Success of Lead the Future 2023-2025 strategic plan; 2025 objectives fully achieved

• Orange delivered very solid results in 2025
• EBITDAaL growth of 3.8% and Organic Cash Flow up 8.3% reaching 3.7 billion euros
• Strong net additions in France, Europe, and Africa & Middle East: +19.6 million customers in one year
• Africa & Middle East achieved double-digit growth in revenues and EBITDAaL
• Efficiency plans in France and Europe supported delivery of the results
• Binding agreement with Lorca to acquire full ownership of MasOrange; a decisive step to reinforce Orange's leadership in Spain

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

“In 2025, we successfully completed our Lead the Future strategic plan: Orange is now simpler, stronger, and more efficient. By refocusing our efforts on value creation, we have strengthened our position in a rapidly changing global digital market. Our 2025 objectives were fully achieved, and I would like to thank all Orange teams for their hard work and commitment, as well as our customers for their trust.

We maintained our leadership positions in a very competitive European market. Our customer bases in Europe and Africa & Middle East continued to grow and we now have more than 340 million customers. Africa & Middle East confirmed its role as a growth driver, recording an eleventh consecutive quarter of double-digit growth.

The last quarter of the year was decisive in terms of strategic moves: in Spain, we signed a binding agreement with Lorca to acquire full ownership of MasOrange. With the closing of the transaction in 2026, Spain will become our second-largest market in Europe, and we will be able to benefit fully from the value created by MasOrange.

PremiumFiber, the FiberCo joint venture with Vodafone and GIC, began operations in the fourth quarter in Spain. With more than 12 million access lines and nearly 5 million connected customers, it is the largest FiberCo in Europe in terms of customers.

In France, along with Bouygues Telecom and Free-Iliad Group, we submitted a non-binding joint offer in October to acquire a large part of Altice's activities in France. Due diligence work on this project began in January 2026.

This transaction would strengthen investments in very high-speed broadband network resilience, cybersecurity, and key new technologies such as artificial intelligence, and consolidate control over strategic infrastructure in France, while maintaining a competitive ecosystem for the benefit of consumers.

There is no certainty at this stage that an agreement will be reached, and we remain focused on the execution of our strategy.

On the back of these results, we will present our strategic priorities and financial outlook for the 2026–2028 period at our Capital Markets Day, tomorrow, 19 February.”

Annual revenue for 2025 was 40,396 million euros, up 0.9% year on year^[1] (+374 million euros) thanks to growth in retail services (+2.2% or +675 million euros). The momentum seen in retail services was partly offset by a decline in wholesale services (-3.9% or -229 million euros).

• Africa & Middle East was the main contributor to this growth, with revenues up 12.2% (+918 million euros), driven by increases from its four growth engines (+18.6% in Mobile data, +18.4% in Fixed broadband, +18.0% for Orange Money and +10.4% in B2B).
• In France, the commercial performance was solid with a record quarter for fiber (the best net additions since the fourth quarter of 2022). In a market that remains competitive, the growth in retail services excluding PSTN^[2] for the year was +0.6% (68 million euros). The structural developments in wholesale services (-6.5% or -286 million euros) continued to weigh on revenues, which resulted in a 2.1% decline (-377 million euros) year on year.
• Revenues in Europe rose 2.2% (+156 million euros) mainly due to the growth in retail services (+3.0%).
• The downward trend in Orange Business revenues (-4.8% or -367 million euros) was again due to the decline in Fixed-only revenues (-7.6% or -223 million euros). Revenue growth for Orange Cyberdefense was dynamic (+6.8% or +80 million euros), while IT and integration services were down (-2.3% or -86 million euros) in a tight IT market.
• In terms of commercial performance, the Group maintained its leadership position in convergence in Europe (including France), with a total of 9.3 million convergent customers (+1.9%). Mobile services had 272.8 million accesses worldwide (+7.8%). Fixed services had 38.1 million accesses worldwide (-0.6%) of which 16.5 million were very high-speed broadband accesses, an area that continued to show strong growth (+13.0%).

The Group's EBITDAaL increased 3.8% to 12,470 million euros (+457 million euros), fully in line with the target of at least +3.5% growth, a target twice revised upward in 2025. This solid performance was driven by a double-digit increase in Africa & Middle East (+13.9%), as well as solid growth in Europe (+3.2%) and France (+0.9%). Orange Business continued to improve its EBITDAaL trend (-6.3% vs
-8.4% in 2024), despite a difficult macroeconomic and market environment. Growth in EBITDAaL reached +3.9% in the fourth quarter, maintaining the momentum of previous quarters.

EBITDAaL from telecom activities was 12,522 million euros (+3.0%), with a 0.6-point improvement in the EBITDAaL margin. This increase was possible due to sustained operational efficiency efforts which enabled the Group to reach its efficiency target of 600 million euros over the past three years.

eCAPEX was lower (-0.4%, or -23 million euros) at 6,208 million euros, representing 15.4% of revenues and in line with the objective of eCAPEX discipline. The Group consolidated its leadership in fiber with 65.5[3] million households connectable to FTTH worldwide at 31 December 2025 (+9% year on year), and a FTTH customer base of 15.4 million (+14.0% year on year).

Operating income was 3,422 million euros (-36.0%, or -1,925 million euros) due to increased costs related to the French part time for seniors plans, the depreciation of the copper dismantling asset and accounting for the impairment of Orange Business activities.

2025 marked the beginning of the industrial phase of the gradual closure of copper lines, in line with the decommissioning plan announced in 2022. In this context, a provision of 1,676 million euros was recorded in 2025. This corresponds to the best estimate of the discounted costs associated with the dismantling obligation. This provision will be reversed as actual costs materialize. Conversely, a dismantling asset was recorded and will be depreciated over the remaining useful life of the copper network, which is until 2030. Accordingly, a depreciation expense of 368 million euros was recognized in 2025.

Adjusted net income^[4] for the consolidated Group was 3,094 million euros. This new indicator enables the Group's performance to be tracked excluding the main accounting impacts of exceptional or non-recurring items. Consolidated net income was 1,139 million euros, mainly affected by:

1. The commitment linked to the agreement on Employment and Career Path Planning in France (GEPP) signed in February 2025 (amounting to 1,244 million euros net), and mainly related to the 2025–2028 French part time for seniors plan
2. Depreciation of the copper dismantling asset (368 million euros)
3. Recognition of an impairment for Orange Business activities of 332 million euros

Adjusted net income attributable to owners of the parent company came to 2,458 million euros.

Adjusted earnings per share (EPS), Group share, was 0.86 euros.

Organic cash flow⁴ at 31 December 2025 amounted to 3,653 million euros, in line with the annual target of at least 3.6 billion euros. This improvement in cash flow generation of +8.3% year on year (+281 million euros) was mainly due to the improvement in EBITDAaL from telecom activities (+295 million euros).

Free cash flow all-in^[5] amounted to 2,793 million euros (-6.6%), impacted by the staggered telecom license payments between 2024 and 2025.

Net financial debt was 22,526 million euros at 31 December 2025. The ratio of “net financial debt to EBITDAaL from telecom activities” fell to 1.80x at 31 December 2025, in line with the target of a ratio of around 2x in the medium term. The liquidity position of the telecom activities was very solid at 21.3 billion euros and the average cost of gross debt was 3.12%.

On 6 November 2025, Orange successfully completed a bond issuance for a total amount of 5 billion euros, followed by a bond issuance of 6 billion US dollars on 6 January 2026. This latest issuance was more than 8 times oversubscribed.

For the full year 2025, the payment of a dividend of 0.75 euros per share will be proposed to the 2026 Annual General Meeting of Shareholders.

Orange shares finished 2025 with a total shareholder return of +56%^[6].

[1] Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against 31 December 2024 and on a comparable basis.

[2] Public Switched Telephone Network

[3] Including MasOrange and the FiberCos, FTTH homes connectable = c.100m

[4] Adjusted net income: see the glossary in appendix 5

[5] Telecom activities

[6] Source Bloomberg