Slides
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1 Orange Capital Markets Day February 2026 19th
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2 Main speakers Heydemann Group CEO Martinez Group CFO Mousnier-Lompré CEO O.Business Hénique CEO Orange France Shaker CEO OMEA Spenger CEO MasOrange Q&A Christel Laurent Aliette Jérôme Yasser Meinrad Hugues Foulon CEO O.Cyberdefense Mari-Noëlle Jégo- Laveissière CEO Orange Europe Michaël Trabbia CEO Orange Wholesale Bruno Zerbib Group CTO & Innovation Nicolas Guérin General Secretary Caroline Guillaumin Group Communication Elizabeth Tchoungui Group CSR Vincent Lecerf Group HR Today’s speakers Our leadership team
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3 Today’s agenda Financial trajectory & Capital allocation 03 Strategic overview 01 Guidance & key take-aways 04 Our strategy in action: business overview 02
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4 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 as 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. All 2028 ambitions include MasOrange at 100%, unless otherwise specified.
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5 01 Christel Heydemann Group CEO Strategic overview
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6 Customers (1) worldwide>340m Next generation networks leadership (1) c.100m FTTH homes connectable Europe & Africa Middle East 26 Countries Strong step-up to come with MasOrange in 2026 >€40bn Revenues in 2025 Solid cash generation and strong balance sheet €2.8bn FCF all-in 2025 Most valued telco brand in Europe (2) #2 & 65 countries covered by Orange Business Best positioned to serve our customers and create sustainable value
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7 3 years in action Success of Lead the Future plan STRONGER BETTER As a trusted operator, ready to capture new opportunities FCF all-in(1) +€1.2bn, +74% 2025 vs 2022 Dividend +7% 2025 vs 2022 TSR(2) +82% 2025 vs 2022 GHG emissions targets overachieved Creation of MasOrange in Spain and consolidation in Romania & Belgium Double-digit growth in Africa Middle East Orange Cyberdefense Solid retail & NPS FTTH deployment nearly completed in European countries SIMPLER Focus on execution Portfolio management Orange Business transformation Enhanced efficiency
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8 Widespread digital threats Rapid technological shifts Environmental imperatives Geopolitical dynamics Multilocal model In-market consolidation Trusted secured solutions Turning macro-trends into opportunities AI everywhere Open innovation & partnerships Innovative networks & offers Advanced cyber protection New trusted offers Safe digital experience Sustainable business Resilient networks and services
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9 Leveraging trust to be the preferred digital partner Committed to people, society & environment
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10 Our people & culture Empowering our teams to succeed with a common set of values: Responsible, Caring & Bold Committed 123,500 Employees in 78 countries 81% employees proud to work for Orange 36% women in management 8.2% employee shareholding 65,000 trained to AI 3,200 cyber experts 1,500 Data & AI experts Attract & retain talents in cloud, cybersecurity, AI & data Agility in transformation projects & talented teams
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11 Digital trust provide offers for a safer and more responsible digital world Empowerment contribute to society development through a digital world designed for all Environment reduce environmental impact and adapt to climate change Safer digital experience Digital uses protection offers in 100% of our countries by 2030 Inclusion Coverage expansion in Africa Middle East Free trainings on digital: 6 million people by 2030 Inclusive offers Carbon trajectories -45% GHG emissions on all scopes by 2030(1) Net 0 carbon by 2040 Customers Society Planet Our commitments to a sustainable performance
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12 Capture opportunities in B2C & B2B & manage our unique infrastructure assets for value Strengthen excellence & leverage scale for efficiency Leverage our strong brand to increase customer base, loyalty & differentiation Our three ambitions in action Committed to people, society & environment
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13 Customer intimacy Keep growing our customer base Enhance loyalty & engagement Increase customer value & differentiation Transformation of customer experience powered by digital & AI
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14 Customer intimacy Demography Smartphone & data penetration Fixed Broadband rapid adoption Leverage Africa Middle East strong growth potential Increase FTTH adoption Pursue convergence momentum in Europe Diaspora, youth Geo-based marketing & distribution Target underpenetrated segments Target SOHO(2) & SMEs market Grow on large national accounts Step-up momentum of B2B in Europe & Africa M-E Strong customer base(1) +40m growth Ambition 2028 Keep growing our customer base & market shares
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15 Customer intimacy Best experience driven connectivity Multi-services & equipment New generation loyalty programs Foster loyalty & reinforce NPS leadership Effortless digital journeys New standards for digital assistants Towards 100% of customer interactions augmented by AI Offer world-class customer experience AI-driven hyper-personalisation allowing increased & tailored interactions Reinforce Customer Value Management Ambition 2028 NPS up #1 in France 40 by 2028 +6pt vs 2025 NPS leadership(1) in 2/3 Europe & Africa Middle East countries Best-in class churn improvement up to 3pt in European countries Enhance loyalty & engagement
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16 Customer intimacy Personnalised marketing Develop marketplaces in Spain, France & Poland Extension of next-gen apps Harness the power of digital Grow multi-services in European countries Increase 4G/5G & mobile money penetration in Africa Middle East Reach full upsell & cross-sell potential Digital protection embedded in the network and through cybersecurity and youth offers Always-available connectivity: Fixed Wireless Access and satellite complementing mobile & broadband networks Differentiate with trust Ambition 2028 Next-gen apps available in European countries, starting with France in 2026 Africa M-East MaxIt users c.75m +50m vs 2025 Africa M-East 4G&5G customers 130m +8 pt penetration vs 2025 Increase customer value & differentiation
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17 Innovative growth Accelerate new pockets of growth Scale B2C services beyond connectivity Seize opportunities on B2B trusted solutions Manage our unique infrastructure assets for value
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18 Innovative growth Monetise Network APIs e.g identification, fraud, localisation Develop AdTech in France & Spain Leveraging our assets distributing attractive offers Scaling selected double-digit growth services Develop new businesses Ambition 2028 +€500m Africa M-E +€250m revenues European countries +€250m revenues Scale B2C services beyond connectivity Africa Middle East: MaxIt, Orange Money European countries: Home security, B2C Cybersecurity, Orange Travel and international money transfer revenues by 2028 from B2C double-digit growth initiatives o/w 340m customer base, strong brand, extensive data, best-in-class connectivity
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19 Innovative growth #1 on B2B global secure connectivity(1) #1 telco in Cyber services in European countries(2) Global backbone with European leadership Unique assets to lead on trusted digital services Evolution Platform: on-demand secure connectivity 5G private networks Trusted cloud & AI Cyber security cutting edge services: AI safety, Post-Quantum migration, Deepfake detection Advanced trusted solutions Digital solutions for SOHO, SMEs and large national accounts Step-up momentum of B2B in Europe & Africa Middle East Ambition 2028 Cyberdefense services + Trusted Cloud & AI+ Defense & Health+ Mid to high single-digit growth 2025-2028 CAGR = Seize opportunities on B2B trusted solutions +€500m revenues by 2028 from trusted B2B >7% IT&IS growth national accounts 2025-2028 CAGR
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20 Innovative growth #1 in European countries for FTTH: 91m connectable homes o/w 57m(1) owned Totem in France & Spain and owned towers in rest of the world Comprehensive infrastructure portfolio(2) beyond fibre & towers Unique asset base already built-out Delivering strong commercial benefits and enhancing Cash-flow profile Ambition 2028 FTTH monetisation ratio France+5pt Europe+4pt Africa M-East+6pt Enabling premium positioning, resilience & trust 74% monetisation rate in France thanks to almost no overbuild Optimise yield on existing assets Dark fiber business > mid-teens IRR Manage our unique infrastructure assets for value TOTEM +7% external hosting revenues(3) CAGR 2025-2028
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21 Excellence at scale Build next-generation networks, resilience & efficiency Leverage Group scale for technological leadership Unlock the full potential of AI Accelerate on operational efficiency Strengthen excellence & leverage scale for efficiency
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22 Fiber roll-out mostly behind us in European countries Capex for growth in Africa Middle East Value & efficiency driven capex Ambition 2028 Capex discipline Excellence at scale c.14% Group eCapex/sales by 2028 2G/3G decommissioning in Europe & France Copper decommissioning in France, Poland & Romania Simplified operating model & efficiency driven by legacy switch off Most network functions and softwarised connectivity services cloud native by 2030 Digital twins for network automation & field operations Cloud native & AI ready networks Multi factor network resilience & extended reach Including through satellite technology Proven capabilities in network recovery Build next-generation networks, resilience and efficiency
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23 Excellence at scale Leverage Group scale for technological leadership Shared platform development for efficient rollout Pooled expertise Global partners & local ecosystem for open innovation Orange Money CyberSecure Next-gen Apps Home gateway Cloud platform Common data & AI hub Satellite skills centers Shared skills centers Global tech partners Open-source solutions Orange Ventures portfolio & start-up ecosystems
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24 Ambition 2028 Excellence at scale +€600m additional value(2) generated from AI in 2028 European & Africa Middle East data residency Data Democracy for data quality Responsible AI: ethical & frugal Advanced foundations 100k internal users of Live Intelligence 65k employees trained on AI AI broadly adopted across Orange Use cases prioritised through value assessment Customer experience Personalised interactions & recos enhanced by CVM(3) Towards 100% of customer interactions augmented by AI Smarter Networks Field operations optimisation 30%(1) reduction of Mean Time to Repair Operating efficiency B2B new revenue streams Unlock the full potential of AI
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25 Excellence at scale Accelerate on operational efficiency Procurement power Scale for efficiency synergies from procurement program by 2028 €1bn purchasing power from alliances Processes automation IT federation Workforce planning Real estate Network transformation Network sharing
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26 02 Our strategy in action: business overview
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27 Trust the future in action France Strengthened leadership through unleashed innovation Revenues 2025 €17.5bn 34m customers(2) 42m FTTH connectable homes Best mobile network(4) Best NPS & churn(3) Leader in market share(1) Enhanced loyalty Our foundations Customer intimacy Upsell & cross-sell Innovative growth Sustained efficiency Excellence at scale Multi-service revenues 2025-2028 CAGR >+5% AI assistants NPS by 2028+6pt Next-gen appsNew New Orange Marketplace to boost value New New Ad-tech Strong leadership & improvement of churn Push on convergence & value Opex optimisation AI, procurement & operational efficiency Strong eCapex decrease with FTTH roll-out completed
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28 France Efficiency offsetting copper-to-fiber migration Stable+ France EBITDAaL 2025-2028 CAGR The amounts above correspond to the variation from 2025 to 2028 Copper related revenues(1) -€0.8bn 2028 vs 2025 Dismantling costs Copper resale Efficiency & other >€0.6bn 2028 vs 2025 PSTN - €0.3bn wholesale - €0.5bn Provisioned n o EBITDAaL impact Stable retail revenues ex PSTN +€0.2bn 2028 vs 2025 EBITDAaL EBITDAaL FY 2025 FY 2028 France key EBITDAaL drivers by 2028 Already 80% of fixed customers on FTTH (Retail + Wholesale) 94% FTTH connectable households in France &
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29 France 2025-2028 trajectories Innovation & efficiency fuelling robust operating cash-flow(1) growth Stable retail services ex PSTN 2025-2028 CAGR Stable+ EBITDAaL 2025-2028 CAGR eCapex reduction >€300m 2025-2028 Outlook 2026 France EBITDAaL stable + Operating cash-flow >+3% 2025-2028 CAGR
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30 Trust the future in action Africa Middle East Reaching €10bn(1) revenues in 2028 Strong potential ahead Our foundations Unbanked adults in Sub-Saharan countries 45% Customer intimacy Accelerate non telco growth engines Innovative growth Margin expansion Excellence at scale Max It users by end 2028 +50m EBITDAaL growing faster than revenue 2nd largest telco in the continent 1st in 10 countries 179m customers(2) Revenues 2025 €8.4bn +14m in 2025 X2 Dividend upstream over the last 5 years Double-digit growth Revenues & EBITDAaL 22-25 x2 Youngest (c.20 y) growing population by 2050 Orange 4G/5G customers by end 2028 +40m +20m Orange Money users by end 2028 B2B revenue CAGR 2025-2028 +10% Operational model: Best in a country is the standard for all footprint Mutualisation/ shared services & partnerships
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31 Africa Middle East 2025-2028 trajectories High single-digit operating cash-flow(1) growth High single-digit revenue growth 2025-2028 CAGR High single-digit EBITDAaL growth 2025-2028 CAGR Stable eCapex/sales 2025-2028 High single-digit Operating cash-flow growth 2025-2028 CAGR Outlook 2026 High single-digit EBITDAaL growth
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32 Trust the future in action Europe(1) Push on customer engagement & efficiency Enhanced customer engagement Our foundations Focus on churn, with CVM(4) & AI Customer intimacy Offers adaptation Innovative growth Margin improvement Excellence at scale Double digit growth in convergence & FTTH between 2025-2028 Revenues 2025 €7.3bn Operating cash-flow(3) margin +2pt 2022-2025 28m customers(2) >60% convergence penetration 17m FTTH homes connectable Efficient volume & value strategy Cybersecure offers in all countries by 2028 New Hyper-personalisation & digitalisation IT&IS growth: Cyber, Cloud CAGR 2025-2028 Adjacencies enriched offers Marketplace starting in Poland in 2026 New Increasing FTTH monetisation rate +2pt EBITDAaL margin improvement between 2025-2028 Platforming & scale across countries Capex efficiency >5%
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33 Europe 2025-2028 trajectories High single-digit operating cash-flow(1) growth Low single-digit services(2) growth 2025-2028 CAGR Low to mid single-digit EBITDAaL growth 2025-2028 CAGR c.14% eCapex/sales by 2028 High single-digit Operating cash-flow growth 2025-2028 CAGR Outlook 2026 Low to mid-single digit EBITDAaL growth
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34 Cyberdefense The leading cyber player in Europe(1) 2025 revenues double-digit CAGR 22-25(2) €1.3bn #1 European telco cyber player(1) Unique approach Synergies with telco Strong structural European market growth Trust the future in actionOur foundations Customers’ preferred choice Customer intimacy Towards €2bn revenues by 2030 Innovative growth Recognised specific expertise Excellence at scale Agile value proposition & go-to market model Well positioned on regulatory & emerging threats investment drivers Post Quantum migration services Cyber for AI (eg agentic AI with Qevlar and Mistral) Sovereign cyber portfolioDouble-digit growth of sales with SMEs between 2025-2028 Best in class Cyberthreat Intelligence with telco data 3,200 highly trained cyber experts
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35 Orange Business Next transformation stage Trust the future in actionOur foundations Maximise core business value Customer intimacy Capture value on digital, leveraging trust Innovative growth Digital transformation and competitiveness Excellence at scale Enhanced CVM(2) on fixed and mobile connectivity for SME 5G Mobile Private Networks Grow on Cyber services Trust-sensitive verticals, starting with Defense & Healthcare Workforce adaptation & operational efficiency Revenues 2025 #1 on B2B global secure connectivity(1) Serving 40k customers across 65 countries Full range of services from connectivity to digital services Continuous EBITDAaL trend improvement since 2022 €7.3bn Partnership on international footprint to boost scale, competitiveness and go-to-market Internal Digital & AI transformation On-demand secure connectivity platform New New New Expand on trusted Cloud & AI
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36 Orange Business 2025-2028 trajectories Continued EBITDAaL trend improvement EBITDAaL continued yoy trend improvement towards stabilisation Outlook 2026 Continued yoy trend improvement Stabilising revenues Efficiency efforts €0.3bn opex savings(1) between 2025-2028 Decline of legacy revenues compensated by mid to high single-digit growth in Cyberdefense, trusted Cloud and Defense & Health Ongoing transformation
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37 MasOrange Changing scale with 100% ownership(1) Strong execution track record Strengthening the Group profile Post closing Double-digit operating cash-flow accretion Mid single-digit EPS accretion Balanced Group profile Preserving solid Group balance sheet Leveraging Group balance sheet flexibility c.0.6x impact on Group Net Debt / EBITDAaL in 2026 vs 2025(2) Group ratings confirmed at signing by rating agencies MasOrange financing optimisation successful jumbo bond issues to refinance existing debt 37% 15%17% 15% 15% €48bn France Europe MEA O.Business Spain Group revenues post MasOrange reconsolidation proxy 2025cb >€350m #2 Successful combination and integration since end March 2024 cumulated synergies delivered end of 2025 PremiumFiber creation Significant deleveraging Group geography with leadership position
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38 MasOrange Ready for the next steps Trust the future in actionOur foundations Enhanced value Customer intimacy Beyond B2C telco Innovative growth Efficiency fuelled by synergies Excellence at scale Focus on customer value management Segmented brands & channels Loyalty through device & TV offerings & adjacent services Innovation leadership (5G SA, 5.5G, OpenRAN, Tech portfolio) Revenue & efficiency boosted by AI Leveraging Group scale Synergies execution confirmed ≥€500m 33m Revenues 2025€7.6bn Market leader in Spain Strong momentum in B2B & adjacent services #1 fiberco in Spain cumulated synergies towards €500m customers(1) €356m Growth in B2B & New Businesses: B2B double-digit 2025-2028 CAGR New ventures & Tier 1 partner services
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39 MasOrange 2025-2028 trajectories Mid to high single-digit operating cash-flow(1) growth Low to mid single-digit Revenue 2025-2028 CAGR Low single-digit EBITDAaL(2) 2025-2028 CAGR c.12% eCapex/sales by 2028 Mid to high single-digit Operating cash-flow 2025-2028 CAGR Outlook 2026(3) Low single-digit EBITDAaL growth >€ 430m cumulated synergies
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40 03 Laurent Martinez Group CFO Financial trajectory & Capital allocation
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41 Acceleration in cash generation vs Lead the Future plan A solid plan with a very clear roadmap Significant cash generation ahead Ambition 2028Fast growing initiatives, legacy transition under control & targeted profitability step upFrance & Europe Strong growth potentialAfrica Middle East Synergies extraction & new business momentumMasOrange Efficiency projects in executionOpex & Capex efficiency Transform & seize opportunities on trusted connectivity and cyber Orange Business & Orange Cyberdefense
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42 Trust the future Strong financial playbook Fueling topline growth Driving EBITDAaL – eCapex growth Delivering FCF all-in & EPS step up Ensuring strong balance sheet & attractive shareholder return Unlocking significant cash headroom by 2028
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43 Continuous Group Operating cash- flow(1) margin improvement Accelerating on operational efficiency €600m value generated in 2028 CVM(2), agentic AI, networks, reengineered processes AI at Scale Building on scale and continuous improvement Global workforce management, real estate, extension of shared services & platforming IT & Network: Migration to Cloud, decommissioning of copper, 2G and 3G Operational Efficiency c.€1bn additional gross savings by 2028Procurement at Scale +2pt 2025-2028 Ambition 2028 opex savings o/w €0.6bn France €0.3bn Orange Business(3)
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44 Double-digit OCF & FCF all-in CAGR 2025-2028 Efficiency CAGR 2025-2028 stable + EBITDAaL & >+3% OpCF(2) growth high single-digit EBITDAaL & high single-digit OpCF(2) growth low to mid-single digit EBITDAaL & high single-digit OpCF(2) growth EBITDAaL continued improvement trend yoy low single-digit EBITDAaL(3) & mid to high single-digit OpCF(2) growth Innovation & efficiency fuelling strong cash-flow generation France Africa Middle East Europe Orange Business Revenue growth CAGR 2025-2028 stable retail services ex-PSTN high single-digit revenue growth low single-digit services(1) growth stabilising revenues low to mid single-digit revenue growth Organic Cash Flow with 2025 2028 €3.65bn c.€5.2bn €1.6bn MasOrange €2.8bn €4.5bn(3) est. FCF all-in
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45 Driving adjusted EPS(1) growth by c.10% CAGR 2025-2028 1,055 c.10% CAGR Adjusted EPS 2025 Main drivers of adjusted EPS Growth €0.86 Adjusted EPS 2028 Step up related to full consolidation of MasOrange EBITDAaL step up with c.3% CAGR Financial interests increase with MasOrange consolidation Income tax increase in line with business performance Minority interests increase in line with Africa Middle East growth
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46 Our North Star is sustainable value creation By 2028, significant cash headroom putting us in a strong position Strong cash-flow generation Strong balance sheet Value creative M&A Consolidation optionality in France Bolt-on acquisitions Africa Middle East and cyberdefense Temporary leverage increase following MasOrange acquisition Deleveraging towards c.2x net debt/EBITDAaL by end 2028 (excl. potential consolidation scenario in France) Maintain a strong position in investment grade rating Attractive shareholder remuneration Disciplined eCapex eCapex/sales c.14% by 2028 Our North Star is sustainable value creation
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47 Total shareholder return track record between end 2022 and 2025(1) Progressive dividend since 2022 Driving attractive shareholder return 2025-2028 Progressive dividend growth New floor of €0.85/share in 2028(2) (payable in 2029) 2022 2023 2024 & 2025(2) 2026(2) €0.70 €0.72 €0.79 €0.75 €0.79/share for 2026(2) (payable in 2027) Orange Stoxx 600 telco CAC 40 82% 53% 36% (1) Source Bloomberg (2) Subject to shareholders’ approval
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48 Christel Heydemann Group CEO Guidance & key take- aways 04
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49 Guidance 2026 2025 EBITDAaL yoy(2) eCAPEX Organic Cash Flow Dividend(3) Net debt / EBITDAaL 2026 Standalone, ex MasOrange Implication of MasOrange reconsolidation(1) ≥+3.5% c.+3% Confirmed+3.8% Disciplined eCapex as per CMD c.15% eCapex/sales Confirmed15.4% eCapex/sales ≥+€3.6bn c.€4bn Accretion€3.7bn €0.75 payable in 2026 €0.79 payable in 2027 Confirmed€0.75 payable in 2026 c.2x in the medium term c.2x in the medium term Temporary increase Unchanged medium term target 1.8x
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50 Guidance 2028 2028 including MasOrange(1) EBITDAaL yoy (2) eCAPEX Organic Cash Flow Dividend(3) Net debt / EBITDAaL c.+3% 2025-2028 CAGR c.14% eCapex/sales c.€5.2bn c.+12% 2025-2028 CAGR Progressive dividend growth New floor of €0.85 in 2028 (payable in 2029) c.2 x in the medium term
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51 Trust the future key take-aways Committed to people, society & environment Strong foundation with Lead the Future Solid plan and acceleration in cash generation with OCF c.+€1.6bn between 2025-2028 MasOrange reconsolidation driving cash & EPS accretion Continuous attractive shareholders return & solid position in investment grade rating Optionality in French market Committed Leadership Team ready for execution Trust at the core of our plan & differentiated key assets
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52 05 Q&A
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53 2026 EBITDAaL outlook by business unit France EBITDAaL stable + Africa Middle East High single-digit EBITDAaL growth Europe Low to mid-single digit EBITDAaL growth Orange Business Improvement of EBITDAaL yoy development vs 2025 MasOrange Low single-digit EBITDAaL growth
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54 Summary operational KPIs Trust the future Strong customer base growth: +40m by 2028 NPS up, to 40 by 2028 in France, +6pt vs 2025 NPS Leadership in 2/3 European & Africa Middle East countries Best-in class churn improvement up to 3pt in European countries Next-gen apps available in European countries, starting with France in 2026 Africa M-East MaxIt users +50m by 2028 Africa M-East 4G&5G customers +8 pt penetration by 2025 +€500m revenues from double- digit growth B2C initiatives by 2028 • o/w Africa Middle East: +€250m • o/w European countries: +€250m Group eCAPEX to sales c.14% by 2028 +€600m additional value from AI in 2028 Procurement at scale >€1bn savings Customer Intimacy Innovative growth Excellence at scale +€500m from B2B Trusted solutions revenues by 2028 • Mid to high single-digit CAGR 25-28 for cyberdefense, trusted cloud & AI, Defense and Health verticals Infrastructure • FTTH monetisation ratio +5pt by 2028 in France; +4pt in Europe; +6pt Africa Middle East • Dark Fiber projects > mid-teens IRR • TOTEM +7% external hosting revenues CAGR 25-28
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55 Glossary European countries Includes Europe financial communication segment + France and Spain Europe Relates to the financial communication segment which includes Poland, Belgium & Luxembourg, Romania, Slovakia, Moldova CAGR Compound annual growth rate Churn rate Percentage of mobile or fixed-line customers who cancel or do not renew their subscriptions within a given period, typically monthly or annually
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56 Glossary EBITDAaL “EBITDA after Leases”: operating income (i) before depreciation and amortisation of fixed assets, effects resulting from business combinations, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, (ii) after interest on debts related to financed assets and on lease liabilities, and (iii) adjusted for significant litigation, specific labor expenses, fixed assets, investments and businesses portfolio review, restructuring programs costs, acquisition and integration costs and, where appropriate, other specific elements. eCapex “economic CAPEX”: investments in property, plant and equipment and intangible assets excluding telecommunication licenses, excluding dismantling assets, excluding financed assets and excluding assets acquired through a business takeover, minus the price of disposal of fixed assets. OpCF Operating Cash Flow = EBITDAaL - eCapex
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57 Glossary OCF Organic Cash Flow from telecom activities: for the perimeter of the telecoms activities, net cash provided by operating activities, minus (i) lease liabilities repayments and debts related to financed assets repayments, and (ii) purchases and sales of property, plant and equipment and intangible assets, net of the change in the fixed assets payables, (iii) excluding telecommunication licenses paid and significant litigations paid or received. Free Cash Flow all -in Free cash flow all-in from telecom activities corresponds to net cash provided by operating activities, minus (i) purchases and sales of property, plant and equipment and intangible assets, net of the change in the fixed assets payables, (ii) repayments of lease liabilities and on debts related to financed assets, and (iii) payments of coupons on subordinated notes.
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58 Glossary 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, (viii) restated for the effects of these adjustments on financial result and income taxes Earnings per share (EPS) Basic earnings per share are calculated by dividing (a) net income for the year attributable to the shareholders of the Group, after deduction of the remuneration net of the tax to holders of subordinated notes, by (b) the weighted average number of ordinary shares outstanding during the period Adjusted EPS Adjusted earnings per share are calculated by dividing (a) adjusted consolidated net income for the year attributable to the shareholders of the Group, after deduction of the remuneration net of the tax to holders of subordinated notes, by (b) the weighted average number of ordinary shares outstanding during the period
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59 For more information, you can contact the IR team Please reach out to: investor.dri@orange.com Gest Constance Racine Louise Vuong Hong Hai Quellec Clarisse