The iliad Group reinforced its position as Europe’s fastest-growing major telecom operator in the first half of 2025, delivering strong financial results, record subscriber additions, and disciplined investments in next-generation digital infrastructure.
Revenue Growth Across Core Markets
Group revenues rose 3.8 percent year-on-year (4.3 percent excluding device sales), driven by consistent performance across France, Italy, and Poland.
France: Services revenues grew 2.7 percent, with iliad the only national operator to achieve organic growth. Customer loyalty remained strong, as Free secured the No.1 spot in Arcep’s subscriber satisfaction survey.
Italy: iliad Italia maintained its net-add leadership in mobile for the 29th consecutive quarter, with 505,000 new mobile subscribers in H1 2025, including 287,000 in Q2 alone. The operator also added 72,000 fiber subscribers, consolidating its strength in fixed broadband.
Poland: Revenues rose 7.2 percent excluding devices, boosted by 5.1 percent like-for-like growth and currency tailwinds. Play remained the No.1 operator in mobile portability for the 10th quarter running, while adding 65,000 new mobile plan subscribers and 10,000 broadband customers.
At a consolidated level, Services revenues climbed 4.3 percent, EBITDAaL increased 10 percent, and operating free cash flow surged 20 percent to €942 million, underscoring iliad’s robust operational efficiency.
iliad CEO Thomas Reynaud highlighted that the Group’s strong first-half performance reflects the strength of its business model, which is delivering robust growth despite operating in a mature and highly competitive market. He credited the results to team execution, innovation, and cost discipline, noting that the financial momentum enables iliad to continue making significant investments in digital sovereignty pillars such as cloud, AI infrastructure, and next-generation connectivity.
Subscriber Additions Drive Market Leadership
iliad’s growth strategy is anchored in customer acquisition and retention:
Italy: 505,000 mobile and 72,000 fiber subscribers added in H1 2025.
Poland: 65,000 new mobile subscribers and 10,000 broadband additions.
France: A stable subscriber base with best-in-class customer satisfaction.
Capex
The iliad Group maintained a disciplined but forward-looking investment approach in the first half of 2025, with consolidated capex (excluding spectrum) reaching €878 million, slightly lower than H1 2024. On a last-12-month basis, this represented 20 percent of consolidated revenues, reflecting the Group’s continued commitment to strengthening networks and digital infrastructure.
France: Capex totaled €629 million, down 0.3 percent year-on-year. Investments focused on 4G/5G rollout, with coverage reaching 99.7 percent for 4G and close to 95 percent for 5G (56 percent with 3.5 GHz). Free Fiber expanded its footprint to 39.4 million homes.
Italy: Capex rose 5 percent year-on-year to €131 million, largely allocated to mobile network densification and expansion, with additional investment in Fiber.
Poland: Capex declined 12.8 percent year-on-year to PLN 500 million, reflecting normalized mobile rollout efforts and moderate fixed broadband growth.
Investment Strategy
Beyond core network investments, iliad pursued strategic initiatives to secure long-term growth:
Fiber expansion: Acquisition of Elsat in Poland, adding nearly 700,000 addressable households.
Cloud & AI infrastructure: Through OpCore, secured financing to build data centers over 100 MW in France and other European markets.
Convergent services: Launch of new fixed broadband products such as Freebox Pop S, Freebox Pro (France) and iliadbox Super (Italy).
By combining disciplined spending with targeted expansion, the iliad Group continues to reinforce its leadership in 4G/5G, fiber, cloud, and AI infrastructure, while positioning itself for sustainable growth in European telecom markets.
Strategy for Sustained Growth
With a resilient business model, strict cost discipline, and focus on innovation, the iliad Group continues to strengthen its European footprint. By investing in fiber, cloud, AI infrastructure, and next-gen connectivity, the Group is positioning itself as a long-term leader in digital sovereignty and telecom innovation.
Baburajan Kizhakedath
