Orange S.A. ($ORA)

[indiscernible] the general meeting on the orange.com website. Now I'd like to provide you with some legal information regarding the conduct of this combined general meeting. In accordance with the law and Article 21 of Orange articles of association, I will preside over this meeting, which is being held on the first call. The preliminary notice of the meeting published in the [indiscernible] on February 27, 2026. And the notice of the meeting was published in the [indiscernible] as well as in a legal notice publication on the website of the newspaper, [indiscernible]. So all has, therefore, been duly published. The quorum is now reached for the ordinary and extraordinary. [Audio Gap] of the General Meeting. The provisional quorum is 2.54% to my knowledge. We will communicate the final quorum during the meeting. But I would like to let you know is that we are expecting it to be much higher than last year's and much higher than most of the [indiscernible] about this when I talk about my discussions with the investors. I hereby declare this general meeting open. I propose that we [indiscernible] 2 shareholders with the largest number of votes are the French government and BP participation. However, the public sector, mindful of the diversity of representation within this general Christel Heydemann, whom you're very familiar with, our Chief Executive Officer; Laurent Martinez, Chief Financial Officer; [indiscernible], Group General Secretary and 3 of the Board of Directors. The members of the Board of Directors are also present today, in the front row, along with the members of the Executive Committee of your companies. This general meeting is an opportunity for me to acknowledge the work carried out by all of the directors as well as the Governance and CSR Committee, the Board committees, the governance CSR Committee is chaired by [indiscernible] The Audit Committee chaired by [indiscernible] and the Strategy and Technology Committee chaired by [indiscernible]. These directors are independent directors as a reminder. Once again, in 2025, carried [indiscernible] tireless work, and I will discuss this in detail a bit later. But first of all, I would like to talk about the stock market developments since Hiland took office in April 2022. So EUR [ 18 220 ] that's what I have in my document, but I think it's up -- it's at EUR 18.7 now. So plus 66% of the stock price. But if you include all of the dividends reinvested to accounts for a 120% increase. This growth places us among the leaders in the telecom sectors, it reflects the successful execution of the lead the future plan. It shows how we sell the strategic direction set by senior management are and which were approved by the Board of Directors. And I see 3 main reasons for this growth, which benefits all of you, individual and institutional shareholders of Orange, but also the employee shareholders. The first reason, in my view, is the strong performance in 2025, which made it possible to raise the annual EBITDA target. And then there was also the positive reception of the messages from last February's investor meeting and the new -- trust the future strategic plan. And finally, there's the prospect of a potential consolidation of the French market. The telecom [indiscernible] asking for this for years. It is essential to foster the emergence of French and European champions capable of competing with major international players because there can be no digital 70 without strong operators that can invest in new technology and network. We are starting to hear this message and our CEO will talk more about this later. We'd like to seize this opportunity to share my vision of the group directions implemented in recent years, and thanks to which the company's financial position has improved. We are now more prepared for the technological disruptions that lie ahead. Since 2010, a business model has emerged within the telecom sector evolving in consolidating physical infrastructure particularly mobile infrastructure, given rise, for example, to tower co, such as [indiscernible] at Orange and telecom operators eventually sold all a part of this structure to finance the essential investments required to handle the exponential growth in network traffic. The needs of massive investment is cash 22 for operators. as one of the ratios closely crystalized by the market is the ratio of capital expenditures to revenue. So some investors would like this to decrease. It stands at 15.4% in 2025, representing EUR 6.2 billion. But on the other hand, [ Orange ] must continue to invest to prepare for the future because your company's business is a long-term endeavor. And a striking example of this is the group's leadership in fiber almost 100 million households connectable to FTTH worldwide. The FTTH access base has reached 15.4 million connections. So you see how IA growth potential is up 14% year-over-year. Orange's strategic choice has been one of wisdom and boldness. Wisdom remaining the owner of its infrastructure, while continuing to invest to prepare for the future in a bold way. commitment to staying in the driver's seat was also embodied in a strategy to keep certain regions such as Africa, certain activities such as cybersecurity [indiscernible] Orange's business with a diversified and balanced portfolio of operations that help face an unstable geopolitical landscape the MEA region is maintaining strong performance and projects ambitious growth by 2030. This momentum is accelerating its profitability and strengthening its contribution to the group's revenue. Current growth drivers, population, the expansion of usage with for 5G, fiber and Orange Money are driving performance in this area. But we remain vigilant regarding the arrival of satellite technology and the rise of things. The cybersecurity market, which is not limited to large companies only continues to evolve rapidly both SMEs and individual consumers growth relays in spite of the emergence of newcomers. Orange Cyber Defense stand a strong chance in this highly competitive market. These strategic decisions have allowed Orange stakeholders shareholders to benefit from the rise in the share price I mentioned, particularly shareholders and employee shareholders who represent a stable and loyal base, which is significant in this shaky [indiscernible] environment. As of December 31, 2025, employee shareholders, dimensionally them [indiscernible] 8% of Orange Capital and 12.35% of the voting rights. So this represents an asset base of nearly EUR 3.8 billion from which Orange employees active employees working employees or retiring employees have been able to benefit and this is value created for shareholders. And beyond these figures, [ Orange ] remains committed to the stable long-term sharing of value between shareholders and employees. Now I would like to emphasize here the importance of employee shareholders in the group's governance and their confidence in the future. to secure this future, I firmly believe in the beneficial effects of the consolidation initiatives that have already taken place Orange's initiative. I'm thinking of Romania, Belgium, but especially Spain, where has become the leading operator in terms of customer numbers with Mason. The reconsolidation of [ MASORANGE ], which is expected to take place within the next few days, we'll make paying the group's second largest market on par with the MEA region. This is a significant step in Orange's strategy to be a leader in its markets, will generate more than EUR 500 million in cumulative synergies and will contribute to the growth of the profitability of your group. I hope that this trend also takes hold in France. In '25, '26, the SFR matter was the focus of numerous Board of Directors meetings, which established an ad hoc committee to monitor the progress of discussions and the key stages of the negotiation process and to enable the CEO to rely on the clear guidelines decided upon by the Board of Directors. [indiscernible] will come back on that in her presentation. On April 17, the milestone was reached with the announcement of the start of exclusive negotiations for the acquisition of SFR. This project would enable efficiency gains that benefit consumers in terms of service quality, costs, and also network resilience. It would also encourage investments in network modernization. There's still a long way to go on this matter, but I can already reassure you reassure the authorities responsible for competition and regulation. If this project succeeds, competition amongst players in France will remain strong. the stances of telecom regulators remain difficult to understand in the light of the sector's current challenges. But the facts are there accurate. Digital Europe is lagging behind China and the U.S., and not a day goes by without us hearing about the primacy and independence of European sovereignty and competitiveness. Here again, the past ahead is clear. We're going towards [indiscernible] of the regulations in Europe, faring those invest rather those who take advantage from other investments. The European Commission recent publication in [indiscernible] guidelines on mergers and acquisitions, which follows on from the observations I mentioned, [indiscernible] in the prevailing mindset. And I hope a genuine awareness of how the world is changing. Despite this, the positive changes we might have hoped for remain uncertain. The European Commission draft a digital network act, which was intended to modernize the telecom's regulatory framework by streamlining and harmonizing it remains excessively complicated. How could this EUR 372 million page along document possibly simplify anything. And the same trend can be observed in other industries, like the women on boards directive aiming and introducing greater gender diversity on corporate boards. It ultimately proves extremely complicated for companies to implement, and they are unfortunately too many examples of that Beyond intentions, regulation was constantly question it's applicability and whilst evolve alongside the market to support the stakeholders involved. It must take into account the efforts carried out, the results achieved and the imbalance is observed. Today and speaking only of France, fiber has been widely rolled out. And more than 94% of premises are now connected to fiber operators who've embraced modernization can no longer accept the regulatory framework that was designed a long time ago. Throughout the past year, the Board of Directors has continued its effort to monitor and anticipate potential technological disruptions. AI has been the focus of strategy and technology committee meetings as a driver of growth. And in this area, Orange already has a solid foundation [indiscernible] AI platform called [indiscernible], which enabled us to develop an offering for our customers [indiscernible] live intelligence. This app is strongly used and it illustrates the group's internal commitment and the [indiscernible] of its AI ecosystem. As this technology spreads throughout the company, Orange will need to adapt with the necessary speed while complying with its social contract. This is the challenge as CEO will have to take up. Another disruptive issue being closely watched by our Board of Directors is the rollout of large satellite constellation. The threat posed by Starling is being closely monitored and anticipated by your company's teams, particularly in Africa, even though fiber provides higher connectivity reliability compared to satellite technology aims to achieve 5% of 4G coverage even in the most remote areas. 5G is already making headway to continue expanding and strengthening coverage in rural areas, L'Orange is now able to offer its customers a complementary range of geostationary or low orbit satellites. Regarding satellites, you know that in 2027, the European Commission have to decide on the allocation of the frequencies dedicated to them. And I hope that the bulk of these frequencies will be reserved for European operators for obvious sovereignty reasons. I'd like to dwell a little on another program that we've worked a lot on that is the Board has worked a lot on. That is the phasing out of copper networks and the switch over to fiber, which embeds a deep change in the business model that we have. what's at stake here and the switchover will have an impact, which is appraised at EUR 1 billion between 2025 and '30. This will have to be offset by good cost control, connected to servicing and maintenance on the network and also connected to the sale of the copper that's going to be collected. This program is included in the modernization program, which changes at reducing carbon footprint and asset protection. And this also is in keeping with a demanding regulatory framework. This progressive transition means that we'll have to remove and recycle more or less 500,000 tons of copper cables what's at stake is to protect our assets against theft. The number of which has increased over the recent years. Apart from these industrial and financial challenges will have to support migration from copper to fiber for our clients. which is what Orange has started doing, but also we'll have to acquire new clients. We'll have to secure the migration of sensitive access and guarantee continuity of service. likes this opportunity to congratulate [indiscernible] and the Orange France teams for the colos work they put in, which was essential for our future. So very quickly, I will be talking about Orange business. On the backdrop of a weakening of the traditional activities, there are many challenges ahead for Orange business. Orange business has to change deeply and accelerate its transition towards innovating and differentiating offerings. The Board is carefully monitoring this activity, which is changing in an extremely complex environment. Our business lines are changing. The ecosystem is changing as well. Now we are more a digital services company than a telco. But the Board of Directors is convinced that this reconfiguration started, thanks to [indiscernible] and with the support of Christel Heydemann will bear fruit. As is the case chair discussed with the main shareholders that we have, plus the employee representatives of the employee shareholders and also what we call the [indiscernible] Advisory Committee. I also make sure that regularly, we have conversations with these shareholders. I must say that this positive dialogue that we've had with the employee share ownership plan called a has led your Board of Directors to adapt 1 of its draft resolutions by aligning it on a resolution put forward by this plan. To summarize, the investors who I met plus the proxies, that is ISS and Glass Lewis, wanted to have more particulars as to the composition and the activity of the Board with lively discussions on things such as governance and the issues I've just described. The investors also considered that the compensation of mechanisms for the senior managers at Orange is correct. Now we've [indiscernible] on 2 specific topics because these are typical to the Orange case or business. First one is the nomination of independent directors representing employee shareholders on the board after 2 years of litigation repeatedly by a trade union that justice has dismissed at a recent ruling or just a note of the court of appeal of [indiscernible] will allow you to vote on the nomination of this position of Mrs. [indiscernible] as an incumbent and Mr. Mark Mach as Deputy if ratified, we will put an end to a sedation which are regretted last time we had our general meeting. The second topic has to do with the fact that we need to introduce more women on the teams and more particularly, the 3 directors representing employees on the board. I was talking about this a little while ago, and [indiscernible] will give you all the details Regretfully, it is with regret rather that the Board has had to put forward 3 resolutions. And each of those have an objective, which is to end the term of office of one of the directors elected by the employees at the end of 2025. Orange has 3 men representing employees on the Board. And the law is such that we have just one choice to be compliant with the gender balance objective. Therefore, the general meeting can revoke 1 of these 3 elected representatives so that we would have as an acting deputy a woman who would be appointed as Director. And finally, as you probably know, the Board is usually the case, assesses and reviews its functioning. This was done at the end of 2025 in a hybrid manner, that is internally. That's for the evaluation questionnaire and also by an independent firm. That's for the individual interviews. All directors took their part. This new review has provided us with many lessons. And this really shows the progress we've made since 2020 and the quality of the governance of your company. The directors overwhelmingly support the way the system works, that is Chairman and CEO, a duo. And as far as I'm concerned, I I'd like to also acknowledge the quality of Christel Heydemann. During these 4 years, I've seen how Orange can be proud of having the head of the company, such a person and personality. We teamed up and this produced quality work during this period that was marked by deep transformations and a reshuffling of the strategy of the group. What I liked at every single moment is working with Crystal, the smoothness of the communication flow and how efficient he is. Now this [indiscernible] is essential if it combines transparency, dialogue and strategic fit. We've worked in this manner on basis of trust and for the interest of Orange. Dear shareholders, my term of office or mandate as a director will end at the end of this general meeting. And if you still trust me, I'll still be a member of the Board. But given the current drafting of our articles in [indiscernible] be the Chairman any longer. This is why the Chair of the CGRSC has set up another committee to prepare my succession for this term of office or mandate. And Gabriel, of course, will give you all the details. But for the time being, I can confirm that the choice presented to the Board is the best possible option. And I think it is positive for many reasons. Frederic Sanchez is an independent director and has been since 2020 and is heading the strategy in technology committee. He is an international leader and knows all of the orange programs and is familiar with the telco business. Therefore, he has all the skills that are required to chair your Board. And then I must insist on the fact that this appointment is a premier first for Orange. This is the result of in-house work, which was dense and minute. And for the very first time, within the members of your Board, will manage to find your new chairperson. I can only welcome this Dear shareholders, thank you very much for your attention. Now I'll hand over to Anne-Gabrielle Heilbronner.

Well, thank you very much. Mr. Chairman. Good afternoon, ladies and gentlemen, dear shareholders. Now I'll be talking you through the work done by your Board and CGRIC during 2025. As you probably know, the role of your Board of Directors is to rule on all the decisions linked to the strategic, economic, social, financial or technological orientations taken by your company. I would like to illustrate this in a tangible manner. To tell you what we've done. It will show that your directors are very much involved. They're serious and your Board has looked at each case in a very serious manner preparation of the Board meetings as well as the committee meetings requires sustained and regular work in 2025. The Board met 11 times. The Audit Committee met 10 times; the Governance and CSR Committee 6 times; and the CST for technology 5 times. This is more than what we have in the SBF 120, where usually, as an average, we have 9.2 meetings a year. To aduccommittees were set up to follow the negotiations in Spain and France on the one hand and to prepare the renewal of our government in the second half. All in all, more or less 20 meetings of these adult committees were focusing on these topics. In addition to this, we had a 2-day strategic seminar, and we travel to Africa. This really shows that all of our directors are here to serve orange. The attendance -- collective attendance level is high, 96.3% and there's a high number of directors who are still in employment. [indiscernible] is above that of our peers. This number doesn't take into account the adopt committees because otherwise, the result have been even better. On your behalf, dear shareholders, please allow me to thank our directors for their commitment, engagement for the quality of the work they put in for the Board. This is something we can see in the annual appraisal of the functioning of the Board. The directors say that there were quality debates, there's a good balance between top-down presentations and discussions, what they like is preparation, the positive conversations and the fact that their discussions are based on transparency and trust. We have benchmarked the company, which is good. It helps us make the best visions and this has become a regular practice. The directors also would like to say that as a group, the group is working well, and seniority in average is 5 years. And we've also taken part in the meetings organized with the managers and during annual seminars. And finally, and that's something very important. The quality of the work done by the Chair and the CEO. This is something they underscored. Now I'd like to perhaps highlight the most salient events during fiscal '25, apart from the legal normal development of the company, the Board has worked a lot on what we have in Spain. That is to take over 100% of the shares of [indiscernible] that was accepted by the European Commission in April. The Board also analyzed our growth in Africa, which is a very important region for Orange, as you know. We -- when we visited Dhaka to meet our teams and to better understand the challenges over there. The Board also focused in '25 on the telco situation in France. Orange [indiscernible] Telecom [indiscernible] announced on the 17th of April exclusive negotiations that would start with Altice France is to acquire SFR. Now to talk about our composition. The Board of Directors has paid special attention to the appointment of the director, who is going to represent the employee shareholders. Given the fact that there was a litigation, the commercial tribunals just before last year's general meeting, said that there would be a postponement of the review for this resolution. And then on the 26th of March 2026, the Court of Appeal ruled out the decisions of the commercial tribunal. Therefore, today, your Board will put an end to 2 years of vacancy. And you will have to be voting on a draft resolution therefore, as a director representing the employee shareholders, you will vote on the following name, Mr. [indiscernible], and the replacement or deputy will be [indiscernible] there's another point that I need to underscore because the directors have worked quite a lot on that, which is the new obligations connected to employee representation for Orange on the Board. This stems from the EU directive women on boards. There are 3 seats that have been earmarked for personnel representatives on the board. Their term of office will last 4 years. And given the fact that we'll have to renew these mandates, there were elections that were held in November '25. The results are as follows: there was one seat for the group of employees and technicians, Mr. [indiscernible] elected. There were 2 seats available for the equivalent of managers in French [indiscernible]. Mr. [indiscernible], whose list came first was elected as well as Mr. [indiscernible], whose list came in a second position. There's a new measure aiming at better gender diversity, which has to be enforced as of the 1st of January 2026. But there are 3 seats for the employees, which is the case in Orange, then 1 of the seats at least has to be in the hands, if I can say, of a man or a woman. The governance since [indiscernible] committee that I chair has asked the General Manager of Orange to organize a consultation with people who represent the employees is to encourage them to arrive at an agreement to have better gender diversity before the 30th of June 2026 to be compliant with the law. None of them wanted to step down to give the seat to the next woman on the list on the list for which they were elected. Your Board of Directors, therefore, has to enforce the legal measures that apply. That is the general meeting has the powers to terminate the mandate of these directors so that we would be compliant again. This would be scrutinized under Resolution 20, 21 and '22 will terminate the term of office of the male director representing the employees that has collected the greatest number of votes to the benefit of the deputy or substitute female, so that we're compliant with the law. There's another resolution that we've put up for you to approve so that we're still compliant with the law and the Articles of Association so that this situation we're looking our again. This will be voted upon when we reach resolution #14. To be consistent with the Board of Directors to to the same order that we had after the elections in 2025. When you vote, we recommend that you should vote against the adoption of resolutions number numbered 20 and 21, and that you should vote in favor of endorsing Resolution #22, which has to do with the group called CAD that is managers -- that was the second list after the elections. And finally, to put an end on that, that is the composition of the Board of Directors. Let me talk you through the work done by the Chair of the Board of Directors of Orange. Dear shareholders, as you most certainly know, -- and as we said before, Mr. [indiscernible] term of office is coming to its normal end at the end of this general meeting. First and foremost, on behalf of all of our directors, I would like to thank him for his commitment on the Board and for what he did for Orange over the past 4 years. [indiscernible] it was really a pleasure to work with you on the Board. I really liked like all the directors the fact that you always are eager to understand that you fully [indiscernible] the strategic challenges for Orange, the way you work as well and how with you the Board has functioned in a better way. your office is coming to an end, but it's been successful in terms of governance. It is we regret that we can say that, unfortunately, we couldn't extend your mandate due to an edge limit. Therefore, the question is the criterion that we use today. and mainly when the company is going through a massive strategic transformation, which is the case for our group. The Chairman and the CEO are a key deal for these programs to succeed. I must say that [indiscernible] did an incredible job their duo was very efficient and we're very much involved. Within the framework of the end of the mandate and as early as July 2025, CGRSC the decided to set up an another committee to work on the succession plan. And the succession plan for the top managers is something extremely important for our group. And our governance and CSR committee make sure that this is done in a confidential manner. This is the Kate Fermon, the CEO, the directors or the members of general management of Orange. And therefore, we've managed to appoint [indiscernible] as CEO of Orange France to replace [indiscernible] The ad hoc committee that was set up focused on the profile that was looked for the considered panel of different people who could match this profile and decided to introduce some of them. Amongst the criteria, we're mainly having experience in company management and governance, understanding properly the international context and the France ecosystem. And most especially, it was important for the future Chairman to be able to keep the current positive dynamic with the Board and the CEO. This work has led the CGS -- CGRSC to make the following decision March '26. First of all, to appoint Mr. [indiscernible] Chairman of the Board, [indiscernible] has been an independent Director of Orange since 2020. [indiscernible] Chairman of the Strategy and Technology Committee. He has good knowledge of large matters and the industry in general. And he would take office right after the general assembly. With [indiscernible], we are really continuing the work I mentioned earlier. Then the Board decided to renew to suggest a renewal of Mr. [indiscernible] term of office so that he can continue to bring Orange his deep knowledge of the group and all the experience he's acquired in the current transformation context. Lastly, the Board decided upon suggestion from the Governance Committee the CSR committee to surges renewing the term of office of Mrs. [indiscernible] in her dedication to the work of the Board. Now I'd like to inform you that there are no plans to change Orange's management structure, which separates the roles of Chairman and Chief Executive Officer. In terms of competition, if you're still listening, the CGRSE has examined the goal propositions and the way the compensation of this year would be calculated. It has remained unchanged since her appointment in April 2022 and is below the first quartile of the market. Your Board took note of this and also observed that lead the future with a successful plan. So it wished for a performance-based compensation. This proposal is submitted to your vote and it takes into account all these elements with a proposal to increase the fixed compensation and the number of performance shares that would be allocated to her. It's so renewal of the long-term incentive plan, LTIP suggested awards. It will be contingent upon the achievement of financial and nonfinancial performance targets. The Board listened to the proposals of the Supervisory Board of the employee stock ownership fund, and accepted to amend its initial proposition to come back to an annual authorization. And this is the set of resolution #15 in the course of this annual review, the Board also considered the updating of Orange's vigilance plan and the state of sustainability. Ladies and gentlemen, those are all the matters that were tackled by your Board of Directors at the beginning of 2025, well, throughout 2025, but also at the beginning of 2026. And lastly, I would like to really congratulate your directors for the great work they have carried out. And the leadership of the Chairman [indiscernible], whom I would like to once again thank for everything he's done for Orange in the Board. I would like to thank you for your attention. Thank you. I'm [indiscernible] would like now to give[indiscernible] , he's CFO, and he will present the 2025 results. Laurent, the floor is yours.

Thank you, Jacques. Ladies and gentlemen, dear shareholders, I'm delighted to present to you the strong financial results of your group for 2025. All of our strategic and financial targets set for 2025 have been reached in line with commitments made to our shareholders these 2024 results strengthen the group's financial health with a growth trajectory for EBITDA, strong cash generation and the maintenance of an attractive investment policy. Orange's achievements demonstrate how successfully the future was the strategic plan enabled the group to increase value creation for all of its stakeholders. Let's start by commenting on our commercial momentum, demonstrating our capacity to track and retain an ever growing number of customers across all markets. In 2025, net sales were robust in France, Europe, but also in Africa and the Middle East, with nearly 20 million new customers in a single year. Our customer base has now reached over 340 million accesses worldwide. We've also consolidated our leadership position in with 9 million converged customers. Regarding customer satisfaction, we are very proud to be the preferred operator in 15 of our countries, and we're also a leader in network quality. This performance is based on solid infrastructure and disciplined investments. In mobile, Orange provides 4G coverage in its 7 European countries, reaching nearly 99% of the population and in its 17 countries in Africa and the Middle East. 5G is available in our European countries and in 7 countries in Africa and the Middle East. In mainland France, Orange has been recognized as the best mobile network for the 15th consecutive year by the regulator. Lastly, regarding fixed lines. Orange is the fiber leader in Europe with as Jacques said earlier, almost 100 million households connected connectable. This is the result of a controlled investment and policy. In 2025, our CapEx will amount to approximately EUR 6.2 billion or about 15% of revenue in line with our target. In terms of revenue now, EUR 40.4 billion, so plus 0.9% year-over-year. This shows the relevance of our model, which is resilient and focused on creating sustainable value in France, which accounts for 40% of the group's revenue. Retail services, excluding PSTN, grew over the year, but total revenue declined by a little more than 2%, driven by the structural decline in services to operators, particularly due to the transition from copper to fiber. Africa and the Middle East are still the main drivers of growth with revenue of more than 12% and accounting today for more than 20% of total group revenue. Our customer base in the region has grown by approximately 14 million new customers in 1 year. In Europe, in all 6 countries, Poland, Belgium, Romania, Slovakia, Moldova and Luxembourg, revenue has grown by more than 2%, driven by the success of our converged offerings. In this region accounts today a little under 20% of the group's total revenue. Finally, Orange Business B2B activity at global level is still changing in a difficult IT market and has reported a revenue decline of nearly 5% year-over-year. Orange CyberDefense continues to grow with an increase of nearly 7% of the year. In terms of profitability, it is improving, supported by our ongoing efficiency efforts. EBITDA has reached EUR 12.5 billion. So plus 3.8%. You know that our initial target was raised twice during the year. This performance was driven by record growth in Africa and the Middle East with almost 14% and solid growth in Europe with more than 3% and growth of 0.9% in France. Our efficiency plans enabled us to achieve the target of EUR 600 million in savings over 3 years, supporting a 0.9 point increase in our EBITDA margin. Let's now move on to the net income of the company at EUR 1.1 billion. So that's down from EUR 2.9 billion in '24 due to 3 nonrecurring effects, first, the agreement on employment, career management in France. Secondly, loss of value on Orange business operations. And lastly, the start of the operational phase of the [indiscernible] phasing out in France. The net adjusted income for these items is now EUR 3.9 million for 2025. And this corresponds to adjusted net income share 0.86 per share with, as you know, an ambition to have this indicator grow by about 10% a year by 2028. Finally, let's turn to our cash metrics with organic cash flow from telecom operations, reaching EUR 3.7 billion in 2025. increase of 8.3%, in line with our target of EUR 3.6 billion for 2025. All in, free cash flow amounts to EUR 2.8 billion, down slightly year-over-year due to the license payment schedule between '24 and '25. As of December 31, 2025, the group's net financial debt stood at EUR 2.5 billion, and the net debt-to-EBITDA ratio remained stable year-on-year at 1.8. As it's one of the strongest ratio in the industry fall in line with target of a leverage ratio around 2 in the medium term. [indiscernible] confidence was confirmed by the successful bond issuance totaling $5 billion in late 2025 and $6 billion in early 2026 as part of the muscle Hanger consolidation on very attractive terms. At the end of 2025, Orange's average gross debt cost stands at 3.1%, and our liquidity position is at EUR 21.2 billion, which is a major asset in the current volatile environment we are facing. Cash flow generation and a strong balance sheet in '25 strengthen the group's ability to finance its growth and maintain a sound financial structure, while offering you a dividend of EUR 0.75 per share for the 25 year with an interim payment of EUR 0.30 per share paid on December 4 and the balance of $0.45 on June 15. Beyond these very solid results, as you can see, the strategic transactions undertaken in 2025 clearly strengthened the group's position and lay the groundwork for the next stages of growth. Thus, the fourth quarter of 2025 was marked by the signing of a binding agreement with [indiscernible] to acquire the entirety of [ MASORANGE ]. Once the transaction is finalized, first half of 2026, Spain [indiscernible] market in Europe and will benefit from mass oranges value cream at 100%. Also through MASORANGE, we launched a Spain's leading fiber provider, premium fiber at the end of the year in partnership with the single Sovereign Wealth Fund and Vodafone Spain. Lastly, thanks to this very sturdy base that we presented ambitious 2026 financial target. EBITDA growth of over 3%. This target initially was at around 3%, but it was raised upon the release of our first quarter results. CapEx over revenue ratio of approximately 15% and organic cash flow reaching about EUR 4 million, that net over EBITDA ratio of around double in the medium term. We're also planning to increase the dividend to $0.79 per share for 2026. The group confirms these targets in the event of the reconsolidation of MASORANGE with an additive effect on organic cash flow generation and a temporary increase in the net debt over EBITDA ratio, while the medium-term target remains unchanged. As for our medium-term goals, Christel will shortly outline the ambitions of the company through 2028. And I will also present the new strategic plan, trust the future. Our guiding principle is very clear. We want to create sustainable value. I thank you for your trust and your attention.

Thank you, Laurent. Let's now welcome [indiscernible] who is going to present the audited report. Ladies and gentlemen, shareholders, I have the pleasure to present on behalf of the Board of statutory auditors, KPMG and the what, the reports we've prepared for you for the fiscal year 2025. The report submitted for your approval cover the annual and consolidated financial statements, regulated agreements and resolutions regarding capital transactions. They have been made available to you by the company and are included in the 2025 universal registration document. I'm going to summarize the main points of this document for you. Regarding our reports on the annual and consolidated financial statements, which are the subject of the first and second resolutions we certified the annual and consolidated financial statements. fiscal year ended on December 31, 2025, are in compliance with their respective accounting standards and present a true and fair view of the results, financial position and assets of the company and the group at the end of the 2025 fiscal year. As part of our engagement, we pay particularly attention to certain key audit matters that we consider most significant in forming our opinion either because they involve significant estimates or judgments or due to the complexity of the information systems. In this regard, we've considered for the annual and consolidated financial statements that revenue recognition for telecom activities the measurement of provisions related to major legal disputes and tax reassessments and the initial measurement of the provision for the dismantling of the copper network in France constitute key audit matters to which are added for the annual financial statements, the valuation of equity investments and goodwill and for the consolidated financial statements. The valuation of goodwill for certain cash-generating units as part of impairment[indiscernible] Regarding the fourth resolution of your general meeting, we have issued a report on regulated agreements. We hereby inform you that we have not been notified of any authorized agreements entered into force during the past fiscal year that are subject to your general meeting approval. Furthermore, we informed that an agreement entered into force during the the fiscal year, which had already been approved after the 2025 fiscal year. In connection with the special session of the meeting, we've issued 3 reports regarding resolutions of rising transactions that may affect your company's capital. We've issued a report on the authorization to grant existing or future performance-based stock options to executive offices and certain employees of the Orange Group pursued the 15th resolution. A report on the delegation of authority regarding the of shares or complex securities reserved for participants of company savings plans under the resolution. A report on the delegation of authority to reduce capital through the cancellation of shares pursuant to the 17th resolution. These reports contain no specific comments or observations and we will prepare additional reports, if necessary, when your Board of Directors exercises these authorizations. Lastly, resolution A proposed by the orange actioned investment funds. [indiscernible] amendment to the [indiscernible]. We have no comments to make on the information provided in the Board of Directors supplementary report, ladies and gentlemen, I thank you for your attention.

We will listen to Christel Heydemann, CEO.

Ladies and gentlemen, dear shareholders. Good afternoon, one and all. here at [indiscernible] for those who are following us at a distance, are very happy to be here during the this new general meeting with the management team. It's a great opportunity to share our results, our strategy and our ambitions for the years to come. This general meeting is a special moment because it's a great opportunity for me to thank you for being here today, but also thank you for your support. You are the shareholders and you've supported the activities of your group. And thank you for trusting us. I'd also like to thank from the bottom of my heart and in a very warm manner, the Chairman of our Board of Directors, and that's[indiscernible] . Dear Chairman, I'd like to thank you for being that demanding for this momentum that you've given at the level of the Board during your term of office. You've always been very much involve things from height. And this has been very precious for our company in a period that has gone through deep transformation. This dual that is ours -- that we've had over the past 4 years has been essential in terms of stability trust and the correct functioning of our gowns, the quality of our discussions that we're always direct that we're fluid and demanding and the careful preparation of the Board meetings have contributed to the quality of our functioning as group. Personally also, I'd like to say that you have human skills that are outstanding. Your relations to others are really good. you have a sense of the general interest, and you've always been here to serve the company. Thanks to these skills, I'm going say that working with you with something very precious for me. Thank you very much dear [indiscernible]. Now 2025 was a really good vintage for Orange, and this the end of our strategic plan called Lead the Future, it was launched in '22. And thanks to this plan, Orange strengthened its position as the leader in the telco business in Europe and on all of our markets. We're the #2 telco operator in Europe far before the other competitors in terms of revenue, but also a number of clients. Our brand is strong and seen is strong because we always rated #2 if you look at all the telcos in the world. Leadership in the deployment [indiscernible] is undisputed with 100 million homes that can be connected to fibers. We made strong strategic choices. And as we said before, amongst those, the choice to opt infrastructures when others decided to sell them. The choice of diversification in cybersecurity services as well, which is a sector that's booming, which is a good fit with the core business of ours. But also our investments in Africa and the Middle East that started more than 15 years ago. Today, the EMEA area Africa, that is the Middle East and Africa, is the growth engine of the company, and we've had a 2-digit growth over the past 12 months. We've also decided to consolidate our positions in Europe with our operations in Belgium and Romania. And more recently in Spain, where we set [indiscernible], the second biggest operator in the country. the most active operator in terms of industrial consolidation. Our strategic vision is confirmed when you look at our solid results. Our today is a neat play in the world. And year in, year out, we strengthened our positions, our leading positions on the main markets. We are stronger, but also we have a simpler group. We've refocused our business and our core business is an operator. We've reviewed and simplified our in-house processes, and we've also looked at efficiency plans. Today, we have a business model that combines the fact that we are a big group, and we are demanding and the local agility of our local businesses that means we're fast and executing. We've deeply changed our B2B activities, and we're accelerating in cybersecurity in a digital context that's changing with new risks. And finally, Laurent talked about our results in 2025. As you've seen, we've overshot in terms of financial results. Our group is more solid together with a high level of performance. On this backdrop, we're building our future, particularly proud of the work done by the teams of orange, 123,500 men and women always guide and support our clients in their digital journey, and they're always committed and professionals. I must say that this momentum belongs to an environment that's more and more uncertain and volatile due to geopolitical risks and tensions, the new tech breakthroughs and technological and climate changes. With AI, our business models are changing today and the way we work as well. And this leads us to asking essential questions such as ethics, security and the controlled data. With Gen AI, we have an increased level of risk of manipulation, deep fakes as a patient of identity, separate attacks, where security is something essential for us in our children. [indiscernible], the Head of Innovation, will tell you more about this in a minute. In addition, with more climate events, we've seen that it is very important to be resilient as far as our infrastructures are concerned. It's also our duty to have good continuity of services. Therefore, I'd like to share a number of beliefs that we have. Number one, Orange provides essential connections in all the geographies where we operate. Number two, in this world, it's more and more fragmented. Our diversity is our wealth. And our business model is multi-local, and this is our strength. My third belief is that Europe is not missing out on either talent or capital, but what we miss is a good regulatory [indiscernible] that would allow for consolidation, which is [indiscernible] business. Over the past 20 years, the market has been too fragmented. We have hyper competition. Therefore, the European operations have been weakened. And this is [indiscernible] down. We can't invest in the long run. Without any solid European operator, we can't have the digital sovereignty that we need in Europe. The EU has to be mobilized and ready to drive as much value that it can with a single market by focusing on simplification and consolidation by reviewing the consolidation rules so that we would have more M&A. This is essential as well as the implementation of the recommendations of the [indiscernible] report. This is indefensible because what's at stake, it's trust in this world of uncertainties. As has always been the case, the objective for Orange is to link up people into facility communication. This link based on human beings is that the heart of what we do, trust for us is a unique competitive advantage. That's how we stand out. This is why this is at the heart of trust the future. The new strategic plan launched early '26. This is anchored in strong beliefs and it is based on the successes of our past plan. Thus, we have 3 strategic ambitions. We want to be close to our clients. We want to grow through innovation, and we want to excel at scale. The first ambition is based on a simple belief that is we have to meet the needs and expectations of our clients. Together with them, we'll build a lasting relation based on trust in their journey with Orange. To do this, we'll use 3 priorities. We want to offer them a more digital and simpler experience, thanks to AI. We want to have more loyalty and better customer commitment and differentiate, thanks to trust. We also want to create new growth relays by supporting connections for our customers at home, at work and when they're roaming and also entertainment on a daily basis. Our second ambition is to create growth through innovation. Therefore, we'll be using the main strength of our group. That is the cloud of our brand, the size of our customer base and the quality of our networks. Based on that, we'll speed up the development of new offerings to the general public on the basis of safety at home, transfer of money that will be secured and also the production of the youngest. We're also investing in trusted offerings for companies on the cloud, but also AI. Cybersecurity is, therefore, key in this strategy. Orange CyberDefense today is the #1 European player with 3,200 experts in 12 countries and more than 50,000 organizations that are protected on a daily basis. By 2030, our objective is clear. In 100% of the countries where we operate, we want to have a modular offer for cybersecurity for the general public for companies and also for us. And finally, our third ambition is to make the best of the size of our group to strengthen our technological leadership and our efficiency. Our position as a leader in connections in each of the countries where we operate is a major asset. The network is at the heart of the telco business and their resilience is our #1 priority to make sure that we're really resilient. We have major programs that in modernizing our networks like this decommissioning of copper in France and also putting an end to the 2G and 3G networks in Europe. To do this at scale, we'll be using an ecosystem with technological partners, the best ones because we have the critical size. And therefore, we can federate them throughout the value chain. This momentum is going to be a good booster to better integrate AI in all of our business lines. the AI also is embedded in our daily practice, thanks to our 1,500 experts. And thanks to our AI factories and data factories, AI will help us have a better customer experience. And what's its key websites stake rather than EUR 600 million additional in terms of additional value by 2028. And then we are solid financially before 2028. Our guidelines are very clear. We want to create lasting value. This is what's going to guide our choices in the company. And therefore, we can buy 100% of this transaction will be over before the end of the quarter. And our project in France is to consolidate a case on the SFR dossier. -- the 17th of April, we've been negotiating exclusively with the group Altice to acquire SFR with Bouygues Telecom and [indiscernible] With this, we'll be able to consolidate the good monitoring of strategic infrastructures in France will strengthen our investments in resilience of high-throughput networks in cybersecurity but also innovation and new technologies, such as AI and will preserve a good competitive ecosystem to the benefit of our consumers. In addition to this, we want to give the best EPS to the shareholders with this progressive increase in dividends with a CAGR that we expect a bit more than 3% between '25 and '28 and thanks to a strict policy in the field of capital expenditure. Thanks to this plan, we'll be able to strengthen our leeway, financial leeway and the positioning of the group before solid results due to collective endeavor. We have 13,500 people who work for us. They are the ones, thanks to which we've succeeded. Their commitment is still strong in '25, and they still track the group, the trust level has gone up 7 points. More than 80% of our people are proud to work for Orange, which is an important number in a business where talent retention is something is central. This is giving us a strategic asset and strengthens our stability. I'd like to thank you for the fact that you've included more women in our teams. Women represent 36% of management positions and 25% of our technical jobs are in the hands of women. With our teams, our collective challenge now is to support the transformation of skills and working methods connected to the revolution of AI. I'd like to thank the men and women who work for us and we've done that already, more than 80,000 people have been trained in AI at orange, 100,000 use our own Gen AI tools. This really shows that our training program works well and that we're fully committed to make sure that the group changes. Of course, we'll have to do this in a responsible manner and in a sustainable manner so that we can reconcile technological performance, operating efficiency and good control on the environmental impact of the company. And therefore, we have carbon objectives as a telco operator, we have a request, which is to be resilient, which is necessary. We have, therefore, a dual commitment. First, we have to reduce our carbon footprint our objective is to reduce the footprint by 45%, reducing GHGs by 2030. And this is in keeping with our strong commitment, which is to reach net 0 in 2040. That is 10 years ahead of the recommendations for other industrial players. We will decarbonize the energy business in Africa and Middle East. Thanks to what we've done. We've been using more solar power to a level of 30%, and we'd like to reach 60% in 2030. We have also been recycling our mobile telephones. And for Scope 3, that has to go down, we need to work with all the players in the value chain. Therefore, we've launched a program that has been supported by procurement for which the suppliers have to be committed to reducing emission levels. In addition to this, we have to prepare our adaptation strategy. In each country where we operate, we have to identify the weaknesses in addition to the service continuity plans, we have to come up with a portfolio of solutions to adapt and the climate dimensions being factored in, in the risk management plans. Apart from the environment, we have commitments for the society based on 2 pillars: first, to protect usages and digital inclusion. We are a trusted partner. And Orange, before 2030, we'll have offerings that will move towards more responsible use of digital technology such as [indiscernible] or cybersecure launched in France last year. Our priority is very depending on the geographies, but we have 1 single objective is to make sure that digital is a factor for progress for all. In a world that's changing, we want to juggle with performance, innovation, responsibility and trust. We want to combine them. Thanks to the fact that we have mobilized teams, thanks to the trust of our clients and partners. We're going to continue this journey in a demanding way and I'd like to thank all of the management teams because they've been with me to take these challenges that we've had and that we're going to have. Before I hand over to [indiscernible], I'd like to share you some images of what we've done in the field of AI. Thank you very much for your attention. [Presentation]

Ladies and gentlemen, I'm delighted to be here with you today to discuss the topic that has quickly become central to our professional and personal lives, artificial intelligence. To Orange artificial intelligence is nothing new. This is true strategic strength forged by more than 30 years of investment in research. With several hundreds of researchers dedicated to building expertise and ranging from natural language processing to mathematical optimization models long before generative AI became a mainstream topic. This experience gives us a lasting competitive advantage, allowing us to deeply understand technological disruptions and anticipating their impact on our business. Three years ago, [indiscernible] reached in a very short time, AI, particularly generative AI has gone from being a topic for experts to a reality for everyone. It is already only transforming our businesses, organizations and the way we work and the new phase is already beginning with the emergence of agent-based AI AI is now capable of understanding the requests, planning multiple actions, executing them more autonomously. And by 2030, AI will be everywhere. In the face of this acceleration, one real question stands out. What kind of artificial intelligence do we have? We have a clear [indiscernible]. We want trustworthy AI drives progress. We designed it with a focus on core intelligence AI that doesn't replace units, but that helps them make better decisions, take better action and do their jobs better. And this trust is based on different principles. First, the way we work with our employees, more than 100,000 employees have already been trained on AI and use our internal AI. After first rollout at group level, we now have a system that makes it possible to have AI in our daily lives. It's already the case in different fields, legal field, fight against fraud, thanks to AI, we can analyze a great number of data. We can spot suspicious activities, and we can intervene mostly. And the first analysis show how much productivity gains we have estimated at around 20% to 30% depending on the business. The impact of AI is also very visible in our relationship with customers. It makes journeys smoother in our contact centers, we want to reach 70% of resolution, thanks to AI by the first act. And this is part and parcel of a strategic plan. Charlie, the so conversational assistant is a clear illustration of that. It brings quicker responses, more targeted ones that are more in line with customers' needs. In networks, AI also plays an increasing role. It helped that [indiscernible] and reduce repair times also. We are preparing network architectures that are ready for AI with digital tools in the field. By 2030, our networks will be increasingly smart, automated and capable to adapt in real-time teams and incidents. This dynamic also pools, the offer we have for companies. We develop solutions in-house. We try them in-house. And we have environment that has evolved to include the best progress, including the most recent sovereign agent AI we have a clear and sustainable approach, and that approach lies on 3 principles: Controlled, inclusive AI that uses trustworthy schemes responsibilities at the heart of our approach, and Orange is one of the pioneers in this field. We have an external sec committee. We have also ethics advisers, contact persons in each country to give a framework uses. Ethics must be [indiscernible] from the outset. This goes hand in hand with the idea of control. AI opened several remarkable prospects, but the idea is not to use AI anytime, but only when it brings value with the most adapted solutions. Inclusion is another important pillar. We want AI for as many people as possible. This is why an has been carrying out work on African languages and has worked with Meta and open eye to help take into consideration languages like Wolf and Polar. We also have a novel tire in fine languages that is used. We have audio description services, drink sports and cultural events or the deduction of distress signals in real time. Lastly, trust in the eye lies on sturdy infrastructure that can protect data be in line with resilience and sovereignty demands, the boom of age and AI reinforces this. We have systems that are capable of making decisions on their own, but there are risk cells of cyber threats turning to that. It is in this context that the overall cyber defense expertise will be key to secure AI uses and to protect the infrastructure. What counts at the end of the day is not technology per se. It is what helps us better understand, decide, create and at range we want to move in this direction, ambitiously with responsibly and with a strong belief, have AI at the service of a useful [indiscernible] progress. Thank you for your attention. Thank you, [indiscernible]. Thank you, Christel. It is now time for us to open the Q&A session. So of course, everyone here in the room can ask questions. But those following this meeting remotely can also send their questions. [indiscernible], CEO and the members of the Executive Committee are available to answer these questions. In order to make discussions smooth, I'm going to ask you to please be brief when you ask your question. And we want to hear as many people as possible as many questions as possible. And before we start, let me remind you that we have an area dedicated to technical commercial issues or after sales matters in the [indiscernible] hallway the reception area. So don't hesitate to reach out to our Orange team. They are there for you and to answer any questions you may have. Let's start with the first question. Question number one.CMD insist on the fact that the 2028 target by on reasonable hypothesis that are nevertheless exposed to uncertainties and risks. Could you tell us what the weak link of the plan is if the international environment should the international environment become more adverse cost. Well, it's true, we live in an international atmosphere that is not adverse, but that is complex. And we reminded that -- we have a multi-local model. So by nature, our teams in the field are used to managing a complicated situations our business as our results is highly resilient in a macroeconomic environment that is under pressure. Of course, we live in an environment that is impacted by macro economy. It's impacted by potential supply chain disruptions or others, and we have to anticipate that and we do with our procurement department, with our hedging policy on the price of energy, for instance. By growth relays and the fundamentals of the group are quite impacted by the environment in which we live. So of course, we are faced with risks. But the work we're doing and the work of the Board is also to make sure that there's a balance. And today, even though we are in a very complicated geopolitical period, our results are steady and our guidance level has even gone up. Next question, I have a comment and a question. First observation, I would like to congratulate the whole managing team for these results. Congratulations. Now what's next after Spain in terms of consolidation? France. In my presentation, Christa's presentation, I think that this was clear. We have a lot of work to do. A lot has been done already as reminded us. And as I said in my presentation, considerable work has been done to coordinate the 3 operators who submitted an offer on SFR and Altice, it took 18 years of work -- 18 months, sorry, of work to be aligned and it's quite difficult. It's quite unusual to have such a consortium to buy a competitor. So work has been done already. Some work is yet to be done and the next stage is clearly [Audio Gap] problem of diseases. And in France, we have [indiscernible] who work and have difficulties. I'd like to know what Orange is doing to help the caregivers of the company in terms of flexible working time, for instance, because it's going to be an increasing problem in the future. And third question is more an observation than a question. I'm quite surprised to see that such an important group is not showing in detail the performance shares and the breakdown. It would be interesting to have a precise presentation of that before we actually vote on them. Thank you, [indiscernible] Regarding being a global leader in trustworthy solutions, you're right to say that attractive business in France, Europe, but we are there for our clients if we were in the world. We want to have cyber security services that are trusted and not many company know how [indiscernible] at global level, but Orange Business and Orange CyberDefense know how to do it. Regarding the caregivers and how to help them. It's a very relevant question, and it will become increasingly relevant with the aging of population in Europe. I don't have the exact figures and details. We can some tube do have schemes today that help care gave us with lighter hours. We also have part-time work for the elderly in different schemes to help employees who are also caregivers. And regarding the presentation, I'll let you answer I'll answer the third question. The general meeting is also an opportunity to present our achievements. We have to make choices regarding the compensation of the channel management, what Gabriel said, was clear. We had to adapt the compensation of our CEO because he hadn't moved since she took office in 2022. The structure of this remuneration scheme hasn't changed. All the details are in the universal registration document. So we didn't give you all the details at the general meeting because you can refer to the document. Next question. [indiscernible] I'm a member of CCL. I'm an individual shareholder. I have 2 questions. One about Orange cyberdefense, you're talking about revenue growth, right, but you're not saying much about profitability. Is this a profitable business? Question number two Well, at the time when people talk about the share price or the total value of orange, that's EUR 50 billion, we're starting really at a low level, but couldn't we say that the best is yet to come given the number of clients you're acquiring 1 million counts acquired each month in Africa, I think. You said also you'd probably reach 400 million clients in 2028, more or less, if I got the message right. And [indiscernible] feeling that recently you've been insisting on the performance of your business in Africa. That's the different players on the market value, but have the impression that Orange is undervalued given the potential that the group has. Netflix has 350 million clients. Their market value is EUR 400 billion. I know it's a different group altogether, but see what I mean. Well, that's interesting. Now as far as our [indiscernible] is concerned, we don't talk about the profitability of this line of business. It's included in what we call enterprises or B2B, that is our business and Orange cyber defense, but count on us. We communicate -- we report on the margins and margin improvements for both companies. We keep an eye on that. We monitor that. And these 2 lines of business are improving their margins regularly, steadily. Just the business itself on a very buoyant market. As far as the market value of the company is concerned, of course, with Laurent, we keep saying to the inventories that our group, well, we're not saying anything about the value of our company. We're not giving any outlook because the analysts will be working on our outlooks. It's their job after all. But if we take the example of Africa, it's been years. Orange has been organizing road shows with investors to talk about the potential we have in Africa. Well, communication is all about repeating the same message. We've had 12 quarters in a run with good performance and results. And this has given us the credibility of this business and its performance. Now of course, we couldn't compare ourselves with Netflix, but we have a [indiscernible] that says we want to build on the number of clients we have. We're targeting EUR 80 million by 2028. We started the 340 million clients. There aren't that many companies that serve 340 million clients. It's the case for our group. It's part of our strategic plan. We want to have loyal clients. We want to bring them more value, and we want to innovate so that we can capture more growth on the basis of trust, security, cybersecurity and many other thrusts that we're thinking about to diversify the client base. So you can see, we're going to continue and work on that. We're very happy to see that the group market value has gone up. We're working hard on that, and it's good to see that there's visible and tangible results. . Thank you. Next question, please. [indiscernible] I am an individual shareholder. We talked about macroeconomic outlooks before. Now in case of conflict, I suppose that the copper network is more resilient than the mobile or the FTTH network, we saw that recently in Ukraine. Ukraine move towards satellite networks. And therefore, I was thinking about resilience is resilient something you factored in, in your decision when you decided to exit copper, and this represents more than EUR 1 billion in cost. Well, the copper network is resilient and as much as you use electricity to power the network. But if you take example of Mayo and the [indiscernible], copper was down because the posts were down, everything was destroyed. So it's a false idea to think that it's more resilient than fibers when you have civil engineering infrastructure that's down, it's destroyed, everything is destroyed. It is [indiscernible] We're working on complementary solutions and the Orange France teams are working on that. Today, we couldn't think of an environment where there would be no power outage or breakdowns or extreme events. We have to manage these events. And that's our responsibility. At that moment, we have to detect things that go wrong, inform the clients and come up with backup solutions for the clients. These could be based on spacecraft. That's why we're working with [indiscernible] and we have mobile solutions as well. As you can see, we have both fixed mobile and satellite businesses to be more resilient. At the end of '25 in France, we launched the first connectivity solution using satellites called SMS satellite on your mobile phone. And as you can see, we need several solutions should there be a conflict or a stream event. Thank you. Next question, please. Thank you I'm an individual shareholder as well. Took me a little while to arrive here I could manage to get through easily. And well, anyway, as I was saying I have 2 questions to ask. Number one, there's some type of madness about AI nowadays and a lot of speculation about AI and mainly with the memory cards. Could this impact the group, the memory cards when they're more expensive, it's more complicated to have some on an individual device because they're used in data centers first. Question number two, we work a lot in Ethiopia and Egypt. What about the spillovers of the war between Israel and Iran in the Middle East. Are you very careful about this so that you are not directly involved in these conflicts. Let me start with the cost availability of memory cards. This, of course, has an impact on us. Well, the memory cards today are used by the main data centers and the GPUs. And as we speak, Orange has seen price increases we have secured our procurement. It's not a one-off thing. It will take a lot of time for industrial groups to adapt to this environment. We are working on this. We want to have safe supplies or procurement. And also, we'd like to mitigate the impacts we have more circular economy as well, which is good. As you saw before, to reduce our carbon footprint. We're recycling the boxes or the [indiscernible] and that we either repair or recycle. And as far as mobile devices internals are concerned as well. Those who produce the mobile terminals, they'll have memory cards in the high-value telephones and perhaps not for telephones of a lower value. These are things we keep an eye on, and we track and we have a supply and procurement organization, which unfortunately, is very much used in these types of shortages, this is something that's included in our group trajectory. Now as far as the Middle East situation is concerned, when there are conflicts. And I know we're talking a lot about the situation in Iran, but we operated Mali, [indiscernible], but also close to the borders of Ukraine, which means that unfortunately, the heads of our countries and the team leaders are on these fronts. So the #1 priority is that everybody goes back home safe, protect them and their families. And for when there is a crisis, we take measures. Usually, the measures are similar to other companies' measures like few people working at home, telework, sometimes we help them leave the country. We hope the foreigners leave the country. Of course, nobody is allowed to travel abroad if these countries are in conflict, and we hear it's our obligation to serve and support our clients as well, which means that around Iran, we don't operate directly in the neighboring countries, but we have a foothold in Jordan. So we have teams in Jordan. They're used to this. We have Orange business teams in Dubai, in Israel or Lebanon, and unfortunately, they operate in complex environments, but we're taking all the necessary measures to protect them. Usually, these people are the nationals from these countries. So we can't say we can remove them and we can ask them to live somewhere else because this is a conflict area. This is not desirable. This is not what they want but should this be the case, we would be here to help them. This is something we keep a close eye on. Now what about the impact of the Middle East conflict? Well, look at the price of energy, the price of oil, and this has an impact on our business as well in the Middle East and Africa area. In Europe, we use, as you know, electricity. But in the MEA area, we have mobile sites that require oil. And therefore, that's why we've been using more solar power on these sites because given the price in -- given the increase in oil prices, we invest a lot more in renewables and solar, which is a good thing, so that we reduce our carbon footprint. Next question, please. [indiscernible], individual shareholder. Another question about AI, sorry. Edge computing is essential for AI -- industrial AI, I mean, and there are other European telcos like Telefonica or Deutsche Telekom or Vodafone that have said something on that and the monetization of such activity. What about Orange? Is this a real opportunity to stand out? What are the assets that you have in the group, so that this could be a new source of revenue, please. Well, this is complicated edge computing heads different types of definitions. If you discuss with the hyperscalers, well, for a hyperscaler, opening a data center in Bordeaux is edge computing. But if you -- we are talking about edge computing, if you discuss with other industrial groups, edge computing is what you have on your cell phone or on an industrial machine where people use the information. And then there's this new wave you see coming mainly from the U.S., we've seen usage cases where there's computing power that's more decentralized in the network so that we could meet the usage cases, and this would be the case in the U.S. and the UMs are working on that. there's what we call AI run. That is the run if people have connected glasses or telephones that would use AI all the time. We have innovation teams that are working on this. And as we speak -- well, first, what's very important to remember is there is such a thing as regulation. We can't all have glasses or goggles that would observe our surrounding environment. This is not allowed in Europe. Not now. It will take time. But these are important topics, of course. We brainstorm on that. I wouldn't say though that we would have revenue lands that is plans aiming at increasing our revenue from that source. But our teams are working on this. Thank you very much. Next, please. Hello, dear Chairman, Madam CEO. I represent an individual shareholder. -- has always been since the company was floated that is at the time of France telecom, and she was a client of the group before that. Think about our rate anyway, she's asked me to ask a question. about the dismantlement of the copper network. This, of course, will have an impact on the pricing policy that's applied. That is what the clients will have to pay. When I looked into the numbers, there's been an increase that reached 70% over the past 5 years, which is huge. And should this continue next year, then the subscription for fixed lines would be more expensive than that of a box or STB [indiscernible] quantitive service is going down, and we'll have to pay more. So it's a strategic choice. Will France Telecom continue, that is it only those who have these boxes for fixed lines, land lines that will have to pay or couldn't we distribute this price or this cost overall clients because now that we have copper, France Telecom has become a leader on the market. That's the question. Well, well, well. We're not going to look too much into the past. But [indiscernible], something we are proud of. Our teams and the [indiscernible] become teams, we are very happy. They deployed it in 40 years. Orange is proud because we did that in 15 years. It's fit it's incredible. But the copper network is being emptied today. We have more than 10 million fiber subscribers today at Orange. And France has moved to fiber. So we're decommissioning copper networks in relations that fiber is a success. And those who move to fiber don't want to retrace their steps do they? The problem is that today, we have a copper network, which serves a lower number of customers. And the cost is still high because it's getting out. There are people who are robbing the infrastructure, if I can say, the number of theft is increasing. And if we want to meet our common objectives we have an obligation. We want to be more efficient. And commercially speaking, the fiber network is a success. That's why we're decommissioning the copper network. We're not the only ones, all incumbents are doing this in Europe. All the telcos, the incumbents, the Spaniards started earlier than us. Here again, that's because we've succeeded with fiber. That's why we can stop the copper network. If you look at the prices for copper, prices are going up. but there's a regulator in Europe. The price for unbundling is the same for all operators. These are regulated by what we call accept in France. And we can increase the unbundling price because we recognize that we have few customers. And therefore, the price signal that's going up for copper something very important because today, you have a fiber subscription, which sometimes is less expensive than the copper subscription. But we guide our clients. We help them migrate to either technology. The quality of migrations improved considerably. It wasn't always the case, I would say, when there was strong adoption of fiber technology, but there's no doubt. From the industrial point of view, it doesn't make sense to have two land networks in parallel for land lines, I mean. Thank you. Next. Congratulations. We've been waiting for this for the past 15 years. Now we have 3 operators, good should have been quite natural. Now I have a question. To start with, Orange was the result of the merger with the British company. Do you still have a business in the U.K. Is this an interest market? And I have another question. You are the highways of data with video conferencing, with images, imaging, connectivity. This requires more broadband increased traffic. What you're going to do in the future in the U.S., for instance, there are huge data centers that need to cool those down. What about power supply? Is that something that you're considering? There's going to be problems you see in terms of ESG, that is water consumption, electricity consumption, all nuisances. These are very noisy centers. And that's something important and sensitive more and more throughput and data that's going to be hypersensitive. Consolidation in France has not yet been finalized. We are working on it, but it's not finalized yet, even though it's one of our priorities as we said. To answer your question, no, we don't have any more business priority in U.K., the brand Orange was created in the U.K., that's true. And then we had the JV with Deutsche Telekom in England that was then bought back by British Telecom. So we no longer have any business in England. And to date, we don't have any projects to expand to the U.K. today or tomorrow. But as we've been said from the outset, our value creating a strategy will have to be through Romania, Belgium, Spain and all of these markets on which we are focusing. And now we're focusing on the French market. As we said, we're not against geographical expansion. But today, we are more turned towards the African market. will in terms of expansion because the European market is already very mature and there are no real opportunities. Regarding data centers, you are right to say that today, data centers are -- well the needs are booming. We see this in the traffic, an networks, plus 10% to 30% in terms of traffic depending on where you're looking at things. It's all pulled by the cloud. It's called by all the uses that we're familiar with today. the major players in hyperscalers stated clearly, their goals in terms of reducing the carbon footprint, will either they are pushing back the dates or the going back on their targets. So that's why we are working on energy efficiency for all of our footprint, so when I presented our carbon trajectory, does include the efficiency in the way we consume and calculate the data storage. All of this is included in our trajectories. When we talk about responsible AI and as [indiscernible] mentioned it earlier, we want to make sure that the uses we developed are adopted. So sometimes, we need very powerful technology -- in most cases, AI that would consume a lot of water, a lot of energy and a lot of resources. If it doesn't create much value, we consider that it's not interesting. We want frugal AI adapted to our users, and that's really at the heart of our strategy. Last question. [indiscernible] and then I'll accept one last question after those 2, and we'll move on to the vote of the resolutions. I have a couple of questions. past one. What are the governance mechanisms that can allow operate the projects in terms of performance, operational efficacy and environmental impact. My second question is more on underwater cables today in terms of geopolitics, we see that on the water cables are the invisible backbone of our digital sovereignty. I'd like to know how Orange is assessing the risks of these cable being cut down and what means are being put in place to reinforce the resilience of these infrastructures regarding the implementation of AI, we have a team, and we've had a central team for years steering all of the AI use cases. And it's set up a governance system. So we're looking at all of the use cases, the impact of the use cases, the cost, and we also look at our internal tool and see what the carbon footprint is because we want to educate the users. Now this is swiftly changing technology, and we look at each use case via the central team. We review all these matters at the highest level of the company. We review these matters also with the Board of Directors. We also have [indiscernible] council that we use in some cases, whenever we have the ethical questions that are raised, for instance, and we have external people who come in [indiscernible] want to make sure that we ask ourselves the right questions. So that's the way we work. Now we were talking about [indiscernible] AI and questions it raises, and we are discussing these matters with other companies, of course, too. Regarding on the water cables, they are several questions within one question. More than 98% of Internet traffic goes through submarine cables even though we all think is through mobile waves because we all have mobile phones these infrastructures, the underwater cables are extremely strategic today has of these cables that are being cutoff in the Red Sea that happened. It slows down the Internet traffic, but for most -- for all users, these incidents are completely invisible. In 2024, we also had off the shores of Cote d'Ivoire [indiscernible] quick that really set the countries because several cables, 4 underwater cables were cut at the same time. So there was a power outage at large scale. So we keep investing in these issues. Last week, we said we were launching a new cable project to connect Eastern and Western Africa. We need to multiply the connection points to the international network. And if we want to be resilient, the only way is to have redundancy so to work in remote countries [indiscernible], they need this redundancy. And France, because of its cost line is really the cross rows between Europe and Asia and also between Europe and the American continent and have teams are working with Orange Marine to repair on the water cables. That's their job. Next question. I would like to come back to the Altice sale project. I know that different operators are interested in different fields, B2B [indiscernible] in something else. I'd like to know who's interested in Altice. Well, it's not really about being interested. We have a [indiscernible] agreement that was made public in October 2025, in which we submitted an offer together. So there's an agreement between the 3 operators. And as the Chairman said earlier, it's not a small thing to have 3 competitors gather around the table and find a consortium in line, of course, with competition rules. So we agreed with the vendor. We are under discussions. Now regarding MVNO [indiscernible] matter between Orange and Bouygues today. So Orange is one of the players who is going to recover part of MVNO. To complement what you just said, Christel, if you allow me, that was a lot of work that was tiered by Christel [indiscernible] counterparts to competitors. And when you look at things closely, you see it's quite balanced. Everyone should actually make sure the balance is respected that we comply with the competition rules. We are 3 competitors [indiscernible] making sure that the rules are abided by. And we have to make sure also that we are always below the acceptability threshold given by the competition authorities. So it was a lot of work, it lasted a year, 1.5 years to carry out this work. And now the Orange assets is -- are clearly distributed. Now last question, maybe a couple of last questions, and we'll stop here if you agree. So this question row 4. Hello. I'm a bit impressed. I would like to thank you. I'm [indiscernible]. I'm a shareholder, as many of you, and I'm also an employee. So I'd like to thank my supervisors my managers for the quality of the exchanges we've had and we're going to have. Now what I'm going to say is not going to be welcomed by some shareholders. I'm glad there's a security service. Don't you think there is better there are better promises to make to shareholders. Many of us as employees are retraining. I myself have retrained in AI. So don't you think there are better promises to make than simply increasing dividend because value is created by employee human beings. We're talking a lot about technical matters, copper, fiber. But behind all this, they are human beings. And this value we are sharing is created by Orange employees. So I think they are better promises to make them a mere increase in dividends. Both can go hand in hand, of course. I just want to make sure that we underscore value creation. Value will be there because we see that the price of the shares is increasing day by day. I believe in my company. I believe in the future, I love my company. I'm a shareholder, just like any one of you. So I do want to have a return on investment. So I do understand your position, but I'm here also as an employee, and I want to defend the value produced by Orange employees. I'd like to answer this question if Christel allows me to do so. At the beginning of my presentation, I'm mature to talk about the stock price developments. I talked about this heritage, we have 3.8 billion in heritage that Orange employee shareholders have in their hands. And year after year, we try and manage to share that value to distribute that value amongst employees. And this distribution has remained quite stable throughout the years, even though dividends haven't gone up recently. And we have many different stakeholders. We have employees, we have our clients, we have our shareholders, the state also French State, it's also a stakeholder, and we make sure that year after year, the share of this added value is allocated to each of these stakeholders, but in a stable way. So there haven't been any great imbalances, nothing detrimental to our employees on the country. And there is stability of the added value that is allocated to our employees. And I also reminded and Christel did so as well as Laurent, we reminded that we massively invest in the future to prepare the future. Today, in Europe, we are the #1 investors in fiber with more than 100 million sockets installed. And we have EUR 100 million fiber facilities and only 15 million clients. So we invested so as to increase the number of fiber connections in the future. and with the Board -- the Chairman of the Board and the CEO wants is a right balance when it comes to compensating the different stakeholders. So there's no conflict between employees and shareholders. We really want to make sure that both are on the part. Last question. Thank you. Key infrastructure has always been very important. At Orange, we talked about fire on the water cables. So I'd like to come back to AI infrastructure. I'd like to know how today once we secure AI infrastructure as much as possible. AI infrastructure today. If you look at who invests in this infrastructure, well, first of all, what do we talk about when we talk about AI infrastructure because there's a lot of plumbing and electricity involved. We talk about the major data centers at Orange today, we own data centers. We have upgraded in France. We've invested in huge data centers to upgrade them with these data centers today are not state-of-the-art. AI specialists would need a more upgraded infrastructure and language models today require huge investments if we want to keep driving investments. But we're preparing. We've invested a little to have our own infrastructure to rent capabilities and to do everything we've described and everything, but we know presented, but it doesn't require the huge calculation power we can see in China or in the U.S., for instance. Now that raises another question in Europe, digital infrastructure are important. And can we think about AI without a European AI? And the answer is no. That's why we are highly committed. We work a lot with different partners, not only European partners. We work with our French partners in the cybersecurity field. [indiscernible] in cybersecurity. We are also working with a French tech start-up on AI matters. So our role is also to support AI systems, the development and the construction of a European AI as well. And we were talking about this in Africa also last week because the African continent also wants to build on AI and wants to design an African AI. I suggest we stop the discussion here and move on to the vote and I'm going to hand over to [indiscernible], Secretary General of Orange; and [indiscernible] the Board, and he's going to moderate this voting sequence. Thank you, Chairman, ladies and gentlemen, dear shareholders. Let's now move on to the vote on the resolutions that have been submitted to you. As always, we're going to present a film that will explain how to vote and how the voting box works. [Foreign Language] Before we start, resolutions [indiscernible] will terminate the mandate of a director. And therefore, the only one that's going to be adopted is the resolution that [indiscernible] greatest number of votes in favor. The other one would be null and void. Now the results will be given at the end of resolution #22. Now we can start voting the final quorum, 82.56%. We will start voting on Resolution #1. Resolution #1, the statutory financial statements. [Voting] Time is up. Adopted 99.98%. Number two, approval of consolidated financial statements for the fiscal year ended 31st December '25. You can start voting now. [Voting] Carried. 99.99%. Number three, allocation of income for the fiscal year ended 31st of December. You can start voting now. [Voting] Carried. 98.18%. Number four, regulated agreements. Start voting now, please. [Voting] Time is up. Results carried, 98.49. Number 5, reappointment of a director, Mr. Jacques Pierre. [Voting] Time is up. Carried, 98.34%. Congratulations, Mr. [indiscernible] Resolution #6, reappointment of a director, Ms. [indiscernible] You can vote now. [Voting] Carried 97.67%. Congratulations Madam [indiscernible] Number seven, approval of information related to 2025 compensation of corporate officers as stated in the corporate governance report. You can start voting now. [Voting] Time is up. Carried, 97.78% Number eight, approval of the 2025 compensation components for our CEO. Please vote. [Voting] Time is up. Carried, 96.25%, benign approval of the 2025 compensation for the Chairman. [Voting] The result is that it's carried 99.3%. Number 10, approval of the compensation policy for 2026 of our CEO. [Voting] Times up. Carried, 81.74%. Number 11, approval of the compensation policy for 2026 as the Chairman of the Board, you can start voting now. [Voting] Times up. Carried 99.3%. Resolution #12, approval of the compensation policy for 2026 of Directors. The clock is ticking. [Voting] Time is up again. Carried 99.96%. Number 13, authorization to be granted to the Board of Directors to buy or transfer company shares. [Voting] Times up. Carried 98.7%. Resolution #14, amendment of Article 13 of the Articles of Association to take into account the new gender balance on the book. You can start voting now. [Voting] Carried 99.88%. Number 15, authorization granted to the Board of Directors to award free shares to executive corporate officers and certain group employees working for Orange. You can vote now. [Voting] Times up carried 98.50%. Resolution 16, delegation of authority to the Board of Directors to issue shares or complex securities reserved for members of savings plan. You can vote now. [Voting] Carried 99.12%. Resolution #17, authorization given to the Board of Directors to reduce the capital by canceling shares. You can start voting now. [Voting] Time is up. Carried, 85.6%. Number 18. [indiscernible] for formalities Clock is ticking. [Voting] Time is carried 99.99%. Resolution #19, ratification of the amendment of Article 21 of the Articles of Association to reflect the new record date for the establishment of shareholders. Please vote. [Voting]

Time's up. Carried, 99.99%. Resolution #20, decision to terminate the mandate of Mr. Pierre Chaussoneaux to be aligned on the new gender diversity rules. [Voting]

Time's up. 0.72% in favor. Now 21 decision to terminate mandate of Mr. Vincent Gimeno for the same reasons. [Voting]

Time is up. What we have is 0.68% in favor. #22, termination of the mandate of Mr. Sébastien Crozier for the same reasons. You can vote now. [Voting]

Time is up. Now we have 99.94% in favor. Therefore, this is the resolution #22 is carried. Therefore, Mr. Sébastien Crozier will terminate his mandate for Ms. [indiscernible] Resolution #23, appointment of the director representing employee shareholders, Mrs. Nadia Zak Calvet and the replacement is none. You can vote now. [Voting]

Time is up. Carried 99.78%. So Mr. Chairman, you are still the Chairman.

Thank you very much, Nicolas. That's the end of our combined general meeting. Thank you again. Thank you for coming, such a turnout here at Saint-Honoré in Paris. On your behalf, I'd like to thank the Orange team, thanks to which we were in a position to hold the general meeting on the 25th of May 2027, we'll have another general meeting chaired by Frédéric Sanchez. Thank you very much. See you soon. I beg your pardon. Can I have your undivided attention, please? There's another resolution that our General Secretary has forgotten. We have to vote on this alternative resolution. I'm awfully sorry. I'm awfully sorry, my bad. I'm sorry about this. This is why we're going to change the chair. Nicolas?

No, no, I'm sorry. I'm awfully sorry. That's true. We have an alternative resolution that is amendment to Resolution #15 to proceed with the free allocation of shares to all staff or reserved employee share offer. We have to start voting on this. I am so sorry. [Voting]

Time is up. Rejected, 81.21%.

We are so sorry about this. Yes. This is what the French would call a happening that as we said, the meeting is over, and it wasn't over. Thank you again. We'll meet again next year, 25th of May, I think. Yes. Is that really the 25th of May '27, chaired by Frédéric Sanchez. Thank you very much. Enjoy the rest of the day. [Statements in English on this transcript were spoken by an interpreter present on the live call.]