Slides
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1Q25 Results April 2025
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2 1 Historical 2023 proforma figures and 1Q24 based on aggregated numbers from Grupo MASMOVIL and Orange Spain, clean of intercompany transactions. FY24 figures include 1Q24 for Orange Spain and MásMóvil standalone as communicated previously plus 2Q24, 3Q24 and 4Q24 for MA SORANGE. Growth in customers, top line and Adj. EBITDA; synergies’ target on track and transformational initiatives ongoing 1Q25 Key Highlights ~7.2M broadband lines >25.8 mobile lines Growth in FTTH (+52) and in mobile contract services (+80k) vs 4Q24 Total revenues +2.6% YoY driven by organic growth Growth in all revenues segments EBITDA Margin1 c.38% (in line with FY24) EBITDA of €705M (c.8% above 2024 average) ~77m€ of synergies realized in 1Q25 (above target) Main measures: network efficiencies and last mile FiberCo under implementation Investment grade rating for FiberCo achieved Debt financing fully underwritten Commercial initiatives: FMC: +€0.1 ARPU with -0.3pt churn YoY) Central public administration relevant contract awarded TV premium offer launched in various brands
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3 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 6.678 6.722 6.729 6.754 6.806 +44k +7k +25k +52k Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 21.195 21.280 21.283 21.376 21.456 +85k +3k +93k +80k Mobile postpaid excl. M2MFTTH customers We have grown in 1Q25 by more than 132k additional FTTH & Postpaid lines Million lines +O: growth in customers Growth +128k Accumulated LTM Growth +261k Accumulated LTM
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4 +O was awarded two lots of the major public administration contract for >200M€ total revenues General national public administration - CORA 2025 award 1 Gross values: incudes value of 15-months legal extension value and +20% for possible modifications to bid budget, excluding discounts Lot 1 Lot 2 Lot 3 Lot 4 National data network Corporate national fixed voice and mobile communication services Data Centers interconnection, cybersecurity and internet services International network Revenue1 (M€) 153 158 104 90 Total 505 Remarks ▪ +O awarded ~50% of total CORA contracts value ▪ 100% of growth vs. previous tender (no win of lots) ▪ 5 years contract duration (45 + 15 months “overtime”) CORA Lots & description
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5 ESG: We want to be the best company for the world ▪ Hosting the first “Minor Protection Day” at the Senate with STC ▪ Strengthening the UNICEF– MasOrange Alliance through events like MWC. ▪ Preparing a plan to extend minor protection discussions in the territories with local stakeholders Minor Protection Digital Capabilities Positive Impact ▪ 18,770 M€ socio-environmental impact delivered in 2024 ▪ Investing over 9.5 M€ to train 50,000 people in digital capabilites with “Next Generation EU” support ▪ Covering everything from basics to jobs in 5G, AI, and Data Science.
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6 19 18 T otal revenues 1Q24 1,825 Billed revenues (Ex-Wholesale) T otal revenues 1Q25Wholesale revenues Equipment sales 1,872 10 2.6% Total revenues +2.6% YoY , with organic Billed revenues (+1.3%), Wholesale (+8.3%) & Equipment revenues (+7.3%) €M Total revenues +1.3% +8.3% +7.3% % YoY Growthxx
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7 773 471 680 695 705 1Q24 2Q24 3Q24 4Q24 1Q25 Reported EBITDA 1, both in absolute figures and margin, well above 2024 average €M Reported EBITDA: quarterly performance 1 Adjusted for Restructuring and Integration costs . 2 Historical 1Q24 based on aggregated numbers from Grupo MASMOVIL and Orange Spain, clean of intercompany transactions. 42.4% % EBITDA Marginxx 26.4% 36.7% 36.1% 37.6% 35.5% €655M 2024 Average Pre-merger2 Post-merger
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8 773 705 1Q251Q24 Pre-merger -9%2 781 712 1Q251Q24 Pre-merger -9%2 Adjusted EBITDA and Reported EBITDA down compared with pre -merger2 figures for 1Q24 due to seasonality €M EBITDA Reported EBITDAAdjusted EBITDA 1 1 Adjusted for Restructuring and Integration costs; equivalent to an EBITDAaL of €701M in 1Q24 and €631M in 1Q25 2 Historical 1Q24 based on aggregated numbers from Grupo MASMOVIL and Orange Spain, clean of intercompany transactions. 42.8% % EBITDA Marginxx 39.0% 42.4% 37.6%
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9 238 274 272 403 295 1Q24 4Q243Q242Q24 1Q25 Net Capex, in absolute figures and as percentage of Revenues , are both below 2024 average €M Net CAPEX: quarterly performance 1 Historical 1Q24 based on aggregated numbers from Grupo MASMOVIL and Orange Spain, clean of intercompany transactions. 13.0% % Capex / Revenuesxx 15.3% 14.7% 21.0% 15.8% 16.1% €297M 2024 Average Pre-merger1 Post-merger
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10 1Q25 Target 2025: >300m€ Realized ~77m€ On track for c.€500M total synergies by 2027; and >€300M in FY25, with c.€77M already realized in 1Q25 €M Synergies Realized synergies in 1Q25 ~77%OPEX ~23%CAPEX
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11 Unlevered Free Cash Flow of €238M for 1Q25, with FCF of -€36M mainly due to €249M of net interest payments Cash Flow from operations 434 238 -36 -25 Adj. EBITDA - recurring net Capex -140 Change in NWC -63 Lease liabilities (IFRS16) 10 Income taxes paid -3 License and others Recurring Unlevered FCF -249 Net interest paid Restructuring & integration and others FCF
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12 1 Based on LTM Adj. EBITDA, including long tail Euskaltel and MASORANGE run rate synergies expected to be realized by Dec 2027 Note: The above net debt is nominal and includes debt from leases for leverage purposes 2 Subject to NetCo closing / Total net debt LTM leverage Nominal debt position Total net debt LTM leverage of 4.7x; Senior secured net debt leverage of 3.8x €M Leverage target to be tightened to 2.75x2 Nominal Debt (€m) March '25 TLA 3,915 TLB5 4,300 SSN 2,950 SUN 453 Commercial Papers 403 Other 745 Gross Debt 12,766 Cash 98 Net Debt 12,668 Net Debt & Leases 1,484 Net Debt & Leases 14,152 LTM Reference EBITDA 1 2,998 Total Net Debt LTM Leverage 4.7 Senior Secured Net Debt 11,321 Senior Secured Net Debt LTM Leverage 3.8
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13 Outlook 2025 Total Revenues Slight growth Run rate Synergies Year end 2025 >€300m€ Adj. EBITDA- recurring Net Capex Double-Digit Growth
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14 Disclaimer • Please note that financial data shown in this document is unaudited. • This document and the conference-call webcast (including the Q&A session) (the “Presentation”) may contain forward-looking statements and information (hereinafter, the “Statements”) relating to MASORANGE, or MASORANGE Group (hereinafter indistinctly, “MASORANGE”, the “Company” or the “Group”) or otherwise. These Statements may include financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations that make reference to different matters, such as the customer base and its evolution, growth of the different business lines and of the global business, market share, possible acquisitions, divestitures or other transactions, Company’s results and other aspects related to the activity and situation of the Company • The Statements can be identified, in certain cases, through the use of words such as “forecast”, “expectation”, “anticipation”, “aspiration”, “purpose”, “estimates”, “plan”, “believe”, “could”, “foresee”, “intend”, “may”, “will”, “continue”, “ongoing”, “potential”, “predict”, “project”, “target”, “seek”, “should” or “would” or similar expressions or variations of such expressions or by discussions of strategies, plans, objectives, targets, goals, future events or intentions. These Statements include matters that are not historical facts and reflect the current views of MASORANGE with respect to future events, do not represent, by their own nature, any guarantee of future fulfilment, and are subject to risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such Statements. These risks and uncertainties include those identified in the documents containing more comprehensive information filed by MASORANGE before the different supervisory authorities of the securities markets in which its securities are listed. The Statements appear in a number of places throughout this Presentation and include statements regarding the Group’s intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, liquidity, prospects, competition in areas of its business, outlook and growth prospects, strategies and the industry in which the Group operates. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are based on potentially inaccurate assumptions and are not guarantees of future performance and the Group’s actual results of operations, financial condition and liquidity and the development of the industry in which the Group operates may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation due to various risks and uncertainties. In addition, even if the Group’s results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking statements or projections contained in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods • Except as required by applicable law, MASORANGE does not assume any obligation to publicly update the Statements to adapt them to events or circumstances taking place after the date hereof, including changes in the Company’s business or business development strategy or any other unexpected circumstance • This Presentation may contain summarized, non-audited or non-GAAP financial information. The information contained herein and therein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Neither this document nor the conference-call (including the Q&A session) nor any of their contents constitute an offer to purchase, sale or exchange any security, a solicitation of any offer to purchase, sale or exchange of any security, or a recommendation or advice regarding any security • THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, ANY OFFER, INVITATION OR RECOMMENDATION TO SELL OR SUBSCRIBE FOR, UNDERWRITE OR OTHERWISE ACQUIRE, ANY SECURITIES OF THE COMPANY OR A SUCCESSOR ENTITY OR ANY SUBSIDIARY OR AFFILIATE RELATED, DIRECTLY OR INDIRECTLY, TO THE COMPANY, NOR SHOULD IT OR ANY PART OF IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY INVESTMENT DECISION, ANY CONTRACT TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES OF THE COMPANY, NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. THIS PRESENTATION IS INTENDED TO PROVIDE A GENERAL OVERVIEW OF THE BUSINESS AND OPERATIONS OF THE GROUP AND DOES NOT PURPORT TO DEAL WITH ALL ASPECTS AND DETAILS IN RESPECT THEREOF. ANY OFFER OF SECURITIES OF THE COMPANY WILL BE MADE BY MEANS OF A PROSPECTUS THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND ITS MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS. ANY PERSON CONSIDERING THE PURCHASE OF ANY SECURITIES OF THE COMPANY MUST INFORM HIMSELF INDEPENDENTLY BASED SOLELY ON SUCH PROSPECTUS (INCLUDING ANY SUPPLEMENT THERETO) AND ADVICE FROM ITS OWN LEGAL, ACCOUNTING AND TAX ADVISERS AS IT DEEMS RELEVANT. THIS INFORMATION IS BEING MADE AVAILABLE TO YOU SOLELY FOR YOUR INFORMATION AND BACKGROUND AND IS SUBJECT TO AMENDMENT WITHOUT NOTICE. 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