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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Iliad S.A
Iliad S.A (ILIAD) investor relations material
Iliad S.A has been private
Iliad S.A Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Aug, 2026
Executive summary
Achieved 3.4% organic service revenue growth in H1 2026, maintaining leadership among European telecom peers for the fifth consecutive year, with record Net Promoter Scores in France and Italy and Free Mobile ranked as Europe's 5G quality leader.
Group revenues rose 3.0% year-over-year to €5,241 million in H1 2026, with growth in all geographies: France (+1.5%), Italy (+10.2%), and Poland (+3.5%).
Completed major strategic milestone with the SFR transaction, expanding scale and spectrum in France and positioning to become the EU's third-largest telco by subscribers, pending regulatory approval.
Launched innovative offerings such as Free Max (unlimited mobile data in France and 140 destinations), Mondo plan in Italy, and exclusive partnerships like YouTube Premium.
Strengthened position in sovereign cloud services with major contracts for Scaleway, including Airbus, Health Data Hub, and the European Commission.
Financial highlights
Group revenues reached €5,241 million in H1 2026, up 3.0% year-over-year; organic growth at 3.4%.
EBITDAaL increased 2.2% to €2,091 million, with margin at 39.9%-40.2%; strong gains in Italy (+20.2%) and Poland (+5.8%) offset a decline in France.
Operating free cash flow (OFCF) up 10.2% to €1,287 million; equity free cash flow (EFCF) up 32% to €661 million.
Adjusted profit from continuing operations up 39.5% to €326 million; reported profit at €502 million, down due to a prior-year one-off gain.
CapEx (excluding spectrum) at €804 million in H1, down 8.4% year-over-year, representing 15% of revenues.
Outlook and guidance
Targeting equity free cash flow exceeding €1.0 billion for full-year 2026, up from €850 million in 2025.
Anticipate slightly higher CapEx in H2 versus H1, but full-year CapEx expected to be slightly down year-over-year.
Strategic priorities include accelerating AI implementation, increasing recurring EFCF, delivering profitable organic growth, and playing a central role in market consolidation.
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Latest events from Iliad S.A
- Deal creates the #3 EU telecom operator, unlocking scale, synergies, and job security.ILIAD
Acquisition presentation - Q1 2026 saw strong revenue, cash flow, and subscriber growth, with improved leverage.ILIADQ1 2026
- Achieved 3.2% revenue growth, €2.3Bn OFCF, and 2.3x leverage, with robust subscriber gains.ILIADQ4 2025
- Strong revenue, EBITDAaL, and cash flow growth, with improved leverage and market leadership.ILIADQ3 2025
- Q1 2025: 6% EBITDAAL growth, €522M profit, 2.5x leverage, and strong cash flow.ILIADQ1 2025
- H1 2025: revenue +3.8%, EBITDAAL +10.1%, profit +€700m, leverage down to 2.3x.ILIADQ2 2025
- Double-digit revenue and profit growth, with strong subscriber momentum and margin expansion.ILIADQ3 2024
- Double-digit growth and strong cash flow reinforce leadership and financial strength.ILIADQ2 2024
- 8.5% revenue growth, 2M new subscribers, and €1.83B free cash flow in 2024.ILIADQ4 2024
Next Iliad S.A earnings date
Q3 202618 Nov, 2026
Iliad S.A
Next Iliad S.A earnings date
Q3 202618 Nov, 2026
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Frequently asked questions
Iliad S.A. is a telecommunications company based in France, offering a comprehensive range of telecommunication services. The company's services encompass both fixed and mobile telephony, internet access, hosting, and video on demand, catering to a diverse clientele. It has made significant strides in broadband and ultra-fast broadband technologies, including ADSL, VDLS2, 4G, and fiber to the home (FTTH), to ensure high-quality connectivity and service provision. Iliad operates in several key European markets, including France, Italy, and Poland, serving millions of subscribers. The company is headquartered in Paris, France, and its shares are listed on the Paris Stock Exchange.