Orange S.A.

Q3 headline performance & upgraded outlook (good / key): Revenue +3.6% YoY to €12.2bn; EBITDAaL +4.6%; Operating cash flow +10% (double-digit) with capex/eCapex to sales ~15%, in line with guidance. Full-year EBITDAaL guidance upgraded to growth above 4.5% (vs prior level), supported by strong Africa/Middle East and Europe performance and continued efficiency.

Geography highlights (good, with some nuance): - France: Revenue +0.5% YoY; retail services resilience (ex PSTN +1.1%) with record net adds in mobile/fixed/convergence (convergence record since 2018). Churn improving: mobile churn down >1pp YoY, fixed broadband churn down >2pp YoY. Convergent ARPU stable sequentially but slightly down YoY due mainly to mix/new-customer cohort effects (some compression expected vs current base). - Spain: Revenues +3.5%; service revenues improved sequentially (Q2 to Q3 trend) to -1.4% YoY (improving from -1.9% in Q2), driven by net add strength in mobile & fixed and ARPU/value focus plus B2B expansion. - Africa & Middle East (strongest momentum): Revenues >+14% YoY, 10 countries growing double digit, with fixed broadband/data/Orange Money/B2B all >+14%, driven by ARPU + customer base + expanded coverage. Management emphasizes 14th consecutive double-digit quarter, supporting double-digit EBITDAaL growth for the full year. - Europe 6 (good growth): Revenue +5.3%; strong convergence and IT/integration services; mid-single-digit EBITDAaL growth expected full year.

France consolidation / SFR deal timeline & uncertainties (surprising + risk): - Transaction timeline unchanged: sign by end of 2026, closing by end of 2027 (subject to regulatory approvals). - Two parallel processes: (1) employee representative approvals largely completed; (2) antitrust process started and expected to drive most timing. - Ongoing legal actions by Altice employees continue but management says no reason to expect delay of signing. - Investor watch-out: political/economic debate and rate environment could affect deal narrative, but management states price renegotiation is not expected; SFR performance-linked adjustment mechanism exists, details not disclosed.