Share, dividend and consensus

Dividends

Dividends distribution Policy

The Shareholders' Meeting of 23 May 2023 decided on the distribution of a dividend of 0.70 euros per share for the fiscal year 2022. Taking into account the 0.30-euro interim dividend paid on 7 December 2022, the balance of the dividend distributed by the Shareholders' Meeting is 0.40 euros per share and will be paid in cash on 7 June 2023, the ex-dividend date being 5 June 2023.

In line with the solid growth in its organic cash flow, Orange intends, subject to shareholders’ approval, to increase its dividend to 72 cents per share for fiscal year 2023 (including the distribution of an interim dividend of 0.30 euros per share in December 2023) and to reach a new floor of 75 cents per share in respect of the 2024 fiscal year.

Dividends distribution history

Fiscal year	Amount per share	Payment date	Means of payment

2021	0.70 €	Interim 0.30€ 15 Dec. 2021 Balance 0.40€ 9 June 2022	Cash

2020	0.70 € + 0.20 €	Interim 0.40€ 9 Dec. 2020 Balance 0.50€ 17 June 2021	Cash

2019	0.50 €	Interim 0.30€ 4 Dec. 2019 Balance 0.20€ 4 June 2020	Cash

2018	0.70 €	Interim 0,30€ 6 Dec. 2018 Balance 0,40€ 6 June 2018	Cash

2017	0.65 €	Interim 0,25€ 7 Dec. 2017 Balance 0,40€ 7 June 2018	Cash

2016	0.60 €	Interim 0,20€ 7 Dec. 2016 Balance 0,40€ 14 June 2017	Cash

2015	0.60 €	Interim 0,20€ 9 Dec. 2015 Balance 0,40€ 23 June 2016	Cash

2014	0.60 €	Interim 0,20€ 9 Dec. 2014 Balance 0,40€ 10 June 2015	Cash

2013	0.80 €	Interim 0,30€ 11 Dec. 2013 Balance 0,50€ 5 June 2014	Cash

2012	0.78 €	Interim 0,58€ 12 Sept. 2012 Balance 0,20€ 11 June 2013	Cash

2011	1.40 €	Interim 0,60€ 8 Sept. 2011 Balance 0,80€ 13 June 2012	Cash

2010	1.40 €	Interim 0,60€ 2 Sept. 2010 Balance 0,80€ 15 June 2011	Cash

2009	1.40 €	Interim 0,60€ 2 Sept. 2009 Balance 0,80€ 17 June 2010	Cash

Capital allocation

Institutional investors and others legal entities allocation estimate on the basis of the TPI survey (12/31/2022).

Geographical allocation of institutional investors

Consensus

Orange has compiled a consensus for Q123 and FY 2023 based on the 15 estimates received as of 04/12/2023.

The detailed consensus is available in the Investors Library and below.

In M€	Q123 Median	FY 2023 Median
Revenues	10,603	43,789
EBITDAaL	2,590	13,008
EBITDAaL telecom activities	2,610	13,068
eCAPEX Group	1,537	6,826
Organic cash flow	-	3,511