Slides
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AUGUST 27, 2026 H1 2026 RESULTS
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o This document has been prepared by iliad S.A. (the "Company”) and is being furnished to you solely for your information and personal use. o This presentation includes only summary information and does not purport to be comprehensive. o 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. o 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. o 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. o 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 01
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(1) Organic / underlying (pro forma) growth (2) iliad estimates (Germany + Europe) (3) Vodafone Europe (4) iliad estimates (France + Europe segments +50% Spain) (5) iliad estimates (6) Nordics (7) Domestic (8) Domestic Services Revenues pro forma (9) iliad estimates (Spain + Germany + 50% VMED) (10) includes equipment sales (11) rebased revenue growth incl. equipment of Belgium & Ireland +50% of VMO2 and VodafoneZiggo (12) Total revenues excluding equipment sales H1 2026 RESULTS 3.4% 2.5% 2.4% 0.9% 0.7% 0.4% 0.4% 0.2% 0.2% 0.1% -1.8% -1.8% -2.8% -4.2% 0.0% -8.4% 1 3 1 7 811 2 4 1095 106 11 1 H 1 2026 YoY organic service revenue growth European Operations Growth leader for the 5th consecutive year France 12
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Strong Economic Performance Growth leadership, record satisfaction, innovation, stronger credit profile, major strategic milestoneKey messages H1 2026 RESULTS +3.4% Organic service revenue growth % % Best NPS in France and Italy In both Fixed and Mobile, highest ever NPS scores Innovation Focus Boosted Credit Profile Healthy Balance Sheet 2.2x Leverage for iliad Group 3 Rating upgrades leader quality 5G+ Free Mobile ranked by Opensignal as leader in Europe for 5G 3.0x Leverage for iliad Holding +32 EFCF growth1 (1) H1 2025 adjusted from OpCore proceeds (440m€) SFR Transaction A major Strategic Milestone +10 OFCF growth Great for subscribers, for the telecom industry, for France, for iliad
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Best-in-class NPS performance H1 2026 RESULTS #1 OVERALL1 France: IFOP – (April 2026 survey) I Italy: IFOP Doxa (May 2026 survey) I Poland : Smartscope – (July 2026 survey) Record highs for iliad in France and Italy 35 31 #1 OVERALL #2 MOBILE +2pts NPS Fiber NPS Mobile +1pt 63 52+19pts NPS Fiber NPS Mobile +2pts 16 NPS Fixed + Mobile = up compared to last survey up compared to last survey 1) Among the 4 historical brands 20 NPS Mobile
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With a score of 94% for the “Consistent Quality” indicator, Free came top out of all the European operators surveyed by Opensignal for the quality of their 5G SA (5G+) service. This indicator combines several different factors, including download speed, upload speed and latency. Free, Europe’s 5G+ quality leader H1 2026 RESULTS European region in this analysis comprises the EU -27 markets (excluding Malta), the United Kingdom, Switzerland and Norway. Includes 11 operators with widescale commercial 5G SA rollout, defined as having “Time on 5G SA” among 5G users of at least 4% after rounding. Source: Opensignal | among 5G users | Using data collected over Q1 2026 period : 01 January – 31 March 2026 (90 days)
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Innovation & growth initiatives H1 2026 RESULTS (1) First no-commitment plan in Europe incl. unlimited mobile data, call and SMS across 135+ destinations, as of launch date (2) Only offer on the Italian market incl. up to 30GB of roaming in at least 70 non -EU countries below €40/month, as of launch date (3) First telecom operator in France to offer Youtube Premium at a preferential rate to its subscribers iliad Italia, launch of 5G box casa iliad Italia, launch of TOP 30 MONDO Free Pro, New business mobile plans 1 2 3
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France H1 2026 Key Highlights H1 2026 RESULTS Historical high NPS FTTH Adoption Rate 3 OFCF +1.5 YoY in H1 2026 +6 YoY in H1 2026 #1 Free number one1 among leading brands, with historical highs for Fixed & Mobile NPSMobile Good commercial momentum for our 4G / 5G offers for both B2C and B2B Churn Strong improvement in churn rates in Broadband and Mobile Free Mobile #1 (OpenSignal) in Europe in 5G+ BTS program Agreement with TDF for 2,500 new BTS 23.4M 15.8M 7.6M Subscribers Mobile Subscribers Broadband Subscribers €6.68Bn LTM revenues (1) IFOP – June 2026 based on April 2026 data collection (2) Total revenues excluding equipment sales, organic (3) Fibre subscribers on total broadband subscribers base Scaleway Strong commercial traction with major contract wins % % >90% Service revenues 2
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YoY in H1 2026 YoY in H1 2026 Commercial performance Efficient value & volume balance 15.8M 13.6M 2.1M Subscribers Mobile Subscribers Broadband Subscribers €2.53Bn LTM revenues #1 in B2C o/w 1.7m broadband (1) End-June 2026 vs. End-June 2025 (2) Total revenues excluding equipment revenues, in local currency Network modernization 90% 5G pop coverage Expanded Fibre footprint FTTH covering 8.2m HP Total pop. coverage 11.7m HP o/w PŚO covering 5.2m HP Improved home internet performance Speedtest.pl ranking Play as ‘leading home internet operator’ Focus on more- for-more In postpaid And improved customer experience Lower churn Convergence +3.6ppts1 OFCF +5 +7 % % Poland H1 2026 Key Highlights H1 2026 RESULTS Service revenues 2
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Service revenues 2 YoY in H1 2026 YoY in H1 2026 OFCF +10 +75 % % Italy H1 2026 Key Highlights H1 2026 RESULTS 13.3M 12.8M 0.6M Subscribers Mobile Subscribers Broadband Subscribers €1.31Bn LTM revenues (1) Among the 4 leading telecom brands (2) Total revenues excluding equipment revenues Market leader In Mobile & Fixed broadband1 net adds in H1 Highest NPS 1 Historical highs for Fixed & Mobile Among leading brands For fixed and mobile NPS #1 Disrupting traditional marketing ‘Megan Gale torna in Italia con iliad’ 5G BOX CASA Launch of FWA offer early June TOP 30 MONDO Launch early July of new mobile offer with roaming focus 52 63 NPS Fiber NPS Mobile
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SFR transaction: Great for subscribers, for the telecom industry, for France and for iliad Group H1 2026 RESULTS 31 M+ €9B €2.5B 1) pro forma Free + acquired subscribers base 2) Based on 2025 figures 3) 5 years post closing RED subscriber base: growing subscribers base, value-for-money, high compatibility with Free's DNA New spectrum reinforces network quality for existing & future subscribers Reinforce Free’s maverick position Industrial synergies from network & IT Higher subscriber density on Free's networks Focus on B2C mobile subscribers easing integration and migration process More efficient competition based on improved scale and networks quality Frees up capacity to invest in cloud, AI & digital infras with sovereignty as a focus Long-term industrial vision for France's digital infrastructure Strengthen iliad’s capacity to innovate and disrupt the market Acquires RED subs. base, part of SFR subs. base & spectrum Significant economies of scale Digital sovereignty & AI STRONGER CHALLENGER SCALE & SYNERGIES INVESTMENT ACCELERATOR Mobile and Fixed Subscribers in France1 Revenues2 in France Run-rate3 OFCF in Francec. c.
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Strong momentum for Scaleway
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* including on-going development projects 1) OpCore is a 50/50 (iliad / Infravia) DC platform 100% EU Sovereign Data Centers SOVEREIGN BY DESIGN Paris6 / Paris7 / Paris8 / Paris9 Hyperscaler focus with c.120MW net IT in Prime area europe’s sovereign infrastructure H1 2026 RESULTS for Next-Gen AI Portfolio Scaling up Power & secured at the source Innovation built in-house Native EU regulatory compliance 100% FR & EU owned champion FRANCE - PARIS FRANCE - REGIONS POLAND Via organic site developments Greater Paris (Montereau) Next-generation infrastructure engineered to maximize token creation, secure energy access, and support high-density compute NEXT STEPS 400 MW+* secured with a clear path to grow futher through large power capacities 1
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Reminder of our strategic priorities for 2026 H1 2026 RESULTS DELIVER PROFITABLE ORGANIC GROWTH INCREASE RECURRING EFCF ACCELERATE AI IMPLEMENTATION 1 PLAY CENTRAL ROLE IN CONSOLIDATION IN OUR MARKETS 1) Investments in Cloud, Data Centers and Computing Power dedicated to Artificial Intelligence
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Thomas Kienzi GROUP CFO 02
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ITALY €665m +10.2% vs. H1 25 €659m (+10.1% YoY) €6m (+22.8% YoY) SERVICES EQUIPMENT H1 26 revenue GROUP €5,241m +3.0%(1) vs. H1 25 Services: €4,838m (+3.1%(2) YoY) Equipment: €402m (+2.5% YoY) FRANCE €3,324m +1.5%(3) vs. H1 25 SERVICES €3,126m (+1.1%(4) YoY) EQUIPMENT €198m (+9.6% YoY) (1) +3.4% organic pro forma (2) +3.4% organic pro forma (3) +1.9% organic pro forma (4) +1.5% organic pro forma (5) +3.8% in local currency (6) +5.4% in local currency POLAND €1,257m +3.5%(5) vs. H1 25 €1,059m (+5.1%(6) YoY) €199m (−4.1% YoY) SERVICES EQUIPMENT H1 2026 RESULTS 3.0% growth (3.4% organic) driven by services revenue across all regions
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191 229 H1 2025 H1 2026 +20.2% (+39) 544 575 H1 2025 H1 2026 +5.8% (+31) 2,046 2,091 H1 2025 H1 2026 +2.2% (+45) 40.1%EBITDAaL margin 31.6% 34.5% 44.8% 45.7% 39.9% 40.2%38.7% 1,311 1,286 H1 2025 H1 2026 -1.9% (-25) o/w +1.4% in Q2 Group EBITDAaL H1 2026 RESULTS 2% growth with seasonal effects in France offset by Italy and Poland
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H1 2026 CAPEX (EURm) €56M 629 561 118 119 131 124 H1 2025 H1 2026 878 804 -74 (-8.4%) Italy Poland France End-June 2026 Normalization of investment levels continues Group Capex H1 2026 RESULTS 5G POP COVERAGE 95% France 90% Poland 98% Italy HOMES PASSED 41.0M France (FTTH) 20.1M Italy (FTTH) 11.7M Poland (o.w. 8.2M FTTH)
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682 725 H1 2025 H1 2026 +6.4% (+43) 60 106 H1 2025 H1 2026 +75.2% (+45) 426 456 H1 2025 H1 2026 +7.1% (+30) 682 725 60 106 426 456 H1 2025 H1 2026 1,168 1,287 +10.2% (+119) Poland Italy France Group OFCF H1 2026 RESULTS 10% growth thanks to EBITDAaL growth and declining capex Each country contributes to the OFCF growth
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1,287 699 661 Group OFCF (272) Financial debt interests (109) IFRS 16 lease interests (209) Taxes 4 NWC and other EFCF pre spectrum (39) Spectrum EFCF H1 2026 EFCF1 BRIDGE (€m) (1) EFCF excludes net impact of financing activities €661m EFCF in H1, up €159m YoY Var YoY +€117m +€80m +€159m +32% YoY With this strong performance , the Group aims to generate an EFCF exceeding €1.0bn in 2026 +13% YoY * * * * * H1 2025 adjusted from OpCore proceeds (440m€) EFCF view - iliad Group H1 2026 RESULTS -€62m +€34m +€23m -€79m-€42m
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LEVERAGE ILIAD GROUP 3.2x 3.0x 2.7x 2.3x 2.2x 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 2022 2023 2024 2025 H1 26 (1) Gross financial debt consists of short-term and long-term financial liabilities, including net cash flow hedges. In 2024, th e 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) Pro-forma to i) the issuance of €650m new iliad SA bond on 22 July 2026 with maturity in 2031 and ii) Exercise of the Make -Whole Call option on the €750m iliad SA bond initially maturing in 2027, which notice was issued on 23 July 2026 and payment is due on 7 August 2026. (4) Includes undrawn amounts under the RCFs at Iliad SA and Play level. Excludes €6.5bn debt package signed on 6 June 2026 to finance iliad’s share of the potential SFR acquisiton PRO-FORMA DEBT MATURITY PROFILE AT END-JUNE 20263 (€m) Cash & cash equivalents Iliad group available credit lines 4 €M 31/12/2025 30/06/2026 Net debt1 9,430 8,996 LTM EBITDAaL (€M) 4,042 4,087 Leverage ratio 2.3x 2.2x Interests coverage2 8.5x 9.8x iliad Group Liquidity profile & capital structure H1 2026 RESULTS 55 47 35 10 1,412 9 9 9 37 74 724 220 365 530 30 33073 79 1,150 52 1,150700 338 600 500 116 2027 118 2028 2029 2030 €1.3BN 60 €3.5BN Liquidity 2032 116 2026 2033 2034 €4.7BN 165 316 1,577 1,380 2,667 1,689 699 455 5 2031 Bonds iliad S.A. Bonds P4 Schuldschein Loans iliad S.A. (term loans, KfW, BEI) Loans P4
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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 (mainly dividends received by the restricted Group) (3) Interests’ coverage defined as (LTM) : Adj. EBITDAaL / net financial interests paid (4) Maturity profile of iliad Holding S.A.S. RESTRICTED PERIMETER €M 31/12/2025 30/06/2026 Net adjusted financial debt1 14,210 13,986 Adj. LTM EBITDAaL2 (€M) 4,488 4,710 Leverage ratio 3.2x 3.0x Interests' coverage 3 6.5x 7.6x 4.4x 3.9x 3.8x 3.2x 3.0x 2.5 3.0 3.5 4.0 4.5 5.0 2022 2023 2024 2025 H1 26 Freya consolidation DEBT MATURITY PROFILE4 AT END-JUNE 2026 (€m) 300 742 600 750 750 270 739 847 Liquidity 2026 2027 2028 2029 2030 2031 2032 570 1,481 1,597 Bonds (USD) Bonds (EUR) Available RCF Cash & cash equivalents iliad Holding Liquidity profile & capital structure H1 2026 RESULTS
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BB+ Stable outlook Stand-alone Credit profile Corporate Family Rating bbb- Ba2 Stable outlook BB+ Stable outlook bbb- BB- Bond issuances Bond issuances BB+ B1 BB BB+ Ba1 The three rating agencies have upgraded iliad Holding’s rating by one notch. iliad SA’s stand alone credit profile rated investment grade by S&P and Fitch . 3 rating upgrades following strong execution H1 2026 RESULTS
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Appendix
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Numbers in millions (unless stated otherwise) 2023 2024 2025 2026 Q1 Q2 Q3 Q4 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 15.7 15.7 15.7 15.8 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 12.2 12.2 12.3 Broadband subscribers 7.2 7.3 7.3 7.4 7.5 7.5 7.6 7.6 7.6 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 6.7 6.8 6.9 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% 87.6% 89.1% 90.5% 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 40.1 40.6 41.0 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 23.3 23.3 23.4 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 12.6 12.7 12.8 Broadband subscribers 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 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 13.0 13.2 13.3 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 13.5 13.5 13.6 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 9.8 9.9 9.9 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 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 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 15.6 15.7 15.8 GROUP TOTAL SUBSCRIBERS BASE 46.4 47.0 47.8 48.5 49.2 49.8 50.2 50.5 50.8 51.2 51.7 52.0 52.2 52.5 iliad KPIs All numbers are in millions unless otherwise stated APPENDIX
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iliad Revenues 2023 2024 2025 2026 Q1 Q2 H1 Q3 9M Q4 FY 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 2,607 7,693 2,656 10,349 2,608 2,632 5,241 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 1,687 6,626 1,654 1,670 3,324 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 2,780 934 3,713 936 945 1,882 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 1,873 627 2,500 617 627 1,244 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 1,709 579 2,288 568 578 1,150 Equipment 71 67 134 86 220 104 324 99 78 177 106 283 121 404 87 93 180 110 291 127 418 101 96 198 Italy (€m) 241 254 496 269 764 296 1,061 272 280 552 291 843 302 1,145 298 306 603 320 924 325 1,249 331 334 665 Service revenues 239 252 488 266 754 293 1,046 270 278 547 288 835 299 1,134 295 304 599 317 916 322 1,238 328 332 659 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 1,839 648 2,487 626 631 1,257 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 1,527 526 2,053 526 532 1,059 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 2,745 10,545 2,652 2,682 5,334 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 1,371 5,381 1,376 1,397 2,773 Other service revenues 308 316 624 328 952 339 1,291 312 317 628 345 973 318 1,291 310 326 636 343 979 356 1,335 348 360 708 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 1,487 501 1,988 504 506 1,010 Equipment 476 472 948 478 1,426 500 1,927 501 455 956 429 1,384 477 1,861 440 437 877 446 1,323 518 1,840 424 419 843 APPENDIX
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iliad Key Financial Indicators 2023 2024 2025 2026 Q1 H1 9M FY 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 7,693 10,349 2,608 5,241 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 6,626 1,654 3,324 o.w. Italy 241 496 764 1,061 272 552 843 1,145 298 603 924 1,249 331 665 o.w. Poland 507 1,036 1,588 2,157 577 1,161 1,761 2,366 607 1,214 1,839 2,487 626 1,257 EBITDAaL 783 1,642 2,545 3,444 878 1,859 2,892 3,850 931 2,046 3,054 4,042 942 2,091 o.w. France 498 1,110 1,736 2,392 573 1,235 1,947 2,604 578 1,311 1,974 2,636 543 1,286 o.w. Italy 64 117 189 247 71 147 232 308 89 191 295 390 111 229 o.w. Poland 221 415 620 805 233 476 713 938 264 544 786 1,016 287 575 Capex (excluding frequencies) 553 1,040 1,643 2,016 418 888 1,489 2,022 428 878 1,302 1,790 351 804 o.w. France 442 785 1,262 1,501 278 631 1,081 1,444 306 629 926 1,261 240 561 o.w. Italy 59 122 194 243 80 124 191 271 66 131 192 271 53 124 o.w. Poland 52 133 186 272 60 133 217 307 56 118 183 258 59 119 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 9,430 8,956 8,996 LTM EBITDAaL 3,372 3,368 3,427 3,444 3,539 3,660 3,790 3,850 3,903 4,037 4,012 4,042 4,053 4,087 Financial Leverage 3.1x 3.1x 3.0x 3.0x 2.9x 2.8x 2.7x 2.7x 2.5x 2.3x 2.3x 2.3x 2.2x 2.2x APPENDIX
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Organization chart of iliad Holding Group APPENDIX
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Glossary 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 APPENDIX