New Street Research - Iliad (ILDFP) Iliad (Equal Weight) Q3 25: Weaker French trends – but Q4 outlook better

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New Street Research

Russell Waller

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Iliad (Equal Weight) Q3 25: Weaker French trends – but Q4 outlook better

Iliad has had a slightly weaker quarter overall for trends – French SR trends have slipped to +0.0% y/y from +1.4% y/y in Q2 25 (adjusting for the deconsolidation of OpCore), and French EBITDAaL growth is -6.9% y/y from +10.7% y/y in Q2 25.

19/11/2025 1 EN

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Iliad

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New Street Research

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Russell Waller

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Iliad (Equal Weight) Q3 25: Weaker French trends – but Q4 outlook better

Iliad (Equal Weight) Q2 25: Solid results overall despite worsening French SR trends

Iliad Q1 25: Solid results, but focus on M&A in Italy and France

As WBD Collects Bids, Has Anything Changed in Likely Government’s Approach (or, More Important, in the Markets)?

PDD 3Q25 Results: Visibility Could Remain Limited in the Near Term

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