Long undisputed number two behind Orange, SFR is today going through the most serious crisis in its history. Between subscriber losses, debt restructuring and accelerated buyout process, the red square operator is gambling on its future. At the same time, it formalizes the SFR Box 10, a new Wi-Fi 7 box intended to remain “accessible to all customers”. A striking contrast between technological offensive and industrial uncertainty.
From national champion to group under pressure: how SFR changed
Founded in 1987, SFR was for nearly two decades one of the pillars of the French telecoms landscape. Its turnover increased 30-fold between 1999 and 2007. In 2008, the merger with Neuf Cegetel gave birth to an integrated fixed-mobile player firmly established behind Orange.
Then comes 2012. Free Mobile shakes up the market with an unlimited plan at 19.99 euros. The average revenue per mobile subscriber falls from 34 euros in 2009 to 19 euros in 2018, a drop of 45%. Orange and Bouygues react quickly with Sosh and B&You. SFR launches RED by SFR, but with less commercial aggressiveness.
Between 2012 and 2018, SFR is the only operator to lose subscribers in absolute value: -2.9 million customers and -7.5 points of market share. At the same time, Free earns 9.7 million. A dynamic from which SFR will never fully recover.
In April 2014, Numericable, a subsidiary of Altice, bought SFR for 17 billion euros via a highly indebted arrangement. Altice’s global debt will reach 50 billion euros. The strategy is based on cost reduction. In 2016, a social plan provides for 5,000 job cuts. In 2021, 1,700 additional positions will disappear.
The consequences on customer satisfaction are immediate. SFR accounts for 55% of consumer complaints recorded by AFUTT in 2016 and 2017. In 2017, UFC-Que Choisir recorded 6,500 disputes.
Scandals, cyberattacks and national breakdown: the dark year
From 2023, the situation gets worse. Armando Pereira, co-founder of Altice, is suspected of corruption. In 2024, four computer intrusions will occur in six months. Millions of customer data are exposed.
On June 16, 2025, a nationwide outage lasting approximately 13 hours hit the grid. In November, the Near2tlg collective claimed 3.6 million stolen files. SFR denies this, but the data is published on Telegram.
The 2024 results are catastrophic: 1.3 million subscribers lost, turnover down 5.6% to 10 billion euros, net loss of 1.1 billion euros. In February 2025, the debt was reduced from 24.1 to 15.5 billion euros after an agreement with the creditors, who recovered 45% of the capital. A sale then becomes probable.
Acquisition by Orange, Bouygues and Free: what impacts for subscribers?
On October 14, 2025, Orange, Bouygues and Free submitted a joint offer of 17 billion euros. Refused. A new offer, estimated at around 20 billion, is expected.
If France goes from four to three operators, the consequences could be major. In Austria, a similar consolidation resulted in increases of 14 to 20% for existing customers and up to 90% for new subscribers.
Two economists interviewed in the Senate estimated that a similar scenario was “almost certain” in France. The Ariase barometer already indicates an average increase of 17.4% in one year, going from less than 10 euros in spring 2025 to almost 13 euros at the start of 2026.
The law, however, protects subscribers: in the event of a contractual modification, they have four months to cancel without charge. Lawyer Olivier Gayraud reminds us that you should never cancel your contract yourself but request portability.
The social aspect promises to be heavy. The CFE-CGC Télécoms estimates between 8,000 and 12,000 potential job cuts. The CFDT mentions “70% of positions threatened”. Sébastien Crozier declares: “Buyers maintain the myth that there will be no cuts in their ranks. It’s an illusion. »
SFR Box 10: technological offensive in the middle of a storm
In a press release, the operator states: “To allow as many people as possible to benefit from Wi-Fi 7, SFR is currently developing a version accessible to all customers, Box 10, which will be launched soon.”
The objective is clear: to democratize Wi-Fi 7 in the face of offers from Free, Orange and Bouygues. The SFR Box 10 should be more accessible than the SFR Box 10+ launched at the end of 2025, which would represent 25% of the operator’s high-end box sales.
If it follows market logic, Box 10 could offer dual-band Wi-Fi 7 with speeds capped around 2 Gb/s and at least one repeater included. A strategy aimed at remaining competitive, even though the company could change hands in the coming months.
In the short term, subscribers could experience technical turbulence: merger of systems, redistribution of customers, reorganization of teams. A transition estimated between 12 and 24 months. In the medium term, a market with three more powerful operators could allow more investments in fiber and 5G. But the conditional remains in place.