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Iliad Posts Strong Q1 Results; Bonds Muted

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  • Q1 revenue +11.2% YoY; double digit growth across France, Poland, Italy
  • EBITDAal +12.2% YoY; double digit growth for France & Italy, 2.5% local FX loss in Poland but favourable FX move brought to 5.5% gain. Net profit +58% YoY.
  • OFCF doubled to EUR 460mn; leverage of 2.9x down from 3x at FY23.
  • KPIs all stronger; 561k mobile subscriber adds, 137k fixed subscriber adds.

  • EUR spreads slightly wider today but broadly muted.
  • Holdco 31s (B2/B+/BB-) were issued at end-April at b’mark spread of 437bp vs. our implied FV of 420bp, now streaming at +404.
  • OpCo 31s (Ba2/BB/BB) issued the week before at b’mark spread of 296bp vs. our implied FV of 293bp, now streaming at +271.
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