Revenue amounted to €9,911m in Q1 2025, up 0.6% y-o-y (+€62m). The group benefited from growth in retail services (+2.4% or +€181m) and a smaller decline in operator services (-3.1% or -€44m). Equipment sales were down 5.7% (-€38m) and other revenues were down 13.9% (-€37m).

Revenues in France were down 1.3% (-€55m), but retail services excluding PSTN grew by 1.5%, while services to operators (-4.3%) declined. Europe remained stable (-0.2% or -€3m).

The group maintained its position as the leader in convergence in Europe (including France) with a total of 9.2 million converged customers (+1.1%). Mobile services accounted for 256.0 million accesses worldwide (+5.5%), including 95.7 million postpaid accesses (+5.5%). Fixed services totaled 38.1 million accesses worldwide (-2.8%), with 22.1 million fixed broadband accesses (+3.7%), including 15.0 million very high-speed accesses, which continued to grow strongly (+13.4%).

The Group's EBITDAaL amounted to €2,480m at 31 March 2025, up +3.2%, in line with the target of around +3% for 2025. eCAPEX amounted to €1,463m in Q1 2025, up +6.6% (+€91m).

The group confirms its financial targets for 2025. It is targeting EBITDAaL growth of around +3%, organic cash flow from telecom activities of at least €3.6bn and a net debt/EBITDAaL ratio for telecom activities unchanged at around 2x in the medium term.


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