Iliad shares were down 3.7 percent by 0817 GMT, erasing a brief spike higher at the start of trading, as analysts focused on a cut to its 2020 cash flow target.

"Bit of a mix in the numbers on first glance, and talking about selling tower assets to raise some cash. But the key negative may simply be a push out in (its) target," wrote one trader.

(Reporting by Sudip Kar-Gupta and Helen Reid; Editing by Louise Heavens)