ILIAD: management transactions · France · AMF

About ILIAD

Iliad is a French listed telecommunications group on Euronext Paris, best known to consumers through the Free brand in France. Founded in 1991 by Xavier Niel, the company initially built its reputation as an internet access challenger and later evolved into one of France’s leading integrated fixed-line and mobile operators. Its rise has been driven by a combination of disruptive pricing, product simplicity, and a strong focus on technological innovation. In 2025, the group reported approximately 52 million subscribers, €10.3 billion in revenue, and more than 17,700 employees. Iliad’s core business is telecommunications, spanning residential and business connectivity, mobile services, fiber broadband, convergent offers, enterprise solutions, and the related network infrastructure. In France, its activities are carried by Free and Free Pro, supported by a broader ecosystem that includes retail distribution, customer care, and infrastructure assets such as cloud services through Scaleway and data-center operations through OpCore. A key element of the group’s strategy is the control and expansion of its own fixed and mobile networks, which strengthens margin resilience and operational flexibility over time. Geographically, Iliad has expanded well beyond its original French base. It entered Italy in 2018 under the iliad brand and quickly gained market share there. In 2020, it extended its European footprint by acquiring Play, Poland’s leading mobile operator, and in 2022 it completed the acquisition of UPC Poland, strengthening its fixed-line capabilities. At the holding-company level, the group has also increased its exposure to international telecom assets through investments in Millicom and Tele2. Across its footprint, the company operates under the Free, iliad, Play, and Tigo brands depending on the market and entity concerned. Iliad stands out for a growth strategy that combines organic expansion, network investment, and pricing discipline. Its business model relies on brand strength, innovation-led differentiation, and ownership of critical infrastructure, making it a major reference in European telecoms. While France remains its historical core, the group is increasingly pan-European, with meaningful exposure to Italy and Poland. For investors, Iliad is therefore best viewed as an integrated telecom platform with a defensive profile and several long-term growth drivers.