Slides
Page 1
Q3 26 results 1 Orange financial results #Q3_2026 Christel Heydemann CEO Laurent Martinez CFO 27th October 2026
Page 2
Q3 26 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 limit ation, projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with r espect 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 2 April 2026 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.
Page 3
Q3 26 results 3 Q3 confirming strong momentum across the Group Strong Q3 results with Revenues +3.6%, EBITDAaL +4.6% fuelling operating cash flow* +8.8% over 9 months Revenue growth across all European and Africa & Middle East countries Robust commercial performance driving retail services (B2C+B2B) +3.3% FY 2026 guidance upgraded to EBITDAaL growth >+4.5% (from >+4%) * EBITDAaL-eCapex
Page 4
Q3 26 results 4 Continued strong performance in Q3 yoy: comparison with the same period of the previous year, on a comparable basis (cb) unless otherwise specified (1) Including Q1 positive non-recurring items in wholesale France of c.€100m in revenues and c.€75m in EBITDAaL. Excluding these items, the underlying growth for the Group would be c.+3.2% in revenues and c.+4.1% in EBITDAaL. Q3 2026 revenues development by activity (yoy in €m) 297 159 Q3 25 cb Services (B2C+B2B) -79 Wholesale Equipment sales 42 Others Q3 26 11,771 12,191 +€420m -5.1% Q3 2026 revenues development by segment (yoy in €m) 299 95 Q3 25 cb 22 France 64 Spain Africa & M-East Europe -44 Orange Business -17 Others Q3 26 11,771 12,191 +3.6% +3.5% -2.5% +0.5% +14.2% +3.3% +17.2% Revenues €12.2bn +3.6% yoy €4.1bn +4.6% yoy EBITDAaL eCapex €10.3bn +4.8%(1) yoy €1.7bn -2.5% yoy €4.9bn +0.8% yoy Q3 2026 YTD 2026 Q3 2026 YTD 2026 Q3 2026 YTD 2026 +0.3pt EBITDAaL margin €33.1bn +3.5%(1) yoy 14.8% eCapex/sales +5.3%
Page 5
Q3 26 results 5 ▪ European Telco Letter of Intent for a joint bid for MSS spectrum ▪ SecNumCloud qualification for Orange Business’ Cloud Avenue offering ▪ Orange Business to provide European Union's backbone network for trusted data exchange ▪ Orange MEA Max it super app reaching 38.5m active users, x1.8 yoy ▪ 50G-PON test in Belgium ▪ MasOrange integration, renamed Orange España ▪ Fixed network AI scan trial to proactively detect network anomalies ▪ 2G network closure completed in France ▪ €4.1 billion bond issuance 4x oversubscribed Our three ambitions in action in Q3 Committed to people, society & environment ▪ New offers in France: • Home Cinema set-top box • Orange marketplace, featuring more than 8k high-tech products • 5G+ Fast pass: dedicated connectivity at major events ▪ Launch of B2C cyber app in Poland
Page 6
Q3 26 results 6 Business Review
Page 7
Q3 26 results 7 €15.9 (2) -€0.8 yoy €38.7 +€0.4 yoyQ3 ARPO Best-in-class churn (1) Contract mobile ex M2M customers (2) Mobile only blended ARPO (3) FBB mass market churn €78.3 -€0.3 yoy -5pts vs FBB churn(3) Net adds momentum +138k +134k +40k +84k +146k Q3 25 Q3 26 Q325 Q3 26 ADSL net adds +20k +25k +15k +20k +57k Q3 25 Q3 26 13%20%32%% of France YTD 2026 total revenues Q3 2026 France: record net adds +54k +62k +78k +39k +45k Total FBB net adds FTTH net adds +231k Convergence Fixed Mobile (1) 11.4% Q3 25 10.3% Q3 26 -1.1pt Record net adds since 2018 -2.4pts churn yoy
Page 8
Q3 26 results 8 Q3 2026 France Revenue growth driven by robust retail and equipment sales in €m Q3 26 yoy cb YTD 26 yoy cb Revenues 4,363 +0.5% 13,034 +1.0% Services (B2C+B2B) 2,822 +0.0% 8,432 +0.0% Wholesale 980 -4.1% 3,034 -0.4% Equipment sales 392 +16.1% 1,024 +9.2% Other revenues 170 +6.7% 545 +9.8% ▪ Q3 revenues growing +0.5%: ▪ Retail ex PSTN revenues led by solid commercial performance, driven by the Orange brand ▪ Strong equipment sales led by high-end handsets ▪ Progressive efficiency ramp-up ▪ FY 2026 EBITDAaL outlook confirmed 34m(1) (1) Mobile contract ex. M2M + FBB retail accesses +1.1% yoy Q3 Retail ex PSTN • #1 NPS at 36, +9pt vs #2 • New offers : • Launch of the Orange France Market Place • New Home Cinema set-top box • Launch of Carrefour Mobile • >5% growth on adjacent services year-to-date • 2G network closure completed Trust the future in action Customers: Best-in-class churn on all segments
Page 9
Q3 26 results 9 Q3 2026 Spain ▪ Sequential revenue growth improvement in services revenues driven by B2B ramp-up, new businesses and growing convergent ARPO ▪ Synergies well on track : >€430m cumulated by year end ▪ H2 2026 EBITDAaL outlook confirmed 33m(1)Customers: Driving value… …and volumes Q3 net adds €53.1 +€0.2(3) Convergent ARPO Q3 yoy growth +7k +169k(2) B2B revenues up in all segments SOHOs, SMEs, large accounts +12k(4) (1) Mobile excl. M2M + FBB (2) New businesses included in Services (B2C+B2B) (3) Proforma (4) Contracts excl. M2M. * Performance over 9 months o/w June-Sept fully consolidated Total revenues +3.5% with services trend improvement FBB New Services Mobile B2B commercial momentum Leadership in private 5G SA networks: • Key ports: Barcelona and Valencia • Airports: Madrid, Barcelona and Palma Commercial traction in smart city solutions incl. Madrid digital twin platform Fully consolidated in €m Q3 26 yoy cb June- Sept 26 yoy cb YTD* 26 yoy cb Revenues 1,910 +3.5% 2,558 +3.1% 5,673 +2.0% Retail services (B2C +B2B) (2) 1,378 -1.4% 1,843 -1.0% 4,171 -1.7% Wholesale 179 +3.6% 231 +3.7% 491 +9.5% Equipment sales 353 +28.0% 472 +28.5% 995 +18.8%
Page 10
Q3 26 results 10 Q3 2026 Africa & Middle East Continued momentum driving double-digit revenue growth ▪ Revenues growing across all countries in our footprint, with double-digit growth in 10 countries ▪ Double-digit growth in 4G, FBB and Orange Money customer bases ▪ 4G/5G population coverage >80%, +3pt yoy increase ▪ FY 2026 EBITDAaL outlook confirmed (1) B2B transversal activity includes Data and FBB (2) At least one transaction per month (3) Mobile + FBB retail accesses Strong growth catalysts yoy (in €m) 168 71 Revenues Q3 2025 cb Data 32 FBB 28 Orange Money Voice & Others Revenues Q3 2026 2,101 2,401 +14.2% o/w B2B(1) +€69m +23% +15% +20% +15% 185m(3)Customers: 98m +11.0% 5.4m +15.7% Orange Money active(2) customers 54m +21.8% 4G customers +9.7m FBB customers +727k +7.5% Blended mobile ARPO Q3 yoy 180m +4.2% Mobile customers Q3 yoy +8% in €m Q3 26 yoy cb YTD 26 yoy cb Revenues 2,401 +14.2% 6,976 +14.0% Services (B2C+B2B) 2,206 +15.2% 6,388 +14.5% Wholesale 148 -1.7% 464 +5.3% Equipment sales 31 +19.9% 82 +16.2% Other revenues 16 +67.0% 43 +41.7% Strong commercial performance (yoy)
Page 11
Q3 26 results 11 Q3 2026 Europe 6 Strong revenue growth with accelerating convergence ▪ Accelerating growth in convergent services revenues ▪ IT&IS exceptional performance driven by Poland and Romania ▪ FY 2026 EBITDAaL outlook confirmed (1) Excluding IT&IS (2) Mobile contract excluding M2M (3) Mobile contract excluding M2M+ FBB retail accesses * Belgium, Luxembourg, Moldova, Poland, Romania & Slovakia 28m(3)Customers: +145k FTTH+71k Mobile(2) Convergent value upliftStrong volumes Q3 net adds +27k & in €m Q3 26 yoy cb YTD 26 yoy cb Revenues 1,896 +5.3% 5,502 +4.5% Services (B2C+B2B)(1) 1,191 +1.5% 3,537 +1.3% Wholesale 215 -2.0% 627 +1.7% Equipment sales 276 +10.4% 771 +7.1% IT&IS and other revenues 214 +35.5% 567 +28.9% Poland convergent ARPO Q3 yoy+5.0% (+34k FBB) Poland Q3 revenue growth : +7.9% yoy Closing of Nexera acquisition by our FiberCo joint venture Growth across all 6 countries *
Page 12
Q3 26 results 12 Q3 2026 Orange Business Accelerating transformation in a complex environment +12% revenue growth YTD Q3 business highlights Orange Business selected to provide European Union's backbone network for trusted data exchange in €m Q3 26 yoy cb YTD 26 yoy cb Revenues 1,717 -2.5% 5,219 -2.9% Fixed-only services 607 -10.0% 1,865 -9.2% IT & Integration services 904 +4.0% 2,707 +2.2% Mobile 206 -5.2% 647 -3.5% ▪ Transformation in action: ▪ Tech Mahindra international partnership now fully operational ▪ Boost go-to-market on trusted AI, trusted cloud, defense and security ▪ Cloud platform rationalization: migration nearing completion ▪ Cost efficiencies step-up ▪ Complex market environment weighing on EBITDAaL improvement trend SecNumCloud qualification for Orange Business’ trusted Cloud Avenue portfolio Orange Cyberdefense ✓ Qevlar AI solution deployed in 36 SOC* worldwide ✓ Dynamic SOC* platform available in 9 countries * Security Operations Center
Page 13
Q3 26 results 13 Guidance
Page 14
Q3 26 results 14 2026 guidance Upgraded on EBITDAaL >+4.5% c.15% eCapex/sales c.€4.3bn €0.79 payable in 2027 c.2x medium term EBITDAaL yoy(1) eCapex Organic Cash Flow (2) Dividend(3) Net debt / EBITDAaL 2026 upgraded in Q1 & Q2 from >+4%
Page 15
Q3 26 results 15 Q& A