Slides
Page 1
H1 2025 results August 28, 2025
Page 2
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
Page 3
Thomas Reynaud Group CEO
Page 4
Key messages – H1 2025 in a wrap 4 Group service revenues >4% FRA: Focus on protecting value / volume balance, iliad unique operator to grow in France POL: improved performance in both postpaid & prepaid, MNP leader (10th consec. Quarter) ITA: strong momentum continues, net adds leader (for the 29th consecutive quarter)1 MAINTAINING GROWTH LEADERSHIP , BALANCED VOLUME & VALUE APPROACH Focusing on subscriber satisfaction FRA: maintaining strong NPS (24 Mobile, 20 Fixed), #1 subscriber satisfaction (ARCEP) POL: Best Mobile NPS in 4 years for Play ITA: #1 NPS in Mobile & Fiber1 PURSUIT OF OUR STRATEGIC ROADMAP Datacenters: closing of OpCore incl. capex financing (€0.7Bn) to expand capacity by 100MW+ Scaleway: Acceleration in Public Cloud (partnerships with France TV, CNRS), bolt-on acquisition New offers: Freebox POP S, New Freebox Pro, New Fiber offer in Italy (WiFi 7) Fiber Poland: Expansion of PSO footprint with acquisition of part of Vectra’s network (+0.7m HP) LAUNCH OF STRATEGIC INITIATIVES Group EBITDAaL up 10% with margin up in all geographies / Group OFCF up 20% OFCF 2025 target of €2.0Bn confirmed Equity FCF x3 in H1 at €620M (before OpCore €440M proceeds and spectrum) IMPROVED ECONOMIC MODEL iliad Group financial leverage at 2.3x end-June 2025 Strong maturity profile with liquidities covering all maturities until part of 2028 STRENGTHENING OF THE CAPITAL STRUCTURE iliad Holding financial leverage at 3.4x end-June 2025 (restricted perimeter) Outlook upgraded to Positive by Fitch, Moody’s and S&P STRONG CREDIT PROFILE (1) Among the 4 largest telecom operators RESTRICTED PERIMETER H1 2025 RESULTS PRESENTATION
Page 5
Revenue growth league table (leading European Telcos) H1 2025 RESULTS PRESENTATION H1 2025 YOY ORGANIC SERVICES REVENUE GROWTH EUROPEAN OPERATIONS H1 2025 YOY ORGANIC EBITDAAL GROWTH EUROPEAN OPERATIONS (1) Organic / underlying (pro forma) growth (2) Nordics (3) includes equipment sales (4) iliad estimates (Germany + Europe) (5) iliad estimates (6) iliad estimates (France + Europe segments +50% Spain) (7) iliad estimates (Europe) (8) Domestic (9) rebased revenue growth incl. equipment of Belgium & Ireland +50% of VMO2 and VodafoneZiggo (10) iliad estimates (Spain + Germany + 50% VMED) (11) Reported Europe Revenues (1) Organic / underlying (pro forma) growth (2) Adjusted EBITDA - Nordics (3) iliad estimates (4) iliad estimates (Germany + Europe) – EBITDA AL adjusted for special factors (5) iliad estimates (adjusted EBITDA) (6) iliad estimates (France + Europe segments +50% Spain) (7) Adjusted EBITDAaL for Europe – Organic growth H2 FY25 (8) Like-for-Like Domestic EBITDAaL (9) Adjusted EBITDAaL as published (10) rebased growth of Belgium & Ireland +50% of VMO2 and VodafoneZiggo (11) iliad estimates (Spain + Germany + 50% VMED) (12) Change LFL (13) Underlying EBITDA at constant FX and adj. from a one-off in Sweden (14) Adj. EBITDAaL excl. IPR benefit, Althio, IPv4 sales #1 #1
Page 6
iliad Group unique telecom operator to deliver revenue growth in H1 25 Free #1 in overall satisfaction for Fixed and Mobile services (ARCEP survey) Focus on convergence (high single digit revenue growth in H1), churn and economic returns in a highly competitive market Key operating highlights - FRANCE 6 23.1m Subscribers 15.5m Mobile 7.6m Broadband H1 2025 RESULTS PRESENTATION 2.7 -1.0 -2.2 iliad Telco A Telco B Telco C Organic revenue growth in H1 251 % (1) Mid-single digit decline estimated by iliad for Telco C
Page 7
Strong performance in mobile 29th consecutive quarter as #1 in mobile net adds despite very-high competitive intensity Best commercial performance since Q3 2023 MNP leader in Q2 Continued market shares gain in Fiber #1 in Fiber net adds1 Launch of premium offer Coverage of 18m homes passed H1 Italy EBITDAaL €191M (+30% YoY) H1 Mobile OFCF €91M (+73% YoY) Key operating highlights - I TA LY 7 12.5m Subscribers 12.1m Mobile 0.4m Fiber H1 2025 RESULTS PRESENTATION Mobile net adds 000s 162 189 218 287 Q3 24 Q4 24 Q1 25 Q2 25 53 91 H1 24 H1 25 +38 (+73%) Mobile OFCF €M (1) Among the 4 largest telecom operators
Page 8
MNP leader for the 10th consecutive quarter Focus on more-for-more in postpaid (revenues +10% in H1 in PLN) Equipment sales down 8% in PLN post implementation of EECC, mitigation measures with instalments Fixed Broadband subscribers base up 2.5% YoY in a very promotional market Key operating highlights - POLAND 8 15.5m Subscribers 13.4m Mobile 2.1m Fixed (o.w. 1.7m Broadband) H1 2025 RESULTS PRESENTATION Mobile NPS1 15 18 19 20 24 June-21 Q2 22 Q2 23 H1 24 H1 25 (1) source: Smartscope
Page 9
Constant focus on subscribers satisfaction 9 20 mobile 24 24 57 24 Main Net Promoter Score (NPS) across the 3 countries Fiber Mobile mobile #1 Altnet #1 Overall 1 2 Best score for Play over the last 4 years (1) Among core brands (2) Among Top 4 telecom operators France: IPSOS – June 2025 Italy: BVA Doxa – May 2025 Poland: Smartscope – H1 2025 Free ranked no. 1 for overall satisfaction for Fixed and Mobile services in latest’s survey H1 2025 RESULTS PRESENTATION
Page 10
Strategic initiatives in Digital Infrastructures 10 Deal closed end-March 50% stake sale, €440m cash proceeds At start, 50+ MW combined power across our 8 best in class data center facilities in Paris, Lyon, Marseille + >100MW to be built post closing of €0.7Bn financing €2.5Bn investment plan over 10 years PŚO operates the largest open- access, wholesale-only fixed network in Poland with 4.1M homes passed Early June, PŚO has announced the take-over of part of Vectra's infrastructure covering approximately 2.3 million households, extending its reach by 670,000 households (80 cities) PŚO plans to modernize the existing network to the latest technologies, including migration from GPON to XGS-PON and extending FTTH coverage, thus providing speeds of up to 8 Gb/s Closing expected in H1 2026 Acquisition of Saagie, a French DataOps platform providing key technologies to accelerate data & AI projects Massive European AI “Gigafactory” initiative On June 26, 2025, Scaleway launched the AION consortium aiming to build next-generation AI infrastructure across Europe The project plans to deploy GPU clusters equivalent to 288,000 NVIDIA H100 GPUs (~ 200 MW of compute capacity) AION is founded on three pillars: strategic ambition via world-class infrastructure, European sovereignty through full control over the AI value chain (hardware to open-source software), and strong support for openness via public-private partnerships and open-source technologies (PŚO) H1 2025 RESULTS PRESENTATION
Page 11
€217M Improvement of Economic Model Service revenues +4% YoY1 €4.7Bn EBITDAaL +10% YoY2 €2.0Bn OFCF +20% YoY3 €1.2Bn 11 organic pro forma numbers: (1) +4.2% (2) +9.3% (3) +17.0% (4) Excluding net financing activities EFCF4 +€0.8bn YoY €942M H1 2025 RESULTS PRESENTATION H1 2025
Page 12
12 DIVERSIFIED PORTFOLIO OF ASSETS GENERATING DIVIDENDS Infrastructure assets Diversified geographies Strong share price increase for Tele2 and Millicom Strong dividend streams from partnerships and associates iliad / iliad Holding: a group with very solid fundamentals STRONG BALANCE SHEET Leverage at 2.3x (Opco) and 3.4x (Holdco) Strong liquidity position with maturities well spread Positive outlook from our 3 rating agencies STRONG VISIBILITY ON FCF GENERATION Peak capex behind in France Italy Mobile OFCF accelerating Strong and regular FCF generation for Poland * (1) By subscriber base, internal estimates June-2025 (2) Across 8 countries: France, Italy, Poland (iliad Group), Sweden, Lithuania, Latvia, Estonia (Tele2), Ireland (Eir) (3) Presence in 17 countries: iliad presence in Europe + Tigo (Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, N icaragua, Panama, Paraguay) * Voting rights H1 2025 RESULTS PRESENTATION
Page 13
Financial review Thomas Kienzi Group CFO
Page 14
14 Group Service Revenue Growth Poland H1 2025 +7.2%3 Italy France H1 2025 +2.4%2 H1 2025 +4.3% 1 H1 2025 +9.4% Reported numbers (1) +4.2% organic pro forma (2) +2.8% adjusted from the deconsolidation of Opcore from January 1st (3) +5.1% at constant FX H1 2025 RESULTS PRESENTATION
Page 15
Group Revenues 15 939 1,007 221 207 H1 2024 H1 2025 1,161 1,214 +7.2% +4.6% (+54) 3,020 3,093 177 180 H1 2024 H1 2025 3,197 3,273 +2.4% +2.4% (+76) 547 599 5 H1 2024 5 H1 2025 552 603 +9.4% +9.2% (+51) Equipment Service Solid performance of Service revenue in all geographies 4,498 4,693 404 392 H1 2024 H1 2025 4,902 5,086 +4.3% +3.8% (+184) +5.1% in local currency Reported numbers in €M (1) +2.8% adjusted from Opcore deconsolidation (2) +4.2% organic pro forma 1 2 H1 2025 RESULTS PRESENTATION
Page 16
Group EBITDAaL 16 147 191 H1 2024 H1 2025 +29.6% (+44) 476 544 H1 2024 H1 2025 +14.2% (+67) 1,235 1,311 147 191 476 544 H1 2024 H1 2025 1,859 2,046 +10.1% (+187) Poland Italy France +1.4 ppts 10% growth thanks to high operating leverage and costs discipline Margin up in the three geographies 38.6%EBITDAaL margin +4.9 ppts 26.7% 31.6% +3.7 ppts 41.0% 44.8% +2.3 ppts 37.9% 40.2%40.0% 1,235 1,311 H1 2024 H1 2025 +6.1% (+76) H1 2025 RESULTS PRESENTATION
Page 17
Group Capex 17 H1 2025 CAPEX €878M H1 2025 RESULTS PRESENTATION €306M €56M LTM CAPEX €2.03BN 20% Capex/sales €1.44BN €277M €293M (1) -12% excluding disposal of non-core fiber assets in Q1 2024 in France END-JUNE 631 629 133 118 124 131 H1 2024 H1 2025 888 878 -10 (-1.1%) Italy Poland France -0.3% -11.1% +5.4%
Page 18
Group OFCF 18 604 682 H1 2024 H1 2025 +12.9% (+78) 53 91 H1 2024 H1 2025 +73% (+38) 343 426 H1 2024 H1 2025 +23.9% (+82) 604 682 60 343 426 23 H1 2024 H1 2025 971 1,168 +20.3% (+197) Poland Italy France MOBILE OPERATIONS ONLY1 20% growth thanks to strong EBITDAaL and declining capex (1) Internal estimates H1 2025 RESULTS PRESENTATION
Page 19
OFCF trajectory 19 0.1 0.7 1.2 1.4 1.8 2.0 2020 2021 2022 2023 2024 2025F FY OFCF (€Bn) H1 20 H1 21 H1 22 H1 23 H1 24 H1 25 0.0 0.4 0.6 0.6 1.0 1.2 H1 OFCF (€Bn) FY25 OFCF target confirmed H1 2025 RESULTS PRESENTATION
Page 20
EFCF view - iliad Group 1,168 620 502 942 57 440 Group OFCF (334) Financial debt interests (85) IFRS 16 lease interests (186) Taxes Other Rec. EFCF pre spectrum (118) Spectrum Rec. EFCF OpCore proceeds EFCF H1 2025 EFCF1 BRIDGE (€M) 20(1) EFCF excludes net impact of financing activities €620M recurring EFCF (ex. Spectrum) in H1, up €401M Y o Y Var YoY +€188M +€401M +€843M +€403M x4 YoY H1 2025 RESULTS PRESENTATION
Page 21
iliad Group Liquidity profile & capital structure LEVERAGE ILIAD GROUP €M 31/12/2024 30/06/2025 Net debt 1 10,300 9,433 EBITDAaL (€M) 3,850 4,037 Leverage ratio 2.7x 2.3x Interests coverage2 8.5x 8.1x 3.2x 2.8x 2.7x 3.2x 3.0x 2.7x 2.3x 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 Jun-25 21 Acquisition of UPC + 5G license in Italy DEBT MATURITY PROFILE AT END-JUNE 20253 (€m) Cash & cash equivalents Iliad group available credit lines 4 66 34 9 26 32 724 220 365 390360 79 1,150 52 179 700 164 500 471 750 500 32 2025 74 2026 120 1,074 46 2027 118 €1.5BN 2029 €2.5BN 1,428 2030 60 Liquidity After 2030 €4.0BN 64 1,150 2,069 1,576 1,378 2,509 976 2028 Bonds iliad S.A. Bonds P4 Schuldschein Loans iliad S.A. (term loans, KfW, BEI) Loans P4 (1) Gross financial debt consists of short-term and long-term financial liabilities, including net cash flow hedges. In 2024, the de finition 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) Pro-forma to the closing of 41m€ in additional tranches after the reporting date under Iliad’s new €200 million Schuldschein announced on May 15, 2025, and the concurrent repayment of existing 2026 schuldschein maturities. (4) Includes undrawn amounts under the RCFs at Iliad SA and Play level H1 2025 RESULTS PRESENTATION
Page 22
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) Adj. EBITDAaL = EBITDAaL + includes dividends from iliad Holding’s associates (Eir, TRM, IFT) and Freya’s (Tele2) as per ilia d Holding OM definition – Dividends accounts for €184M in LTM H1 2025 (3) Interests coverage defined as (LTM) : Adj. EBITDAaL / net financial interests paid 22 RESTRICTED PERIMETER €M 31/12/2024 30/06/2025 Net adjusted financial debt 1 15,180 14,500 Adj. EBITDAaL2 (€M) 3,957 4,215 Leverage ratio 3.8x 3.4x Interests coverage 3 5.3x 5.2x 4.6x 4.4x 4.4x 3.9x 3.8x 3.4x 2.5 3.0 3.5 4.0 4.5 5.0 LTM H1- 2021 Dec-2021 2022 2023 2024 Jun-25 Freya consolidation DEBT MATURITY PROFILE AT END-JUN 2025 (€m) 300 742 600 750 739 Liquidity 2025 2026 2027 2028 2029 2030 1,597 After 2030 333 1,481 2,347 33 Bonds (USD) Bonds (EUR) Cash & cash equivalents available RCFs H1 2025 RESULTS PRESENTATION
Page 23
Appendix
Page 24
ESG Update in 2025 24 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 2024 Gender Equality Index2 improving by 4 points to 94/100 Upgrade by one notch from BB to BBB H1 2025 RESULTS PRESENTATION
Page 25
APPENDIX 25 Numbers in millions (unless stated otherwise) 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FRANCE Mobile subscribers 14.4 14.5 14.8 15.0 15.2 15.3 15.5 15.5 15.5 15.5 o.w. 4G/5G plans 10.4 10.6 10.9 11.1 11.3 11.5 11.7 11.8 11.9 11.9 o.w. voice plan 4.0 3.9 3.9 3.9 3.9 3.8 3.8 3.7 3.7 3.6 Broadband subscribers 7.2 7.3 7.3 7.4 7.5 7.5 7.6 7.6 7.6 7.6 o.w. FTTH 4.9 5.1 5.3 5.5 5.7 5.9 6.1 6.2 6.3 6.4 FTTH take-up (in %) 67.4% 69.8% 72.1% 74.4% 76.6% 78.7% 80.3% 81.7% 83.2% 84.5% Connectible FTTH sockets 32.5 33.5 34.3 35.3 36.3 37.0 37.6 38.3 38.8 39.4 Total subscriber base 21.6 21.8 22.1 22.4 22.7 22.9 23.0 23.1 23.1 23.1 ITALY Mobile subscribers 9.8 10.1 10.5 10.7 11.0 11.3 11.4 11.6 11.9 12.1 Broadband subscribers 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 Total subscriber base 10.0 10.3 10.6 10.9 11.3 11.6 11.8 12.0 12.2 12.5 POLAND Active mobile subscribers ex-M2M and technical SIMs 12.8 12.9 13.0 13.1 13.2 13.3 13.3 13.3 13.3 13.4 o.w. postpaid 9.1 9.2 9.3 9.4 9.4 9.5 9.6 9.7 9.7 9.7 o.w. prepaid 3.7 3.8 3.8 3.7 3.7 3.8 3.8 3.7 3.7 3.7 Fixed subscribers (incl. Home products from Play) 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1 Total active subscriber base 14.8 14.9 15.1 15.2 15.2 15.4 15.4 15.4 15.4 15.5 GROUP TOTAL SUBSCRIBERS BASE 46 47 48 49 49 50 50 51 51 51 iliad KPIs All numbers are in millions unless otherwise stated H1 2025 RESULTS PRESENTATION
Page 26
iliad Revenues APPENDIX 2023 2024 2025 Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 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 2,551 5,086 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 1,640 3,273 Fixed services 796 815 1,611 832 2,442 854 3,300 871 900 1,778 920 2,698 912 3,610 925 927 1,853 Mobile services 580 595 1,175 623 1,798 623 2,422 618 627 1,245 644 1,889 638 2,527 622 621 1,243 o/w billed to subscribers 510 525 1,034 554 1,588 547 2,165 558 568 1,125 586 1,711 580 2,292 566 569 1,135 Equipment 71 67 134 86 220 104 324 99 84 177 106 283 121 404 87 93 180 Intercompany sales – France (2) (1) (2) (2) (4) (2) (6) (2) (1) (3) (1) (5) (2) (6) (1) (1) (3) Italy (€m) 241 254 496 269 764 296 1,061 272 280 552 291 843 302 1,145 298 306 603 Service revenues 239 252 488 266 754 293 1,046 270 278 547 288 835 299 1,134 295 304 599 Poland (€m) 507 529 1,036 552 1,588 569 2,157 577 584 1,161 601 1,761 604 2,366 607 607 1,215 Service revenues 405 426 831 445 1,287 456 1,733 461 478 939 501 1,440 494 1,934 503 505 1,007 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 2,587 5,139 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 1,327 2,633 Other service revenues 308 316 624 328 952 339 1,291 296 301 597 330 927 309 1,236 292 345 636 Fixed (previously Home) 477 486 963 495 1,457 499 1,956 505 510 1,015 513 1,528 509 2,037 514 479 992 Equipment 476 472 948 478 1,426 500 1,927 501 455 956 429 1,384 477 1,861 440 437 877 Intragroup sales (3) (4) (7) (5) (12) (4) (16) (4) (1) (5) (8) (14) (6) (21) (3) (0) (3) 26H1 2025 RESULTS PRESENTATION
Page 27
iliad Key Financial Indicators APPENDIX 2023 2024 2025 Q1 H1 9M FY Q1 H1 9M FY Q1 H1 Group revenues 2,186 4,443 6,797 9,241 2,431 4,902 7,456 10,024 2,535 5,086 o.w. France 1,442 2,918 4,457 6,040 1,586 3,197 4,865 6,534 1,634 3,273 o.w. Italy 241 496 764 1,061 272 552 843 1,145 298 603 o.w. Poland 507 1,036 1,588 2,157 577 1,161 1,761 2,366 607 1,214 EBITDAaL 783 1,642 2,545 3,444 878 1,859 2,892 3,850 931 2,046 o.w. France 498 1,110 1,736 2,392 573 1,235 1,947 2,604 578 1,311 o.w. Italy 64 117 189 247 71 147 232 308 89 191 o.w. Poland 221 415 620 805 233 476 713 938 264 544 Cash Capex (excluding frequencies) 553 1,040 1,643 2,016 418 888 1,489 2,022 429 878 o.w. France 442 785 1,262 1,501 278 631 1,081 1,444 272 629 o.w. Italy 59 122 194 243 80 124 191 271 22 131 o.w. Poland 52 133 186 272 60 133 217 307 207 118 Net financial debt 10,614 10,472 10,342 10,243 10,210 10,252 10,303 10,301 9,703 9,433 LTM EBITDAaL 3,372 3,368 3,427 3,444 3,539 3,660 3,790 3,850 3,903 4,037 27H1 2025 RESULTS PRESENTATION
Page 28
Organization chart of iliad Holding Group 28 On July 1st, 2025, iliad Holding S.A.S. (“IH”) , announced that it has successfully completed an internal corporate reorganization (the “Corporate Reorganization”), pursuant to which IH has transferred all or substantially all of its assets to Holdco II S.A.S. (“H II”), a société par actions simplifiée organized and existing under the laws of France. Shortly after the Corporate Reorganization H II, which remained indirectly fully owned by the Niel Family group, has been renamed iliad Holding S.A.S. * * Previous name was Holdco II S.A.S. H1 2025 RESULTS PRESENTATION
Page 29
Corporate Family Rating BB Positive outlook Ba3 Positive outlook BB Positive outlook Stand-alone credit profile bb+ Na bb+ Ratings Bond issuances B+ B2 BB- Bond issuances BB Ba2 BB 29H1 2025 RESULTS PRESENTATION
Page 30
Glossary APPENDIX 30 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 H1 2025 RESULTS PRESENTATION