French telecom operator Iliad reported a 2.2% increase in half-year core profit on Thursday, as accelerating momentum in Italy and Poland helped offset a more subdued performance in its saturated home market.
Earnings before interest, taxes, depreciation and amortization after leases, or EBITDAaL, reached €2 billion ($2.3 billion) in the first half of 2026. Consolidated revenue rose 3% from a year earlier to €5.24 billion.
The results underscore how Iliad has evolved from a French price disruptor into a broader European telecoms group, with Italy and Poland contributing an increasing share of growth as domestic expansion slows.
Italy was the standout performer, with revenue jumping 10.2% to €665 million. Poland grew 3.5% to €1.26 billion, while France posted a more modest 1.5% increase to €3.32 billion.
MarketH1 2026 RevenueYear-on-Year ChangeFrance€3.32 billion+1.5%Italy€665 million+10.2%Poland€1.26 billion+3.5%
Note: Figures reflect consolidated revenue for the six months ended June 30, 2026.
The company added 300,000 subscribers in the second quarter, bringing its total customer base to 52.5 million at the end of June. Mobile customers drove the expansion, while fixed-line subscribers remained broadly stable.
France ended the quarter with 23.4 million subscribers. Italy and Poland each added about 100,000 customers, reaching 13.3 million and 15.8 million respectively.
The subscriber mix highlights Iliad’s strategic shift toward markets with greater headroom for growth. While France remains the largest revenue contributor by a wide margin, the Italian operation’s double-digit top-line expansion signals that the group’s challenger model continues to gain traction beyond its original footprint.
For investors, the results reinforce the narrative that Iliad’s international diversification is paying off. The Italian unit’s strong growth trajectory, combined with steady gains in Poland, provides a buffer against the structural constraints of the French telecom market, where intense price competition has long pressured margins.
At an exchange rate of $1 to 0.8582 euros, the half-year EBITDAaL figure translates to approximately $2.3 billion.