Slides
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9M 2025 results November 19, 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 – 9M 2025 in a wrap 9M 2025 RESULTS PRESENTATION 4 Group service revenues 3.5%, maintaining European leadership FRA: improved commercial performance in Q3, iliad still only operator to grow in France YTD POL: acceleration in postpaid & FBB, MNP leader (11th consec. Quarter) ITA: strong momentum continues, net adds leader (for the 30th consecutive quarter)1 MAINTAINING GROWTH LEADERSHIP WITH BALANCED APPROACH, GOOD COMMERCIAL MOMENTUM Launch of the Free TV app, with France’s largest no-cost TV offering (over 170 channels, catch-up service covering 25,000 programs and Free Ciné – catalog 500+ movies and 1,000+ series episode) Unique partnership with Netflix : launch of a Freebox Ultra limited edition (Stranger Things) Launch of mVPN in France: the first VPN integrated into a mobile network (incl. in its 4G/5G plans) Synergizing AI : AI-powered customer care/call center transcripts and analytics in partnership with Scaleway KEEPING INNOVATION AT HEART TO FUEL DIFFERENTIATION Group EBITDAaL +6% (Group EBITDAaL margin up 90bps) Group OFCF +25% YoY (€1.8 billion) OFCF 2025 target of €2.0Bn to be overachieved Equity FCF x3.3 in 9M at €1.1bn (before OpCore €440M proceeds and spectrum) STRONG ECONOMIC PERFORMANCE iliad Group financial leverage at 2.3x end-Sept 2025 Strong maturity profile with liquidities covering most maturities until 2028 STRENGTHENING OF THE CAPITAL STRUCTURE iliad Holding financial leverage at 3.4x end-Sept 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
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Revenue growth league table (leading European Telcos) 3.4% 3.0% 2.7% 1.9% 1.6% 1.5% 1.3% -0.6% -0.9% -1.0% -1.8% -3.2% -3.5% 0.0% (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) iliad estimate based on H1 results – all revenues (12) Altice France – 9M not disclosed – iliad estimate 1 2 8 1 5 74 11 9106 5 311 9M 2025 YOY ORGANIC SERVICES REVENUE GROWTH EUROPEAN OPERATIONS 9M 2025 RESULTS PRESENTATION 12 H1
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Combining revenue growth and strong OFCF generation 69M 2025 RESULTS PRESENTATION -8% -7% -6% -5% -4% -3% -2% -1% 1% 2% 3% 4% -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 9M 2025 Organic service revenue growth 9M OFCF growth 3.4% Serv. Revenue growth / 25.0% OFCF growth * CK Hutchison Europe not included as capex not reported
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iliad Group unique telecom operator to deliver revenue growth in 9M 25 Commercial momentum accelerating in Q3, especially in 4G/5G mobile (best quarter since Q3 2024) Free #1 in overall satisfaction for Fixed and Mobile services (ARCEP survey) Focus on convergence (7%+ revenue growth in 9M), churn and economic returns in a highly competitive market Key operating highlights - FRANCE 7 23.2m Subscribers 15.7m Mobile 7.6m Broadband 9M 2025 RESULTS PRESENTATION 1.8 -1.0 -2.2 iliad Telco A Telco B Telco C Organic revenue growth in 9M 251 %
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iliad Italia recognized as strongest Italian telecom brand1 Another strong performance in mobile 30th consecutive quarter as #1 in mobile net adds MNP leader in Q3 Continued market shares gain in Fiber #1 in Fiber net adds1 9M Italy EBITDAaL €295M (+27% YoY) 9M Italy OFCF €102M (x2.5 YoY) Key operating highlights - I TA LY 8 12.8m Subscribers 12.4m Mobile 0.5m Fiber 9M 2025 RESULTS PRESENTATION iliad net adds 000s 89 139 9M 24 9M 25 +50 (+57%) Mobile OFCF €M (1) Brand Finance 2025 (2) Among the 4 largest telecom operators 36 33 40 32 32 162 189 218 287 209 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 198 222 258 319 241 +43 Mobile net adds Fiber net adds
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MNP leader for the 11th consecutive quarter and best quarter so far in 2025 in postpaid, Broadband momentum accelerating in Q3 Focus on more-for-more in postpaid (revenues +9% in 9M in PLN) Fixed Broadband subscribers base up 2.9% YoY in a very promotional market Key operating highlights - POLAND 9 15.6m Subscribers 13.5m Mobile 2.1m Fixed (o.w. 1.7m Broadband) 9M 2025 RESULTS PRESENTATION Mobile revenues billed to subscribers (PLNm) 3,745 4,010 9M 2024 9M 2025 +7.1%
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€217M Improvement of Economic Model Service revenues +3.5% YoY1 €7.7Bn EBITDAaL +5.6% YoY2 €3.1Bn OFCF +25.0% YoY3 €1.8Bn 10 organic : (1) +3.4% (2) +5.1% (3) +24.1% (4) Excluding net financing activities (5) Net debt / EBITDAaL LTM EFCF4 +€1.1bn YoY €1.3Bn 9M 2025 RESULTS PRESENTATION 9M 2025 €217M Leverage5 -0.4x YtD 2.3x
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Financial review Thomas Kienzi Group CFO
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12 Group Service Revenue Growth 9M 2025 RESULTS PRESENTATION Poland 9M 2025 +6.1%3 Italy France 9M 2025 +1.5%2 9M 2025 +3.5%1 9M 2025 +9.6% Reported numbers (1) +3.4% organic pro forma (2) +1.8% adjusted from the deconsolidation of Opcore from January 1st (3) +4.5% at constant FX
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Group Revenues 9M 2025 RESULTS PRESENTATION 13 1,440 1,527 321 312 9M 2024 9M 2025 1,761 1,839 +6.1% +4.4% (+78) 4,582 4,649 283 291 9M 2024 9M 2025 4,865 4,939 +1.4% +1.5% (+74) 835 916 8 9M 2024 8 9M 2025 843 924 +9.6% +9.5% (+80) Equipment Service Solid performance of Service revenue in all geographies 6,843 7,081 613 612 9M 2024 9M 2025 7,456 7,693 +3.5% +3.2% (+237) +4.5% in local currency Reported numbers in €M +3.4% organic +1.8% adj. from Opcore deconsolidation
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Group EBITDAaL 14 232 295 9M 2024 9M 2025 +26.9% (+62) 713 786 9M 2024 9M 2025 +10.1% (+72) 1,947 1,974 232 295 713 786 9M 2024 9M 2025 2,892 3,054 +5.6% (+162) Poland Italy France Stable 6% growth driven by solid operating leverage and costs discipline 40.0%EBITDAaL margin +4.4 ppts 27.5% 31.9% +2.1 ppts 40.6% 42.6% +0.9 ppts 38.8% 39.7%40.0% 1,947 1,974 9M 2024 9M 2025 +1.4% (+28) 9M 2025 RESULTS PRESENTATION
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Group Capex 9M 2025 RESULTS PRESENTATION 9M 2025 CAPEX €1.30Bn €306M €56M LTM CAPEX €1.83BN 18% Capex/Sales €1.29BN €272M €273M (1) -12% excluding disposal of non-core fiber assets in Q1 2024 in France END-SEPT 1,081 926 217 183 191 192 9M 2024 9M 2025 1,489 1,302 -188 (-12.6%) Italy Poland France -14.3% -15.9% +0.6% 15
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Group OFCF 866 1,048 9M 2024 9M 2025 +21.0% (+182) 89 139 9M 2024 9M 2025 +56.5% (+50) 496 603 9M 2024 9M 2025 +21.5% (+107) 866 1,048 102496 603 41 9M 2024 9M 2025 1,402 1,753 +25.0% (+350) Poland Italy France MOBILE OPERATIONS ONLY1 25% growth thanks to strong EBITDAaL and declining capex Each country delivered >20% growth (1) Internal estimates 169M 2025 RESULTS PRESENTATION
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OFCF trajectory 9M 2025 RESULTS PRESENTATION 9M 21 9M 22 9M 23 9M 24 9M 25 0.4 0.8 0.9 1.4 1.8 FY 25 e >2.0 9M OFCF (€Bn) FY25 OFCF target of €2.0Bn to be overachieved 17
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EFCF view - iliad Group 1,753 1,139 895 1,335 164 440 Group OFCF (363) Financial debt interests (113) IFRS 16 lease interests (301) Taxes NWC and other Rec. EFCF pre spectrum (244) Spectrum Rec. EFCF OpCore proceeds EFCF 9M 2025 EFCF1 BRIDGE (€M) 18(1) EFCF excludes net impact of financing activities €1.13Bn recurring EFCF (ex. Spectrum) in 9M, up €795M Y o Y Var YoY +€350M +€795M +€1.1BN +€697M x4.5 YoY 9M 2025 RESULTS PRESENTATION
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iliad Group Liquidity profile & capital structure LEVERAGE ILIAD GROUP €M 31/12/2024 30/09/2025 Net debt1 10,300 9,315 EBITDAaL (€M) 3,850 4,013 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 Sep-25 19 Acquisition of UPC + 5G license in Italy DEBT MATURITY PROFILE AT END-SEPT 2025 (€m) Cash & cash equivalents Iliad group available credit lines 3 (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) Includes undrawn amounts under the RCFs at Iliad SA and Play level 9M 2025 RESULTS PRESENTATION 66 34 9 7 7 7 12 724 220 365 30 330360 79 52 500 176 700 164 600 471 750 500 46 2027 118 2028 1,150 2029 1,421 2030 30 2031 60 €2.3BN €2.5BN 2032Liquidity 2033 2034 €4.8BN 33 1,147 2,066 21 1,378 2,501 537 697 337 1,576 2025 74 2026 117 1,074 4 Bonds iliad S.A. Bonds P4 Schuldschein Loans iliad S.A. Loans P4
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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, adjusted EBITDAaL is defined as EBITDAaL + adjustments permitted under iliad Holding OM, of which mainly dividends received from equity-accounted investees (eir, TRM, SPIN, Tele2) (3) Interests coverage defined as (LTM) : Adj. EBITDAaL / net financial interests paid 20 RESTRICTED PERIMETER €M 31/12/2024 30/09/2025 Net adjusted financial debt1 15,180 14,329 Adj. EBITDAaL2 (€M) 3,957 4,198 Leverage ratio 3.8x 3.4x Interests coverage 3 5.3x 4.8x 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 Sep-25 Freya consolidation DEBT MATURITY PROFILE AT END-SEPT 2025 (€m) Cash & cash equivalents available RCFs 9M 2025 RESULTS PRESENTATION 300 742 600 750 750 739 847 3 Liquidity 2025 2026 2027 2028 2029 2030 2031 2032 303 1,481 1,597 Bonds (USD) Bonds (EUR)
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Appendix
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ESG Update in 2025 22 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 9M 2025 RESULTS PRESENTATION
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APPENDIX 23 Numbers in millions (unless stated otherwise) 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FRANCE Mobile subscribers 14.4 14.5 14.8 15.0 15.2 15.3 15.5 15.5 15.5 15.5 15.7 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 12.1 Broadband subscribers 7.2 7.3 7.3 7.4 7.5 7.5 7.6 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 6.5 FTTH take-up (in %) 67.4% 69.8% 72.1% 74.4% 76.6% 78.7% 80.3% 81.7% 83.2% 84.5% 86.1% Connectible FTTH sockets 32.5 33.5 34.3 35.3 36.3 37.0 37.6 38.3 38.8 39.4 39.8 Total subscriber base 21.6 21.8 22.1 22.4 22.7 22.9 23.0 23.1 23.1 23.1 23.2 ITALY Mobile subscribers 9.8 10.1 10.5 10.7 11.0 11.3 11.4 11.6 11.9 12.1 12.4 Broadband subscribers 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 Total subscriber base 10.0 10.3 10.6 10.9 11.3 11.6 11.8 12.0 12.2 12.5 12.8 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 13.5 o.w. postpaid 9.1 9.2 9.3 9.4 9.4 9.5 9.6 9.7 9.7 9.7 9.8 o.w. prepaid 3.7 3.8 3.8 3.7 3.7 3.8 3.8 3.7 3.7 3.7 3.7 Fixed Broadband subscribers 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.7 1.7 1.7 1.7 Total active subscriber base 14.8 14.9 15.1 15.2 15.2 15.4 15.4 15.4 15.4 15.5 15.6 GROUP TOTAL SUBSCRIBERS BASE 46 47 48 49 49 50 50 51 51 51 52 iliad KPIs All numbers are in millions unless otherwise stated 9M 2025 RESULTS PRESENTATION
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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 Q2 H1 Q3 9M 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 2,607 7,693 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 1,666 4,939 Fixed services 796 815 1,611 832 2,442 854 3,300 871 907 1,778 920 2,698 912 3,610 925 927 1,853 927 2,780 Mobile services 580 595 1,175 623 1,798 623 2,422 618 627 1,245 644 1,889 638 2,527 622 621 1,243 630 1,873 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 1,135 574 1,709 Equipment 71 67 134 86 220 104 324 99 78 177 106 283 121 404 87 93 180 110 291 Italy (€m) 241 254 496 269 764 296 1,061 272 280 552 291 843 302 1,145 298 306 603 320 924 Service revenues 239 252 488 266 754 293 1,046 270 278 547 288 835 299 1,134 295 304 599 317 916 Poland (€m) 507 529 1,036 552 1,588 569 2,157 577 584 1,161 601 1,761 604 2,366 607 607 1,214 645 1,839 Service revenues 405 426 831 445 1,287 456 1,733 461 478 939 501 1,440 494 1,934 503 505 1,007 520 1,527 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 2,661 7,799 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 1,377 4,010 Other service revenues 308 316 624 328 952 339 1,291 312 317 628 345 973 318 1,291 310 326 636 343 979 Fixed (previously Home) 477 486 963 495 1,457 499 1,956 489 495 984 498 1,482 500 1,982 495 497 992 495 1,487 Equipment 476 472 948 478 1,426 500 1,927 501 455 956 429 1,384 477 1,861 440 437 877 446 1,323 249M 2025 RESULTS PRESENTATION
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iliad Key Financial Indicators APPENDIX 2023 2024 2025 Q1 H1 9M FY Q1 H1 9M FY Q1 H1 9M Group revenues 2,186 4,443 6,797 9,241 2,431 4,902 7,456 10,024 2,535 5,086 7,693 o.w. France 1,442 2,918 4,457 6,040 1,586 3,197 4,865 6,534 1,634 3,273 4,939 o.w. Italy 241 496 764 1,061 272 552 843 1,145 298 603 924 o.w. Poland 507 1,036 1,588 2,157 577 1,161 1,761 2,366 607 1,214 1,839 EBITDAaL 783 1,642 2,545 3,444 878 1,859 2,892 3,850 931 2,046 3,054 o.w. France 498 1,110 1,736 2,392 573 1,235 1,947 2,604 578 1,311 1,974 o.w. Italy 64 117 189 247 71 147 232 308 89 191 295 o.w. Poland 221 415 620 805 233 476 713 938 264 544 786 Cash Capex (excluding frequencies) 553 1,040 1,643 2,016 418 888 1,489 2,022 429 878 1,302 o.w. France 442 785 1,262 1,501 278 631 1,081 1,444 272 629 926 o.w. Italy 59 122 194 243 80 124 191 271 22 131 192 o.w. Poland 52 133 186 272 60 133 217 307 207 118 183 Net financial debt 10,614 10,472 10,342 10,243 10,210 10,252 10,303 10,301 9,703 9,433 9,315 LTM EBITDAaL 3,372 3,368 3,427 3,444 3,539 3,660 3,790 3,850 3,903 4,037 4,012 259M 2025 RESULTS PRESENTATION
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Organization chart of iliad Holding Group 26 9M 2025 RESULTS PRESENTATION
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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 279M 2025 RESULTS PRESENTATION
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Glossary APPENDIX 28 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 9M 2025 RESULTS PRESENTATION