Slides
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FY 25 results 1 Orange financial results #FY_2025 Christel Heydemann CEO Laurent Martinez CFO 18th February 2026
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FY 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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FY 25 results 3 FY 2025 key highlights 2025 guidance fully achieved with strong FY financial results: EBITDAaL +3.8%, driven by 0.9pt margin increase; and OCF (1) +8.3% at €3.7bn Signing of a binding agreement to get full ownership of MasOrange & creation of PremiumFiber Robust retail commercial performance in France, Europe, Africa Middle East Africa Middle East double-digit revenues & EBITDAaL growth (1) Telecom. All Group level mentions include both telecom and banking activities. Conversely, all mentions excluding Orange bank are explicitly called “Telecom” 2025 successfully concludes our Lead the Future plan Submission of a joint non-binding offer to acquire a large part of Altice’s activities in France in October 2025. Due diligence initiated in January 2026
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FY 25 results 4 Strong FY 2025 results yoy: comparison with the same period of the previous year, on a comparable basis (cb) 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 €40.4bn +0.9% yoy €12.5bn +3.8% yoy EBITDAaL eCapex €10.6bn +2.2% yoy €3.4bn +3.9% yoy €6.2bn -0.4% yoy €1.7bn -12.9% yoy FY 2025 Q4 2025 FY 2025 Q4 2025 FY 2025 Q4 2025 €3.7bn Cash Flow(1) Scope 1&2 -49% vs 2015 cb Net debt / EBITDAaL(1) FY 2025 +8.3% yoy 15.4% eCapex/sales FY 2025 1.8x GHG emissions +0.9pt EBITDAaL margin stable Scope 3 -16% vs 2018 cb €2.8bn FCF “all-in”OCF
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FY 25 results 5 2022-2025: success of Lead the Future plan (1) Free cash-flow all in, excluding Spain from 2022 (2) Total Shareholder Return between end 2022 -end 2025; source: Bloomberg (3) includes MasOrange and Fibercos Enhanced efficiency Workforce planning agreement in France Simplified group processes Cost optimisation Operational & procurement efficiency Orange Business transformation offer pruning & cost efficiency Portfolio management Disposal of OCS/O.Studio, Exit of Orange Bank in Europe Simpler FCF all-in(1) Dividend €2.8bn in 2025 +€1.2bn, +74% 2025 vs 2022 +7% 2025 vs 2022 +82% 2025 vs 2022 TSR(2) * Stronger Creation of MasOrange in Spain and consolidation in Romania & Belgium Solid retail & NPS Double-digit growth in Africa Middle East Orange Cyberdefense Focus on execution Better FTTH deployment nearly completed in European countries c.100m FTTH connectable homes(3)
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FY 25 results 6 Environment Digital inclusion & empowerment Trusted Partner Sustainable performance targets achieved • B2C cyber solutions in France & Europe • SaferPhone in France: trusted offer for youth • New Orange Business division dedicated to defense & security • Appointment of a Chief Trust Officer to accelerate sovereignty and trust strategy ✓ 3.3m beneficiaries of training to digital since 2021 • 4G population coverage at 80% in Africa Middle East, +3pt vs 2024 ✓ 36% women in management ✓ GHG emissions reduction • 2025 targets overachieved • all scopes: -25% 2025 vs 2020cb • 7 partnerships signed as part of our "Partners to Net Zero Carbon" program
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FY 25 results 7 Financial results overview
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FY 25 results 8 Revenues growth driven by Africa Middle East FY 2025 Revenues €40.4bn +€374m/+0.9% yoy FY 2025 revenue development by activity (yoy in €m) FY 2025 revenue development by segment (yoy in €m) Q4 2025 yoy +2.2% +€224m 675 FY 24 cb Services (B2C+B2B) -229 Wholesale -29 Equipment sales -43 Others FY 25 40,022 40,396 +2.2% -3.9% +€374m 156 918 FY 24 cb -377 France Europe Africa M-East -367 Orange Business 45 Others FY 25 40,022 40,396 +12.2% -4.8% -2.1% +2.2% ▪ Services (B2B+B2C) up 2.2%, outweighing wholesale ▪ Strong double-digit growth in Africa Middle East -1.0% +0.9% -4.3%
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FY 25 results 9 Strong efficiency results (1) value = revenue uplift, opex & capex gross savings Operational efficiency Procurement efficiency AI efficiency +0.9pt EBITDAaL margin in 2025 On-track with c.€700m savings mid-term target €330m value(1) in 2025 +1.1pt +0.3pt France Africa Middle East Europe €600m net savings 3-year target achieved +0.6pt
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FY 25 results 10 Robust EBITDAaL growth, +0.9pt margin FY 2025 Group EBITDAaL €12.5bn +€457m/+3.8% yoy Q4 2025 FY 2025 Group EBITDAaL development by segment (yoy in €m) ▪ EBITDAaL growth fuelled by sustained double-digit growth in Africa Middle East, solid Europe & France ▪ Margin increase driven by efficiencies yoy +3.9% +€126m 57 63 404 FY 24 cb France Europe Africa M-East -39 Orange Business -27 Others FY 25 12,013 12,470 +3.8% -6.3% +0.9% +3.2% +13.9% 30% 30.9%EBITDAaL margin +0.9pt
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FY 25 results 11 457 -144 Financial result 82 Other FY 25FY 24 Net income adj. Adjusted FY 25 EBITDAaL cb -1,244 GEPP (net of tax) -368 Copper dep. -332 Impair- ment -65 Spain net effect -148 Income tax 2,902 1,139 3,094 1,955 Main adjustments: Provision for the employment and career path planning (GEPP) Depreciation of copper dismantling asset in France Orange Business impairment Net income & adjusted net income FY 2025 Adjusted net income €3.1bn €1.1bn net income (1) GEPP referring to the agreement on Employment and Career Path Planning in France signed in February 2025 which includes a part-time for seniors plan (2) of which -€165m related to OSP results in 2024 and capital loss on the sale of OSP and +€100m share of MasOrange net result (3) Mainly 2024 impacts linked to the sale of OC/OCS activities and Orange Bank credit portfolio partly offset by D&A increase excluding copper dismantling asset depreciation (4) Earning per share (Group share); (5) Adjusted earning per share (Group share) – Adj. EPS FY24 at €0.95 – see details slide 31 1 2 FY 2025 Group net income development (yoy in €m) €0.82 €0.14 FY 24 EPS(4) 1 3 (2) 2 FY 25 Adj. EPS(5) FY 25 EPS(4) €0.86 (1) 3 (3)
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FY 25 results 12 eCapex disciplined allocation at c.15% eCapex/sales FY 2025 eCapex €6.2bn -€23m/-0.4% yoy Q4 2025 yoy -12.9% -€254m ▪ Increased eCapex in Africa Middle East to support growth ▪ eCapex decrease in other geographies eCapex/Sales 2025 eCapex development by segment (yoy in €m) 136 6,231 FY 24 cb -37 France -34 Europe -45 Orange Business Africa M-East -42 Others FY 25 6,231 6,208 -0.4% -3.2% excl. Africa M-E 15.6% 15.4% excl. Africa M-East 15.2% 14.9%
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FY 25 results 13 FY 2025 OCF (telecom) €3.7bn +€0.3bn/+8.3% yoy +€281m yoy -€199m yoy +€346m yoy ▪ 2025 OCF guidance achieved with €3.65bn, +8.3% yoy notably driven by improving EBITDAaL– eCapex ▪ 2025 FCF “all-in” €2.8bn, slight yoy decline due to phasing 2024/2025 in telco licences Organic Cash Flow strong growth EBITDAaL -eCapex (telecom) -41 ∆ Working capital -741 Net financial interests paid -1,138 Income taxes paid -744 Other operational items OCF FY 2025 -640 Telco licences paid -50 Main litigations paid -169 Hybrid notes coupons FCF "all-in" FY 2025 3,653 6,316 2,793 (1) See details in annexes In € million (1)
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FY 25 results 14 Net debt in line with c.2x mid-term target FY 2025 Net debt /EBITDAaL (telecom) 1.8x (1) Telecom. See details in annexes (2) Jumbo $6bn bonds issued in January 2026, excluded from FY 2025 liquidity position (3) o/w €15.2bn in cash & €6.0bn available undrawn amount of credit facilities (4) Rating: BBB+ stable outlook (S&P and Fitch) & Baa1 stable outlook (Moody’s) 1.8x Net debt/ EBITDAaL(1) (telecom) ▪ Successful Jumbo bond issuances of €5bn and $6bn(2), in the context of reconsolidation of MasOrange ▪ Average maturity of Orange SA bonds: 7.3 years ▪ Average cost of gross debt: 3.1% ▪ Robust liquidity position: €21.3bn(3) & strong rating among peers(4) 433 476 Net financial debt 2024 -2,793 FCF "all-in" Div.paid to owners of parent company Dividend paid to non- controlling interests Hybrid notes repayment -66 Others Net financial debt 2025 22,482 22,526 1,994 +€43m 1.8xIn € million (1) (1)
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FY 25 results 15 Business Review
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FY 25 results 16 Fixed Mobile (1) €16.3 (2) -€0.9 yoy €38.3 -€0.7 yoy Q4 ARPO Best-in class churn 12.2% in Q4 (1) Contract mobile ex M2M customers (2) Mobile only blended ARPO (3) FBB mass market churn Convergence €78.9 +€0.9 yoy -5pts vs FBB churn(3) Net adds momentum +118k +4k +116k +138k +134k Q4 24 Q4 25Q4 24 Q4 25 ADSL net adds FTTH cust. yoy +1.1m +1k +3k +15k +20k +25k Q4 24 Q4 25 Record FTTH net adds since Q4 22 Fostering customer loyalty & valueMarket environment 13%20%31%% of France 2025 total revenues Stable on high-end & competitive on low-end Stable on high-end & competitive on low-end 2025 France: robust commercial performance 2.2pt yoy +10k +39k +45k +2k +29k Total FBB net adds FTTH net adds +315k improvement
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FY 25 results 17 2025 France EBITDAaL growth fuelled by strong cost efficiency in €m Q4 25 yoy cb FY 25 yoy cb Revenues 4,563 -0.4% 17,473 -2.1% Services (B2C+B2B) 2,820 -0.6% 11,250 -0.5% Wholesale 1,057 -3.4% 4,103 -6.5% Equipment sales 478 +8.8% 1,416 -0.2% Other revenues 208 -0.1% 704 -4.6% EBITDAaL 6,429 +0.9% eCAPEX 3,077 -1.2% EBITDAaL-eCapex 3,352 +2.9% ▪ FY EBITDAaL margin +1.1pt fuelled by: ▪ +0.6% FY Retail ex PSTN revenues offset by expected Wholesale decline ▪ -4% opex(2) reduction ▪ Copper decommissioning plan in execution phase ▪ 2025 ambition fully achieved with +0.9% EBITDAaL growth 34m(1) (1) Mobile contract ex. M2M + FBB retail accesses (2) opex= external purchases + labour (3) ARCEP report published on Novembre 20, 2025 (4) Étude Ipsos bva – Viséo CI – escda.fr and ARCEP 2025 Report – February 2026 – Customer Satisfaction Observatory – -3.6% +0.5% +0.9% FY 23 FY 24 FY 25 +0.5% yoy Q4 Retail ex PSTN 2025 EBITDAaL yoy +0.9% Customers: EBITDAaL margin 36.8%35.7% FY opex(2) 4% >€400m Advertising & Promotion IT & network cost Efficiency on track Labour Energy Sub-contracting reduction yoy AI 15 Best mobile network for the 15th time in a row(3) Direct to Device SMS offer launch Leadership & innovation Test on 50 G-PON Fiber Best customer service 2026(4)
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FY 25 results 18 2025 Africa Middle East +14m additional customers & double-digit EBITDAaL growth in 2025 in €m Q4 25 yoy cb FY 25 yoy cb Revenues 2,182 +11.2% 8,427 +12.2% Services (B2C+B2B) 1,992 +11.9% 7,681 +13.0% Wholesale 153 +1.8% 606 +2.8% Equipment sales 25 +11.4% 97 +14.8% Other revenues 12 +24.1% 43 +18.1% EBITDAaL 3,306 +13.9% eCAPEX 1,428 +10.5% EBITDAaL-eCapex 1,878 +16.6% ▪ 11th quarter of consecutive double-digit revenue growth & 6th year of consecutive double-digit EBITDAaL growth ▪ FY EBITDAaL margin >39%, +0.6pt yoy driven by efficiency gains ▪ 2025 double-digit EBITDAaL growth ambition fully achieved (1) Mobile + FBB retail accesses (2) B2B transversal activity include Data and FBB (3) At least one transaction per month 91m +14m 4.8m +21.8% Orange Money active(3) customers 47m +18.3% 4G customers FBB customers Volume & value with customer base increases Robust growth catalysts yoy (in €m) 117 44 Revenue Q4 2024 cb Data 32 FBB 26 Orange Money Voice & Others Revenue Q4 2025 1,963 2,182 +11.2% o/w B2B(2) +€13m +4% +17% +16% +14% Acceleration in mobile +4.5% Blended mobile ARPO Q4 yoy 174m +13m Mobile customers yoy Customers: 179m(1) yoy
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FY 25 results 19 2025 Europe Solid EBITDAaL growth Efficient volume management ▪ Q4 revenues growth driven by ▪ Services(1) with a solid commercial performance ▪ Exceptional IT&IS in Romania ▪ Solid EBITDAaL growth, with +0.3pt margin, thanks to services(1), synergies in Belgium & efficiency ▪ 2025 ambition fully achieved with +3.2% EBITDAaL growth (1) Services excluding IT&IS (2) Mobile contract ex. M2M + FBB retail accesses (3) Mobile contract excluding M2M +68k Q4 FTTH net adds (+25k FBB net adds) +141k Q4 Mobile(3) net adds +32k Q4 Convergent net adds Strong FY EBITDAaL yoy Poland Belgium +3.9% +4.0% Customers: 28m(2) in €m Q4 25 yoy cb FY 25 yoy cb Revenues 1,954 +4.0% 7,263 +2.2% Services (B2C+B2B)(1) 1,168 +0.7% 4,670 +1.1% Wholesale 212 +4.4% 831 +1.5% Equipment sales 345 +2.2% 1,068 -1.2% IT&IS and other revenues 229 +27.9% 695 +17.6% EBITDAaL 2,028 +3.2% eCAPEX 1,142 -2.9% EBITDAaL-eCapex 885 +12.3% c. +700k customers(2) yoy & Value strategy +4.0% Poland convergent ARPO Q4 +0.3pt margin increase
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FY 25 results 20 2025 Orange Business EBITDAaL trend improvement despite challenging environment ▪ Revenues under pressure due to complex conditions of the global IT market & French macro environment & portfolio pruning ▪ Continued EBITDAaL trend improvement in 2025 EBITDAaL development yoy in €m Q4 25 yoy cb FY 25 yoy cb Revenues 1,887 -3.9% 7,325 -4.8% Fixed-only services 662 -7.0% 2,715 -7.6% IT & Integration services 984 -1.5% 3,698 -2.3% Mobile 242 -5.0% 912 -6.1% EBITDAaL 577 -6.3% eCAPEX 279 -14.0% EBITDAaL-eCapex 298 +2.2% FY 24 -8.4% FY 25 -6.3% ▪ Solid international commercial trend with a win ratio at 48% ▪ 427 customers signed on our new “on-demand” secure connectivity platform ▪ 8 new flagship products launched ▪ Sustained revenue growth at +7% in H2 and FY 2025 Solid FY 23 -15.4%FY 22 -21.0%(1) (1) excluding 2021 employee shareholding plan effect 39 +9pt NPS yoy
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FY 25 results 21 2025 MasOrange Guidance fully achieved ▪ 2025 guidance fully achieved: continued revenue growth, >€300m cumulated synergies, double-digit growth of Adj. EBITDA - Recurring Net Capex ▪ Services revenue growth driven by B2B and new businesses in challenging market conditions ▪ Strategic agreements throughout the year with tier-1 partners (e.g., insurance, energy, and home security) ▪ Launch of Europe’s first commercial 5G open RAN ▪ Leadership in ESG ratings (Fitch and Clarity AI) ▪ HR: new collective agreement, employee satisfaction at top level since JV creation ▪ Synergies target achieved ▪ €356m cumulated synergies as of end 2025 ▪ Run-rate potential confirmed ≥€500m from year 4 post closing Equity method in €m Q4 25 yoy cb FY 25 yoy cb Revenues 1,937 +0.7% 7,601 +2.9% Services (B2C+B2B) 1,433 -1.2% 5,808 +0.5% Wholesale 161 -8.8% 609 +1.7% Equipment sales 343 +15.9% 1,184 +17.5% Adjusted EBITDA(4) 2,842 +2.4% Recurring net Capex(5) 979 -9.6% Adj. EBITDA(4) – Rec. net Capex 1,863 +10.1% Net debt/LTM ref EBITDA 3.6x(6) Stable ARPU despite challenging market Solid volumes Q4 net adds €52.7 Flat(2) Convergent ARPU Q4 yoy +27k FTTH +241k(3) Mobile (1) Mobile + FBB, (2) Reported, (3) Postpaid Unaudited management accounts (4) Adjusted for Restructuring & Integration costs. Equivalent to an EBITDAaL, including 12 months of PremiumFiber, of €2,284m (see annexes) (5) Equivalent to an eCapex of €1,248m (see annexes) (6) Equivalent to a Net debt/EBITDAaL 2025, including PremiumFiber of 4.1x 33m(1)Customers:
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FY 25 results 22 2025 MasOrange PremiumFiber launched, unlocking value #1 fiberco in Spain • Deal closed in early December 2025 • Largest fiber network company covering over 12m premises, and with nearly 5m connected customers • Singapore sovereign wealth fund (GIC) as financial investor with 25% stake • MasOrange and Vodafone Spain long-term anchor tenants Effects on MasOrange ▪ Co-control - asset will not be consolidated by MasOrange ▪ €3.2bn net proceeds used to deleverage, bringing MasOrange’s leverage to 3.6x(1) end 2025, with €9.4bn debt(2) ▪ 2025 EBITDAaL, including 12 months of PremiumFiber, of €2,284m(3) (1) Based on LTM Adjusted EBITDA, including long tail Euskaltel and MasOrange run rate synergies expected to be realised by 2027 (2) After reconsolidation of MasOrange, objective of full refinancing by Orange Group over time (3) Estimated cb 12 months not reflecting the final comparable base after full alignment with Group accounting rules. See annexes Equity method
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FY 25 results 23 2025 guidance fully achieved EBITDAaL yoy, cb ≥+3.5% +3.8% eCAPEX Disciplined eCapex as per CMD 15.4% eCapex/sales Organic Cash Flow (telecom) ≥€3.6bn €3.7bn Dividend(1) €0.75 payable in 2026 €0.75 payable in 2026 Net debt / EBITDAaL (telecom) c.2x in the medium term 1.8x Independent from any scope evolution (1) Subject to shareholders’ approval 2025 Guidance Actuals Guidance upgraded twice in 2025 CMD guidance upgraded in Feb 2025
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FY 25 results 24 Q& A
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FY 25 results 25 To be continued tomorrow at our Capital Markets Day at 9 am CET
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FY 25 results 26 Annexes
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FY 25 results 27 EBITDAaL adjustments (in €m) FY 2024 FY 2025 historical Actual Restructuring programs costs (193) (382) (189) Acquisitions and integration costs (13) (18) (5) Significant litigations (24) (7) 17 Specific labour expenses (40) (1,540) (1,500) o\w Senior Part Time (40) (1,540) (1,500) Fixed assets, investments and businesses portfolio review (279) 183 463 Total adjustments (549) (1,763) (1,214) Includes GEPP effect and other restructuring programs Includes the counter effects of the sale of Orange Bank credit portfolio and of OCS / Orange Studio in 2024 and sale of datacenters in 2025 1 1 1 2 2
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FY 25 results 28 (1) Excluding €255m of interest expenses on IFRS 16 leases and financed assets in FY 2025 and €261m in FY 2024. (2) Of which (i) disbursements related to “Senior Part-Time” plan in France (TPS, procedures in relation to agreements on the employment of seniors in France) and related to restructuring and integration costs, (ii) repayments of lease liabilities, and (iii) elimination of non-monetary effects included in EBITDAaL. FCF “all-in” Telecom activities (in €m) FY 2024 actual FY 2025 actual EBITDAaL – eCAPEX – excluding Spain 5,970 6,316 Change in working capital requirements (including change in eCAPEX payables) (9) (40) Net interest paid (including dividends received) (1) (735) (741) Income taxes paid (1,058) (1,138) Other operational items (2) (795) (744) Organic Cash Flow – excluding Spain 3,372 3,653 Licences and spectrum paid (260) (640) Main litigations paid/received 54 (50) Subordinated notes coupons (175) (169) Free Cash Flow « all-in » – excluding Spain 2,992 2,793
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FY 25 results 29 (1) Mainly MasOrange creation in 2024 (€4,425m net impact including €4,461m cash proceeds) (2) of which €(450)m net purchase in 2025 (3) Including (i) Orange Bank capital increase subscribed by the Group in 2024 & VAT dispute seizure in 2024 (ii) the change in debt on financed assets, and (iii) the change in forex and derivatives, accrued interest not yet due and amortised cost Change in net debt Telecom activities (in €m) FY 2024 actual FY 2025 actual Free Cash Flow « all-in » – including Spain (reported) 2,875 2,793 Net impact of changes in the scope (1) 4,351 (14) Subordinated notes issuances (purchases) and other related fees (2) (4) (476) Dividends paid to owners of parent company (1,915) (1,994) Dividends paid to non-controlling interests (375) (433) Other financial items (3) (413) 80 Change in net debt 4,520 (43) Net financial debt (22,482) (22,526) Ratio of net financial debt / EBITDAaL of telecom activities 1.84x 1.80x
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FY 25 results 30 (1) See details slide 27 ; (2) Closing price adjustment of the sale of Orange Spain Change in net income (in €m) FY 2024 FY 2024 FY 2025 historical cb actual EBITDAaL 12,109 12,013 12,470 Adjustments(1) (549) (180) (1,763) Depreciation & amortization of fixed assets (6,348) (6,330) (7,005) Impairment of fixed assets (14) (14) (332) Share of profit (losses) of associates and JV (348) (406) (202) o\w Share of profit (losses) of MasOrange (255) (313) (155) o\w Share of profit (losses) of other associates and JV (94) (94) (47) Elimination of interests on lease and on debt related to financed assets and effect resulting from business combination 266 265 254 Operating income 5,116 5,347 3,422 Financial result (1,066) (1,254) Tax Income (1,355) (1,070) Consolidated net income - continuing operations 2,695 1,097 Consolidated net income - discontinued operations(2) 207 42 Consolidated net income 2,902 1,139 Non-controlling interests 552 601 Net income attributable to owners of the parent company 2,350 538 2 1 Includes €44m GEPP impact Includes €433m positive tax impact from GEPP 1 2
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FY 25 results 31 Adjusted net income & adjusted EPS (in €m, except EPS in euros) FY 2024 FY 2025 actual actual Consolidated net income 2,902 1,139 EBITDAaL adjustments(1) o/w GEPP 549 - 1,763 1,633 Impairment of fixed assets - 332 Amortisation and impairment losses of other intangible and tangible assets related to business combinations 100 91 Amortisation of dismantling assets related to copper network in France - 368 Net income from discontinued operations (207) (42) Effect resulting from business combinations 2 - Effect of adjustments on financial result - 91 Effect of adjustments on tax income (66) (649) Adjusted consolidated net income 3,280 3,094 Reintegration of the effect of coupons on subordinated notes (176) (169) Non-controlling interests (568) (636) Adjusted net income attributable to owners of the parent company 2,535 2,288 Weighted average number of shares outstanding 2,659 2,658 Adjusted Earning per Share in euro 0.95 0.86 (1) See details slide 27 Definition: Adjusted consolidated net income : consolidated net income excluding (i) EBITDAaL adjustments, (ii) effects resulting from business combinations, (iii) impairment losses, (iv) before amortisation and impairment losses of other intangible and tangible assets related to business combinations, (v) before amortisation and impairment losses of the copper network dismantling asset in France, (vi) the net income from discontinued operations and, (vii) other significant specific items whether it concerns products or expenses (viii) restated for the effects of these adjustments on financial result and income taxes.
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FY 25 results 32 2025 MasOrange cb 12 months PremiumFiber(1) (in €m) FY 2025 11 months FY 2025 including 1 month PremiumFiber PremiumFiber impact PremiumFiber 12 months cb Revenues 7,601 - 7,601 EBITDAaL 2,608 (324) 2,284 eCapex 1,248 - 1,248 EBITDAaL-eCapex 1,360 (324) 1,036 €2,842m adjusted EBITDA - €234m IFRS16 leases. Includes Price Purchase Allocation related IFRS non-cash impact decreasing over time Access costs to PremiumFiber over 11 additional months (closing in December 2025) with 12 months access costs at c.€350m €979m net recurring Capex + €210m integration Capex + €63m licence sale proceeds - €4m spectrum licence Improvement of full year financial results post-fiberco refinancing, largely offsetting the EBITDAaL cash impact of access costs (FCF neutral) 1 21 2 3 3 (1) Estimated cb over 12 months on a standalone basis, not reflecting the final comparable base after full alignment with Group accounting rules and reconsolidation impacts. 2025 comparable basis will also include a c.-€155m in revenues related to a transaction on energy distribution business (no EBITDAaL impact). 4 4
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FY 25 results 33 Finance table details by segment in €m Q4 25 yoy cb FY 25 yoy cb Revenues 4,563 -0.4% 17,473 -2.1% Services (B2C+B2B) 2,820 -0.6% 11,250 -0.5% Convergent services 1,370 +2.6% 5,394 +2.4% Mobile only services 565 -3.0% 2,286 -2.6% Fixed only services 886 -3.8% 3,570 -3.2% Fixed only broadband 781 -0.5% 3,102 +0.1% Fixed only narrowband 105 -23.2% 469 -20.6% Wholesale 1,057 -3.4% 4,103 -6.5% Equipment sales 478 +8.8% 1,416 -0.2% Other revenues 208 -0.1% 704 -4.6% EBITDAaL 6,429 +0.9% EBITDAaL margin 36.8% +1.1pt eCAPEX 3,077 -1.2% eCAPEX/sales 17.6% +0.2pt EBITDAaL-eCapex 3,352 +2.9% in €m Q4 25 yoy cb FY 25 yoy cb Revenues 1,954 +4.0% 7,263 +2.2% Services (B2C+B2B)(1) 1,168 +0.7% 4,670 +1.1% Convergent services 388 +5.7% 1,516 +5.5% Mobile-only services 537 -1.2% 2,176 -0.6% Fixed-only services 243 -2.4% 977 -1.5% IT&IS 206 +28.7% 600 +20.0% Wholesale 212 +4.4% 831 +1.5% Equipment sales 345 +2.2% 1,068 -1.2% Other revenues 23 +21.6% 95 +4.8% EBITDAaL 2,028 +3.2% EBITDAaL margin 27.9% +0.3pt eCAPEX 1,142 -2.9% eCAPEX/sales 15.7% -0.8pt EBITDAaL-eCapex 885 +12.3% in €m Q4 25 yoy cb FY 25 yoy cb Revenues 2,182 +11.2% 8,427 +12.2% Services (B2C+B2B) 1,992 +11.9% 7,681 +13.0% Mobile-only services 1,697 +12.5% 6,508 +12.7% Fixed-only services 273 +11.8% 1,067 +13.5% IT&IS 23 -20.6% 105 +28.0% Wholesale 153 +1.8% 606 +2.8% Equipment sales 25 +11.4% 97 +14.8% Other revenues 12 +24.1% 43 +18.1% EBITDAaL 3,306 +13.9% EBITDAaL margin 39.2% +0.6pt eCAPEX 1,428 +10.5% eCAPEX/sales 16.9% -0.3pt EBITDAaL - eCapex 1,878 +16.6% in €m Q4 25 yoy cb FY 25 yoy cb Revenues 1,887 -3.9% 7,325 -4.8% Fixed-only services 662 -7.0% 2,715 -7.6% Voice 164 -12.1% 673 -12.7% Data 498 -5.2% 2,042 -5.8% IT&IS 984 -1.5% 3,698 -2.3% Mobile 242 -5.0% 912 -6.1% EBITDAaL 577 -6.3% EBITDAaL margin 7.9% -0.1pt eCAPEX 279 -14.0% eCAPEX/sales 3.8% -0.4pt EBITDAaL - eCapex 298 +2.2% France Europe (1) excluding IT&IS Africa Middle East Orange Business