Share, dividend and consensus

Dividends

Dividends distribution Policy

The Shareholders' Meeting of 21 May 2025 decided on the distribution of a dividend of 0.75 euros per share for the fiscal year 2024. Taking into account the 0.30-euro interim dividend paid on 5 December 2024, the balance of the dividend distributed by the Shareholders' Meeting is 0.45 euros per share and was paid in cash on 5 June 2025.

In line with the solid growth in its organic cash flow, Orange intends, subject to shareholders’ approval, to distribute its dividend to 75 cents per share for fiscal year 2025.

Dividends distribution history

Dividends distribution history
Fiscal year	Amount per share	Payment date	Means of payment
2024	0.75€	Interim 0.30€ 5 Dec. 2024 Balance 0.42€ 5 June 2024	Cash
2023	0.72€	Interim 0.30€ 6 Dec. 2023 Balance 0.42€ 6 June 2024	Cash
2022	0.70 €	Interim 0.30€ 7 Dec. 2022 Balance 0.40€ 7 June 2023	Cash
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 (12/31/2024).

Geographical allocation of institutional investors, 2022-2023-2024

Consensus

Orange has compiled a consensus for H1 25 and FY 2025 based on the 13 estimates received as of 9th July 2025.

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

Consensus
Indicators In €m	H125 Median	2025 Median
Revenues	19,881	40,291
EBITDAaL (excluding Spain)	5,651	12,407
EBITDAaL telecom activities (excluding Spain)	5,700	12,504
eCAPEX Group (excluding Spain)	2,965	6,176
Organic cash flow - continuing operations (excluding Spain)	1,598	3,637
Free Cash Flow "all in" - continuing operations (excluding Spain)	1,145	2,766