Good morning. Thank you for joining our H1 results presentation.

This semester, we achieve record revenue and EBITDAaL growth thanks to very robust retail performance across the board and continued efficiency efforts fueling both top line and EBITDAaL uplift. Beside strong execution, we achieved key strategic steps in Q2.

We acquired the full ownership of MASORANGE, the leading operator in Spain, now fully consolidated in our group's results from early June, and we reached a historic milestone for Orange and for the French telecom market, signing a memorandum of understanding alongside Bouygues Telecom and the Free-Iliad Group for the acquisition of SFR, reinforcing our leadership in France. We delivered strong retail services performance at +3.3%, fueled by Europe 6, Africa & Middle East, and France.

Based on these excellent results, we're increasing our full-year EBITDAaL guidance from above 3% to above 4%, driven by a solid performance in France and impressive Europe 6 and record Africa & Middle East results. This, combined with the accretive cash contribution from MASORANGE consolidation, allows us to upgrade as well our full-year '26 organic cash flow guidance from circa €4 billion to circa €4.3 billion.

On the financial side, we delivered record revenues of €20.9 billion, up +3.5%, driven by strong services growth of +3.3% and exceptional performance in Africa & Middle East. EBITDAaL reached €6.1 billion, up +5%, with a margin improvement of 0.4 points.

This performance was driven by MEA remarkable double-digit growth, Europe 6 solid growth, and France supported by positive non-recurring wholesale items. We maintained our disciplined CapEx policy, with an eCapEx/sales ratio of 15.2%, in line with our full-year target.

Organic cash flow reached €2.2 billion, up by €0.5 billion year-on-year. Our net debt to EBITDAaL ratio stands at 2.4, reflecting the impact of the full acquisition of MASORANGE, with an unchanged medium-term target of circa 2 times.

Let's focus on some of the strategic initiatives launched in Q2 to foster our Lead the Future ambitions. First, on customer intimacy: in 6 months, Middle East and Africa gained 10 million new mobile data customers.

In France, we achieved a record loyalty rate since 2020, further strengthening our leadership in customer satisfaction. In Europe 6, we now exceed 3 million FTTH customers, and we launched Orange Marketplace in Poland.

On innovative growth: Orange Cyberdefense expanded into Spain in collaboration with MASORANGE, and we announced yesterday a project to develop a sovereign data center platform in France. Third, on excellence at scale: on satellite, in addition to our first service launched in France and our trial in Spain, we started in Europe a partnership on direct-to-device connectivity with AST.

We see satellite connectivity as a core complement to our terrestrial network to provide coverage, completeness, and resilience. We are running tests to develop a seamless customer experience between satellite and terrestrial networks, and we are developing multiple partnerships as part of this strategy.

Finally, we are fully on track with our efficiency program powered by AI. In June, we announced the signing of the MoU to acquire SFR along with Bouygues and Iliad.

This deal will strengthen our network and customer leadership in France through the acquisition of approximately 5 million subscribers, which represent €1.7 billion of revenues in 2025 and 47 MHz spectrum, which represents 31% of SFR spectrum. What are the next steps?

The antitrust process led by the French authority is expected to run through the second half of 2026 and into 2027. Consultation phase with employee representative bodies has started, and we expect to sign the share purchase agreement in the second half of 2026.

Closing is expected in the second half of 2027. We will keep you updated as we progress through each of these milestones.

As part of our Lead the Future execution, we are unlocking the full potential of our 5 major data centers in France by creating a co-controlled joint venture with Morrison as announced yesterday. This project aims at developing a sovereign data center platform in France, with the ambition to reach 400 MW of capacity, combining Morrison track record in strategic infrastructure investments and Orange expertise and market reach to secure sovereign data center capacity for our customers.

The deconsolidated entity would invest around €3 billion leveraging Orange existing assets, Morrison equity contribution, and debt. Orange Business will leverage this platform for its customers to accelerate its trusted AI and trusted cloud business ambitions.

The value creation for Orange will therefore materialize through revenues upsides and dividends inflows. Closing, subject to relevant approvals, is expected in Q1 2027.

Regarding our sustainable performance, we are accelerating. On digital trust, we now offer digital uses protection in more than 70% of our countries.

On digital inclusion, we extended Middle East and Africa 4G coverage by 2 points, reaching 80% of the population. To develop international connectivity, we sign an MoU alongside an investor consortium to deploy a new subsea cable between Europe and Africa.

We also made progress on our net zero carbon ambition by 2040, decreasing our greenhouse gas emissions on scope 1, 2, and 3 by 32% in H1 compared with 2020, in line with our roadmap, with a continuous acceleration in site solarization in Africa, reaching 31% of total sites in H1 2026. I now leave the floor to Laurent for the financial overview.

Thank you, Christel, and good morning, everyone. Let's start with revenues up 3.5% in the first half, fueled by strong services growth of 3.3%, along with wholesale benefiting from non-recurring items in Q1.

From a division perspective, revenue growth is driven by continued double-digit momentum in Africa & Middle East, as well as a solid performance in our European countries and in France. Orange Business is still in transition from legacy business in a changing market.

Moving to EBITDAaL, the growth is fueled by a record double-digit growth of Africa & Middle East, the highest semester since 2021. Europe 6 is also demonstrating a strong performance with 6% year-on-year.

France is up 2%, including wholesale positive non-recurring items. Excluding the positive impact of wholesale in France, the total group EBITDAaL growth is around 3.7%.

Overall EBITDAaL margin is up by 40 bps, notably led by continued efficiency initiatives. These very strong results give us confidence in upgrading our full-year '26 EBITDAaL guidance to above 4%.

Let's continue with adjusted net income, growing by 12% at €1.3 billion in H1. This is in line with our 2025-2028 CAGR ambition and is mainly driven by EBITDAaL growth and improvement of income tax, notably due to one-off, partly offset by an increase in financial interest.

Net income amounts to €3.6 billion and is primarily adjusted for the revaluation of MASORANGE participation at fair value and the expected depreciation of copper dismantling asset in France. Let's move to eCapEx with our disciplined policy reflecting into a 15% eCapEx to sales ratio, in line with our full-year guidance.

We pursue our investment in Africa & Middle East to support our strong revenues and decrease CapEx in all other divisions. Excluding Africa & Middle East, our group eCapEx decreased by 2.4% year-on-year, reaching 14% of eCapEx to sales.

On cash, H1 organic cash flow is strong at €2.2 billion, up half a billion euros year-on-year, mainly fueled by a sound EBITDAaL minus eCapEx uplift. Free cash flow all-in reached €1.9 billion, up €800 million versus last year.

Moving to the net debt, our net debt increased in H1 by €13.2 billion, essentially due to MASORANGE acquisition price and net debt reconsolidation, leading to a leverage ratio of 2.4 times. Our circa 2 times medium target remains unchanged, supported by our strong cash flow growth target, notably thanks to MASORANGE cash accretion.

Rating agencies reaffirmed in June our credit rating post-MASORANGE closing and SFR announcement among the best in the sector. Let's get into the business review and starting with France.

Over the second quarter, we continue to see a very positive market momentum. Thanks to our targeted commercial strategy, we delivered solid commercial performance.

Our effective retention program boosted with AI are now running at full industrial pace, resulting in best-in-class churn rate, well below our competitors and at historical lows since more than 5 years. Fixed broadband net adds have reached their highest level since 2021 at 62k.

On FTTH, our acquisition market share has remained the best of the market and is well above 40%, and once again, we stand out for the remarkable results in FTTH deployment quality as per recent ARCEP survey outcome. Mobile net add is up to 84k, driven by a positive mix both on Orange and Sosh, along with positive portability activity against all operators.

Supported by our multi-services strategy, convergent ARPO is up by €0.2 year-on-year, and fixed broadband ARPO returned to growth at €0.6 year-on-year. Mobile ARPO stabilized on a quarter-over-quarter, but continued to decrease on a year-on-year basis by €0.9, still reflecting competition on low end.

Let's turn to the financial results for France in the first half of 2026, with revenues up by 1.2%. Retail excluding PSTN is up 1.2%, reflecting our solid commercial momentum with robust trend on convergence and fixed broadband, supported by multi-services momentum compensating PSTN decline.

Looking ahead, we are confident in achieving stable+ retail revenues excluding PSTN for the full-year 2026. Customer satisfaction remains a key differentiator.

NPS increased by almost 2 points quarter-over-quarter, well above our closest competitors, confirming our leadership position. Overall, EBITDAaL is up 2.4% year-on-year, sustained by retail services, the positive impact of €75 million wholesale non-recurring anticipated co-financing item booked in Q1, and our continued focus on operational efficiency program.

These strong results give us confidence to confirm our target of stable+ EBITDAaL growth in 2026. Let's turn to MASORANGE results, fully consolidated since June 1st.

In H1 '26, revenues is up 1.3% year-on-year, supported by solid growth in B2B and wholesale, which more than offset the decline in B2C retail services revenue resulting from the highly competitive Spanish market environment, particularly in the entry-level and mid-market segment. Trajectories improved progressively through the first half.

Service revenues are now stabilizing in June, demonstrating a continuously improving trend. We also delivered positive net add edition in second quarter, while materially expanding our customer base across new services and adjacent growth verticals.

Moving to H2, our priority is to further stabilize retail services revenues through disciplined value management and selective pricing action, while accelerating on B2B and new business. Overall, EBITDAaL minus eCapEx is growing at 1.8%, as the reduction in capital expenditures more than offset the 3.1% decline in EBITDAaL.

EBITDAaL evolution was impacted by the anticipated non-cash IFRS headwinds associated with the price purchase allocation expected to amount to €200 million over 2026-2028, as we indicated in our Capital Markets Day. Within '26, this impact is expected to be front-loaded in the first half.

Looking ahead, we expect EBITDAaL to reach low single digit in the second half 2026 and to deliver over €430 million of accumulated synergies. Let's turn to Africa & Middle East, with double-digit growth for the 13th consecutive quarters, achieving our best ever top-line growth.

This record performance was driven by growth across all countries within our footprint. EBITDAaL growth is up by an impressive 16%, a level not seen since 2021.

Finally, we continue to increase CapEx spent in the region to fully capitalize on the strong growth potential ahead. This performance enables us to upgrade our EBITDAaL guidance to a comfortable double-digit growth in the second half.

Let's turn to Europe 6, with very positive revenue up by 4%, reaching €3.6 billion in the first half. This growth is driven by services up by 1.3%, reflecting our effective volume and value strategy across the region.

This quarter, we achieved a key milestone, reaching an FTTH customer base above 3 million. IT & IS surged by 25%, driven by exceptional performance in Poland and in Romania.

EBITDAaL growth of 6% outpace revenue growth, demonstrating operational efficiencies improvement. Additionally, we maintained our disciplined eCapEx strategy, leading to an impressive EBITDAaL minus CapEx growth of close to 16%.

Based on this strong H1 performance, we have upgraded our 2026 growth outlook for Europe 6 to mid-single digit in H2. Let's move to conclude on Orange Business.

Revenues reach €1.8 billion in the quarter, reflecting a decline of -3.5% year-over-year, primarily impacted by legacy technology transition and competitive market dynamics. Despite this, we sequentially improved the EBITDAaL trend thanks to cost efficiency.

Orange Cyberdefense delivered double-digit revenues and order intake growth in H1 2026 and expanded into Spain with the creation of Orange Cyberdefense Spain with MASORANGE. Orange Business transformation remains a strategic priority for the group, and we are making progress toward greater operational efficiency, notably with the partnership recently closed with Tech Mahindra.

Looking ahead, our ambition is to continue EBITDAaL trend improvement for full year in a challenging market. With this, I turn back to you, Christel, for the conclusion.

Thank you, Laurent. We're proud of this record H1.

Building on these solid results, we are raising our 2026 guidance, now including MASORANGE for 7 months. We are increasing our EBITDAaL guidance to above 4%, driven by a solid performance in France and improved outlooks for Europe and Africa & Middle East.

This, combined with the accretive cash contribution from MASORANGE, allows us to upgrade our organic cash flow guidance to circa €4.3 billion. Laurent, the full ExCom, and I are now ready for your questions.

Can you hear me?

Great. Thanks for taking the questions.

Maybe I can ask the first one on French consolidation. Christel, you outlined obviously the transaction and some of the key terms that we've been given.

I guess what I was hoping for was a little bit of commentary around the review process. We now have confirmation the French authorities will lead the entire process.

One of the comments that they made which raised a few questions was the comment that they think it will take them at least 18 months to complete the review. I just wondered how that sits versus your expectation of H2 next year.

Is that consistent? Is it a little bit different?

Maybe you can just give us a bit of color on your engagement with them and what you're hearing. Just as a little add-on to that, obviously you've mentioned the EBITDA accretion from the deal for you is €900 million.

Can you maybe comment on the cash flow accretion because I assume the incremental CapEx is low, but maybe I'm wrong, so that would be helpful. Then the second question was just around the data center project that you've announced today.

I just'd love to understand a little bit better how you're thinking about the industrial logic there over the long term. It sounds like you will not need to contribute any equity, Morrison will contribute the equity and then you'll debt raise against that, if you could just clarify that's right.

Longer term, how are you thinking about delivering value from that? A project as big as 400 MW clearly is pretty sizable and could be very valuable.

How should we think about the way of demonstrating the value to shareholders for that project over time? Thanks a lot.

Thanks, Akhil. On the French consolidation, you're right, we got the confirmation in a few weeks back that the French authority would review also the Iliad file, the project is now handled by the French authority.

We started the early discussion and pre-notification. We are now receiving RFI from the authority.

The comment in the media from the head of the French authority relating to 18 months was, first, very consistent with what he had said before, was not a surprise. It's also a comment that was made actually before the confirmation that the authority in France would have the full ownership of the file, for us, it was no surprise and actually completely in line with what we can expect from the authority at this stage of the process, which is still very early.

Really no color to detect from that interview and very consistent with what we're expecting and consistent with what we target, which is a closing in H2 next year. Of course, the faster, somehow, the better, but we've learned through the Spanish transaction that sometimes you cannot be in a hurry if you want to make sure you get the best outcome in this type of reviews.

Again, fully consistent, and we are working hard to make sure that we're moving as fast as we can. On the accretion of the transaction, EBITDAaL and cash flow, so as we said, EBITDAaL accretion would be immediate, and we expect the transaction to be low CapEx intensity because we're not acquiring customer network parts in that transaction.

There will be, of course, some integration costs, and we're working on sizing that. We have, of course, some models, but again, it's going to be low CapEx intensity from a transaction standpoint.

On the data center project that we announced yesterday, clearly, we're unlocking potential from data centers that we have today that are hosting some of our, I would say, network and IT infrastructure. It's also an infrastructure that's used by Orange Business to serve customers for its cloud offers, but we see not only, of course, the potential to upgrade those data centers, but also there's untapped potential with power and connectivity on those sites.

That's why we decided that we wanted to unlock the potential, also to create a specific entity to manage that because it's a very different business. Of course, it's infrastructure, as we've done in the past, the carve-out will also allow to professionalize and to accelerate the development.

Then when it comes to value, actually, we want to keep some flexibility in the plan because we're not talking of building an AI gigafactory, but we're not excluding working in the context of our partnership that we have in place with other French players on AI, but also to make sure we can serve private cloud needs from our Orange Business customers and also there is potential needs we may have on our own AI need as well as AI solution for our B2B customers. For us, it's really a way to capture value, to unlock potential of an asset that was not managed to its full potential, as well as to create flexibility on potential upsides.

When it comes to, of course, financial impact for Orange shareholders, as you said, we will not contribute equity in the transaction. We contribute assets as part of the transaction, and, of course, it's going to be a co-controlled entity, equity consolidation from an accounting standpoint, and we expect dividends as a normal shareholder.

That's the way it's going to be managed.

Great. Thank you very much.

Maybe, Akhil, just adding up a bit on colors on value creation. Dividends, as Christel said, number one.

Second, we will have revenues and margin generated by Orange Business, which will be using this project as a platform to develop B2B activities. Third, we will have as well higher efficiencies for this asset used by Orange France and less cost.

Finally, of course, there is a value creation by developing and scaling up this asset, multiple by 10 compared to the current capacity. We'll have, of course, 50% of the global value creation generated by the intrinsic value of the joint venture.

That's clear. Thanks, Laurent.

Yes, good morning, everyone. Thank you for the presentation.

I've got two questions as well, more near kind of two biggest markets. Starting with Spain, where I think we've seen a pretty big improvement, compared to the previous quarters, things have improved in terms of the trend.

I think in June, as you point out, the service revenue trends especially were neutral already with pretty good KPIs operationally speaking. The question was really is this more of a kind of market thing?

Is this your execution, or is it as you maybe, Meinrad, suggested in the past where you were open following the integration with MÁSMÓVIL to losing say lower-value parts of the subscriber base, if you could maybe comment on what's driving this stabilization and whether we can expect service revenues in Spain to be pretty stable going forward, which I guess your guidance for the second half of the year would suggest? Second question would be similar, but around France.

I think we've all seen the pricing environment improve lately. I'm just maybe a bit surprised that the improvement in terms of the service revenue trends came mostly in fixed, whereas I think on the pricing side, we've seen most of the improvement on mobile.

Again, if you could please clarify from your perspective what is going on on the market and if maybe there is potential for the mobile side of things to kind of catch up in the second half in terms of performance and then clarify also what drove the accelerated growth on fixed. Thank you very much.

Thank you, Ondrej. On Spain, I'll start and then I'll let Meinrad complement, but you're right.

Improvement is already in the results in June. It remains a very competitive market, there's a lot of actions working on retention, working on low-cost customers.

I don't think we deliberately accept to lose customers for the competition, but, of course, we are value-driven, and more importantly, our objective is to make sure we decrease churn, same strategy as everywhere in Europe through convergence and also other revenues. Meinrad?

Thank you, Christel. Good morning, everybody, from Paris.

Yes, as you have seen, Ondrej, the service revenue trend is positive. We are growing semester on semester, and we are stabilizing service revenues in the month of June.

Having said that, Spain is a complex market, especially in the retail telco segment, but we have other growth levers. We are growing quite significantly in B2B.

We are growing also in new businesses, and we are stabilizing ARPU. Overall, we are continuing with our commercial and efficiency playbook, and we are quite optimistic for the second half of the year.

On the French market, you're right that the mobile market environment, and especially on the low end, has improved compared to what it was definitely last year, and so we've seen a bit less aggressive promotion. That being said, it's always a fragile environment, and the commercial performance is good.

The ARPU's improvement is actually the results of past quarters' performance, it's not just the last few months that have some impact. Despite the fact that the mobile market has improved on the low end, we still see a market that's putting pressure on our mobile-only revenue customers, which, as is only a small part of our customer base, and our strategy is really, of course, to continue to migrate those customers to becoming convergent customers where we know the churn impact would be lower, and as you can see, the churn reduction on mobile-only customers is also helping to stabilize our performance.

Jérôme, I'm sure you want to comment as well.

Yes, thank you, Christel. I think you said it all.

We had a strong commercial momentum first, which is important in all segments, with 62k net adds on fixed and 84k on mobile. As far as value is concerned, we managed to increase our ARPUs on fixed broadband and convergence thanks to a very good mix to our high-end offers, Livebox Max in particular, and a good performance as well for new services, adjacent services, growing faster than the 5% gross target that we have on our strat plan.

On mobile, you are right mentioning that there's been an improvement on the low-entry prices of the market, which are more B-brands, let's say, from €1 to €2 for 100-gig packages. It's still under pressure on the high-end market, and let's say, the gap of prices between the ARPU of the acquisition and the ARPU of the base is translating into still a slightly decreasing ARPU for mobile-only.

As Christel said, it's only 13% of our revenues on that segment, and we are managing it carefully.

Thank you.

Hi there, hopefully you can hear me. I had a couple of questions.

One on Spain as a follow-up and then one around satellite. On the Spanish numbers today, I think on the guidance it looks like you've pushed out the EBITDAaL growth recovery to the second half.

Meinrad, could you give us an update on where you expect EBITDAaL growth for Spain overall in FY '26 to be? I guess around stable.

Then how does that affect, if at all, the medium-term guidance for low to mid-single digit EBITDAaL growth on MASORANGE? Then secondly, on the satellite side of things, you talk about trials, different initiatives.

Could you give us an update on who you're speaking with and what kind of partnership models you're contemplating? Specifically, I think you've been clear on the European side you don't want to offer MVNO deals, but is there any scenario in which you'd be open to doing MVNOs or kind of deeper relationships with the satellite companies in your Africa and Middle East businesses?

Thank you.

Thank you. On the Spanish EBITDAaL performance, first, and as we presented it, there's a non-cash EBITDAaL impact, IFRS 3, which is mechanical from the acquisition, and this was fully anticipated in our Capital Market Day.

We have, as we said, a market that's under pressure, but we are recovering, and we expect to continue to improve in H2. We are full speed on synergies as well, of course, all in all, that's as per plan.

Even though, indeed, the closing was early June and we didn't know that when we did the Capital Market Day, we had no exact visibility on the closing, from a full-year standpoint, it's absolutely in line. Of course, very importantly, we know that MASORANGE is cash accretive to the group, and that's also contributing to our organic cash flow guidance raise for the full year.

I don't know if, Meinrad, on EBITDAaL you want to...

No, I can fully confirm that we will meet the guidance from the moment of consolidation, from June until the end of the year. We are very much cash focused, no, and we're talking the EBITDAaL impact is due to non-cash items, and overall, as we mentioned, the business is growing.

We continue with our strategy, and we're optimistic to meet the low single-digit EBITDAaL growth in H2.

On satellite partnerships, actually, of course, everyone is very much focused on satellite constellation when we talk satellite, but that's not the only area where we're building a partnership. As we said, we are testing several satellite constellation.

We launched an offer with Skylo in France. We have a trial with Starlink in Spain, and we're working with AST more globally, but especially in Romania as we announced a few months back.

We're also building partnership on the devices side to make sure we can test and anticipate to bring the best customer experience, and also working on terrestrial-satellite network handover and interaction because that's also a key element of the customer experience when those solutions become available. Of course, we're following closely and working to anticipate the spectrum auction that will take place a bit more than 2 years down the road in Europe, very important.

In Africa and Middle East, we have already a partnership in place, especially for broadband with Eutelsat OneWeb, and we launched offers in Ivory Coast or Senegal, and we continue to monitor progress. That being said, our mobile solution, especially 4G, and where available, 5G, remains really really the best solution for customers where affordability remains a key criteria.

We're also, of course, everything we're doing for Europe, which is more towards direct-to-device or mobile satellite, will one day also be available for Africa, but that's really long down the road given the development of the solution and still the cost of those solutions. Across the board, we want to make sure we master the technology and work with all available and all possible partners.

At this stage, we remain very open. We don't want to be exclusive.

That being said, as you said, we're not contemplating signing a simple MVNO transaction because we really think value comes from the customer experience and the direct-to-customer management, of course.

Thank you.

All right, guys. Sorry.

Okay.

No, just hope you can hear me. Just a quick one on Spain, just to come back to the Spanish question, please.

All the growth still comes from the wholesale and B2B market, and Digi is still relatively underdeveloped in Spain. Can you just remind us how you're going to try and protect yourself from Digi as it tough pricing model expands with its fiber network, please?

Then secondly, just on the French numbers. There's a sense of sort of stabilization in some of the ARPUs this quarter, and I know they're very seasonal, particularly in the second half for convergence, but is there a sense within France that you think the ARPUs are starting to stabilize a bit, particularly given the adds numbers on the subscriber side are good?

Thanks very much.

On the Spanish market, of course, Digi pricing, first of all, it depends whether Digi is offering different pricing depending whether they're on their own footprint for fiber or not. As of course, now that they went for their IPO, they will provide regular updates.

Given their extremely aggressive pricing strategy, we don't see much value creation or cash generation opportunity for them, but that's more for them to comment. That being said, our MASORANGE customer base is highly positioned on the premium and medium market segments, not just on the low cost.

Of course, Digi is hitting all low-cost brands, and actually even more some of the small players in Spain, and so consolidation is happening on the low end of the market with a lot of small players were positioned. Of course, we have a different strategy depending on the brands, but when it comes to premium and medium brands, we're absolutely not competing with Digi per se.

Meinrad, I don't want to talk more about Digi.

No, just to add, no, overall, we have to look at the big picture, no. We are growing in revenues, and we are growing in clients, and what you said, in a very competitive environment.

What we also see is that the client acquisition volume of Digi has been reduced. Quarter on quarter, it's around 1/3 down, and that also demonstrates that the ultra-low cost segment is not infinitive, meaning not all clients are looking for a low-cost offering with, let's say, some questions on service quality.

We are betting on service quality, on value creation, on up- and cross-selling opportunities, and we are optimistic that this will continue to work.

On the French market and the ARPU stabilization, as you can see now, convergence strategy, as well as broadband, as Jérôme was saying, our premium offers are really working well, and so we continue to work on upselling to our customers and migrating them if they are on our low-cost offers to migrate up. This is done, of course, through the broadband offer themselves, but also through this multi-service strategy.

As Jérôme was saying, we have this objective of growing above 5% for those multi-services strategy, and especially in the last quarter, for instance, we insisted a lot on our home security packaged together with our broadband solution, so that's one example. We'll continue to work on upselling and on, of course, stabilizing, if not growing, ARPU.

That's great. Thanks very much.

Now

Great. Can you hear me now?

Great. Thank you.

Morning, everyone. I've got two questions, please, and perhaps returning to France and more so on the EBITDAaL trend.

If we adjust for the wholesale one-off, I think the H1 growth was flat. Given the strong top-line performance and I guess there is an element of the efficiency timing, how should we think about that trajectory going forward?

I would have thought perhaps we should have seen a better underlying trend for the first half ex that one-off. Secondly, Africa & Middle East, we have seen the guidance upgrade today.

If I look at the ARPU growth trends, we've seen a further acceleration there. What is driving that?

Is that across, I think Laurent, you mentioned across all markets performing well. Is it more the upselling?

Is there underlying price increases? If you could give us a bit more around that dynamic, that would be super helpful.

Thank you.

Thank you. On France, you're right, the wholesale one-off is impacting our performance in H1, but beside that, we see our efficiency initiatives fully delivering, and we actually even expect them to accelerate in H2, and that's why we are very confident on reaching our EBITDAaL soft guidance for the year of stable+.

I don't know if, Laurent, you want to... No,

I think that what we can add, Roshan, is that looking at the H2, of course, we'll have the continuous headwind on PSTN and wholesale as expected, and the copper. We'll have an efficiency step-up in H2 versus H1, so that will support as well.

On this basis and on the fact that as Jérôme and Christel explained, the commercial playbook is well executed and we are in control of our market, we are very comfortable on our stable+ full-year '26 EBITDAaL guidance.

On MEA, the the growth is is really coming from various markets, various geographies, we have a number of of countries that are really accelerating, and it's the consequence of the CapEx investment we we protected or we even accelerated, especially on 4G. It's really mobile data that's driving driving growth, and and this is true in in many geographies.

Ivory Coast, Egypt, I won't name all of them, but so that's really the the main engine growth driver, but we also have money, Orange Money, supporting growth, as well as fixed fixed broadband as well to a to a lesser extent. Really a big part is mobile data, and that's helping fuel more CapEx investment, because we still have network network saturation because of the huge demand and sometime untapped demand for for for 4G 4G data.

Yasser, I don't know if you want to...

Maybe just to clarify, I fully agree, of course, Christel. Maybe on the traffic side, we're growing this year 25% more traffic compared to last year, this explains the CapEx and the data part.

Also in Orange Money, we're growing 50% more on customer base of Orange Money on the net adds compared to last year. This is also comparing the performance we're having on Orange Money compared to last year.

We believe this growth, as explained, is coming from many countries, driven mainly by the mobile data.

That's great. Thanks, all.

Okay.

Good morning. Thanks for the questions.

I had two. The first was just coming back to the French consolidation process.

Could you give us a bit of an insight into how you see the timeline on that process in terms of specific points over the 18-month period? We understand that under EU antitrust processes now, there's an extended pre-notification period, which basically allows all parties to understand where all parties are coming from, and is typically now the first sign of how the antitrust authorities or competition authorities are thinking about things.

Do you think the same thing will happen in the French process? Can you give us a sense of the timeline of when the pre-notification period comes to an end and phase one begins?

Then second question, and sorry to come back to Spain again, just trying to understand, or make sure I understand, what is changing in terms of that improved performance in telco retail expectation into the second half. Meinrad, you mentioned that Digi's client acquisition volume quarter on quarter is down by 1/3, clearly there's a bit of a change there.

What other changes are you seeing in Spain that are giving you the confidence to do tactical price rises? Is it macro, or is there anything else on the micro side that we're seeing?

Thank you.

On the French consolidation and the process with the French Competition Authority, we started the pre-notification process on end of June, and as you highlighted, it's a similar process than the one that Brussels has, where we will have RFI, exchanges, and dialogue, which we expect to last in the next month before we can formally notify. Normally, we would do that when, indeed, this pre-notification has allowed us to clarify a number and to make sure that then we enter into a clocked, I would say, process for phase one.

Normally, we expect to have active discussion in the next weeks, and especially September, October. Again, when we move into formal notification later this year, there can still be stop-the-clock phase from the authority, it's not a mechanical timing.

The next month will be key to make sure we provide all data available and we have the dialogue, and there will be also market survey from the authority, which we expect to happen in September, October. On the Spanish market, Meinrad, pricing?

Yes. You asked if it's a macro or micro effect.

I would say both, no. On the big picture, the Spanish market is still growing in clients, and that's positive for us, we can participate in this growth, as you saw also with the numbers of this quarter.

On what we're doing concretely as a company, I think we are advancing in churn management quite significantly. Q1 was difficult because it was the moment of service upgrades, and we had our competitors quite aggressively acting during this period.

Not only Digi, but also especially Vodafone, Zegona in Spain, was and is very active on outbound calling. Our clients receive one more than 1 million calls, commercial calls, a month, which is quite crazy, to be honest.

We are learning to react on that, and churn year-on-year is down, so that's very positive. With this combination of churn management, defending ourselves better against low-cost offering, and advancing also in customer value management, we see quite positive results.

Thank you.

I hope you can hear me now. Is that okay?

Sorry for taking so much time away. Two questions.

Spain, but B2B this time, please. You've obviously got some good momentum there.

I just wondered, is it again organic growth, Meinrad, perhaps? You talk about SOHOs and SMEs, or are you winning organic share, I assume, from the incumbent as the dominant force?

I guess my question will be how are you winning share? Are you able to be a little more agile, or can you offer better price terms?

Then maybe, Christel, just a question for you on the wider satellite debate, which was touched on before. It feels like the telcos are, and these are my views, rushing to partner with some of these satellite operators, even though we might consider them structurally competitors down the line.

How do you think about that strategy? Is it good to keep enemies close, or are you at risk here of an element of Trojan horse, and that you're actually branding competitors to the customer, you're selling their services to the customer, and this could actually come back to ultimately take share away from you?

Just some thoughts there. Thank you.

Thank you, David. On the Spanish B2B market, Meinrad will complement, but this is organic growth we're talking about, and we're gaining share.

It's not just against Telefónica. It's also against Zegona, but of course depending on what type of deal and customer base.

We have a number of larger accounts, public accounts as well, and we have also our new Orange Cyberdefense Spain unit. Meinrad?

Yes. Thank you.

Just to reflect, 2.5 years ago, B2B Orange, MASORANGE Spain, was having a share of only 1% to 2% of digital services. We were very much focused on connectivity only.

Now we have been evolving in amplifying our service portfolio significantly, and we are winning on a technical level most of the processes we present ourselves. Few examples: we have won the first major cybersecurity deal together with OCT España.

We have won the very relevant 5G private network agreement or deal with Aena that manages the main airports in Spain, we won it for Madrid, Barcelona, Palma de Mallorca. We have won SD-WAN solutions with a major construction company, FCC in Spain.

We have won a major contract with Lidl, the supermarket retailer in Spain. Broad service portfolio, broad client base, and we win most of these processes on technical level because we have a very well-prepared team.

On satellite, I think I would not qualify satellite constellation as enemies because I really see and we've been claiming that satellite connectivity really complements our mobile and fixed network, and again, mastering this combination, I think everyone underestimates the complexity of doing a handover on a mobile phone between terrestrial network and satellite networks. The customer experience of being only on a satellite constellation would not be great because of spectrum and physical limitation, unless you're in a pure rural area without any connectivity.

We also see satellite connectivity as a great way to lower pressure on our CapEx investment in very rural areas. Again, we're not rushing to building partnership because not all technology are available, there's a lot of question on spectrum, devices, as we said.

We are really convinced of the value for backup solution, as well as of course complementing our network. We don't like this one-size-fits-all type of partnership, we're not going to announce any exclusive thing.

Again, making sure we master the experience for our customer between these different technology is very important for us.

Thank you for answers. Thank you.

Sorry. Good morning.

I hope you can hear me. We

It's Emmet from Morgan Stanley, and I've got two quick questions, please. The first question, I guess it's for Laurent.

Could you please just give us a quick update on the acquisition of SCOREFIT in France? Just thinking in terms of timing, how you see the industrial logic of this transaction, and how me and my fellow analysts should be thinking about how much EBITDA and CapEx we should be layering on, would you say, for 2027?

Then the second question, Christel, could you maybe say a few words on the really tragic wildfires and events we're seeing in Gironde near Bordeaux? Obviously, it's a major disaster with a big impact on a lot of people.

What is Orange doing, and what is Orange seeing on the ground?

Laurent, on SCOREFIT?

Yep. Good morning, Emmet.

The SCOREFIT, the initial objective was to create a structure to develop and monetize co-finance lines. That's what we have been building over time.

Over the years, we are now the sole client, and that's why it makes full industrial sense that we reinternalize this activity so that we can basically better monetize the SCOREFIT asset by ourselves. The closing has been done in July, Emmet.

The financial impact, as we announced, is an increase of debt of €1.3 billion on IFRS. No change on S&P because it was already considered by the rating agencies, and again, it makes industrial and commercial sense with the setup.

To your point on positive EBITDAaL impact, this has been fully included, of course, in the trajectories that we have announced in the Capital Market Day, so that's part of our efficiency effort and our global above €600 million target we have from 2025 to 2028.

Emmet, thank you for your question on the tragic wildfires that are happening in the Bordeaux region, as well as north of Madrid as well and in Tunisia, unfortunately in many many geographies, but of course in France very hard and to a to a scale that's really unprecedented. Of course, our focus has been on safety of our teams and protecting our our teams, our employees, and some of them have been evacuated, and so making sure that they're safe with their families.

Of course, monitoring the continuity of service of our network, and our networks are working, and we work hand in hand with, of course, the power and energy company together with the authorities to make sure that that continues, and it's been the case, and of course that's critical. On top of that, we also announced that we've given some data packages to to all all of our customers in the region to make sure that they can, with unlimited voice and SMS and, of course, 200 GB of of data, to make sure that they could, especially many of them have been evacuated from their homes, they could stay in touch with their families without concern, I would say, on the on the on the connectivity.

Again, working hand in hand, and I must add, on top of that, we have a number of our employees who are volunteer firemen and that are fighting on the front, not just in the Bordeaux area, but everywhere, and that's been a commitment for Orange to support volunteering of our employees, and and so we have many of them are really who are at the forefront fighting, and this is, of course, needed given the the size of of of this. It's too early to say what's going to be then the the repair and the consequence, and of course, we will we will work in the next next month, weeks and months.

Of course, priority is is continuity, business continuity, and of course safety, safety of our teams.

It's perfect. Thank you for the answers.

Yes, good morning. Thank you for the presentation.

If I can follow up on the SCOREFIT question, I think the company was reporting an EBITDA close to €100 million. Is that the kind of magnitude of positive impact it could have on your accounts?

The second one was on Spain. I see that wholesale revenues are growing very quickly over the last two quarters.

Can you give us the reason for that trajectory and whether that is something that is going to be sustained for this year or the following years, or if it is kind of a one-off element? Thank you.

Laurent, on SCOREFIT?

Yep. Good morning, Mathieu.

This impact is what has been, I think, published in some of the notes, so that it's a fair estimate on a full-year basis, of course, and we have, as I said, only half of this for 2026, closing being in July.

Thank you. Then

Meinrad on wholesale?

On wholesale, yes. We don't see any significant one-off.

What we see especially positive is the roaming-in revenues. Spain is a tourism country, and we are evolving very well, also because we have a more densified network now after the merge between MÁSMÓVIL and Orange.

Just to say, because we were talking about the wildfires, we are also affected in Spain. The region around Madrid especially is affected, and here also thank you to the Orange Group because we have been collaborating very well to provide connectivity services, also with mobile units from group.

We have both Wi-Fi and mobile connectivity service in trucks provided to the affected areas and all the, let's say, public authorities and, let's say, services, firefighters, etc., were very grateful for that. Thank you.

Thank you.

Yes, sorry about that. Thank you.

Very quickly, two questions. The first one on data centers.

Is it possible to have an idea of what percentage of your cloud traffic you think you'll migrate eventually on that joint venture, and therefore whether you'll have to stop, sell, close down some existing data centers that could be perhaps getting old now? Regarding Africa, was just wondering whether you feel any need, as you're growing very nicely in fixed broadband, to invest more in fiber, and how do you see the need to do that versus potentially the competition from Starlink in Africa?

Thank you. Now

on our data center for the Orange needs, actually, part of the work has started already to consolidate our data center footprint in France, and the 5 data centers that are considered in the JV are actually the one that were future-proof, and we have other smaller sites that are still for some of them operational, but that will be progressively decommissioned. We will see what we want to do, but they were typically very small enterprise data center type of sites.

Those 5 data centers were already the one where even without the JV, we were consolidating our private cloud traffic internally. On Africa, our CapEx plan is, of course, very much on mobile networks, but we also invest on fixed broadband, and we track, of course, progress of Starlink, but that's not significant compared to the volume of customers that we have both on fixed broadband, as well as mobile.

Yasser, I don't know...

Yes, maybe a quick comment. Of course on fiber, we're planning, as we announced, to double our fiber base in the next coming 3 years.

Of course, we're going to be investing heavily in fiber, mainly in our four principal markets, Côte d'Ivoire, Senegal, Jordan, and Morocco, and we're also opening markets, new markets like DRC and Burkina. We're also deploying fiber.

Concerning, of course, the satellite, again our ARPU is in our markets, it's 1/10 the ARPU of satellite, it's not the same really a market compared to satellite, we believe this is already a point. We're not only deploying fiber, there's a big part of people who are already covered are not affording to be connecting.

However, we're also deploying a huge amount of number of sites. As stated, we did this year 50% more rolling of sites compared to last year, we're growing and we're investing heavily in mobile and in fiber.

Very good. Thank you.

Thank you. Again, we're very happy with our strong results demonstrating our focus on execution and driving our key strategic priorities.

Based on these strong results, we're very confident to meet our upgraded targets for full year, and we will keep you, of course, updated as we progress through our key inorganic initiatives, the SFR acquisition and our French sovereign data center platform project. Thank you all, and I wish you a very good summer.