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Q3 25 results 1 Orange financial results #Q3_2025 Christel Heydemann CEO Laurent Martinez CFO 23rd October 2025
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Q3 25 results 2 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 underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results and other events, prospects and statements regarding future performance. Although we believe these statements are based on reasonable assumptions, they are subject to numerous risks, uncertainties and assumptions, including matters not yet known to us or not currently considered material by us, and which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, such forward-looking statements. There can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. More detailed information on the potential risks, uncertainties and assumptions that could affect our financial results include those described or identified in any public documents filed with the French Financial Markets Authority (AMF) by Orange, including the Universal Registration Document filed on 27 March 2025 with the AMF. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward looking statements contained herein. Forward- looking statements speak only as of the date they are made. Other than as required by law, Orange does not undertake any obligation to update them in light of new information, future developments or any other reason.
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Q3 25 results 3 Q3 key highlights 2025 EBITDAaL guidance upgraded from above +3% to at least +3.5% Strong Q3 financial results: EBITDAaL +3.7%, driven by 0.7 pt margin increase(1) Agreement to create the largest Spanish FiberCo “PremiumFiber” (1) Telecom activities, EBITDAaL margin rate 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
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Q3 25 results 4 Q3 25 results 1
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Q3 25 results 5 Strong Q3 financial results Yoy: comparison with the same period of the previous year, on a comparable basis unless otherwise specified (1) Telecom. All Group level mentions include both telecom and banking activities. Conversely, all mentions excluding Orange bank are explicitly called “Telecom” Revenues EBITDAaL eCapex €10.0bn +0.8% yoy €3.4bn +3.7% yoy €1.5bn 14.7% eCapex/sales(1) Q3 2025 Q3 2025 Q3 2025 34.4% +0.7pt yoy EBITDAaL margin(1) Q3 2025 revenues development by activity (yoy in €m) 192 Q3 24 cb Services (B2C+B2B) -78 Wholesale -9 Equipment sales -21 Others Q3 25 9,909 9,993-5.2% Q3 2025 revenues development by segment (yoy in €m) 230 81 Q3 24 cb -168 France Africa & M-East Europe -78 Orange Business 18 Others Q3 25 9,909 9,993+12.2% -4.3% -3.7% +4.7% +0.8% +2.6% -1.4% +€83m
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Q3 25 results 6 Business Review 2
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Q3 25 results 7 Fixed Mobile (1) €16.7 (2) -€0.7 yoy €38.3 -€0.4 yoy Q3 ARPO Best-in class churn 11.4% in Q3 (1) Contract mobile ex M2M customers (2) Mobile only blended ARPO Convergence €78.6 +€0.9 yoy -6pts vs FBB churn Net adds momentum +83k +118k +4k +116k +138k Q3 24 Q3 25Q3 24 Q325 ADSL net adds FTTH cust. yoy +1.1m -14k +1k +3k +15k +20k Q3 24 Q3 25 o/w +274k FTTH Fostering customer loyalty & valueMarket environment 13%21%31%% of France 9M 2025 total revenues Stable on high-end and competitive on low-end Sustained competition on low-end Q3 2025 France: robust commercial performance -2.4pt yoy +29k +39k +6k +10k +2k Total FBB net adds FTTH net adds
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Q3 25 results 8 Q3 2025 France Efficient commercial strategy ▪ +0.7% Retail ex PSTN 9M growth driven by convergence ▪ 2025 outlook confirmed: slightly better EBITDAaL growth than in 2024 34m(2)Customers: (1) Mobile contract ex M2M (2) Mobile contract ex M2M + FBB retail accesses (3) Q2 25 churn market average B2C contracts metropole (ARCEP) (4) Retail FTTH customers / FBB customers in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 4,341 -3.7% 12,910 -2.7% Services (B2C+B2B) 2,822 -0.9% 8,430 -0.4% Wholesale 1,022 -9.0% 3,046 -7.6% Equipment sales 338 -6.0% 938 -4.3% Other revenues 159 -11.3% 496 -6.4% +0.2% yoy Q3 Retail ex PSTN Orange leader in fibre in Europe with >10m FTTH customers in France Efficient commercial strategy Segmented & innovative offers Customer loyalty & best quality of service Push to value • +1.1% yoy Q3 convergent ARPO • +9pts yoy FTTH penetration to 82% (4) • 480k Cybersecure customers innovative offers: SaferPhone, Hello 5G • #1 mobile churn (1) : 5pts better than market average (3) • #1 NPS > 33; +9pts vs #2 New
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Q3 25 results 9 Q3 2025 Africa & Middle East Continued double digit growth of revenue ▪ Sustained strong revenues momentum driven by double-digit growth in 11 out of 16 countries ▪ 2025 outlook confirmed: double-digit EBITDAaL growth yoy (1) B2B transversal activity include Data and FBB (2) at least one transaction per month (3) Mobile + FBB retail accesses Powerful growth catalysts yoy (in €m) 128 Revenues Q3 2024 cb Data 33 FBB 29 Orange Money Voice & Others Revenues Q3 2025 1,876 2,106 40 +12.2% o/w B2B(1) +€25m +9% +18% +18% +17% 178m(3)Customers: 88.4m +19.8% 4.6m +23.1% Orange Money active(2) customers 44m +19.2% 4G customers +15m FBB customers +871k Volume & value with high customer bases Strong increase yoy +5.5% Blended mobile ARPO Q3 yoy 172.9m +8.0% Mobile customers Q3 yoy +5% in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 2,106 +12.2% 6,245 +12.6% Services (B2C+B2B) 1,918 +13.1% 5,689 +13.4% Wholesale 152 +1.1% 453 +3.1% Equipment sales 26 +22.4% 73 +16.1% Other revenues 9 +9.7% 31 +16.0%
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Q3 25 results 10 Q3 2025 Europe Revenues back to growth driven by Services and IT&IS ▪ Services growth fuelled by solid commercial performance ▪ IT&IS driven notably by new deals in Poland ▪ 2025 outlook confirmed: low-single-digit EBITDAaL growth yoy (1) Excluding IT&IS (2) Mobile contract excluding M2M (3) Mobile contract excluding M2M+ FBB retail accesses Services (B2C+ B2B)(1) Q3 2025 +1.4% 28m(3)Customers: +183k FTTH (+24k FBB) +65k Mobile(2) Convergent Value managementVolume Q3 net adds +22k & Convergence Q3 2025 +5.7%o/w in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 1,813 +4.7% 5,309 +1.6% Services (B2C+B2B)(1) 1,181 +1.4% 3,502 +1.3% Wholesale 221 +8.2% 619 +0.6% Equipment sales 252 +3.2% 722 -2.7% IT&IS and other revenues 160 +33.4% 466 +13.2% Poland convergent ARPO Q3 yoy+3.6%
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Q3 25 results 11 Q3 2025 Orange Business Difficult market environment ▪ Last year’s portfolio pruning impacting revenues development by ca.1 point ▪ Continued initiatives on cost efficiency and push on sovereignty & security ▪ Considering the complex conditions of the global IT market & French macro environment, the ambition to halve EBITDAaL decrease in 2025 vs 2024 is difficult +6% yoy 9M revenues +17% yoy order intake Q3 announcements services integrated into our SafetyCase emergency telecommunications solution enhanced detection capabilities with Qevlar’s agentic AI solution in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 1,747 -4.3% 5,438 -5.1% Fixed-only services 666 -8.1% 2,053 -7.8% IT & Integration services 864 -1.4% 2,714 -2.5% Mobile 217 -3.0% 671 -6.4% Solid growth of
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Q3 25 results 12 in €m Q3 25 yoy cb 9M 25 yoy cb Revenues 1,887 +1.7% 5,664 +3.7% Services (B2C+B2B) 1,437 -0.4% 4,375 +1.1% Wholesale 173 +2.1% 448 +5.8% Equipment sales 277 +14.4% 841 +18.1% Q3 2025 MASORANGE B2B and new businesses fuelling revenues Driving value… …and volumes Q3 net adds €52.7 Flat(1) Convergent ARPU Q3 yoy -7k FTTH (-5k FBB) +111k(2) Mobile +0.3pt Convergent churn Q3 yoy Equity method ▪ Signing of the Fiberco PremiumFiber ▪ Creation of the country’s largest fibre network company in partnership with Vodafone Spain and GIC ▪ Solid commercial performance despite competitive environment ▪ Expanding new businesses through strategic partnerships in insurance, energy and home security ▪ Building credentials in the B2B sector with new contract wins in the period ▪ Synergies on track ▪ Well on track towards the €300m year end objective ▪ Run rate potential confirmed ≥€500m from year 4 post closing ▪ 2025 outlook confirmed(3): ▪ Continued revenue growth ▪ Cumulated synergies to reach >€300m ▪ Double-digit growth of adj. EBITDA-recurring net Capex Unaudited management accounts (1) Reported (2) Contracts excl. M2M (3) At current perimeter
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Q3 25 results 13 Guidance 3
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Q3 25 results 14 2025 guidance upgraded on EBITDAaL 2025 EBITDAaL yoy, cb ≥+3.5% eCAPEX yoy, cb disciplined eCapex as per CMD Organic Cash Flow (telecom) ≥€3.6bn Net debt / EBITDAaL (telecom) Around 2x in the medium term Dividend(1) €0.75 floor payable in 2026 (1) Subject to shareholders’ approval. Upgraded from >+3%
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Q3 25 results 15 Q& A Press Q&A will start at 10:30 am CET