Latest consolidated results

Solid third-quarter results, leading to an increase in annual EBITDAaL growth guidance

• Strong net additions in France, Europe, and Africa & Middle East: 8.2 million new customers in Q3 2025, threshold of 300 million customers reached

• Double-digit revenue growth for Africa & Middle East for the tenth consecutive quarter

• Group EBITDAaL up 3.7% with a 0.7point EBITDAaL margin⁽¹⁾ improvement

• Full-year 2025 EBITDAaL guidance raised to at least 3.5%

Commenting on these good results, Christel Heydemann, Chief Executive Officer of the Orange group, said:

“With revenues and EBITDAaL both growing in the third quarter, Orange posted solid results and I would like to sincerely thank all employees for their continued commitment.

The 0.8% increase in our Group revenues highlights our ability to capitalize on our core business. In a competitive environment in Europe, we have delivered a solid commercial performance: our customer bases continue to grow in France, Europe and Africa & Middle East. We have just passed the symbolic threshold of 300 million customers worldwide, underlining the Group’s leadership status.

Furthermore, we have just announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a large part of Altice's activities in France. While ensuring continuity of service for SFR customers, this operation would: make it possible to step up investments in very high-speed network resilience, in cyber security and in new technologies such as artificial intelligence; consolidate control over strategic infrastructure in France; and maintain a competitive ecosystem for the benefit of consumers.

There is no certainty at this stage that an agreement will be reached, but we aim to create a constructive dialogue and we remain focused on the execution of our strategy.

Results remain excellent in Africa & Middle East, with double-digit revenue growth for the tenth consecutive quarter. Mobile Financial Services remain a strong lever for value creation, with Orange Money boasting 44 million active users.

We announced the creation with MASORANGE of PremiumFiber in Spain, our joint venture with Vodafone Spain and GIC⁽³⁾.

Our operational efficiency projects and rigorous cost control enabled EBITDAaL growth of 3.7% in the third quarter as well as margin improvement. Therefore, we are revising our guidance on EBITDAaL upward, increasing our annual EBITDAaL growth target to at least 3.5%.

These results illustrate the excellent execution of our Lead the Future plan. The evolution of this plan will be presented at our Capital Markets Day on 19 February 2026.”  

In the third quarter of 2025, the Group revenues increased 0.8% year on year⁽⁴⁾ (+83 million euros) thanks to growth in retail services (+2.6% or +192 million euros), partly offset by the trends in wholesale services (-5.2% or -78 million euros), equipment sales (-1.4% or -9 million euros) and other revenues (-9.1% or -21 million euros).

• Africa & Middle East contributed significantly to this growth with revenues rising 12.2% driven by a 13.1% increase in retail services. This momentum was fueled by a robust performance in voice (+4.5%) and the region’s four growth drivers with mobile data up 18.1%, Orange Money up 17.4%, fixed broadband up 18.2% and B2B up 9.3%.
   
• France delivered a solid commercial performance in the third quarter of 2025, with mobile net additions reaching their highest level since 2022, supported by a two-point improvement in churn rate year on year. The convergent and fixed broadband customer bases also continued to grow. The revenues evolution (-3.7%) reflects the impact of price effects on retail services and the expected trends in wholesale services (-9.0%) and equipment sales. In a market that remains competitive, retail services excluding PSTN grew 0.2%.
   
• Europe posted revenue growth of 4.7%, largely due to the positive trend in retail services which rose 4.1%. This momentum was fueled by a good commercial performance, 5.7% growth in convergence and the exceptional increase in IT and Integration Services in Poland. Revenues from wholesale services increased 8.2% in the third quarter of 2025 and was up 0.6% over the nine-month period.
   
• Orange Business revenues decreased 4.3%. A challenging IT market and the optimization of the products and services portfolio undertaken last year affected IT and Integration Services   (-1.4%). Orange Cyberdefense continued to deliver dynamic growth (+6.3% over the nine-month period).

In terms of commercial performance, the Group maintained its leadership position in convergence in France and Europe. It demonstrated very good commercial momentum in mobile contracts and in very high-speed fixed broadband, passing the threshold of 10 million FTTH customers in France. Mobile services had 269.7 million accesses worldwide (+6.6%) including 100.4 million contracts (+5.9%). Fixed services had 38.1 million accesses worldwide (-1.5%), with 22.7 million fixed broadband accesses (+4.7%), of which 16.0 million were very high-speed broadband accesses, an area of continued strong growth (+13.4%).

Group EBITDAaL increased 3.7% in the third quarter and the margin improved 0.7 point. This increase is the result of operational efficiency projects and allows us to raise our annual EBITDAaL growth target again to at least 3.5%.

The Group’s eCAPEX grew 8.3% in the third quarter and 5.4% over the nine-month period, mainly driven by investments to support growth in Africa & Middle East. In the third quarter, eCAPEX for telecom activities as a percentage of revenues was 14.7%, in line with the target for 2025.

Financial objectives

The Group is upgrading its full-year guidance⁽⁵⁾ :

• EBITDAaL growth of at least 3.5%
   
• Discipline on eCAPEX in line with the Capital Markets Day
   
• Organic cash flow from telecom activities of at least 3.6 billion euros
   
• Net debt/EBITDAaL ratio from telecom activities unchanged at around 2x in the medium term
   
• Orange has set, in respect of the 2025 fiscal year, a dividend floor of 0.75 euros per share⁽⁶⁾ . Orange will make an interim dividend cash payment for 2025 of 0.30 euros on 4 December 2025.

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The Board of Directors of Orange SA met on 22 October 2025 to review the consolidated financial results at 30 September 2025.
More detailed information on the Group’s financial results and performance indicators is available on the Orange website: www.orange.com/en/finance/investors/consolidated-results.

More detailed information on the Group’s financial results and performance indicators is available on the Orange website.

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(1) From telecom activities
(2) Excluding Spain
(3) GIC Private Limited is a Singaporean sovereign wealth fund
(4) Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against the third quarter of 2024 and on a comparable basis.
(5) These targets are on a comparable basis
(7) Subject to Shareholders’ Meeting approval