Iliad S.A (ILIAD) Q3 2024 earnings summary

Executive summary

• Surpassed 50 million subscribers across France, Italy, and Poland, with strong net adds in mobile and fiber segments and market share gains in all countries.

• Achieved 9.7% year-over-year revenue growth to €7,456 million for the first nine months of 2024, leading the European telecom industry.

• EBITDAAL increased 13.6% to €2,892 million, with profit for the period up 19.3% to €450 million.

• Maintained an entrepreneurial mindset and focus on innovation, including the first nationwide 5G SA launch in France and WiFi 7 in Italy.

• Simplified group structure with cashless acquisitions of stakes in Millicom and Tele2, consolidating Millicom from October 2024.

Financial highlights

• Group revenue reached €7.5 billion at Q3, up 8.5% year-over-year; 9.7% growth for the first nine months.

• Group EBITDAAL rose 13.6% to €2.9 billion, with margin up 130 basis points year-over-year.

• Operating free cash flow increased 55% year-to-date and 44% in Q3, reaching €1,399 million.

• CapEx (excluding spectrum) was just under €1.5 billion, down 9% year-over-year; capex intensity at 20%.

• Group net debt at €10.3 billion; leverage ratio improved to 2.7x LTM EBITDAAL.

Outlook and guidance

• 2024 targets reaffirmed: €10 billion revenues and top 5 European telecom operator status.

• Continued focus on network investments, B2B expansion, and subscriber growth in all markets.

• Ongoing cost discipline and operating leverage expected to support margin improvement.

• No liquidity or covenant risks identified; ample liquidity and undrawn credit lines.