Orange (ORA) investor relations material

Opening remarks and agenda

• The meeting opened with a welcome to shareholders, acknowledgment of written questions, and confirmation of legal and quorum requirements, with a provisional quorum of 82.54%, higher than the previous year.

• Election of presiding officers included representation from the French government, Bpifrance, and the Orange Actions employee stock ownership fund.

• AGM scheduled for May 19, 2026, with draft resolutions approved by the Board on February 18, 2026, and final resolutions to be decided after shareholder submissions close on March 19, 2026.

• Agenda includes approval of financial statements, allocation of income (dividend), related-party transactions, director appointments, say-on-pay votes, share buyback, by-law changes, LTIP performance shares, employee share issuance, and capital reduction.

Financial performance review

• All 2025 strategic and financial targets were met, with EBITDA up 3.8% to EUR 12.5 billion and revenue at EUR 40.4 billion (+0.9% YoY).

• Africa and Middle East drove revenue growth (+12%), now over 20% of group revenue; Europe also grew, while France saw a slight decline due to copper-to-fiber transition.

• Net income was EUR 1.1 billion, down from EUR 2.9 billion due to non-recurring items, but adjusted net income reached EUR 3.1 billion.

• Net financial debt stood at EUR 22.5 billion, with a stable net debt/EBITDA ratio of 1.8x; liquidity position was EUR 21.2 billion.

• Approval of 2024 financial statements and allocation of a €0.75 per share dividend, with €0.30 paid as interim in December 2025 and €0.45 due after the AGM in June 2026.

Board and executive committee updates

• Board and committees were highly active in 2025, with 11 Board meetings, 10 Audit Committee meetings, and two ad hoc committees for Spain and France negotiations and governance renewal.

• High attendance (96.3%-96.4%) and strong engagement noted; Board composition changes included succession planning for the Chair and new appointments.

• Frédéric Sanchez appointed as new Chair/Chairman, with Jacques Aschenbroich’s term ending but renewed as director.

• Board composition: 14 members (5 women, 9 men), 7 independent directors, 3 French State reps, 3 employee reps, and 1 employee shareholder rep (vacant).