#11 Orange financial results #Q1_2021 orange TM April, 22nd 2021 Ramon Fernandez Deputy CEO, Finance, Performance and Development#2Disclaimer 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 17 March 2021 with the French Financial Markets Authority (AMF) and in the annual report (Form 20-F) filed on 18 March 2021 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. 2#33 Section One Q1 2021 highlights#4Q1 21 key achievements FTTH 49.3m connectable homes 5G Strong appetite for 5G ((121) smartphones 4 Engage 2025 orange bank France Highest broadband quarter in Q1 since 2016 with+94K net adds Mobile Financial Services Growing customer base, Europe: 1.2m B2C & 0.3m B2B* Africa: 0.5m Enterprise IT&IS revenues growth at +6.4% yoy in Q1 Driven by Cloud (+5%), Cyberdefense (+16%) & Digital & Data (+11%) Infra (((8))) Creation of Totem on track Signing of Orange Concessions, partnership with CDC, CNP & EDF Invest Signing of FiberCo partnership with APG Europe Other European countries revenue growth at +2.2% yoy in Q1 Fiber ARPU is driving growth Commercial turnaround ongoing, despite fierce competition Base MEA +7.1% Highest Q1 in past 10 years > 130m mobile customers FBB 1.8m fixed BB clients base +38%, yoy *Anytime + SOHO/SMES Insurance customers#5Q1 21 financial achievements 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 Mobile Financial Services are explicitly called "Telecom" Revenue € 10.3 bn +0.5% yoy in Q1 EBITDAAL € 2.6 bn -0.3% yoy in Q1 eCapex € 1.8bn +12.4% yoy in Q1 Back to growth despite unfavourable comparable basis due to the crisis Stabilisation Roaming impact: -42m€ yoy Increase in line with FY 21 guidance 5#66 Section Two Business review#7Q1 2021 France Strong performance on convergence & fiber in €m Revenues Retail services Convergent services* Q1 21 Q1 20 cb yoy cb 4,404 4,415 -0.2% 2,688 2,692 -0.2% Solid retail services trend 1,154 1,137 +1.5% +0.1% Mobile only services 559 563 -0.7% yoy Fixed only services 975 993 -1.8% Fixed only broadband 703 678 +3.6% Fixed only narrowband 272 315 -13.5% Wholesale 1,286 1,319 -2.5% Retail revenues excl. digital content offers (DCO) +1.9% yoy Retail revenues excl. PSTN & DCO Equipment sales 269 252 +6.6% Other revenues 162 151 +6.9% *B2C only Mobile contract 12m BB customers 19.7m customers 54% BB B2C cust. on Open convergent offers +0.2€ Convergent ARPO yoy growth excl. DCO 68.9€ 68.8€ +0.2€ 68.6€ DCO excl. DCO HH Q1 20 Q1 21 4.9m FTTH customers FIXED new customers +95 +105 +94 +61 +37 MOBILE 51% FTTH adds* are Municipalities with 5G 239 ** coverage 11.7% +360 +388 +385 +192 +238 11.6% +125 +87 +29 +32 CONVERGENCE -155 -177 -265 -283 -291 -58 7 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 - FTTH net adds in '000 ADSL and others BB net adds in '000 Mobile contract net adds excl M2M in '000 Quaterly churn rate ** *gross adds + migration >80% of population outdoor coverage#8Q1 2021 Europe Solid commercial performance. Other European Countries growing +2.2% yoy Revenue evolution (in €m) in €m Revenues Retail services Convergent services* Q1 21 2,583 Q1 20 cb yoy cb 2,646 -2.4% 1,727 1,808 -4.5% 666 690 -3.6% Mobile only services 719 772 -6.9% -94 9 Fixed only services 265 274 -3.3% 25 IT & integration services 77 71 +7.7% 2,646 Wholesale 454 471 -3.7% Other European Countries growing +2.2% 2,583 Equipment sales 368 323 +14.2% Other revenues 34 44 -22.9% *B2C only 1Q'20 Spain Poland Belgium Romania, Luxembourg Slovakia, Moldova Actual 1 Q Europe, mobile contract net adds ex-M2M (in '000s) Net Adds % convergence in base FTTH Europe, Fixed Broadband net adds (in '000s) Others (xDSL, Cable, Fixed LTE) % convergence in base +317 31% +221 33% 67% +147 67% +96 +62 +64 +175 +139 +126 +62 +32 -42 -43 -28 -70 -64 -99 -129 -10 -8 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 8 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21#9Q1 2021 Spain Positive net adds for the 3rd quarter in a row, despite fierce competition 85% Convergence as % of broadband B2C customer base in €m Revenues Retail services Convergent services* Mobile only services Fixed only services Wholesale Equipment sales Other revenues Positive net adds ... 9 Q1 21 Q1 20 cb yoy cb 1,188 1,282 818 910 -7.4% -10.2% 469 517 -9.4% 231 267 -13.6% 84% Fiber penetration in BB customer base 116 124 -6.7% 215 220 -2.3% 155 141 +10.0% 66% 4G penetration in mobile customer base 1 11 -95.4% *B2C only 17% TV penetration in BB customer base ... with 4.1 points improvement in convergent churn... stabilizing FBB customer base while keeping on increasing fiber penetration +0.4% Convergence net adds +10k 4,016 -4.1 pts FBB net adds FTTH net adds +1k +49k 4,033 FTTH ADSL 80% 84% (k customers) Mobile contract net adds* +24k Q1 20 Q1 21 Q1 20 Q1 21 excl. M2M#10Q1 2021 Africa & Middle East Strong performance confirmed in €m Revenues Retail services Q1 21 Q1 20 cb yoy cb >130m mobile customers 1,488 1,389 +7.1% 1,301 1,185 +9.8% Mobile only services 1,137 1,047 +8.5% Fixed only services 160 131 +21.8% IT & integration services 4 6 -31.2% (2) 36.1m Wholesale 153 Equipment sales Other revenues 3295 173 -11.3% 4G customers +36% yoy +22% Data revenue growth Q1 21 24 21 +15.4% 10 -6.1% ↑ 1.8m +38% FBB customers yoy +38% FBB revenue growth Q1 21 > 80% of revenue comes from sustainably resilient retail services Revenue cb yoy growth in % 7K 10.2% 10.5% Orange Money 9.8% 9.0% +19% Orange Money revenue growth Q1 21 > 40% of 52m Orange Money customers are active * (active customers in millions, yoy growth in %) 8.5% 7.5% 7.8% 7.9% 5.1% 7.6% 4.7% 7.1% 8.3% 7.1% 21.9 22.0 6.1% 6.2% 5.8% 5.3% 5.1% 20.1 19.6 18.6 Retail services Total MEA 1.3% FY 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 * At least one transaction per month 10 10 +18%#11Q1 2021 Enterprise Ongoing recovery in IT&IS revenues brings back top-line growth in €m Revenues Fixed only services Voice Data IT & integration services Mobile* Q1 21 Q1 20 cb yoy cb 1,907 1,900 +0.4% 918 953 -3.7% 288 303 -4.9% 630 650 -3.2% 769 723 +6.4% 220 223 -1.3% *Mobile Mobile Only Services + Equipment Sales IT&IS share in total revenues: 40.3% (vs. 38.1% in Q1 20) Cybersecurity +16% yoy Revenue evolution Cloud +5% yoy Evolution of IT&IS in total revenues mix Total 101 fixed only 5% +0.8% 0% -5% -1.2% -1.7% -3.3% mobile IT&IS 39.5% +0.4% 37.2% 40.3% -10% -15% Q120 Q2 20 Q3 20 Q4 20 Q1 21 FY 19 FY 20 Q1 21 11#1212 Section Three Guidance#13Guidance 2021 confirmed EBITDAAL, yoy eCAPEX yoy Organic Cash Flow (telecom)* 2021e before tax refund allocation 2021e After tax refund allocation Around +1% ~ €7.3 bn > €2.6bn Flat - € 7.6 -7.7bn > €2.2bn I Net debt / EBITDAAL (telecom) Around 2x in the medium term Around 2x in the medium term 13 13 Dividend €0.70 €0.70#1414 ±4 Section Four Q&A#1515 Annexes#16Convergence, the bedrock of our strategy Convergent B2C customer base in million % of broadband B2C customer base France* Spain Poland 5.85 2.99 2.95 2.96 3.00 3.01 1.50 5.84 1.48 5.82 85% 85% 1.44 66% 54% 5.80 5.80 1.41 1.39 55% 63% Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 € 1.8bn Convergent services revenues in Q1 2021 -0.4% yoy Churn improvement with convergence in Q1** -4pts Quarterly convergent ARPO, in €/month in Q1 €68.8 -0.1% yoy, cb -4pts €53.3 -8.4% yoy Number of mobile lines per convergent offer (Q1 yoy growth) 16 1.68 +0% yoy * Open customers only 2.02 +2.9% yoy (11) Churn differential between convergent B2C customers and total fixed BB B2C customers ***YoY evolution calculated in local currency -1pt €24.1 +4.6% yoy*** 1.88 -0.3% yoy#17The Group has kept consolidating its European leadership position in FTTH 17 * 50.4m VHBB* connectable lines o/w 49.3m FTTH connectable lines FTTH connectable lines in France +37% FTTH connectable lines in Spain 17.8m 24.4m 14.5m +4% 15.0m FTTH connectable lines in Poland 4.4m +18% 5.2m Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 *VHBB > 100 Mbps