Speaker: Thomas Reynaud, CEO What we learned: We hosted Iliad''s CEO, Thomas Reynaud, at the BNPP Exane CEO Conference in Paris today. Iliad''s key markets are France, Italy and Poland - below we provide a factual summary of the discussion and readacross for our covered names in those markets (Orange and Telecom Italia). . Iliad strategy: Iliad reiterated their ambition to become one of the top 3 European telcos (in terms of subscribers). The main driver of this will be organic growth (as delivered in recent quarters) but the company is also open to value creating MandA. The three key pillars of the organic growth strategy are 1) differentiating/ insourcing technology, 2) cost control and a lean business model and 3) ''the magic of the brand''. We note that on the latter point, Iliad continues to perform strongly on our proprietary consumer survey (STAMP 2025). . Consolidation: Iliad referred to this as a ''nice to have but not a necessity'', emphasise their organic growth strategies in both France and Italy. Operational control is important to the management team, i.e. they would not look to be a minority shareholder without this control longer term. Iliad also notes that there are no talks ongoing in Italy (same comment as the 1Q call). The company believes that they still have the financial headroom to do deals if they were to come forwards in either the French or Italian markets and would not need to issue equity to fund this. Iliad also note that whilst there may be some political momentum to support telcos, there is no clear evidence yet of a change in regulator approach to consolidation. For more on our view of how market consolidation could impact on our covered telco operators, see Telecom Italia: Risorgimento and Orange: Shelter from the storm. . Competition: Iliad note that this has increased in both the French and Italian markets (noting recent price cuts and win back offers. However their own focus is on driving growth (and FCF generation)...