Slide 1: Orange financial results Q3 2025
Orange financial results #Q3_2025 Christel Heydemann CEO Laurent Martinez CFO 23rd October 2025 Q3 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: Q3 key highlights
Q3 key highlights Submission of a joint non-binding offer with Bouygues Telecom and Free-Group iliad to acquire a large part of Altice’s activities in France Robust retail commercial performance in France, Europe & MEA Strong Q3 financial results: EBITDAaL +3.7%, driven by 0.7 pt margin increase(1)
Slide 4: Q3 25 results
1 Q3 25 results Q3 25 results 4
Slide 5: Strong Q3 financial results
Strong Q3 financial results Revenues EBITDAaL eCapex Q3 2025 Q3 2025 Q3 2025 €10.0bn €3.4bn €1.5bn +0.8% +3.7% 14.7% yoy yoy eCapex/sales(1) 34.4% EBITDAaL margin(1) +0.7pt yoy Q3 2025 revenues development by activity (yoy in €m) Q3 2025 revenues development by segment (yoy in €m) +€83m +0.8% +2.6%
Slide 6: Business Review
2 Business Review Q3 25 results 6
Slide 7: Q3 2025 France: robust commercial performance
Q3 2025 France: robust commercial performance (1) Convergence Fixed Mobile Fostering customer loyalty Stable on high-end and Sustained competition on Market environment & value competitive on low-end low-end % of France 31% 21% 13% 9M 2025 total revenues (2) Q3 ARPO €78.6 €38.3 €16.7 +€0.9 yoy -€0.4
Slide 8: Q3 2025 France
Q3 2025 France Customers: 34m(2) Efficient commercial strategy Orange leader in €m Q3 25 yoy cb 9M 25 yoy cb in fibre in Europe Revenues 4,341 -3.7% 12,910 -2.7% Services (B2C+B2B) 2,822 -0.9% 8,430 -0.4% +0.2% yoy Q3 Retail ex PSTN Wholesale 1,022 -9.0% 3,046 -7.6% Equipment sales 338 -6.0% 938 -4.
Slide 9: Q3 2025 Africa & Middle East
Q3 2025 Africa & Middle East Customers: 178m(3) Continued double digit growth of revenue Powerful growth catalysts yoy (in €m) in €m Q3 25 yoy cb 9M 25 yoy cb +12.2% Revenues 2,106 +12.2% 6,245 +12.6% 2,106 Services (B2C+B2B) 1,918 +13.1% 5,689 +13.4% o/w B2B(1) +€25m +9% 40 29 Wholesale 152 +1.1% 4
Slide 10: Q3 2025 Europe
Q3 2025 Europe Customers: 28m(3) Revenues back to growth driven by Services and IT&IS in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 1,813 +4.7% 5,309 +1.6% Services (B2C+ B2B)(1) Convergence Services (B2C+B2B)(1) 1,181 +1.4% 3,502 +1.3% Wholesale 221 +8.2% 619 +0.6% +1.4% o/w +5.7% Equipment sales 252 +3
Slide 11: Q3 2025 Orange Business
Q3 2025 Orange Business Difficult market environment in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 1,747 -4.3% 5,438 -5.1% Solid growth of Fixed-only services 666 -8.1% 2,053 -7.8% IT & Integration services 864 -1.4% 2,714 -2.5% +6% yoy 9M revenues +17% yoy order intake Mobile 217 -3.0% 671 -6.4% Q3 anno
Slide 12: Q3 2025 MASORANGE
Equity method Q3 2025 MASORANGE B2B and new businesses fuelling revenues in €m Q3 25 yoy cb 9M 25 yoy cb ▪ Signing of the Fiberco PremiumFiber Revenues 1,887 +1.7% 5,664 +3.7% ▪ Creation of the country’s largest fibre network Services (B2C+B2B) 1,437 -0.4% 4,375 +1.1% company in partnership with Vod
Slide 13: Guidance
3 Guidance Q3 25 results 13
Slide 14: 2025 guidance upgraded on EBITDAaL
2025 guidance upgraded on EBITDAaL 2025 Upgraded EBITDAaL yoy, cb ≥+3.5% from >+3% disciplined eCAPEX yoy, cb eCapex as per CMD Organic Cash Flow (telecom) ≥€3.6bn Around 2x Net debt / EBITDAaL (telecom) in the medium term Dividend(1) €0.75 floor payable in 2026 (1) Subject to shareholders’ approval
Slide 15: Press Q&A will start at 10:30 am CET
Q& A Press Q&A will start at 10:30 am CET Q3 25 results 15