Orange financial results

#Q3_2023

24th October 2023

Christel Heydemann
CEO
Laurent Martinez
CFO

Q3 23 Results 1
Disclaimer

This presentation contains forward-looking statements about Orange's financial situation, results of
operations and strategy. Although we believe these statements are based on reasonable assumptions, they
are subject to numerous risks and uncertainties, including matters not yet known to us or not currently
considered material by us, and there can be no assurance that anticipated events will occur or that the
objectives set out will actually be achieved. More detailed information on the potential risks that could
affect our financial results is included in the Universal Registration Document filed on 29 March 2023 with
the French Financial Markets Authority (AMF) and in the annual report on Form 20-F filed on 30 March 2023
with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date
they are made. Other than as required by law, Orange does not undertake any obligation to update them in
light of new information or future developments.

Q3 23 Results 2
 Section One
Q3 2023 highlights

Q3 23 Results 3
Q3 key highlights
Lead the future execution in action

Continued MEA 3Q results

disciplined pursued outstanding
fully consistent
value strategy with FY guidance
growth

Efficiency plan Orange Spain

Full-speed & Masmovil JV
execution Negotiations ongoing

Q3 23 Results 4
Q3 2023 financial achievements
Paving the way to full-year guidance driven by retail and MEA

€11.0bn €3.6bn €1.6bn

Revenue EBITDAaL eCapex
+1.8% +1.4% -7.0%
+€194m yoy +€49m yoy -€121m yoy

Q3 2023 revenue growth by activity (yoy in €m) Q3 2023 revenue growth by segment (yoy in €m)
+€194m +1.8%

+3.8% +12.2% 10,999

19
+1.8%
-123
10,999
15
304
-6.7% 197

10,805 +0.0%
10,805
-22 1
-0.5%
Q3 22 cb Retail Wholesale Equipment Q3 23 Q3 22 cb France Europe MEA Others Q3 23
services sales

Yoy: comparison with the same period of the previous year, on a comparable basis unless otherwise specified
All Group level mentions include both telecom and banking activities. Conversely, all mentions excluding Orange bank are explicitly called “Telecom”
Q3 23 Results 5
 Section Two
Business Review

6 Q3 23 Results 6
Q3 2023 France
Value strategy confirmed, focus on continued retail growth

R etail services revenues growth yoy

in €m Q3 23 yoy cb 9M 23 yoy cb 3.4% 3 . 4%
Revenues 4,439 -0.5% 13,130 -1.2% Driven by value strategy
Retail services 2,804 +2.1% 8,343 +1.6% 2.1% 2.0%
2 . 1% and mobile and FTTH
Wholesale 1,131 -7.4% 3,389 -7.8% 0.6%
solid commercial
Equipment sales 350 +3.0% 934 +4.7% performance
Q1 23 Q2 23 Q3 23
Retail services Excluding PSTN

All Q3 ARPOs up yoy

€74.0 Convergent ARPO €37.3 Fixed only ARPO €18.0 Mobile only ARPO
+€2.7 up +€1.4 up +€0.7 up

Value/Volume
Value/Volume management
management to
to fuel
fuel retail
retail

Q3 FTTH net adds Q3 Mobile contract net adds Q3 Mobile contract churn
+259k +83k
+83k excl. M2M 11.9%
(-31k FBB net adds) +1pt yoy

Q3 23 Results 7
Q3 2023 Europe
Solid retail growth

R etail services revenue growth yoy

in €m Q3 23 yoy cb 9M 23 yoy cb
Revenues 2,923 +0.0% 8,469 +2.1% Solid growth,
Retail services 2,069 +2.3% 5,859 +3.3% 3.6%
4.2% even with
2 . 3%
Wholesale 444 -10.8% 1,258 -8.4% 2022 price increase
Equipment sales 412 +3.9% 1,234 +10.6% base effect
Q1 23 Q2 23 Q3 23

…driven by growth engines…

Conv ergent s ervices B2B

+3.7% Q3 yoy revenue growth +3.1% Q3 yoy revenue growth

…and Value/Volume management to fuel retail

+76k
Q3 FTTH net adds
-59k* Q3 Mobile contract net adds
(-10k FBB net adds) excl. M2M

*of which -160k disconnections of temporary one-off contract in Romania Q3 23 Results 8

Q3 2023 Spain
Continued retail growth

R etail services revenue growth yoy

in €m Q3 23 yoy cb 9M 23 yoy cb 2 . 4% Fuelled by proactive
Revenues 1,179 +0.1% 3,500 +1.6% 1 . 9% value management
Retail services 801 +2.4% 2,390 +1.8% 1 . 2%
▪ customer base management
Wholesale 212 -10.6% 596 -7.4% ▪ convergent portfolio changes
Equipment sales 166 +4.1% 513 +13.3% on Orange brand
Q1 23 Q2 23 Q3 23 ▪ disciplined promotional
policy
All Q3 ARPOs up yoy

€56.1 Convergent ARPO €25.7 Fixed only ARPO €10.2 Mobile only ARPO
+€2.1 up +€0.2 up +€0.1 up

Value/Volume
Value/Volume management
management to
with
fuelcontinued
retail churn improvement yoy

Q3 FTTH net adds +3k Q3 Mobile contract net adds

-20k Q3 Convergent net adds +9k +83k
(-3k FBB net adds) excl. M2M

-2.6pp Convergent churn -2.7pp FBB churn -2.4pp Mobile churn

Q3 23 Results 9
Q3 2023 Africa & Middle East
Strong double-digit growth fuelled by our 4 drivers

R etail services revenue growth yoy

in €m Q3 23 yoy cb 9M 23 yoy cb
Revenues 1,816 +12.2% 5,287 +11.1% 1 1 .8%
11.2% Retail continuing
Retail services 1,615 +11.8% 4,698 +10.8% 9.4%
growth
Wholesale 173 +16.4% 497 +15.0%
acceleration
Equipment sales 21 -1.5% 64 -6.7%
Q1 23 Q2 23 Q3 23

…thanks to telecom growth engines…

Data FBB B2B*
+18% Q3 yoy revenue growth +17% Q3 yoy revenue growth +20% Q3 yoy revenue growth
58.5m 4G customers +14% yoy 3.2m FBB customers +21% yoy

…and Orange Money growth yoy revenue growth

2 8 .2%
2 2 .2%
+28% Q3 yoy revenue growth
31.5m active** customers +21% yoy

Q2 21 Q3 23

*B2B transversal activity include Data and FBB

**at least one transaction per month Q3 23 Results 10
Q3 2023 Enterprise
Accelerating in IT&IS and progressing recovery plan

I T &IS growth yoy

in €m Q3 23 yoy cb 9M 23 yoy cb 9 . 3%
Revenues 1,901 +0.6% 5,846 +0.8%
8.8%
Fixed only services 788 -7.5% 2,429 -6.6%
5.3%
IT & integration services 886 +9.3% 2,681 +7.8%
Mobile 227 -0.4% 736 +2.9%
Q1 23 Q2 23 Q3 23

Fast growing IT & IS revenues at +9.3% in Q3 yoy

Digital & Data Integration services

+13% accelerating revenue growth +7% +10%

Acquisition of NEHS Digital and Xperis (+10% YTD)
(+12% YTD) (+8% YTD)

Recovery plan progressing as planned

▪ Product pruning on track to halve Products & Services sales portfolio in Q1 2024
▪ French voluntary departure plan presented to the employee representatives
▪ Upskilling and reskilling program on schedule: 7.9k certifications vs. 20k targeted by 2025

Q3 23 Results 11
 Section Three
Guidance

12 Q3 23 Results 12
Guidance 2023 fully confirmed

2023
confirmed

EBITDAaL yoy, cb Slight growth

eCAPEX yoy, cb Strong decrease

Organic Cash Flow (telecom) ≥ €3.5bn

Around 2x
Net debt / EBITDAaL (telecom)
in the medium term

Dividend* €0.72
Payable in 2024

The guidance does not include any M&A transaction that has not yet been finalized.
* Excluding any change in scope. Subject to AGM’s approval. Q3 23 Results 13