Commentary & Deal Flow

Reoffer: Long 5yr: 4.125% / 99.977
Benchmark: Long 5yr: DBR 0 15-Aug-31 @ 86.75 / B+128.7

Final Books in excess of €2bn.

Yield set at: Long 5yr: 4.125% - Books in excess €2bn
IPTs: Long 5yr: 4.500-4.625%

• Issuer: Iliad S.A. (Ticker: ILDFP, Country: France)
• Issuer LEI: 969500FZ9BTRZS3JNB97
• Issuer Rating: Ba2 (stable) / BB+ (stable) / BB+ (stable) (Moody's/S&P/Fitch)
• Expected Ratings of the Notes: Ba1 / BB+ / BB+ (Moody's/S&P/Fitch)
• Status of the Notes: Senior, Unsecured, Unsubordinated Reg S Bearer dematerialized Notes
• Settlement Date: 22-Jul-26 (T+5)
• Maturity Date: 15-Oct-31 (Long 5-year (5.25y) NCL)
• Size: €650m
• Price: 99.977
• Yield: 4.125%
• Spread: MS +112.8 / DBR 0 15-Aug-31 +128.7 (Spot 86.75)
• Coupon: 4.125% Annual, Act/Act (ICMA) – Long first
• ISIN: FR0014019WY8
• Documentation: Standalone Prospectus / French law / €100,000 + €100,000 / Luxembourg Stock Exchange Regulated Market / CoC / 3-month par call / MWC @ B+20 / clean-up call (75%)
• Listing: Luxembourg Stock Exchange's Regulated Market
• Use of Proceeds: General corporate purposes of the Group, including to refinance the Issuer’s outstanding €750,000,000 5.375 per cent. Bonds due 14 June 2027 (ISIN: FR001400EJI5) (the “Existing Bonds”), which will be redeemed through the exercise by the Issuer of the make-whole call (B+50bp) option in accordance with Condition 4(c) of the terms and conditions of the Existing Bonds.
• Active Bookrunners: BBVA, Helaba, ING, MUFG, RBC Capital Markets, Santander, SMBC, Société Générale (B&D)
• Passive Bookrunners: Barclays, BayernLB, CIC Corporate & Institutional Banking, Citi, Commerzbank, Goldman Sachs Bank Europe SE, La Banque Postale, UniCredit
• Co-Managers: Banco Sabadell, Bank of China, DNB Carnegie, Industrial and Commercial Bank of China (Europe) S.A., Paris Branch
• Business: a leading European telecom provider, offering fixed internet access in France and Poland, and mobile internet access in France, Italy and Poland. HQ: Paris, France
• Ownership: Iliad Holding SAS is 100% owned by Xavier Niel
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID)or FCA Product Summary has been prepared as not available to retail in EEA or in the UK.
• Advertisement: Preliminary prospectus dated 15 July 2026. Final Prospectus, when published, will be available on the Issuer’s website (www.iliad.fr) and the website of the Luxembourg Stock Exchange (www.luxse.com) This communication constitutes an advertisement, and not a prospectus, for the purposes of Regulation (EU) 2017/1129 (and as it forms part of domestic UK law by virtue of the European Union (Withdrawal) Act 2018, as amended)
• Marketing: An investor presentation with voiceover recording was made available on NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=9de9e207 (Recommended)OR visit www.netroadshow.com and enter the entry code: Iliad26 (not case-sensitive)
• Books subject: 12:35 LDN / 13:35 CET
• Timing: Priced, TOE 15:04 LDN, FTT 15:30 LDN