Iliad's half-year core profit rises 2% on Italy strength

• Italy revenue surged 10.2% to €665 million, significantly outpacing France's 1.5% growth to €3.32 billion and Poland's 3.5% increase to €1.26 billion
• The company added 300,000 new customers during the period, with growth driven primarily by mobile subscribers while fixed-line customer base declined
• Results demonstrate Iliad's successful geographic diversification, with Italy and Poland now representing an increasing share of total revenue beyond its traditional French base

Summary: Iliad H1 2026 Results Show Growth Driven by Italy Expansion

French telecommunications operator Iliad reported a 2.2% increase in half-year core profit on August 27, driven by strong performance in its Italian operations. The company's EBITDAaL (earnings before interest, taxes, depreciation, and amortization after leases) reached €2 billion ($2.3 billion) for the first half of 2026.

Key Financial Metrics:

• Consolidated revenue: €5.24 billion, up 3% year-over-year
• France revenue: €3.32 billion, up 1.5%
• Italy revenue: €665 million, up 10.2%
• Poland revenue: €1.26 billion, up 3.5%

Subscriber Growth:

The company added 300,000 new subscribers during the period, primarily driven by mobile customer acquisitions, while fixed-line subscriptions declined.

Market Implications:

The results highlight Iliad's successful transformation from a French price disruptor to a diversified European telecom group. Italy and Poland are becoming increasingly significant revenue contributors, reducing the company's dependence on its home French market where growth is slower at 1.5%.

Italy's double-digit revenue growth (10.2%) stands out as the strongest performer across all three markets, demonstrating the success of Iliad's geographic expansion strategy. The shift toward mobile customers and away from fixed-line services reflects broader industry trends toward wireless connectivity.

The moderate overall growth rate suggests Iliad is navigating a competitive European telecom landscape while successfully executing its multi-market strategy to drive profitability beyond its saturated French base.