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Iliad S.A (ILIAD) investor relations material
Iliad S.A has been private
Iliad S.A Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Achieved 3.5% year-over-year group service revenue growth, maintaining leadership and strong commercial momentum in France, Italy, and Poland.
Delivered record cash flow generation and expects to exceed the €2 billion operating free cash flow target for 2025.
Maintains focus on customer satisfaction, cost discipline, and innovation, including new digital services and partnerships.
Received positive credit outlook upgrades from Fitch, Moody's, and S&P.
Launched unique offerings such as a no-cost TV app, Netflix partnership, and mobile-integrated VPN in France.
Financial highlights
Group revenues for nine months reached €7.693 billion, up 3.2% year-over-year; organic service revenue grew 3.5%.
Group EBITDAaL for nine months was €3.05 billion, up 5.6% year-over-year; EBITDAaL margin improved to 39.7%.
Operating free cash flow reached €1.75 billion, up 25% year-over-year; recurring equity free cash flow (excluding spectrum) was up to €1.14 billion.
CapEx (excluding spectrum) was €1.3 billion for nine months, down 13% year-over-year, representing 18% of sales.
Net profit from continuing operations was €840 million, up 86.8% year-over-year.
Outlook and guidance
Confirms and expects to surpass the €2 billion operating free cash flow target for 2025.
Anticipates revenue and margin growth in France in Q4, with stable margins expected.
Expects cash generation to be slightly negative in Q4 due to exceptional taxes and higher CapEx phasing.
All three geographies contributed to the sharp increase in operating free cash flow.
Positive outlook upgrades from major rating agencies.
What are the implications of positive rating outlooks?
Impact of Free TV and VPN on subscriber growth?
Future leverage ratio targets or strategy?
OpCore investment strategy and funding
France: Q4 revenue growth despite competition?
Iliad's M&A strategy for Italy and SFR assets
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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.
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