Orange S.A.

Q3 performance strong; guidance upgraded (key “good”): - Group delivered +3.6% revenue growth to EUR 12.2bn. - EBITDAaL +4.6% (driven by top-line growth and continued efficiencies). - Operating cash flow +10.3%. - Full-year guidance upgraded: EBITDAaL growth now expected >4.5% (previously lower), still supported by solid performance in Africa & Middle East (double-digit momentum) and Europe. - Capital discipline: eCapEx/sales down and consistent with ~15% full-year guidance.

France momentum remains resilient; FY outlook for France reiterated (good but with market pressure context): - France Q3 delivered record net adds across mobile, fixed and convergence (convergence record since 2018, +57k). - Customer KPIs improved: mobile churn down >1pt YoY, fixed broadband churn down >2pts YoY; NPS 36 (+9 points ahead). - Revenue +0.5% in Q3; retail ex-PSTN +1.1% despite PSTN decline. - Management emphasized retail confidence and stable value strategy (more-for-more + targeted pricing/back-book moves, upsell/cross-sell). - France FY outlook maintained: guidance trajectory for stable plus EBITDAaL growth (and Laurent clarified avoid negative H2 EBITDAaL).

Spain service trend stabilising/improving but at lower growth level than some peers (mixed): - Spain revenues +3.5% in Q3; services improved sequentially by +0.5pts after June stabilization. - Management attributes improvement to churn reduction focus, convergent ARPU growth, and B2B expansion; also new services momentum (notably financial services). - Specific datapoint: 169k customers subscribed to financial services/insurance/energy type offers. - Outlook tone: expects continued improvement into Q4 and low single-digit EBITDAaL growth in H2, but admits underlying environment requires careful value/mix management.