Slide 1: Orange financial results Q1 2026
Orange financial results #Q1_2026 Christel Heydemann CEO Laurent Martinez CFO 23rd April 2026 Q1 26 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: Q1 key highlights
Q1 key highlights Entering exclusive negotiations with the Altice France group for the acquisition of SFR jointly with Bouygues Telecom and the Free-iliad Group Announcement of our new strategic plan Trust the future Strong Q1 financial results (1): revenues +3.5% and EBITDAaL +6.6% Solid retail ser
Slide 4: Q1 26 results
1 Q1 26 results Q1 26 results 4
Slide 5: Strong Q1 financial results
(1) Strong Q1 financial results Revenues EBITDAaL eCapex Q1 2026 Q1 2026 Q1 2026 €10.1bn €2.6bn €1.5bn +3.5% +6.6% 15.3% yoy yoy eCapex/sales 25.8% EBITDAaL margin +0.8pt yoy Q1 2026 revenues development by activity (yoy in €m) Q1 2026 revenues development by segment (yoy in €m) +€340m +3.5% +2.5% +
Slide 6: Our three ambitions in action in Q1
Our three Sharlie and MAIA, new AI assistants in France New loyalty program in France ambitions in action in Q1 14 new innovative offers by Orange Business +1.5m Orange Money customers in Q1 Orange Business partnership with Tech Mahindra Start of 2G decommissioning in France Committed to people, soc
Slide 7: Business Review
2 Business Review Q1 26 results 7
Slide 8: Q1 2026 France: robust commercial performance
Q1 2026 France: robust commercial performance (1) Convergence Fixed Mobile Fostering customer loyalty Stable on high-end & slightly Stable on high-end & slightly Market environment & value less competitive on low-end less competitive on low-end % of France 31% 20% 13% Q1 2026 total revenues (2) €78.
Slide 9: Q1 2026 France
Q1 2026 France Customers: 34m(1) Revenue growth fueled by retail and wholesale in €m Q1 26 Q1 25 cb yoy cb Best churns since Q2 2022 Revenues 4,397 4,297 +2.3% Services (B2C+B2B) 2,804 2,805 -0.1% +1.1% yoy Q1 Retail ex PSTN Wholesale 1,083 1,022 +6.0% Equipment sales 325 318 +2.4% in convergence an
Slide 10: Q1 2026 Africa Middle East
Q1 2026 Africa Middle East Customers: 181m(1) Sustained double digit revenue growth Strong growth catalysts yoy (in €m) in €m Q1 26 Q1 25 cb yoy cb +12.7% Revenues 2,212 1,963 +12.7% 2,212 Services (B2C+B2B) 2,021 1,787 +13.1% o/w B2B(2) +€26m +9% 47 29 29 +6% Wholesale 156 144 +7.7% +16% 145 +15% E
Slide 11: Q1 2026 Europe
Q1 2026 Europe Customers: 28m(1) Steady revenue growth in €m Q1 26 Q1 25 cb yoy cb Revenues 1,762 1,725 +2.2% Services (B2C+ B2B)(2) Convergence Services (B2C+B2B)(2) 1,166 1,153 +1.1% Wholesale 197 187 +5.8% +1.1% o/w +6.4% Equipment sales 243 245 -1.1% IT&IS and other revenues 156 140 +11.9% Q1 20
Slide 12: Q1 2026 Orange Business
Q1 2026 Orange Business Revenue trend improvement driven by equipment sales in €m Q1 26 Q1 25 cb yoy cb Revenues 1,753 1,799 -2.6% Solid growth of Fixed-only services 637 694 -8.2% IT & Integration services 888 876 +1.3% +9.2% yoy Q1 2026 revenues +28% yoy order intake Mobile 228 229 -0.5% Trust the
Slide 13: Q1 2026 MASORANGE
Equity method Q1 2026 MASORANGE Customers: 33m(1) Revenue growth driven by new businesses and B2B in €m Q1 26 Q1 25 cb yoy cb Revenues 1,869 1,847 +1.2% Services (B2C+B2B)(2) 1,413 1,444 -2.1% Leadership in broadband network quality Wholesale 152 127 +19.4% Orange brand ranks 1st in MedUX (Fixed) an
Slide 14: Guidance
3 Guidance Q1 26 results 14
Slide 15: 2026 guidance upgraded on EBITDAaL
2026 guidance upgraded on EBITDAaL 2026 Impact of MasOrange ex MasOrange reconsolidation(1) Upgraded from EBITDAaL yoy(2) >+3% Confirmed c.3% eCAPEX c.15% Confirmed eCapex/sales Organic Cash Flow c.€4bn Accretion Dividend(3) €0.79 Confirmed payable in 2027 Net debt / Temporary increase c.2x Unchange
Slide 16: Q&A
Q& A Press Q&A will start at 10:10 am CET Q1 26 results 16