Orange: Orange successfully completes a bond issuance in 5 tranches for a total amount of 5 billion euros

Press release
Paris, 6 november 2025

Not for distribution in the United States of America

Orange successfully completes a bond issuance in 5 tranches for a total amount of 5 billion euros

Orange has successfully issued bonds in euros in 5 tranches for a nominal amount of 5 billion euros:

€750 million maturing in 3 years with an annual coupon of 2.5%€1 billion maturing in 6 years with an annual coupon of 3.125%€1.375 billion maturing in 9 years with an annual coupon of 3.5%€1.375 billion maturing in 12.5 years with an annual coupon of 3.75%€500 million maturing in 20 years with an annual coupon of 4.125%

With a total order book exceeding €20 billion, today's bond issuance demonstrates Orange's strong profile, market confidence in its "Lead the Future" strategic plan, and the new chapter opened by the announcement of the potential re-consolidation of MasOrange.

Orange plans to use the proceeds for the company's general corporate purposes, which may include refinancing its existing debt and/or the potential acquisition of a 50% stake in MasOrange.

Below are the characteristics of the bonds issued:

CurrencyFormatTermNotionalCouponRe-offer spreadEURFixed rateNovember 2028750 million2.5%m/s + 37 bpsEURFixed rateNovember 20311 billion3.125%m/s + 70 bpsEURFixed rateNovember 20341.375 billion3.5%m/s + 90 bpsEURFixed rateMay 20381.375 billion3.75%m/s + 110 bpsEURFixed rateNovember 2045500 million4.125%m/s + 132 bps

HSBC, Santander and Société Générale are acting as Global Coordinators.
HSBC, Santander, Société Générale, Deutsche Bank, J.P. Morgan, Morgan Stanley, Natixis, SMBC, Standard Chartered Bank AG are acting as Bookrunners.

About Orange
Orange is one of the world’s leading telecommunications operators with revenues of 40.3 billion euros in 2024 and 124,100 employees worldwide at 30 september 2025, including 68,000 employees in France. The Group has a total customer base of
c.310 million customers worldwide at 30 september 2025, including 270 million mobile customers and 23 million fixed broadband customers. These figures account for the deconsolidation of certain activities in Spain following the creation of MASORANGE. The Group is present in 26 countries (including non-consolidated countries).
Orange is also a leading provider of global IT and telecommunication services to multinational companies under the brand Orange Business. In February 2023, the Group presented its strategic plan "Lead the Future", built on a new business model and guided by responsibility and efficiency. "Lead the Future" capitalizes on network excellence to reinforce Orange's leadership in service quality.
Orange is listed on Euronext Paris (symbol ORA).
For more information on the internet and on your mobile: www.orange.com, www.orange-business.com and to follow us on
X: @orangegrouppr.
Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited.

Press contact:
Tom Wright ; [email protected]
Fatima Rahil ; [email protected]

CAUTION: NOT FOR DISTRIBUTION IN THE UNITED STATES
This press release, of a purely informative nature, is not and cannot in any way be construed as an offering to sell any securities, or as a solicitation of any offer to buy securities, in any jurisdiction, including the United States, Japan, Australia, Canada and the United Kingdom. The securities mentioned in this press release have not been and will not be registered pursuant to the US Securities Act of 1933, as modified. They cannot be offered or sold in the United States absent registration or an exemption from registration. No public offer of these securities has been or will be made in the United States or elsewhere.

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