Press release — Paris, 28 July 2026

Financial information at 30 June 2026

Orange reported record first-half growth in both revenue and EBITDAaL, with revenue up 3.5% and EBITDAaL up 5.0%. The results came as the Group continued to pursue consolidation in its main European markets while investing in networks and digital services.

Revenue rose 3.5%, driven by record growth in Africa & Middle East (+13.9%), Europe 6 (+4.1%) and France (+1.2%). EBITDAaL increased 5.0%, supported by Africa & Middle East (+16.1%), France (+2.4%) and Europe 6 (+6.1%).

Organic cash flow reached €2.2 billion, an increase of €0.5 billion. Net income was €3.6 billion, while adjusted net income came to €1.35 billion, up 11.8%.

The Group raised its full-year guidance for EBITDAaL growth to above 4% and organic cash flow to around €4.3 billion.

In June, Orange completed the acquisition of 100% of MasOrange and signed a joint memorandum of understanding for the acquisition of SFR.

MasOrange is accounted for using the equity method during the first five months of 2026 and is fully consolidated from June 2026.

Christel Heydemann, Orange group CEO, said:

“This semester marks a significant milestone in the execution of our 'Trust the future' strategic plan. With the acquisition of MasOrange and the signing of the memorandum of understanding for the joint acquisition of SFR, we have achieved two major milestones in our consolidation strategy in Europe and are strengthening our leadership in our two principal markets.

“Our record first-half results confirm that our ambitions are rooted in solid execution:

“record growth in Africa & Middle East, with 10 million new mobile data customers and near 14% revenue growth;

“momentum in Europe, crossing the threshold of 3 million fiber customers and revenues growing 4%;

“in France, we achieved a record level of customer loyalty, and topline growth of 1.2%.

“EBITDAaL, and Organic Cash Flow increases also confirm our disciplined approach to investments and our ability to convert operational performance into sustainable value creation. With this excellent performance we are able to raise our guidance for the year.

“Thank you to all our teams for their work and commitment to serving our customers.”

The Group generated revenue of €20.9 billion in the first half of 2026, up 3.5% year on year. Growth came from retail services (+3.3%), equipment sales (+7.5%) and operator services (+2.0%), with operator services benefiting from non-recurring revenues in France in the first quarter. Excluding those non-recurring items, including co-financing received for the fiber network, first-half Group revenue growth would have been approximately 3.0%.

By segment, performance was driven mainly by Africa & Middle East (+13.9%), as well as France (+1.2%), Europe 6 (+4.1%) and Spain (+2.0% in June, the first full month of MasOrange’s reconsolidation). Orange Business declined 3.1% amid a challenging market environment.

Group EBITDAaL reached €6.1 billion in the first half, up 5.0%, supported by double-digit growth in Africa & Middle East (+16.1%) and solid performances in France (+2.4%) and Europe 6 (+6.1%). In Spain, EBITDAaL increased 2.2% in June. Orange Business showed improvement, with EBITDAaL down 6.4%, compared with a 7.2% decline in the previous semester. At Group level, excluding non-recurring first-quarter items related to wholesale in France, EBITDAaL growth would have been 3.7%.

eCAPEX totaled €3.2 billion in the first half, equal to 15.2% of revenue and in line with the 2026 target. The 2.7% increase reflected higher investment in Africa & Middle East to support strong growth momentum. Excluding Africa & Middle East, eCAPEX fell 2.4% and represented 14% of revenue.

Organic cash flow reached €2.2 billion at 30 June 2026, up €497 million, mainly driven by stronger EBITDAaL. Free cash flow all-in was €1.9 billion, up €774 million, reflecting higher organic cash flow and lower telecommunication license payments.

Net income rose to €3.6 billion, an increase of €3.7 billion, mainly due to a €2.4 billion gain from acquiring exclusive control of MasOrange and the reversal effect of a net provision of €1.3 billion in 2025 related to the agreement on Employment and Career Path Planning for France (Gestion des Emplois et des Parcours Professionnels – GEPP).

Adjusted net income increased 11.8% to €1.35 billion, mainly driven by EBITDAaL growth. Adjusted earnings per share attributable to the Group were €0.34, up 10.9%.

Net financial debt stood at €35.7 billion at 30 June 2026, up €13.2 billion, mainly because of the MasOrange acquisition. The net debt to EBITDAaL ratio rose to 2.4x. The Group maintained its medium-term target of around 2x.

Commercial performance

Exclusive control of MasOrange through the acquisition of Lorca’s 50% stake

On 12 December 2025, Orange entered into a binding agreement with Lorca to acquire its 50% stake in MasOrange for €4.25 billion in cash, valuing MasOrange at €8.5 billion. On 8 June 2026, Orange completed the acquisition and now holds 100% of the Spanish operator’s capital. The transaction gives Orange exclusive control of MasOrange and is part of the “Trust the future” strategic plan. It is intended to strengthen Orange’s position in Spain, the Group’s second-largest market in Europe.

Memorandum of understanding for the joint acquisition of SFR

On 6 June 2026, Orange announced, together with Bouygues Telecom and Free–Groupe Iliad, the signing of a memorandum of understanding with Altice France for the acquisition of SFR, France’s second-largest telecommunications operator.

Orange said the proposed acquisition is in line with its consolidation strategy in Europe and would reinforce its leadership in France. If completed, the transaction would accelerate value creation for stakeholders and strengthen the Group’s ability to invest in digital infrastructure and services.

Orange’s share of the total enterprise value of the transaction, €20.35 billion, amounts to approximately 27%, or about €5.6 billion, subject to further adjustments until closing. The transaction would give Orange access to a significant portfolio of assets, including:

• approximately 4 million mobile customers, representing an 18% increase in Orange’s customer base in France;
• 1 million fixed broadband customers, representing an 8% increase in Orange’s customer base in France;
• these customers generated approximately €1.7 billion in revenue and €0.6 billion in EBITDAaL in 2025;
• 47 MHz of additional spectrum, or 31% of SFR’s frequencies, bringing Orange’s total spectrum portfolio in France to 221 MHz.

Following the signing of the agreement, a consultation period opened with the relevant employee representative bodies. Completion remains subject to approval by the relevant administrative, regulatory and competition authorities, as well as the fulfillment of related conditions precedent and contractual conditions.

Signing of the definitive legal documentation is expected in the second half of 2026. Completion could take place in the second half of 2027, once the required approvals, including competition clearance, have been obtained. Orange said there is no certainty that the transaction will be completed.

Joint venture with Morrison for data centers in France

Orange also announced an agreement with Morrison to create a jointly controlled joint venture focused on developing Orange’s existing portfolio of major data centers in France, with a target capacity of 400 MW.

Orange will contribute five major data centers across four campuses in France — Chevilly-Larue, Aubervilliers, Chartres and Val de Reuil — as well as operational expertise and market reach. Morrison will contribute its experience in strategic infrastructure investment. The joint venture’s €3 billion investment plan will leverage Orange’s existing assets, Morrison’s equity contribution and debt.

Acquisition of Scorefit

On 1 July, Orange completed the acquisition of Scorefit for €1.3 billion. Scorefit, which is fully owned by a BNP Paribas subsidiary, holds fiber access purchased on the wholesale market in France for Orange. Orange said the acquisition simplifies the Group’s financial structure and is part of its financial strategy for the transition from copper to fiber.

Sustainability commitments

Orange said it accelerated the creation of sustainable value in the first half of 2026.

• To enhance digital trust, Orange now offers services to strengthen protection of digital uses in 70% of the Group’s countries.
• To promote social empowerment, Orange expanded 4G coverage in the MEA region by 2 points, reaching 80% of the population. The number of people benefiting from free digital training reached 3.8 million since 2021, in line with the objective.
• To meet its carbon trajectory, Orange said it continued to progress toward its net-zero carbon ambition by 2040, reducing greenhouse gas emissions for scopes 1, 2 and 3 by 32% in the first half compared with 2020, in line with its plan. In Africa, solarized sites increased 24% year on year and now represent 31% of the segment’s sites.

Guidance

Based on strong performances in Africa & Middle East and Europe, and taking into account the consolidation of MasOrange over seven months, Orange raised its 2026 guidance:

• EBITDAaL growth above 4%, previously above 3%
• eCAPEX to revenue ratio of approximately 15%
• organic cash flow of around €4.3 billion, previously around €4 billion
• net debt/EBITDAaL target unchanged at around 2x in the medium term

For the 2026 fiscal year, Orange set a dividend of €0.79 per share, payable in 2027, subject to approval by the Shareholders’ General Meeting. The Group will make an interim dividend cash payment for 2026 of €0.30 on 3 December 2026.

The Board of Directors of Orange SA met on 27 July 2026 and reviewed the interim condensed consolidated financial statements and management report at 30 June 2026. In accordance with auditing standards, the Group’s statutory auditors performed a limited review of the interim condensed consolidated financial statements and verified the information presented in the interim management report.

More detailed information on the Group’s financial results and performance indicators is available on Orange’s website: Financial and extra-financial information | Orange.

Review by operating segment

France

In the first half of 2026, revenue in France was €8,672 million, up 1.2%. Retail services excluding PSTN continued to grow by 1.2%, supported by strong commercial performance and the dynamic multiservice segment, offsetting the decline in PSTN. For the full year, Orange France expects “stable +” growth in retail services excluding PSTN.

Wholesale services increased, helped by exceptional items in the first quarter totaling approximately €100 million in revenue and €75 million in EBITDAaL, including co-financing received for the fiber network.

In the second quarter, Orange France again delivered strong commercial performance. Net adds were solid, with +20k in convergence, +62k in fixed broadband — a record level since 2021 — and +84k in mobile. In fiber, conquest share in recent quarters remained above 40%, the best in the market. ARPO for convergent offers increased by €0.2 to €78.1, while fixed-only ARPO returned to growth, up €0.6 to €38.7.

Churn rates continued to decline. Mobile churn fell by 1.4 points year on year to 10.0%, the lowest level since 2020. Orange France also increased its customer satisfaction lead, with Net Promoter Score now 11 points ahead of the second-ranked competitor.

France EBITDAaL for the first half was €2,959 million, up 2.4%, supported by revenue growth and ongoing efficiency efforts. eCAPEX remained controlled at €1,409 million, down 0.7%. Orange said these results confirm the outlook of “stable +” EBITDAaL in 2026.

Africa & Middle East

Africa & Middle East remained Orange’s growth engine in the first half, with revenue of €4,576 million, up 13.9%. The performance was supported by revenue growth in all countries in the region.

Retail services rose 14.2%, driven by strong growth in mobile data (+20.8%), fixed broadband (+13.0%), Orange Money (+14.6%) and B2B (+11.9%). The region served 180 million mobile customers as of 30 June 2026, up 8.1%, while average mobile ARPO rose 7.1% in the second quarter.

Orange Money reached 52 million customers, up 20.7%. The 4G subscriber base grew 14.9% to 98 million customers, and fixed broadband reached 5.1 million customers, up 17.2% year on year.

EBITDAaL rose 16.1% to €1,762 million, the best EBITDAaL performance since 2021. eCAPEX totaled €890 million, up 18.7%, to support growth momentum. Orange said the results support an outlook of double-digit EBITDAaL growth for the division in the second half of the year.

Europe 6

Europe 6 recorded first-half revenue of €3,606 million, up 4.1%. Retail services increased 3.7%, driven by a balanced commercial mix between volume and value and strong growth in IT & IS, mainly in Poland. Wholesale rose 3.7%, helped notably by FTTH network monetization actions in Poland.

In the second quarter, Europe 6 reported solid net adds, with increases in mobile (+107k), convergence (+13k) and fiber (+54k), bringing the segment to more than 3 million fiber customers. Convergent ARPO in Poland increased 4.5% year on year.

EBITDAaL reached €1,046 million, up 6.1%, supported by strong revenue momentum and ongoing cost-efficiency measures. eCAPEX declined 2.6% to €507 million, resulting in growth of 15.7% in EBITDAaL minus eCAPEX.

Following the strong results, Orange raised EBITDAaL targets for Poland to above 6%, from 3% to 5%, and for Belgium to above 5%, from around 3.5%. Orange also raised the EBITDAaL growth outlook for Europe 6, expecting mid-single-digit growth in the second half.

Orange Business

Orange Business generated revenue of €3,503 million in the first half of 2026, down 3.1%. EBITDAaL was €232 million, down 6.4%, compared with a 7.2% decline in the first half of 2025. eCAPEX was nearly stable at €159 million, up 0.4%.

Orange Cyberdefense continued to grow, with revenue up 10.6% and order backlog up 15% in value. During the first half, Orange Cyberdefense expanded in Spain in partnership with MasOrange.

Orange said transformation of Orange Business is ongoing, including through the partnership with Tech Mahindra for international operations, with the aim of gradually improving the segment’s EBITDAaL trend in a difficult market environment.

Spain

In Spain, Orange reported an increase in EBITDAaL minus eCAPEX in June, the first month of MasOrange consolidation. MasOrange was accounted for using the equity method during the first five months of 2026 and is fully consolidated from June 2026 within the Spain segment. As a result, only MasOrange’s June performance is reflected in the Group’s revenue, EBITDAaL and eCAPEX.

In June 2026, Spain generated revenue of €648 million, up 2.0%, driven by equipment sales of €119 million, up 30%, and wholesale revenue of €52 million, up 4.0%. Retail services revenue was stable at €462 million.

EBITDAaL reached €225 million, up 2.2%, while eCAPEX declined 23.9% to €79 million, lifting EBITDAaL minus eCAPEX by 25.5% to €146 million.

In the second quarter, Spain posted net adds of +13k in very high fixed broadband, +70k in mobile and +215k in multiservice. Convergent ARPU remained stable at €52.9, down €0.3 year on year. B2B revenue grew.

For the first half, EBITDAaL minus eCAPEX increased 1.8%, with the decline in eCAPEX exceeding the decrease in EBITDAaL. The latter was affected by expected IFRS effects with no cash impact.

For the second half of the year, Spain aims to achieve low single-digit EBITDAaL growth and more than €430 million in cumulative synergies since the creation of MasOrange.

TOTEM

TOTEM’s first-half revenue reached €359 million, down 1.1%, mainly because of lower studies and work related to site development for new occupants. That decline was partly offset by a 3.5% increase in hosting revenue, notably with third-party operators.

The number of sites reached 26,855 at 30 June 2026, with a colocation ratio of 1.49 tenants per site, in line with the 2026 target of 1.5 co-tenants per site.

International Carriers & Shared Services

International Carriers & Shared Services revenue fell 0.8% in the first half, mainly because of the ongoing decline in SMS and voice activities, partly offset by Orange Marine. The decline in EBITDAaL was mainly explained by higher other operating expenses.

Upcoming event

• 27 October 2026: Publication of third-quarter 2026 financial results

Disclaimer

This press release contains forward-looking statements about Orange’s financial condition, operating results and strategy. Forward-looking statements are not historical facts and include projections, estimates, assumptions, plans, objectives, intentions, expectations and statements regarding future financial results and performance.

Although Orange believes these statements are based on reasonable assumptions, they are subject to numerous risks, uncertainties and assumptions, including matters not yet known to the company or not currently considered material, which could cause actual results and developments to differ materially from those expressed or implied. There can be no assurance that anticipated events will occur or that stated objectives will be achieved.

More detailed information on the risks, uncertainties and assumptions that could affect Orange’s financial results is available in public documents filed with the French Financial Markets Authority (AMF), including the Universal Registration Document filed on 2 April 2026. Orange does not undertake any obligation to update forward-looking statements except as required by law.