Iliad S.A (ILIAD) Q4 2024 earnings summary

Executive summary

• Surpassed 50 million subscribers and €10 billion in revenues in 2024, becoming Europe's fifth-largest telecom operator by subscribers and achieving all 2024 targets.

• Achieved robust 8.5% revenue growth, 11.8% EBITDAaL growth to €3.85 billion, and 28% increase in operating free cash flow to €1.83 billion.

• Maintained leadership in net subscriber additions across France, Poland, and Italy, with 2 million net new subscribers.

• Executed major strategic transactions: acquired a significant stake in Tele2 and formed a 50-50 partnership in OpCore, a key European data center platform.

• Strengthened financial structure with a leverage ratio of 2.7x EBITDAaL at year-end.

Financial highlights

• Group revenue grew 8.5% year-over-year to €10.02 billion, with France up 8.2%, Poland up 9.7% (4% at constant FX), and Italy up 10%.

• EBITDAaL increased 11.8% to €3.85 billion, margin widened by 1.1 points to 38.4%.

• Operating free cash flow rose 28% to €1.83 billion, with all regions contributing positively.

• CapEx remained stable at €2 billion, representing 20% of revenues, with capex intensity down for the fifth consecutive year.

• Profit for the period advanced 15.5% to €367 million.

Outlook and guidance

• Targeting €2.0 billion in operating free cash flow for 2025, up 10% year-over-year.

• Committed to maintaining leverage below 3x at group level and 4x at holding level.

• Strategic focus on accelerating fiber rollout, convergent strategy, and AI-driven digital infrastructure.

• Tele2 (associate): 2025 guidance for low single-digit end-user service revenue growth and mid-to-high single-digit underlying EBITDAaL growth.