Financial and extra-financial information

The Group's EBITDAaL reached €2,601 million in the first quarter of 2026, up +6.6%, driven by a solid retail services performance, ongoing operational efficiency efforts, and an exceptional positive wholesale effect in France, excluding which, the Group's EBITDAaL growth would have been approximately +3.5%.

The Group is upgrading its EBITDAaL guidance and confirms its other financial objectives for 2026. These targets do not yet include the effects of the expected re-consolidation of MasOrange:

• EBITDAaL2 growth above +3% (previously around +3%)
• eCAPEX / revenues ratio of approximately 15%
• Organic cash flow reaching around €4 billion
• Net debt/EBITDAaL ratio at around 2x in the medium term

The Group confirms these targets in the event of MasOrange re-consolidation , with an accretive effect on organic cash flow generation and a temporary increase in the net debt/EBITDAaL ratio, while the medium-term objective remains unchanged.

In respect of the 2025 fiscal year, a dividend of €0.75 per share will be proposed at the 2026 Annual Shareholders’ Meeting, with a balance of €0.45 to be paid on June 15 (ex-dividend date June 11)
For the 2026 fiscal year, Orange has set a dividend floor of €0.79 per share, payable in 2027.

Revenues growth fueled by retail services and wholesale services. France's revenues for the first quarter were €4,397 million, representing a +2.3% increase, or +€100 million. Retail services excluding PSTN  increased by +1.1%. Good performances in fixed broadband and convergence offset the expected decline in PSTN services. Wholesale services grew +6% (+€61 million), supported by exceptional items of around €100 million, including the receipt of fiber co-financing, which was anticipated in the 2026 guidance.
Orange once again demonstrates the effectiveness of its commercial strategy with solid net adds: +15k in convergence, +54k in fixed broadband—the highest since Q4 2021—and +40k in mobile. Churn rates are improving: they reached their lowest level since Q2 2022 for fixed broadband and convergence, and decreased by 1.3 points for mobile to 10.9%.
With an NPS above 34 points, Orange maintains its leadership, widening the gap with the second-ranked competitor by 11 points.
Two AI services fully aligned with Trust the future's ambitions were launched in the first quarter: Sharlie, a new voice assistant for Sosh customers, and My AI Assistant (MAIA), a support tool for Orange sales teams. Additionally, the decommissioning of 2G has begun and that of copper is entering its industrial phase with the closure of 900,000 households in January. These very solid results confidently confirm the outlook of a “stable +” EBITDAaL in 2026.

Double-digit revenue growth for the 12th consecutive quarter. In the first quarter, Africa & Middle East recorded a strong revenue increase of +12.7% (+€249 million). This performance was driven by the rapid development of retail services (+13.1%), with the four growth engines being mobile data (+19.4%), fixed broadband (+14.5%), Orange Money (+15.7%), and B2B (+8.7%) across all activities. 11 countries in the zone posted double-digit growth. The 2026 outlook of high single-digit EBITDAaL growth is confirmed.

Sustained revenues growth. In the first quarter, Europe's revenues increased by +2.2% (+€37 million), mainly driven by an increase in retail services (+2.1% or +€27 million). The momentum in retail services is supported by excellent performance in convergence (+6.4% or +€24 million) and IT and integration services (+12.2% or +€15 million), mainly in Belgium and Poland. The Europe segment reported solid net adds in mobile (+66k), fiber (+51k), and convergence (+21k). In Poland, convergent ARPO increased by +4.2%. The 2026 outlook for low to mid-single-digit EBITDAaL growth is confirmed.

Revenue trend improvement driven by equipment sales. In the first quarter, Orange Business revenues were to €1,753 million, a decrease of -2.6% (-€46 million), still affected by the structural decline of fixed activities but supported by strong growth in equipment sales and an increase in IT & integration services. Orange Cyberdefense continues its strong momentum with a growth rate of +9.2%.
In the first quarter, Orange Business announced it had entered exclusive negotiations with Tech Mahindra to establish an international strategic partnership, as well as the launch of 14 innovative offers, including:
-    Orange Drone 360, the first anti-drone "as a Service" offering in Europe
-    Live Collaboration, a sovereign collaboration suite
-    Live Intelligence Studio, real-time intelligence based on AI agents

In a challenging market environment, the transformation of Orange Business continues with the goal of gradually improving the EBITDAaL trend.