Iliad has generated revenue of €5.24 billion in the first half of 2026, increasing 3 percent from €5.09 billion a year earlier, supported by subscriber growth, fiber migration, mobile network improvements and expanding demand for digital and cloud infrastructure.
Iliad financial result for the first half of 2026 indicated that organic service revenue rose 3.4 percent, making Iliad the growth leader among major European telecom operators for the fifth consecutive year. Service revenue reached €4.84 billion, up 3.1 percent, while equipment revenue increased 2.5 percent to €402 million.
The telecom group ended June 2026 with 52.5 million subscribers across France, Italy and Poland, compared with 51.2 million a year earlier. This represents a net increase of approximately 1.3 million subscribers.
France Revenue Rises to €3.32 Billion
Iliad’s France revenue increased 1.5 percent to €3.32 billion during the first half. Service revenue rose 1.1 percent to €3.13 billion.
Fixed-service revenue increased 1.6 percent to €1.88 billion, supported by fiber adoption and demand for Free’s broadband services. Mobile-service revenue remained broadly stable at €1.24 billion.
Revenue billed directly to mobile subscribers reached €1.15 billion, up from €1.14 billion in the first half of 2025. Although Iliad did not publish a standalone mobile ARPU figure, the increase in subscriber-billed revenue indicates improved customer monetisation.
France generated €6.68 billion in revenue during the latest 12 months.
Free Subscriber Base Reaches 23.4 Million
Free ended the period with 23.4 million mobile and broadband subscribers in France, increasing from 23.1 million a year earlier.
The mobile subscriber base rose to 15.8 million from 15.5 million. Customers using 4G and 5G plans increased to 12.3 million from 11.9 million, showing continued migration toward higher-value mobile services.
Free had 7.6 million broadband subscribers, broadly unchanged year over year. However, its fiber customer base expanded to 6.9 million from 6.4 million.
Fiber accounted for 90.5 percent of Free’s broadband base, compared with 84.5 percent in the second quarter of 2025 and 67.4 percent three years earlier. The company crossed the 90 percent fiber-adoption threshold while maintaining a total broadband base of 7.6 million.
Iliad also reported a strong improvement in both mobile and broadband churn in France, although it did not disclose the exact churn rates.
France Fiber Network Reaches 41 Million Premises
Free’s connectible FTTH footprint increased to 41 million sockets at the end of June 2026, up from 39.4 million a year earlier.
The company’s mobile network covered 95 percent of the French population with 5G. Free was ranked as a European leader for standalone 5G service quality, recording a 94 percent score for consistent quality in an Opensignal assessment.
Iliad has reached an agreement with TDF covering 2,500 new base transceiver stations. The BTS programme is designed to strengthen Free’s mobile coverage, capacity and network quality.
Italy Revenue Jumps 10.2 Percent to €665 Million
Italy remained Iliad’s fastest-growing telecom market. Revenue increased 10.2 percent to €665 million, while service revenue advanced 10.1 percent to €659 million.
Iliad Italia ended June with 13.3 million subscribers, up from 12.5 million a year earlier. Its mobile customer base increased by approximately 700,000 to 12.8 million.
Broadband subscribers reached 600,000, compared with 400,000 in the second quarter of 2025. Iliad said it led the Italian market in both mobile and fixed-broadband net additions during the first half.
The company launched its 5G Box Casa fixed wireless access service in June, expanding its home-broadband strategy beyond fiber. Its Italian 5G network covered 98 percent of the population, while its FTTH network reached 20.1 million homes passed.
Poland Revenue Reaches €1.26 Billion
Iliad’s revenue in Poland increased 3.5 percent to €1.26 billion, representing 3.8 percent growth. Service revenue climbed 5.1 percent to €1.06 billion.
Mobile revenue billed to subscribers increased 5.3 percent to PLN 2.77 billion, providing an indicator of improving mobile ARPU and customer value even though a specific ARPU figure was not disclosed.
The Polish operation served 15.8 million subscribers, up from 15.5 million a year earlier. Active mobile subscribers increased to 13.6 million from 13.4 million, including 9.9 million postpaid and 3.7 million prepaid customers.
The broadband and home-services base reached 2.1 million customers, including 1.7 million fixed-broadband subscribers. Iliad reported lower churn and a 3.6-percentage-point improvement in convergence, reflecting increased adoption of combined fixed and mobile services.
Poland Fiber Footprint Covers 8.2 Million Homes
Iliad’s Polish network provided 5G coverage to 90 percent of the population. Its fixed-network footprint reached 11.7 million homes passed, including 8.2 million covered by FTTH.
Approximately 5.2 million homes within the total footprint were covered through Poland’s open-access fiber network, PŚO. The company is using this expanded infrastructure to improve home-internet performance and increase the availability of high-speed broadband.
Iliad Cuts Capex to €804 Million
Iliad invested €804 million in capital expenditure during the first half of 2026, excluding spectrum costs. Capex declined 8.4 percent from €878 million a year earlier as the group continued to normalise network investment.
France accounted for €561 million of total Capex, down from €629 million. Italy’s Capex declined to €124 million from €131 million, while investment in Poland remained broadly stable at €119 million.
Despite lower spending, Iliad continued expanding fiber coverage, 5G population coverage, mobile sites, data centres and cloud computing capacity.
Scaleway Expands Sovereign AI Infrastructure
Iliad is increasing its presence in digital infrastructure and artificial intelligence through Scaleway. The cloud business reported strong commercial traction and major contract wins during the period.
Scaleway and Iliad’s data-centre portfolio has secured more than 400 MW of power capacity, including projects under development. The Paris 6, Paris 7, Paris 8 and Paris 9 sites are expected to provide approximately 120 MW of net IT capacity in the Greater Paris region.
The infrastructure is designed to support high-density AI computing, token generation and sovereign European cloud services. Iliad’s 2026 strategy includes investments in cloud platforms, data centres and computing capacity dedicated to artificial intelligence.
SFR Transaction Could Lift French Subscriber Base Above 31 Million
Iliad’s planned acquisition of the RED subscriber base, part of SFR’s subscriber portfolio and spectrum assets could create a French operation with more than 31 million mobile and fixed subscribers.
Based on 2025 figures, the enlarged business would generate approximately €9 billion in annual revenue. The additional spectrum and subscriber density would strengthen network economics while expanding Iliad’s capacity to invest in cloud, AI and sovereign digital infrastructure.
BABURAJAN KIZHAKEDATH
