September 17, 2025
Earnings for the first half of the year reflect solid trends across the Group’s businesses, with the exception of telecommunications in France
■ Revenue of €467.4 million for the first half of the year (-9.7%)
■ Adjusted EBITDA margin of 6.7%, down 60 bps due to current pressure in telecommunications in France, partially offset by improvements across the rest of the Group
■ Solid financial structure maintained, with net financial debt limited to €56.1 million
Excluding the Connectivity business in France: robust performance with stable revenue and improved profitability
■ Group revenue excluding Connectivity in France: stable in the first half of 2025 (-0.4%) and up 2.2% in the second quarter
■ Continued profitable growth in Energy (+30.0%) and Germany (+23.6%)
■ Benelux: adjusted EBITDA margin up 180 basis points to 11.8%
■ Other Countries segment: adjusted EBITDA margin doubled to 5.0%, driven by
performance turnaround measures in Spain and Italy
Connectivity business in France (15% of group revenue): accelerating adaptation in a market in transition
■ Margin pressure due to sharper-than expected slowdown in fiber deployments
■ Operating model transformation underway, with effects expected in early 2026