Slides
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1 Q3 2025 Results October 2025 Picture: Madrid skyline by Patricia Alonso Fernández (MasOrange)
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2 Business developments Financial performance Appendix Agenda 1 2 3
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3 Accelerating transformation from TelCo to TechCo bringing more value to our customers beyond best-in-class connectivity Q3 2025 – Business developments Signing of FiberCo Creation of PremiumFiber, the country’s largest fiber network company in partnership with Vodafone Spain and GIC TelCo to TechCo Universal retailer logic, Device-as-a-Service model New businesses (e.g. Advertising, energy, alarms, scoring…) B2B momentum Increased success with B2B and public administrations with innovative services (private networks, IoT, cybersecurity…) ESG ratings New ESG score of 82 out of 100 from Clarity AI Our ratings position +O as a leader in sustainability Partnership in Energy Strategic agreement with Endesa. De-risked pure resell model expected to generate recurring business
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4 Update on NetCo transaction Delivering incremental value from fiber assets to create the largest FiberCo in Spain which will not be consolidated by +O • Mutualization of both MasOrange and Zegona fixed broadband infrastructure to maximise usage and unlock synergies through a long-term MSA • Collaboration with Vodafone Spain in the long-term • Crystallization of value through the sale of a stake to a financial investor • Maintaining co-control over key strategic assets in an enlarged perimeter Infrastructure value creation • Significantly enhanced financial profile due to use of cash proceeds (€3.25B) for debt repayment with clear ring-fencing of NetCo debt (with investment grade rating) and +O will not consolidate the NetCo • Important repricing of remaining debt hence enabling a very significant interest cost reduction Clear financial benefit $ Transaction overview • Agreement with Vodafone Spain and GIC to create PremiumFiber • Network will be dedicated exclusively to MasOrange and Vodafone • Transaction expected to close before year end (FDI approval obtained)
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5 Enhanced value proposition beyond best-in-class connectivity Strong right to win across categories, reducing churn and diversifying revenue streams Device-as-a-Service Insurance Energy Home Security • Device financing proposition for customer base to use devices as an enabler for loyalty and growth • Access to a wide range of devices portfolio, expanding beyond smartphones • Deal will create the number one insurer-retailer leveraging in data and tech • Relevant improvement in revenue shares and fees • Deal will enable accelerated growth of the energy business while eliminating energy market risk • Revenues share model • +O transfers operating structure to partner • +O commercializes alarms of its partner to its customers • Best in class user experience thanks to App powered by Alarm.com and partner’s operational experience +O is the #1 retailer in the smartphone market in Spain “One stop shop” Most competitive prices and best financing conditions on the market 1k SKUs Access to our customer base & insights AI / Gen AI capabilities to increase conversion Insurance growth opportunity Telco cross-sell opportunities Access to our customer base and our energy tech-platform Cross discounts in telco bill for energy and gas subscribers, with no effect on telco ARPU Energy growth opportunity Telco cross-sell opportunities Access +O’s customer base and commercial channels Use of data and advanced analytics to customize the value proposition, reducing churn and boosting upsell Description Industrial Partners Right to Win
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6 Overview • Sale of our operating company “Energia Colectiva” for c.90m • Energy commercial agreement where +O will keep selling energy: o More competitive energy value proposition for customers, given Endesa´s own energy sourcing o Low risk re-seller business • Telco commercial agreement where Endesa will also sell telco services Key advantages Next steps • Expected antitrust approval from CNMC and closing in Q4 2025 Strategic re-sale energy distribution partnership with New model to re-sale energy securing recurring business whilst expanding potential client pool New model brings key advantages… • Removes energy price volatility risk for +O • Improves +O operating costs and Capex by transferring current operating structure to partner • Grows telco services by cross-selling to Endesa customer base …while preserving benefits of energy business • Improves customer loyalty bundling energy with telco • Generates additional margin/value over the client base • Drives further profitability across +O sales channels
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7 Advertising Business Overview • Proprietary ad-tech platform connecting brands to real, segmented and qualified audiences using anonymized data from >30m customers with full GDPR compliance (no sale or cession of client data) • The platform offers omni-channel campaign activation, programmatic purchase, first-party audience targeting, and performance analytic solutions • Launched on September 25th with strong traction Strategic focus • Enabling efficient, targeted, and innovative advertising using advanced analytics and AI • Compete in European ad markets with open, customer-centric, and tech-driven solutions Key advantages • Allows brands to reach qualified users (no bots) • Proprietary tech processes 24bn Geodata points in 2s, enabling deep segmentation and rich insights • Brands gain programmatic buying, live analytics and verified reach Key pilot brands • First POCs show promising results, including >50% drive to store efficiency and 100% achievement of hyper-segmented qualified audiences across all pilot campaigns Unique ad-tech platform to connect brands with real, segmented and qualified audiences, leveraging on the largest customer base in Spain
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8 Open Gateway Monetization: Risk and scoring services Overview • A telco-powered platform in partnership with Experian, European leader in fraud and risk services, enabling banks, fintechs, and digital businesses to validate identity and assess risk in real time • Platform offers fraud prevention APIs, dynamic risk scoring combining telco signals with advanced analytics and privacy-first architecture, fully compliant with GDPR and Open Gateway standards Strategic focus • Monetization of telco data to fight fraud, improve risk models, and strengthen digital identity • Expand into churn-prevention services, ID validation, tracking, e-commerce, and logistics • Expects to cover c.90% of the Spanish market through integration with major operators Key advantages • Real-time identity verification before high-risk transactions • Proprietary data exchange platform to process massive amounts of data and deliver instant risk signals • Banks and merchants gain risk scoring APIs, live analytics, and verified checks • expertise developing risk and fraud products is a differential asset Key pilot brands (Q4) • First POCs to address how Open Gateway signals can improve Experian fraud prevention engine • Expected launch of POCs in Nov 2025, with top-tier Banking and Consumer Financing clients Scalable data exchange platform to prevent fraud and enhance risk models in partnership with
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9 Sustained growth in a highly competitive B2B market Complete best-in-class Large Account portfolio by expanding into non-telco services Growth in ARPU driven by innovation and new services such as cybersecurity, VPN, cloud… Public Funds tailwind with significant share allocated to telco equipment, data centers, cybersecurity… Keeping the momentum with the Public Administration maximizing the tenders to bid Building strong credentials in an underrepresented sector with massive growth potential Take-off of non-telco services (Digital +O), strong performance in telco services and maximizing renewals boosting profitability New contracts Extensions Renewals Examples of B2B contracts won in Q3 2025
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10 Protection of kids in digital space: TúYo solution for children's first mobile phone >50k people benefited from digital training Consistent progress across all ESG dimensions, with tangible results and meaningful social impact MasOrange reinforces its ESG leadership Connectivity 99% population with 4G & >90% with 5G 31m households with FTTH (including 96% rural coverage) Customer Satisfaction 5% reduction in customers’ strikes (users w/o adequate service level) Environment 100% renewable energy 100% direct CO2 emissions offset >1m refurbished CPE 8,000 direct & 30,000 indirect jobs Social & Gender equality policies Digital Inclusion Protection of Human Rights including the code of ethics, policies, and due diligence processes ESG-linked company’s objectives Governance & Human Rights Progress recognized by 2 top-tier ESG agencies, highlighting these strengths Talent & Diversity 79 pts82 pts New project of >€10m to provide training to >50k beneficiaries across Spain, from basic skills to gain autonomy in the digital environment, to specialized training in AI, big data, and 5G to increase employability
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11 Business developments Financial performance Appendix Agenda 1 2 3
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12 OpFCF +11% vs. 9M 2024 Rec. Net Capex at 13.9% of revenues, despite Unico 5G OpFCF conversion 64% of Adjusted EBITDA 1. 2024 figures include Q1 24 for Orange Spain and MASMOVIL standalone (aggregated numbers clean of intercompany transactions) plus Q2 24, Q3 24 and Q4 24 for MasOrange 2. YoY revenues performance -2.6% Q4 2024 and -2.9% Q1 2025; source: CNMC 3. Post-IFRS (+1.7% Pre-IFRS) 4. OpFCF = Adjusted EBITDA – Recurring Net Capex (Adjusted for Restructuring, Integration Capex, FTTH deployment and gain from sale of assets) Continued strong performance of key commercial and financial metrics. Crystallization of synergies ahead of plan 9M 2025 – Financial Performance ~7.2m broadband lines ~26.2m mobile lines LTM growth in FTTH (+100k), and in mobile contracts (+383k) FMC churn +0.3pp with ARPU flat (Q3 25 vs. Q3 24) Total revenues1 +3.7% YoY driven by organic growth Double-digit growth in new businesses and large accounts Outperforming sector2 in service revenues (+1.5%)3 €259m of synergies crystallized in 9M 2025 Completed shutdown of former MASMOVIL mobile network Spectrum tax savings due to frequency sales EBITDA margin c.38% Reported EBITDA €2,171m (+13% vs. 9M 2024) Margin +310bps above 9M 2024 OpFCF 4 of c.25% of revenues
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13 Mobile Postpaid (excluding M2M)FTTH Customers We have grown by 100k FTTH and 383k mobile postpaid lines over the last 12 months Customers Growth +O Growth +100k Cumulative LTM +O Growth +383k Cumulative LTM +51k In Thousands In Thousands -7k+30k +93k +80k +100k +111k +25k 6,729 6,754 6,806 6,836 6,829 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 21,283 21,376 21,456 21,555 21,667 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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14 46 26 129 5,664 5,464 Total revenues 9M 24 Retail Wholesale Equipment Total revenues 9M 25 3.7% best practice telco growth in Europe with growth across all segments: Retail services (+1%), Wholesale (+6%) and Equipment sales (+18%) €m Revenues Growth % YoY Growth1xx 1. Post-IFRS Service revenues1 4,751 +6% +c.4% +18% Total Equipment Service Revenues +1.5% Retail +1% Wholesale Service revenues 4,822
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15 13% reported EBITDA growth despite impact from bet in future growth projects €m EBITDA – Year to Date Reported EBITDA – Year to Date 1 Adjusted for Restructuring and Integration costs; equivalent to an EBITDAaL of €1,804m in 9M 24 and €1,964m in 9M 25 Historical Q1 2024 based on aggregated numbers from MASMOVIL and Orange Spain, clean of intercompany transactions % Marginxx Adjusted EBITDA1 – Year to Date 35.2% 38.3% +13% 1,924 2,171 9M 24 9M 25 37.1% 38.8% +8% 2,027 2,195 9M 24 9M 25
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16 695 705 753 713 Q4 24 Q1 25 Q2 25 Q3 25 Reported EBITDA in line with LTM average (both in absolute terms and margin) €m Reported EBITDA – LTM Quarterly Performance % EBITDA Marginxx €717m LTM Average 37.8%37.8%37.6% 36.1% 39.5%
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17 On track for c.€500m total synergies by 2027 and >€300m by 2025 €m Synergies Very good track to meet our target for the full year 2025 FY 2024 vs. FY 2023 FY 2025 vs. FY 2023 >300 Achievement 2024 Outlook 2025 85 35 120 9M 24 Q4 24 FY 2024 RR 259 9M 25 Q4 25 FY 2025 RR
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18 // MedUX benchmark: Best fixed network experience in Spain Operator 1 Operator 2 Operator 3 951 943 931 917 Opensignal benchmark: Best fixed broadband experience in Spain Operator 1 Operator 2 Operator 3 Operator 4 (SAT) 153 127 110 105 48 MedUX H1 2025 global score Opensignal 2025 download experience (in Mb/s) MasOrange has received MedUX’s highest performance rating of “Outstanding” MasOrange secured the top position in every single category of the Opensignal benchmark On track to synergy targets without compromising customer-centric approach +O offers Spain’s best fiber network experience according to the country’s leading independent quality benchmarks Leadership in broadband network quality
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19 761 788 9M 24 9M 25 783 861 9M 24 9M 25 Recurring Net Capex -5% vs. 9M 2024 if normalized for publicly-funded projects €m Net Capex – Year to Date Net Capex – Year to Date % Capex intensityxx 14.3% Recurring Net Capex1 – Year to Date 13.9%15.2% 13.9% +4%+10% 1 Adjusted for Restructuring, Integration Capex, FTTH deployment and gain from sale of assets 2 Publicly-funded project for 5G deployment in rural areas in Spain -5% when excluding €68m Project Unico 5G2
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20 322 278 248 262 Q4 24 Q1 25 Q2 25 Q3 25 Quarterly Recurring Net Capex1 6% below LTM average and intensity c.60bps below €m Recurring Net Capex – LTM Quarterly Performance % Capex intensityxx 16.7% 14.8% 13.0% €278m LTM Average 14.5% 13.9% 1 Adjusted for Restructuring, Integration Capex, FTTH deployment and gain from sale of assets
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21 1,141 1,310 9M 24 9M 25 Double-digit growth YoY , both on a reported and adjusted basis €m EBITDA – Net Capex Reported EBITDA – Net CAPEX % Marginxx Adjusted EBITDA1 – Recurring Net CAPEX 20.9% 23.1% +15% 1,266 1,407 9M 24 9M 25 23.2% 24.8% +11% +16% when excluding Project Unico 5G2 1 Adjusted for Restructuring, Integration Capex, FTTH deployment and gain from sale of assets 2 Publicly-funded project for 5G deployment in rural areas in Spain
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22 1,407 -335 -216 8 -43 822 -615 -97 109 9M 2025 Operating Free Cash Flow of €1,407m, +11% vs. 9M 2024 Free Cash Flow
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23 1 Based on LTM Adjusted EBITDA, including long tail Euskaltel and MasOrange run rate synergies expected to be realized by 2027, and including company initiatives 2 Ratios adjusted including cash to be received from new agreements (energy and alarms); Net debt above is nominal and includes debt associated with leases for leverage purposes 3 Subject to NetCo closing (total net debt LTM leverage) Nominal debt position Total net debt LTM leverage of 4.3x; Senior secured net debt LTM leverage of 3.3x Leverage target to be tightened to 2.75x3 Nominal Debt (€m) Sep 25 TLA 3,589 TLB5 4,300 SSN 2,950 SUN 453 Commercial Papers 459 Other 876 Gross Debt 12,627 Cash 124 Net Debt 12,503 Leases 1,667 Net Debt & Leases 14,170 LTM Reference EBITDA1 3,275 Total Net Debt LTM Leverage 4.3x2 Senior Secured Net Debt 11,027 Senior Secured Net Debt LTM Leverage 3.3x2
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24 Total revenues Slight growth Run rate synergies year end 2025 >€300m Outlook 2025 Performance in line with strategic objectives and Outlook 2025 reiterated Outlook 2025 Adjusted EBITDA – Recurring Net Capex Double-digit growth
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APPENDIX
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26 Key Financials €m 9M 2025 9M 2024 vs. PY (abs) vs. PY (%) Total Revenues 5,664 5,464 200.0 3.7% Service Revenues 4,822 4,751 71.0 1.5% Equipment Revenues 841 713 129.0 18.1% Adjusted EBITDA 2,195 2,027 167.8 8.3% % Margin 38.8% 37.1% 1.7% Recurring Net Capex -788 -761 -27.2 3.6% % Revenue 13.9% 13.9% 0.0% Adjusted EBITDA – Recurring Net Capex 1,407 1,266 140.6 11.1% % Revenue 24.8% 23.2% 1.7% % Conversion 64.1% 62.5% 1.6% Integration & Restructuring Opex -29 -96 67.4 -70.1% Loss / Gain from Sale of Assets 5 -7 11.7 -168.8% Reported EBITDA 2,171 1,924 246.9 12.8% % Margin 38.3% 35.2% 3.1% Integration Capex, FTTH deployment and reductions -73 -23 -50.6 222.9% Net Capex -861 -783 -77.7 9.9% % Revenue 15.2% 14.3% 0.9% Reported EBITDA - Net Capex 1,310 1,141 169.1 14.8% % Revenue 23.1% 20.9% 2.2% % Conversion 60.3% 59.3% 1.0%
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27 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. 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