Iliad continues to grow in Italy but slows down the Italian telecom reshuffle.
Iliad Italia, a subsidiary of the French telecom group, achieved a turnover of 1 billion and 249 million euros in 2025, up 9%; Ebitdaal rose to 309 million, an increase of 26.8% compared to 2024. Furthermore, the company’s statement highlights that in 2025 Iliad surpassed “13 million users between mobile and fixed and more than tripled the operational free cash flow.”
Last year, the statement continues, “no one grew like Iliad in Italy. Iliad has confirmed for 31 quarters the top position for net growth of mobile users and first for growth in the fixed ultra-broadband market.”
Regarding recent moves in the Italian telecom sector, the French group’s CEO Thomas Reynaud stated: the most likely scenario “is that the Italian market will remain with 4 operators,” responding to the question about the possibility of accelerating consolidation in the Italian market, such as between Iliad Italia and Wind Tre, after Poste Italiane’s move on Tim.
All the details.
THE CONSOLIDATED FINANCIAL STATEMENT
The Iliad group, which is headquartered in France with two subsidiaries in Italy and Poland, closed 2025 with 1.5 million new net subscribers. The company recorded revenues of 10.3 billion, up 3.2%. Service revenues amounted to 9.4 billion, an increase of 3.4%.
The Group’s EBITDAaL amounts to 4.04 billion euros, up 5% compared to 2024. The EBITDAaL margin for the year stood at 39.1%, up 0.7 points, with improvements in Italy (+4.4 points) and Poland (+1.1 points), while remaining almost unchanged in France (-0.1 points).
Looking at investments in 2025, the amount is 1.8 billion euros, down 11.5% compared to the previous year.
Regarding the financial structure, the debt ratio will decrease from 2.7 times in 2024 to 2.3 times in 2025. The group aims to continue its profitable growth strategy also in 2026.
ILIAD ITALIA’S 2025 FIGURES
As for the performance in our country, Iliad closed the 2025 financial year with revenues of 1 billion and 249 million euros, up 9% compared to last year; an operating margin before amortizations (EBITDAaL) that rose to 309 million, +26.8% compared to 2024. Last year the Operating Free Cash Flow reached 120 million, more than tripled compared to 2024; Iliad’s mobile activities generated an operating free cash flow of 176 million euros.
ILIAD USERS IN OUR COUNTRY CONTINUE TO GROW
In 2025 Iliad Italia surpassed the threshold of 13 million users between mobile and fixed. Specifically, in the mobile segment, the operator “further consolidates its leadership in growth in the market: it is in first place for net user growth, maintaining this primacy for eight consecutive years,” the statement specifies. 2025 closed with about 12.6 million mobile users and a positive balance of 918 thousand new users during the year.
The operator confirms itself as the leader in growth rate in the fiber-to-the-home (FTTH) segment of the fixed market, reaching 496 thousand users, +146 thousand compared to 2024.
“In a particularly competitive market context, we continue to grow thanks to a clear strategy: innovation, efficiency, and constant attention to service quality,” commented Iliad Italia’s CEO Benedetto Levi, adding that “Every step we take strengthens our role as a telecom operator increasingly close to users’ needs.”
REGARDING THE ITALIAN SCENARIO…
Finally, regarding the telecom consolidation issue, Iliad’s CEO Reynaud stated that the Italian market will probably remain with four operators.
In 2024 Iliad had attempted to absorb Vodafone Italia with an offer, then rejected by the Vodafone group, which preferred Swisscom’s offer (although lower than Iliad’s). Therefore, the company remains cautiously alert. Especially in such a lively moment as the current one with the takeover bid launched by Poste Italiane on Tim.
“We – Reynaud recalled during the 2025 results press conference – had discussions with Telecom Italia and then decided to definitively close the door during the summer of 2025, that was our decision.” Iliad’s goal in Italy remains to “continue growing.”
In general, earlier Reynaud emphasized that consolidation is not “something we need, it is not an objective in itself. It is a means.”
