Orange: EBITDAaL Growth of 3.8% by 2025 and an Organic Cash Flow Increase of 8.3%

Financial Performance and Market Leadership

Orange Group recorded an annual revenue of 40.396 billion euros, up by 0.9% on a comparable basis. This performance is mainly due to the growth in retail services, which increased by 2.2%, representing 675 million euros. The group's EBITDAaL reached 12.470 billion euros, up by 3.8% and surpassing the minimum target of 3.5%. This growth is supported by a double-digit increase in Africa and the Middle East, up by 13.9%, along with solid growth in Europe of 3.2% and in France of 0.9%. Orange Business continued to improve its trend with a limited decline to 6.3%, compared to 8.4% in 2024. Commercially, the group maintains its leadership in Europe with 9.3 million convergent customers, up by 1.9%. Mobile services totaled 272.8 million accesses worldwide, up by 7.8%, while fixed services reached 38.1 million accesses, slightly down by 0.6%. Orange consolidates its position in fiber with 65.5 million homes connectable to very high-speed broadband, an increase of 9% year-on-year, and its FTTH customer base climbed to 15.4 million accesses, up by 14.0%.

Cash Flow and Financial Discipline

The organic cash flow from telecom activities amounted to 3.653 billion euros, up by 8.3% or 281 million euros, thus reaching the announced target of at least 3.6 billion euros. This improvement is primarily due to the progression of EBITDAaL from telecom activities, which increased by 295 million euros. Economic investment expenses remained controlled at 6.208 billion euros, down by 0.4%, representing 15.4% of revenue and in line with the capex discipline target. The all-in free cash flow stood at 2.793 billion euros, down by 6.6%, impacted by the staggering of telecom license payments between 2024 and 2025. Net financial debt was reduced to 22.526 billion euros as of December 31, 2025. The net financial debt to EBITDAaL ratio of telecom activities decreased to 1.80x, in line with the medium-term target ratio of around 2x. The liquidity position of telecom activities remained very strong at 21.3 billion euros, while the average cost of gross debt was established at 3.12%. Orange issued two bond offerings in 2025 and early 2026 for a combined amount of 11 billion euros, consolidating its funding base. A dividend of 0.75 euros per share will be proposed at the general meeting of shareholders in 2026.

Strategic Acquisitions and Partnerships

Orange has signed a binding agreement with Lorca to acquire the entirety of MasOrange in Spain, with the closure expected in 2026. This transaction will allow the group to benefit fully from the value creation generated by the Spanish market, which will become its second European geography. MasOrange recorded an annual revenue of 7.601 billion euros, up by 2.9%, and achieved about 356 million euros of cumulative synergies, above the target of more than 300 million euros set for the end of 2025. PremiumFiber, the fiber joint venture jointly owned with Vodafone and GIC, began operations in the fourth quarter in Spain with more than 12 million accesses and nearly 5 million connected customers. In France, Orange, along with Bouygues Telecom and Free-Groupe Iliad, submitted a non-binding joint offer to acquire a significant part of Altice's activities in France. Due diligence processes were initiated in January 2026.