Slides
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Q1 2025 results May 22, 2025
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This document has been prepared by iliad S.A. (the "Company”) and is being furnished to you solely for your information and personal use. This presentation includes only summary information and does not purport to be comprehensive. The information contained in this presentation has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of Iliad S.A., its affiliates or its advisors, nor any representatives of such entities or persons, shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document or any other information or material discussed. This presentation contains forward-looking statements relating to the business, financial performance and results of Iliad S.A. These statements are based on current beliefs, expectations or assumptions and involve unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those described in such statements. Factors that could cause such differences in actual results, performance or events include changes in demand and technology, as well as the ability of Iliad S.A. to effectively implement its strategy. Any forward-looking statements contained in this presentation speak only as of the date of this presentation. Iliad S.A. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based unless so required by applicable law Disclaimer
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Thomas Reynaud Group CEO
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Key messages – Q1 2025 results 4 Group service revenues up 6% FR / POL: Volumes consistent with our focus on calibrating the right balance between value capture and volume growth (strong ARPU growth in Poland and solid trend for convergence in France) Italy: strong momentum in Italy MAINTAINING GROWTH LEADERSHIP WITH A BALANCED VOLUME & VALUE APPROACH Group EBITDAaL up 6% despite strong inflation of IFER tax in France Group Capex up 2% with Q1 2024 benefiting from assets sale Group OFCF up 9% EFCF1 multiplied by 4x YoY at €216M ACCELERATION OF EFCF GENERATION Finalization of Opcore transaction with €440M proceeds iliad Group financial leverage at 2.5x end-March 2025 Successful Amend & Extend of Term Loans in Poland (early May) Strong maturity profile with liquidities covering all maturities until part of 2028 ENHANCED FINANCIAL POSITION iliad Holding financial leverage at 3.7x end-March 2025 (restricted perimeter) Positive outlook from Moody’sSTRONGER CREDIT PROFILE (1) Excluding Opcore proceeds in Q1 2025 for €440M Q1 2025 RESULTS PRESENTATION RESTRICTED PERIMETER
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€217M Q1 2025 in a nutshell Service revenues +5.7% YoY1 €2.34Bn EBITDAaL +6.0% YoY2 €931M OFCF +9.3% YoY4 €503M 5Q1 2025 RESULTS PRESENTATION CAPEX +2.5% YoY3 €428M organic pro forma numbers: (1) +5.3% (2) +5.1% (3) +2.0% (4) +7.9% (5) Excluding Opcore proceeds EFCF5 x3.9 Subscribers base +3.2% YoY 50.8M subscribers €216M
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Revenue growth league table (top 15 European Telcos) 5.3% 3.1% 2.7% 2.3% 2.1% 1.8% 1.5% 1.0% -0.3% -0.6% -0.7% -1.2% -2.1% -2.2% Q1 2025 YOY ORGANIC SERVICE REVENUE GROWTH EUROPEAN OPERATIONS (1) Organic / underlying (pro forma) growth (2) Nordics (3) includes equipment sales (4) iliad estimates (Germany + Europe) (5) UK service revenues growth 6) iliad estimates (France + Europe segments +50% Spain) (7) iliad estimates (Europe) (8) Domestic (10) rebased growth of Belgium & Ireland +50% of VMO2 and VodafoneZiggo (11) iliad estimates (Spain + Germany + 50% VMED) (12) UK + Italy (incl. Equipment) at constant FX 1 2 8 1 5 74 11 10 116 6 312 UK+Italy Q1 2025 RESULTS PRESENTATION * * Service revenues not disclosed for: Swisscom, LibertyGlobal, CKH Europe, Liberty Global
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7 Sales momentum Poland (-3k) Italy (+258k) France (+8k) +5k Mobile o.w. +48k 4G/5G Mobile +3k Fixed o.w. +114k FTTH Q1 2025 +263k 50.8M subscribers (1) 7.1% organic pro forma (2) 4.0% at constant FX (3) 10.0% adjusted from non-recurring item in Q4 23 Q1 2025 RESULTS PRESENTATION +3k Mobile o.w. +17k in Postpaid +3k Broadband (-6k Fixed due to 1Play TV / Voice) +218k Mobile +40k Fiber Decline of market volumes due to market maturity Focus on convergence and economic returns in a highly competitive market Successful launch of Freebox Pop S early April MNP leader (postpaid) for the 9th quarter Price increase in postpaid implemented in January Highly promotional market in Fixed Broadband Net adds leader for the 28th quarter in a row despite the very high level of competitive intensity Steady performance in Fiber
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Quality of Service in France recognized in ARCEP’s latest survey 8Q1 2025 RESULTS PRESENTATION Question : overall, on a scale of 0 to 10, how satisfied are you with your mobile operator / ISP ? Base: mobile or ISP subscribers of the operators Overall satisfaction – consolidated Mobile and ISP Free ranked no. 1 for overall satisfaction for Fixed and Mobile services With an overall score of 8.1, Free has the best general subscriber satisfaction level for quality of Mobile and Fixed services. Breaking down the overall score, Free is number one for Mobile services with a score of 8.1 points and joint number one for Fixed services with a score of 8 points. Free ranked joint no. 1 for overall satisfaction for Fixed and Mobile aftersales service Free also scored very well for its subscriber support service, coming in joint first and recording the best year-on-year increase in the ranking (up 0.8 pts). 40% 54% 6% 42% 51% 8% 33% 58% 9% 29% 58% 13% 8.1 8.0 7.8 7.5 9 to 10 6 to 8 0 to 5
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NPS, the key for a long term sustainable and profitable growth 9Q1 2025 RESULTS PRESENTATION Fixed broadband1 Fixed broadband1 Mobile1 Mobile1 22 20 17 -1 #1 Free #3 #4 39 20 18 18 11 iliad #2 #3 #4 #5 45 29 18 9 5 iliad #2 #3 #4 #5 27 26 20 12 Free #2 #3 #4 (1) Excludes secondary brands
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10 Update on ESG FY 2024 RESULTS PRESENTATIONQ1 2025 RESULTS PRESENTATION
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ESG Update in 2025 11Q1 2025 RESULTS PRESENTATION 4 NEW PPAs SIGNED IN OUR 3 COUNTRIES OUR 8 PPAS WILL TOTAL 219 GWH per year CSRD compliant New Sustainability report published in April GOLD MEDAL WITH ECOVADIS B note with CDP maintained despite higher threshold Inaugural Green bonds at iliad SA and Play (P4) 2024 Gender Equality Index2 improving by 4 points to 94/100
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Financial review Thomas Kienzi Group CFO
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13 Group Revenue Growth Poland Q1 2025 +5.3%3 Italy France Q1 2025 +3.0%2 Q1 2025 +4.3%1 Q1 2025 +9.4% Reported numbers (1) 3.5% organic pro forma (2) 3.3% adjusted from the deconsolidation of Opcore from January 1st (3) 2.1% at constant FX Q1 2025 RESULTS PRESENTATION
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Group Revenues 14 461 503 116 105 Q1 2024 Q1 2025 577 607 +9.0% +5.3% (+31) 1,487 1,546 99 87 Q1 2024 Q1 2025 1,586 1,634 +4.0% +3.0% (+48) 272 298 2 Q1 2024 2 Q1 2025 274 300 +9.4% +9.4% (+26) Equipment Service Solid performance of Service revenue trends Weakness of Equipment revenues reflecting market maturity with marginal impact on EBITDAaL 217 194 2,214 Q1 2024 2,341 Q1 2025 2,431 2,535 +5.7% +4.3% (+104) Q1 2025 RESULTS PRESENTATION +5.6% in local currency Reported numbers in €M (1) +4.4% adjusted from Opcore deconsolidation (2) +5.3% organic pro forma 1 2
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Group EBITDAaL 15 71 89 Q1 2024 Q1 2025 +24.4% (+17) 233 264 Q1 2024 Q1 2025 +13.1% (+30) 573 578 71 89 233 264 Q1 2024 Q1 2025 878 931 +6.0% (+53) Poland Italy France +1.8 ppts 6% growth despite impact of IFER inflation in France thanks to strong costs discipline and operating leverage Q1 2025 RESULTS PRESENTATION 36.1%EBITDAaL margin +3.6 ppts 26.2% 29.8% +2.9 ppts 40.5% 43.4% +0.7 ppts 37.3% 38.4%37.9% 573 578 Q1 2024 Q1 2025 +0.9% (+5) Excl. IFER inflation +8.0% excl. IFER inflation (+€41M)
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Group Capex 16 Q1 2025 CAPEX €428M Q1 2025 RESULTS PRESENTATION France Italy Poland €306M €66M €56M LTM CAPEX €2.03BN 20% Capex/sales €1.47BN €257M €303M +2.5%1 (1) -20% excluding disposal of non-core fiber assets in Q1 2024 in France
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Group OFCF 17 295 272 Q1 2024 Q1 2025 -7.8% (-23) 12 38 Q1 2024 Q1 2025 +217% (+26) 173 207 Q1 2024 Q1 2025 +19.8% (+34) 295 272 173 23 207 (8) Q1 2024 Q1 2025 460 503 +9.3% (+43) Poland Italy France MOBILE OPERATIONS ONLY1 Strong growth despite tax headwind in France Q1 2025 RESULTS PRESENTATION(1) Internal estimates +6.1% excl. IFER inflation
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EFCF view - iliad Group 503 329 216 656 103 440 Group OFCF (112) Financial debt interests (43) IFRS 16 lease interests (121) Taxes WCR & Other Adj. EFCF pre spectrum (113) Spectrum Adj. EFCF Opcore proceeds EFCF Q1 2025 EFCF1 BRIDGE (€M) 18(1) EFCF excludes net impact of financing activities and dividends paid to shareholders of the mother company Strong EFCF generation driven by financial discipline Q1 2025 RESULTS PRESENTATION Var YoY +€43M +€158M +€600M +€160M x4 YoY
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iliad Group Liquidity profile & capital structure LEVERAGE ILIAD GROUP €M 31/12/2024 31/03/2025 Net debt 1 10,300 9,703 EBITDAaL (€M) 3,850 3,903 Leverage ratio 2.7x 2.5x Interests coverage 2 8.5x 8.2x (1) Gross financial debt consists of short-term and long-term financial liabilities, including net cash flow hedges. In 2024, the definition of net debt has evolved to include derivative financial instruments in order to have a more complete view of the Group's financial position. (2) Interests coverage defined as EBITDAaL / net financial interests paid (3) A&E of Play Facilities for PLN8.0bn + partial prepayment of 478m PLN 3.2x 2.8x 2.7x 3.2x 3.0x 2.7x 2.5x 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 2020 H1 21 2021 2022 2023 2024 Q1 2025 19 Acquisition of UPC + 5G license in Italy Q1 2025 RESULTS PRESENTATION DEBT MATURITY PROFILE AT END-MARCH 2025 (€m) Cash & cash equivalents 1 Iliad group available credit lines 2 67 34 9 26 386 724 220 65 390 185 400 79 500183 179 700 500 471 750 54 2025 74 2026 120 1,074 47 2027 30 2028 €1.6BN 167 €2.8BN 1,448 2030Liquidity After 2030 €4.4BN 808 1,191 2,070 1,488 1,379 2,181 916 1,150 2029 Bonds iliad S.A. Bonds P4 Schuldschein Loans iliad S.A. (term loans, KfW, BEI) Loans P4 1) Cash & cash equivalents as estimated by Accounting 2) Includes €300M available EIB credit line and undrawn amounts under the RCFs at Iliad SA and Play level Pro forma for A&E in Poland in May 3
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iliad Holding Liquidity profile & capital structure LEVERAGE ILIAD HOLDING (RESTRICTED PERIMETER) (1) Net adjusted financial debt as per the presentation in iliad Holding OM (2) From 2024, Adj. EBITDAaL is EBITDAaL + includes dividends from iliad Holding’s associates (Eir, TRM, IFT) and Freya’s (Tele2)as per iliad Holding OM definition (3) Interests coverage defined as (LTM) : Adj. EBITDAaL / net financial interests paid 20 RESTRICTED PERIMETER €M 31/12/2024 31/03/2025 Net adjusted financial debt 1 15,180 14,672 Adj. EBITDAaL2 (€M) 3,957 4,007 Leverage ratio 3.8x 3.7x Interests coverage 3 5.3x 4.6x Freya consolidation 4.6x 4.4x 4.4x 3.9x 3.8x 3.7x 3.0 3.5 4.0 4.5 5.0 LTM H1- 2021 Dec-2021 2022 2023 2024 Mar-25 Q1 2025 RESULTS PRESENTATION DEBT MATURITY PROFILE AT END-MARCH 2025 (€m) 300 742 600 75098 739 Liquidity 2025 2026 2027 2028 2029 2030 1,597 After 2030 398 1,481 2,347 Bonds (USD) Bonds (EUR) Cash & cash equivalents available RCFs 1 1) Inlcudes available amounts under iliad holding’s €300M SSRCF
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Appendix
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APPENDIX 22 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FRANCE Mobile subscribers (000s) 13,738 13,858 14,042 14,218 14,390 14,518 14,792 15,005 15,217 15,337 15,468 15,518 15,523 o.w. 4G/5G plans 9,479 9,712 9,989 10,190 10,397 10,584 10,881 11,106 11,345 11,530 11,716 11,815 11,863 o.w. voice plan 4,258 4,146 4,053 4,027 3,993 3,934 3,911 3,899 3,872 3,807 3,752 3,703 3,660 Broadband subscribers (000s) 6,981 7,048 7,126 7,180 7,222 7,264 7,314 7,414 7,499 7,539 7,564 7,569 7,572 o.w. FTTH 4,012 4,216 4,447 4,658 4,870 5,072 5,272 5,516 5,748 5,937 6,074 6,185 6,299 % FTTH take-up 57.5% 59.8% 62.4% 64.9% 67.4% 69.8% 72.1% 74.4% 76.6% 78.7% 80.3% 81.7% 83.2% Total subscriber base (000s) 20,719 20,906 21,168 21,398 21,612 21,782 22,106 22,419 22,716 22,877 23,032 23,087 23,095 Broadband & Ultra Fast BB ARPU (€ per month) 33.5 33.4 33.5 34.1 34.4 34.6 35.3 35.7 36.3 36.4 36.6 37.0 36.9 Mobile ARPU billed to subscribers (€ per month) 11.4 11.5 11.9 11.8 11.8 12.0 12.5 12.1 12.2 12.3 12.5 12.3 12.0 Connectible FTTH sockets 27.1m 28.6m 29.8m 31.3m 32.5m 33.5m 34.3m 35.3m 36.3m 37.0m 37.6m 38.3m 38.8m ITALY Mobile subscribers (000s) 8,825 9,082 9,343 9,567 9,849 10,116 10,475 10,730 11,006 11,285 11,447 11,636 11,854 Broadband subscribers (000s) Nd 68 84 109 131 149 172 207 245 280 316 349 389 Total subscriber base (000s) 8,825 9,150 9,427 9,676 9,980 10,265 10,647 10,937 11,251 11,565 11,763 11,985 12,243 UPC Polska added from Q1 2022 – numbers for Fixed subscribers from Q1 2022 have been restated to factor in adjustments implemented from Q3 2023 post merger between Play & UPC PolskaPOLAND Active mobile subscribers (000s) ex-M2M and technical SIMs 12,614 12,694 12,762 12,763 12,832 12,909 13,029 13,099 13,172 13,301 13,318 13,331 13,334 o.w. postpaid 8,706 8,788 8,894 8,984 9,060 9,157 9,261 9,381 9,443 9,505 9,563 9,651 9,668 o.w. prepaid 3,908 3,906 3,869 3,779 3,773 3,752 3,769 3,718 3,729 3,796 3,755 3,680 3,666 Fixed subscribers (incl. Home products from Play) (000s) 1,826 1,859 1,900 1,938 1,972 2,003 2,022 2,059 2,073 2,090 2,097 2,117 2,111 Total active subscriber base (000s) 14,489 14,553 14,662 14,701 14,804 14,913 15,051 15,158 15,245 15,391 15,416 15,448 15,445 Mobile ARPU billed to subscribers (PLN per month) 28.3 29.0 29.2 29.2 29.1 29.6 30.4 30.2 30.4 31.4 32.6 32.7 32.7 GROUP TOTAL SUBSCRIBERS BASE 44,033 44,609 45,257 45,775 46,397 46,960 47,804 48,515 49,212 49,833 50,211 50,520 50,783 iliad KPIs
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iliad Revenues APPENDIX 2023 2024 2025 Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Group revenues 2,186 2,256 4,443 2,354 6,797 2,441 9,241 2,431 2,471 4,902 2,554 7,456 2,568 10,024 2,535 France (€m) 1,442 1,476 2,918 1,539 4,457 1,580 6,040 1,586 1,611 3,197 1,669 4,865 1,669 6,534 1,634 Fixed services 796 815 1,611 832 2,442 854 3,300 871 900 1,778 920 2,698 912 3,610 925 Mobile services 580 595 1,175 623 1,798 623 2,422 618 627 1,245 644 1,889 638 2,527 622 o/w billed to subscribers 510 525 1,034 554 1,588 547 2,165 558 568 1,125 586 1,711 580 2,292 566 Equipment 71 67 134 86 220 104 324 99 84 177 106 283 121 404 87 Intercompany sales – France (2) (1) (2) (2) (4) (2) (6) (2) (1) (3) (1) (5) (2) (6) (1) Italy (€m) 241 254 496 269 764 296 1,061 272 280 552 291 843 302 1,145 298 Service revenues 239 252 488 266 754 293 1,046 270 278 547 288 835 299 1,134 295 Poland (€m) 507 529 1,036 552 1,588 569 2,157 577 584 1,161 601 1,761 604 2,366 607 Service revenues 405 426 831 445 1,287 456 1,733 461 478 939 501 1,440 494 1,934 503 Poland (PLN) 2,377 2,416 4,792 2,484 7,276 2,521 9,797 2,499 2,511 5,011 2,573 7,584 2,603 10,187 2,552 Mobile billed to subscribers 1,116 1,141 2,257 1,183 3,440 1,183 4,624 1,198 1,245 2,443 1,302 3,745 1,309 5,053 1,307 Other service revenues 308 316 624 328 952 339 1,291 296 301 597 330 927 309 1,236 292 Fixed (previously Home) 477 486 963 495 1,457 499 1,956 505 510 1,015 513 1,528 509 2,037 514 Equipment 476 472 948 478 1,426 500 1,927 501 455 956 429 1,384 477 1,861 440 Intragroup sales (3) (4) (7) (5) (12) (4) (16) (4) (1) (5) (8) (14) (6) (21) (3) 23
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iliad Key Financial Indicators APPENDIX 2022 2023 2024 2025 Q1 H1 9M FY Q1 H1 9M FY Q1 H1 9M FY Q1 Group revenues 1,934 4,024 6,174 8,369 2,186 4,443 6,797 9,241 2,431 4,902 7,456 10,024 2,535 o.w. France 1,339 2,710 4,114 5,555 1,442 2,918 4,457 6,040 1,586 3,197 4,865 6,534 1,634 o.w. Italy 214 442 679 927 241 496 764 1,061 272 552 843 1,145 298 o.w. Poland 384 879 1,390 1,907 507 1,036 1,588 2,157 577 1,161 1,761 2,366 607 EBITDAaL 714 1,577 2,421 3,303 783 1,642 2,545 3,444 878 1,859 2,892 3,850 931 o.w. France 493 1,091 1,669 2,287 498 1,110 1,736 2,392 573 1,235 1,947 2,604 578 o.w. Italy 40 87 147 211 64 117 189 247 71 147 232 308 89 o.w. Poland 181 399 605 805 221 415 620 805 233 476 713 938 264 Cash Capex (excluding frequencies) 465 1,020 1,598 2,139 553 1,040 1,643 2,016 418 888 1,489 2,022 428 o.w. France 332 716 1,115 1,492 442 785 1,262 1,501 278 631 1,081 1,444 306 o.w. Italy 94 198 303 381 59 122 194 243 80 124 191 271 66 o.w. Poland 40 107 181 265 52 133 186 272 60 133 217 307 56 Net financial debt 8,067 10,031 10,732 10,815 10,614 10,472 10,342 10,243 10,210 10,252 10,303 10,301 9,703 LTM EBITDAaL 2,986 3,259 3,305 3,303 3,372 3,368 3,427 3,444 3,539 3,660 3,790 3,850 3,903 24
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Simplified chart of iliad Holding Group * 25 Q1 2025 RESULTS PRESENTATION
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Corporate Family Rating BB Stable outlook Ba3 Positive outlook BB Stable outlook Stand-alone credit profile bb+ Na bb+ Ratings Bond issuances B+ B2 BB- Bond issuances BB Ba2 BB 26Q1 2025 RESULTS PRESENTATION
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Glossary APPENDIX 27 Alternative operator: An operator that entered the market subsequent to the incumbent State operator losing its monopoly. Broadband and Ultra-Fast Broadband ARPU (Average Revenue Per Broadband and Ultra-Fast Broadband User): Includes revenues from the flat-rate package and value-added services divided by the total number of Broadband and Ultra-Fast Broadband subscribers billed for the last month of the quarter. Broadband and Ultra-Fast Broadband subscribers: Subscribers who have signed up for the Group’s xDSL, Cable or Fiber offerings. Connectible Fiber socket: A socket for which the link between the shared access point and the optical splitter has been put in place by the building operator, which the Group can access in accordance with its co-financing commitments, and for which the connection to the Group’s network has been completed or is in progress. EBITDAaL: Profit from ordinary activities before depreciation, amortization and impairment of property, plant and equipment and intangible assets, and the impact of share- based payment. FCF: Free Cash Flow. Fiber: Data delivery technology that directly connects subscribers to an optical node (ON). Fiber take-up rate: Represents the number of Fiber subscribers as a percentage of the total number of Broadband and Ultra-Fast Broadband subscribers. Leverage ratio: Represents the ratio between net debt (short- and long-term financial liabilities less cash and cash equivalents) and EBITDAaL. LTM: Last twelve months. M2M: Machine to machine communications. Mobile ARPU billed to subscribers: Includes revenues billed to subscribers divided by the total number of Mobile subscribers during the period. Net adds: Represents the difference between the total number of subscribers at the end of two different periods. Net debt: Difference between short- and long-term financial liabilities, and available cash and cash equivalents as presented in the balance sheet. Number of Broadband and Ultra-Fast Broadband subscribers – France: Represents, at the end of a given period, the total number of subscribers, identified by their telephone lines, who have subscribed to a Free Broadband or Ultra-Fast Broadband offering, excluding those recorded as having requested the termination of their subscription. Number of Fiber subscribers – Italy: Represents, at the end of a given period, the total number of subscribers, identified by their telephone lines, who have subscribed to an iliad Italia Fiber offering, excluding those recorded as having requested the termination of their subscription. Number of Fixed subscribers – Poland: Represents, at the end of a given period, the number of subscribers who have subscribed to a fixed Broadband, or a fixed Ultra -Fast Broadband plan, or a fixed telephony line, excluding those recorded as having requested the termination of their subscription. Number of mobile subscribers – France: Represents, at the end of a given period, the total number of subscribers, identified by their telephone lines, who have subscribed to a Free mobile offering, excluding those recorded as having requested the termination of their subscription. Number of mobile subscribers – Italy: Represents, at the end of a given period, the total number of subscribers, identified by their telephone lines, who have subscribed to an iliad Italia mobile offering (B2C and B2B) and who have issued or received at least one communication during the preceding three months. Number of mobile subscribers – Poland: Represents, at the end of a given period, the total number of subscribers, identified by their telephone lines, who have subscribed to a Play mobile offering (excluding M2M and free SIM cards) and who have issued or received at least one communication (voice or data) during the preceding 30 days. OFCF: Operating free cash flow (EBITDAaL less capex). Revenues billed to subscribers: Revenues generated from services billed directly to subscribers (services included in subscribers’ mobile plans, as well as additional services). Services revenues: Revenues excluding sales of devices. Total number of subscribers – Poland: Represents, at the end of a given period, the number of active mobile subscribers in Poland and the number of Home subscribers in Poland Q1 2025 RESULTS PRESENTATION