Iliad S.A (ILIAD) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with consolidated revenue growth, improved profitability, and unprecedented cash flow generation across all geographies, maintaining European leadership in organic growth for the fourth consecutive year.

• Added 1.5 million net new subscribers, maintaining leadership in organic growth and NPS in Europe, with strong brand perception in France, Italy, and Poland.

• Maintained strong cost discipline and geographical diversification, with all countries contributing to OFCF growth.

• Upgraded credit outlooks from Fitch, Moody's, and S&P, with group leverage at 2.3x, the lowest since 2019.

Financial highlights

• Group revenues rose to EUR 10.35 billion in 2025, up 3.4% year-over-year, with France at EUR 6.63 billion (+1.4%), Italy at EUR 1.25 billion (+9%), and Poland at EUR 2.49 billion (+5.1%).

• EBITDA/EBITDAAL increased 5% to EUR 4.04 billion, with margin improving to 39.1%.

• Operating free cash flow (OFCF) reached EUR 2.3 billion, up 23% YoY, exceeding the EUR 2 billion target.

• Equity free cash flow (EFCF) hit a record EUR 1.4 billion, up by over EUR 1 billion YoY, with EUR 865 million excluding one-offs.

• CapEx decreased 11.5% to EUR 1.79 billion, reflecting disciplined investment.

Outlook and guidance

• Strategic priorities for 2026 include delivering profitable organic growth, increasing recurring EFCF, accelerating AI implementation, and playing a central role in European telecom consolidation.

• Expectation of continued growth in recurring equity free cash flow for 2026, with a focus on expanding cloud, data centers, and AI infrastructure.