Iliad S.A (ILIAD) Q3 2025 earnings summary

Executive summary

• Achieved strong commercial momentum and leadership in France, Italy, and Poland, with group service revenues up 3.5% year-over-year and record cash flow generation.

• Maintained position as Europe's fastest-growing telecom operator, with robust subscriber and revenue gains in all core markets.

• Innovation initiatives included a no-cost TV app, unique Netflix partnership, and the first mobile-integrated VPN in France.

• Exceeded EUR 2 billion operating free cash flow target for 2025, supporting continued investment and expansion.

• Positive credit outlook upgrades from Fitch, Moody's, and S&P.

Financial highlights

• Group revenues for the first nine months reached €7.693 billion, up 3.2% year-over-year; service revenues up 3.5%.

• Group EBITDAaL for the first nine months was €3.05 billion, up 5.6% year-over-year, with margin improving to 39.7%.

• Operating free cash flow reached €1.75 billion, a 25% increase year-over-year; recurring equity free cash flow (excluding spectrum and financing) was up to €1.33 billion.

• Net profit from continuing operations was €840 million, up 86.8% year-over-year.

• CapEx (excluding spectrum) was €1.3 billion, down 12.6% year-over-year, representing 18% of sales.

Outlook and guidance

• Expect to surpass the €2 billion annual operating free cash flow target for 2025, with all geographies contributing.

• Anticipate revenue and margin growth in France for Q4, with stable margins projected.

• Remain fully aligned with Odyssey 2028 strategic plan, emphasizing resilience, cost discipline, and entrepreneurial mindset.