Iliad S.A (ILIAD) Q4 2025 earnings summary

Executive summary

• Achieved strong performance in 2025, adding 1.5 million net subscribers and maintaining leadership in organic growth in Europe for the fourth consecutive year, with #1 NPS in mobile and broadband across key markets.

• Enhanced brand perception, leading NPS in France and Italy, and highest score in Poland in three years, reflecting increased customer trust and loyalty.

• 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.

• Expanded presence to 19 countries, holding top positions in Latin America and Europe, and continued to pursue strategic investments and partnerships.

Financial highlights

• Consolidated revenue grew to €10.35 billion in 2025 (+3.2% YoY), with France at €6.63 billion (+1.4%), Italy at €1.25 billion (+9%), and Poland at €2.49 billion (+5.1%).

• Service revenue increased by 3.4% year-over-year, reaching €9.49 billion.

• EBITDAAL rose 5% year-over-year to €4.04 billion, with margin improving by 0.7 points to 39.1%.

• Operating free cash flow (OFCF) reached €2.3 billion, up 23% year-over-year, exceeding the €2 billion target.

• Equity free cash flow (EFCF) hit a record €1.4 billion, up over €1 billion year-over-year, supported by OpCore transaction proceeds.

• Capex decreased 11.5% year-over-year to €1.79 billion, reflecting disciplined investment and maturity in fiber and 5G rollout.

Outlook and guidance

• Priorities for 2026 include strong organic growth, increasing recurring equity free cash flow, accelerating AI implementation, and playing a central role in European telecom consolidation.

• Strategic focus on expanding cloud, data centers, and AI infrastructure to reinforce digital sovereignty.