and 2024, respectively. Investing activities for the nine months ended September 30, 2025 also included proceeds from the sale of equipment, net of costs of disposal of $62,729 (including $59,908 related to the sale of certain tower assets).

55

Financing Activities

Net cash provided by financing activities amounted to $1,045,407 for the nine months ended September 30, 2025, compared to net cash used in financing activities of $55,643 for the nine months ended September 30, 2024.

In 2025, CSC Holdings' financing activities consisted primarily of proceeds from long-term debt of $1,835,000, partially offset by repayment of debt of $583,619, principal payments on finance lease obligations of $98,347, additions to deferred financing costs of $65,937, distributions to noncontrolling interests of $26,452, distributions to Altice USA of $9,738 and other cash payments of $5,500.

In 2024, CSC Holdings' financing activities consisted primarily of repayment of debt of $3,891,175, principal payments on finance lease obligations of $99,426, and other cash payments of $32,542, partially offset by proceeds from long-term debt of $3,875,000 and proceeds from notes payable to affiliates and related parties of $92,500.

Commitments and Contingencies

As of September 30, 2025, our commitments and contingencies not reflected on our balance sheet decreased to approximately $4,300,000 as compared to approximately $4,900,000 as of December 31, 2024. This decrease relates primarily to payments made in 2025 pursuant to programming commitments and a reduction in programming commitments due to a decrease in the number of video customers as of September 30, 2025 as compared to December 31, 2024.

The preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses. For a complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our consolidated financial statements, please refer to our Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information relating to market risk is included in Item 2, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" under the captions "Fair Value of Debt" and "Interest Rate Risk."

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation was carried out under the supervision and with the participation of Altice USA's management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined under SEC rules). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective as of September 30, 2025.

Changes in Internal Control

During the nine months ended September 30, 2025, there were no changes in our internal control over financial reporting that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

56

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Refer to Note 15 to our consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of our legal proceedings.

Item 5. Other Information

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Effective November 7, 2025, the Company will change its corporate name (the “Name Change”) to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company’s Fourth Amended and Restated Certificate of Incorporation (the “Charter Amendment”) filed with the Delaware Secretary of State on November 5, 2025. Pursuant to Delaware law, a stockholder vote was not necessary to effectuate the Name Change and the Name Change does not affect the rights of the Company’s stockholders. The only change to the Company’s Fourth Amended and Restated Certificate of Incorporation is the change of the Company’s corporate name from Altice USA, Inc. to Optimum Communications, Inc.

The Company also amended and restated its Bylaws (the “Third Amended and Restated Bylaws”), effective November 7, 2025, to reflect the Name Change and certain ministerial matters. These additional matters include updating references to the Company’s stockholders’ agreement to reflect the execution of the Amended and Restated Stockholder Agreement, dated as of August 2, 2023, and updating the bylaws for the changes reflected therein; removing references to “A4,” which the Company understands has been reorganized and no longer exists in its prior corporate form; and modifying certain limited consent provisions by Next Alt in connection with the quorum for board meetings.

The foregoing summaries of the Charter Amendment and Third Amended and Restated Bylaws are qualified in their entirety by reference to the full text of these documents, copies of which are filed as Exhibit 3.1 and Exhibit 3.2, respectively, with this Quarterly Report on Form 10-Q and incorporated herein by reference.

In connection with the Name Change, the Company also announced that it intends for its shares of Class A common stock to cease trading under the ticker symbol “ATUS” and begin trading under the new ticker symbol “OPTU” on the New York Stock Exchange, which the Company expects to be effective on November 19, 2025. The Company’s shares of Class A common stock will continue to trade under its existing CUSIP number following the change of ticker symbol, and the CUSIP number assigned to the Company’s shares of Class B common stock will remain unchanged.

57

Item 6. Exhibits

EXHIBIT NO. DESCRIPTION

3.1 Form of Certificate of Incorporation of the Company (as amended). 3.2 Form of Bylaws of the Company (as amended). 10.1 Receivables Facility Loan and Security Agreement, dated as of July 16, 2025, by and among Cablevision Funding LLC, certain guarantors party thereto, Goldman Sachs Bank USA and certain funds managed by TPG Angelo Gordon, as initial lenders, Goldman Sachs Bank USA and TPG Angelo Gordon, as structuring agents, Alter Domus (US) LLC, as administrative agent, and Citibank, N.A., as collateral agent and account bank (incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38126) filed on July 17, 2025). 31.1 Section 302 Certification of the CEO. 31.2 Section 302 Certification of the CFO. (32) Section 906 Certifications of the CEO and CFO. (101) The following financial statements from Altice USA's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the Securities and Exchange Commission on November 6, 2025 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Loss; (iv) the Consolidated Statements of Stockholders' Deficiency; (v) the Consolidated Statements of Cash Flows; and (vi) the Combined Notes to Consolidated Financial Statements. (104) The cover page from this Quarterly Report on Form 10-Q formatted in Inline XBRL.

58

59