Slide 1: Orange financial results
Orange financial results #FY_2025 Christel Heydemann CEO Laurent Martinez CFO 18th February 2026 FY 25 results 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements about Orange’s financial situation, results of operations and strategy. Forward- looking statements are statements that are not historical facts. These statements include, without limitation, projections and estimates and their underly
Slide 3: FY 2025 key highlights
FY 2025 key highlights 2025 successfully concludes our Lead the Future plan Signing of a binding agreement to get full ownership of MasOrange & creation of PremiumFiber Robust retail commercial performance in France, Europe, Africa Middle East Africa Middle East double-digit revenues & EBITDAaL grow
Slide 4: Strong FY 2025 results
Strong FY 2025 results Revenues EBITDAaL eCapex FY 2025 Q4 2025 FY 2025 Q4 2025 FY 2025 Q4 2025 €40.4bn €10.6bn €12.5bn €3.4bn €6.2bn €1.7bn +0.9% +2.2% +3.8% yoy +3.9% -0.4% yoy -12.9% yoy yoy yoy yoy +0.9pt 15.4% EBITDAaL margin eCapex/sales Cash Flow(1) Net debt / EBITDAaL(1) GHG emissions FY 202
Slide 5: 2022-2025: success of Lead the Future plan
2022-2025: success of Lead the Future plan Stronger Better Creation of MasOrange in Orange Cyberdefense Spain and consolidation in Romania & Belgium Solid retail & NPS FCF all-in(1) €2.8bn in 2025 Double-digit growth in FTTH deployment nearly Africa Middle East completed in European +€1.2bn, +74% 20
Slide 6: Sustainable performance targets achieved
Sustainable performance targets achieved Digital inclusion & Environment Trusted Partner empowerment ✓ GHG emissions reduction ✓ 3.3m beneficiaries of training to • B2C cyber solutions in France & • 2025 targets overachieved digital since 2021 Europe • all scopes: -25% 2025 vs 2020cb • 4G population
Slide 7: Financial results overview
Financial results overview FY 25 results 7
Slide 8: FY 2025 revenue development by activity
FY 2025 revenue development by activity (yoy in €m) Revenues +€374m growth driven by +2.2% -229 -29 -43 40,396 675 -3.9% Africa Middle East 40,022 -1.0% -4.3% FY 24 cb Services Wholesale Equipment Others FY 25 (B2C+B2B) sales FY 2025 revenue development by segment (yoy in €m) +0.9% +12.2% -367 40,39
Slide 9: Strong efficiency results
Strong efficiency results Operational Procurement AI efficiency efficiency efficiency +0.9pt EBITDAaL On-track with €330m value(1) in margin in 2025 c.€700m savings 2025 mid-term target €600m net savings +1.1pt +0.6pt +0.3pt 3-year target France Africa Europe Middle achieved East (1) value = revenue
Slide 10: FY 2025 Group EBITDAaL development by segment
FY 2025 Group EBITDAaL development by segment (yoy in €m) Robust +3.8% -39 12,470 EBITDAaL 404 -6.3% -27 growth, +3.2% +0.9% +0.9pt margin 12,013 57 63 +13.9% FY 24 cb France Europe Africa M-East Orange Others FY 25 Business EBITDAaL margin 30% +0.9pt 30.9% FY 2025 Group EBITDAaL ▪ EBITDAaL growth f
Slide 11: FY 2025 Group net income development
FY 25 Adj. EPS(5) FY 2025 Group net income development (yoy in €m) Net income & €0.86 adjusted net 2,902 457 -1,244 3,094 income -368 1,955 1 -332 2 -65 -148 1,139 -144 82 3 FY 24 EBITDAaL GEPP Copper Impair- Spain Income Financial Other (3) FY 25 Net Adjusted cb (net of dep. ment net tax result inc
Slide 12: 2025 eCapex development by segment
2025 eCapex development by segment (yoy in €m) eCapex disciplined allocation -0.4% -3.2% excl. Africa M-E at c.15% 6,231 -37 136 -42 6,208 -34 eCapex/sales -45 6,231 FY 24 cb France Europe Orange Africa M-East Others FY 25 Business eCapex/Sales 15.6% 15.4% FY 2025 excl. Africa 15.2% 14.9% eCapex M-E
Slide 13: Organic Cash Flow
Organic Cash Flow +€346m In € million yoy strong growth 6,316 -41 -741 +€281m -1,138 yoy -€199m -744 3,653 yoy -640 2,793 -50 -169 EBITDAaL ∆ Net Income Other OCF FY Telco Main Hybrid FCF -eCapex Working financial taxes operational 2025 licences litigations notes "all-in" (1) (telecom) capital inter
Slide 14: Net debt
Net debt/ Net debt EBITDAaL(1) (telecom) 1.8x In € million 1.8x in line with 22,482 +€43m 22,526 -66 c.2x mid-term target 433 476 -2,793 1,994 Net financial FCF "all-in" Div.paid to Dividend Hybrid notes Others Net financial debt 2024(1) owners of paid to non- repayment debt 2025 (1) parent company
Slide 15: Business Review
Business Review FY 25 results 15
Slide 16: 2025 France: robust commercial performance
2025 France: robust commercial performance (1) Convergence Fixed Mobile Fostering customer loyalty Stable on high-end & Stable on high-end & Market environment & value competitive on low-end competitive on low-end % of France 31% 20% 13% 2025 total revenues (2) Q4 ARPO €78.9 €38.3 €16.3 +€0.9 yoy -€
Slide 17: 2025 France
2025 France Customers: 34m(1) EBITDAaL growth fuelled by strong cost efficiency in €m Q4 25 yoy cb FY 25 yoy cb 2025 EBITDAaL yoy +0.9% Revenues 4,563 -0.4% 17,473 -2.1% 36.8% EBITDAaL 35.7% margin Services (B2C+B2B) 2,820 -0.6% 11,250 -0.5% +0.5% yoy Wholesale 1,057 -3.4% 4,103 -6.5% Q4 Retail ex P
Slide 18: 2025 Africa Middle East
2025 Africa Middle East Customers: 179m(1) +14m additional customers & double-digit EBITDAaL growth in 2025 in €m Q4 25 yoy cb FY 25 yoy cb Robust growth catalysts yoy (in €m) Revenues 2,182 +11.2% 8,427 +12.2% +11.2% Services (B2C+B2B) 1,992 +11.9% 7,681 +13.0% 2,182 o/w B2B(2) +€13m +4% 44 Wholesa
Slide 19: 2025 Europe
2025 Europe Customers: 28m(2) Solid EBITDAaL growth in €m Q4 25 yoy cb FY 25 yoy cb Revenues 1,954 +4.0% 7,263 +2.2% Poland Belgium Services (B2C+B2B)(1) 1,168 +0.7% 4,670 +1.1% Strong FY Wholesale 212 +4.4% 831 +1.5% +3.9% EBITDAaL +4.0% Equipment sales 345 +2.2% 1,068 -1.2% yoy IT&IS and other rev
Slide 20: 2025 Orange Business
2025 Orange Business EBITDAaL trend improvement despite challenging environment in €m Q4 25 yoy cb FY 25 yoy cb EBITDAaL development yoy Revenues 1,887 -3.9% 7,325 -4.8% Fixed-only services 662 -7.0% 2,715 -7.6% FY 25 IT & Integration services 984 -1.5% 3,698 -2.3% -6.3% FY 24 Mobile 242 -5.0% 912 -
Slide 21: 2025 MasOrange
Equity method 2025 MasOrange Customers: 33m(1) Guidance fully achieved in €m Q4 25 yoy cb FY 25 yoy cb ▪ 2025 guidance fully achieved: continued revenue Revenues 1,937 +0.7% 7,601 +2.9% growth, >€300m cumulated synergies, double-digit Services (B2C+B2B) 1,433 -1.2% 5,808 +0.5% growth of Adj. EBITDA
Slide 22: 2025 MasOrange: PremiumFiber launched, unlocking value
Equity method 2025 MasOrange PremiumFiber launched, unlocking value #1 fiberco in Spain • Deal closed in early December 2025 • Largest fiber network company covering over 12m premises, and with nearly 5m connected customers • Singapore sovereign wealth fund (GIC) as financial investor with 25% stake
Slide 23: 2025 guidance fully achieved
2025 guidance fully achieved 2025 Guidance Actuals Guidance upgraded EBITDAaL yoy, cb ≥+3.5% +3.8% twice in 2025 Disciplined eCapex 15.4% eCAPEX as per CMD eCapex/sales CMD guidance upgraded Organic Cash Flow ≥€3.6bn €3.7bn (telecom) in Feb 2025 Dividend(1) €0.75 €0.75 payable in 2026 payable in 202
Slide 24: Q&A
Q& A FY 25 results 24
Slide 25: To be continued tomorrow at our Capital Markets Day
To be continued tomorrow at our Capital Markets Day at 9 am CET FY 25 results 25
Slide 26: Annexes
Annexes FY 25 results 26
Slide 27: EBITDAaL adjustments
EBITDAaL adjustments FY 2024 FY 2025 (in €m) historical Actual Restructuring programs costs (193) (382) (189) 1 Acquisitions and integration costs (13) (18) (5) Significant litigations (24) (7) 17 Specific labour expenses (40) (1,540) (1,500) 1 o\w Senior Part Time (40) (1,540) (1,500) Fixed asset
Slide 28: FCF all-in
FCF “all-in” Telecom activities FY 2024 FY 2025 (in €m) actual actual EBITDAaL – eCAPEX – excluding Spain 5,970 6,316 Change in working capital requirements (including change in eCAPEX payables) (9) (40) (1) Net interest paid (including dividends received) (735) (741) Income taxes paid (1,058) (1,13
Slide 29: Change in net debt
Change in net debt Telecom activities FY 2024 FY 2025 (in €m) actual actual Free Cash Flow « all-in » – including Spain (reported) 2,875 2,793 (1) Net impact of changes in the scope 4,351 (14) (2) Subordinated notes issuances (purchases) and other related fees (4) (476) Dividends paid to owners of p
Slide 30: Change in net income
Change in net income FY 2024 FY 2024 FY 2025 (in €m) historical cb actual EBITDAaL 12,109 12,013 12,470 Adjustments(1) (549) (180) (1,763) Depreciation & amortization of fixed assets (6,348) (6,330) (7,005) Impairment of fixed assets (14) (14) (332) Share of profit (losses) of associates and JV (348
Slide 31: Adjusted net income & adjusted EPS
Adjusted net income & adjusted EPS Definition: Adjusted consolidated net income : consolidated net income excluding (i) EBITDAaL adjustments, (ii) effects resulting from business combinations, (iii) impairment losses, (iv) before amortisation and impairment losses of other intangible and tangible as
Slide 32: 2025 MasOrange cb 12 months PremiumFiber
2025 MasOrange cb 12 months PremiumFiber(1) FY 2025 11 months FY 2025 including 1 month PremiumFiber PremiumFiber (in €m) PremiumFiber impact 12 months cb Revenues 7,601 - 7,601 EBITDAaL 2,608 1 (324) 2 2,284 eCapex 1,248 3 - 1,248 EBITDAaL-eCapex 1,360 (324) 4 1,036 1 €2,842m adjusted EBITDA - €234
Slide 33: Finance table details by segment
Finance table details by segment France Europe in €m Q4 25 yoy cb FY 25 yoy cb in €m Q4 25 yoy cb FY 25 yoy cb Revenues 4,563 -0.4% 17,473 -2.1% Revenues 1,954 +4.0% 7,263 +2.2% Services (B2C+B2B) 2,820 -0.6% 11,250 -0.5% Services (B2C+B2B)(1) 1,168 +0.7% 4,670 +1.1% Convergent services 1,370 +2.6%