Iliad S.A (ILIAD) Q3 2025 earnings summary

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.