ORANGE

Shareholders of Orange

Orange is a widely held company listed on Euronext Paris, so only holdings above the statutory disclosure thresholds and the categories the company itself publishes are in the public domain. This is not the full shareholder base, and the absence of other named holders is not evidence that there are none.

At 31 December 2025 the share capital was 10,640,226,396 euros, divided into 2,660,056,599 ordinary shares with a par value of 4 euros each. Orange published the following breakdown at that date. Of the share capital: free float 68.85 per cent; the French State, directly or in concert with Bpifrance Participations, 22.95 per cent; employees and former employees of the group holding through the group savings plan or in registered form 8.15 per cent; treasury shares 0.05 per cent. Of the voting rights: free float 57.68 per cent; the French State in concert with Bpifrance Participations 29.04 per cent; employees 13.28 per cent. The two sets of figures differ because, under article L. 22-10-46 of the French Code de commerce, a double voting right attaches to fully paid shares held in registered form in a single shareholder’s name for at least two years. Percentages of share capital and percentages of voting rights are therefore not interchangeable on this page. Orange also reported that institutional investors held 91.5 per cent of the free float and individual investors 8.5 per cent at 31 December 2025.

Bpifrance Participations held 254,219,602 Orange shares at the date of the 2025 Universal Registration Document, which is 9.56 per cent of the 2,660,056,599 shares then in issue; that percentage is calculated here from the two published figures. On 31 July 2026 Bpifrance announced the sale of approximately 66.5 million Orange shares, approximately 2.5 per cent of the capital, at 16.57 euros per share for approximately 1.1 billion euros, with settlement and delivery on 4 August 2026. Bpifrance stated that after the sale it would hold approximately 7.1 per cent of the capital and approximately 5.9 per cent of the voting rights, and that the French State and Bpifrance acting in concert would hold approximately 20.4 per cent of the capital and approximately 27.0 per cent of the voting rights. Bpifrance did not state the State’s own direct holding separately; the difference between the two announced figures implies approximately 13.3 per cent of the capital held by the State outside Bpifrance, and that is a figure calculated here from two approximations rather than a disclosed one.

The company’s regulated monthly disclosure for 30 September 2026, published on 2 October 2026, reports 2,660,056,599 shares in issue, 3,174,460,855 theoretical voting rights, 3,167,243,592 exercisable voting rights and 7,217,263 treasury shares carrying no voting rights.

Ultimate beneficial ownership

The largest shareholder of Orange is a public body. The French State holds directly and acts in concert with Bpifrance Participations SA, SIREN 509584074, which Orange describes as a public financing and investment group for companies formed from the merger of OSEO, CDC Entreprises, FSI and FSI Régions. At that level there is no natural-person beneficial owner: the holding belongs to the French State, and Bpifrance Participations is a state-controlled corporate holder rather than an ultimate beneficial owner in its own right. Orange states in its 2025 Universal Registration Document that this level of holding does not as such give the public sector the ability to exercise control over the company, while noting that it could, depending on attendance at shareholders’ meetings, allow resolutions to be carried or blocked. No natural person is identified as a beneficial owner in any source read for this page. The free float of 68.85 per cent of the capital at 31 December 2025 is held by investors below the statutory disclosure thresholds or identified only through the identifiable-bearer-securities process, and no index manager or asset manager is named here as a beneficial owner.

Data availability

Major shareholders only. France maintains a register of beneficial owners, but for a listed company of this size the published ownership picture consists of the issuer’s own capital and voting-rights breakdown, its regulated monthly share and voting-rights statements, and threshold-crossing declarations made to the Autorité des marchés financiers. The figures above should be read with their dates: the 31 December 2025 breakdown predates the Bpifrance sale of 31 July 2026.

Sources

Orange, 2025 Universal Registration Document and Annual Financial Report, filed with the Autorité des marchés financiers on 2 April 2026: section 6.2.1 Distribution of capital and voting rights, section 6.2.2 Direct or indirect control of Orange SA, Note 15 to the Consolidated Financial Statements and Note 6.1 to the Orange SA Statutory Financial Statements, all at 31 December 2025. Bpifrance press release, Bpifrance cède avec succès environ 2,5 % du capital d’Orange via un placement accéléré, 31 July 2026. Orange regulated disclosure, Total number of shares and voting rights at 30 September 2026, published 2 October 2026. French Code de commerce, article L. 22-10-46, on double voting rights.

Directors and officers of Orange

Orange is administered by a conseil d’administration (board of directors), with the offices of président du conseil d’administration and directeur général held separately. At the date of its 2025 Universal Registration Document the board had fourteen members.

Christel Heydemann is directeur général (chief executive officer) and a non-independent member of the conseil d’administration; Orange’s announcement of the results of its combined shareholders’ meeting of 19 May 2026 records her as chief executive officer at that date. Frédéric Sanchez is président non exécutif du conseil d’administration (non-executive chairman of the board of directors). He was first appointed a director on 19 May 2020 and his director’s mandate runs to the end of the shareholders’ meeting called to approve the accounts for the year ending 31 December 2027; Orange states that he is a French national.

The other administrateurs (directors) classed as independent at the date of the 2025 Universal Registration Document were Jacques Aschenbroich, Valérie Beaulieu, Alexandre Bompard, Gilles Grapinet, Anne-Gabrielle Heilbronner and Momar Nguer. Three administrateurs represent the public sector: Bpifrance Participations, which sits on the board as a legal entity and acts through its représentant permanent (permanent representative) Thierry Sommelet, first appointed on 28 May 2013 with a term running to the close of the 2029 shareholders’ meeting; Céline Fornaro, administrateur représentant l’État (director representing the French State), appointed on 24 March 2023 for a term to 23 March 2027; and Anne Lange, first appointed on 27 May 2015 with a term to the close of the 2027 shareholders’ meeting. Three administrateurs représentant les salariés (directors elected by employees) were elected in November 2025 with terms taking effect on 3 December 2025: Pierre Chaussoneaux, Sébastien Crozier and Vincent Gimeno.

Orange publishes the nationality of each director: French for Jacques Aschenbroich, Valérie Beaulieu, Alexandre Bompard, Pierre Chaussoneaux, Sébastien Crozier, Céline Fornaro, Vincent Gimeno, Gilles Grapinet, Anne-Gabrielle Heilbronner, Anne Lange, Frédéric Sanchez and Thierry Sommelet, and French and Senegalese for Momar Nguer. Country of residence is not disclosed for any director and is not inferred here. Orange states that the business address of all directors and officers, in connection with their offices, is that of its registered office; that is a correspondence address and not a private one. The roles stated here are corporate offices, not occupations: several of these directors hold executive positions in other companies, and those positions are separate from their office at Orange.

The commissaires aux comptes (statutory auditors) are legal entities. The Registre national des entreprises, as updated on 25 February 2026, records KPMG S.A., SIREN 775726417, and Deloitte & Associés, SIREN 572028041, as commissaires aux comptes titulaires, with BEAS, SIREN 315172445, and Salustro Reydel, SIREN 652044371, as suppléants.

Recent officer changes

• 19 May 2026 — Jacques Aschenbroich’s term as président du conseil d’administration ended at the close of the combined shareholders’ meeting and Frédéric Sanchez became président non exécutif du conseil d’administration, in accordance with the board’s decision of 20 March 2026. Jacques Aschenbroich remains on the board, his term as an independent administrateur having been renewed for four years at the same meeting, as was that of Valérie Beaulieu. Source: Orange press release on the voting results of the combined shareholders’ meeting of 19 May 2026, and Orange press release of 20 March 2026 on the board’s appointment decision.
• 19 May 2026 — the shareholders’ meeting voted to end the term of Sébastien Crozier as administrateur représentant les salariés, and his seat passed to his suppléante Hélène Marcy. Source: Orange press release on the voting results of the combined shareholders’ meeting of 19 May 2026.
• 3 December 2025 — the terms of Pierre Chaussoneaux, Sébastien Crozier and Vincent Gimeno as administrateurs représentant les salariés took effect following their election in November 2025. Pierre Chaussoneaux succeeded Magali Vallée, whose term expired on 2 December 2025. Source: Orange, 2025 Universal Registration Document, sections 5.1 and 5.2.

Data availability

Full. France publishes company officers through the Registre national des entreprises and the registre du commerce et des sociétés, and Orange publishes its board composition, each director’s term dates and committee memberships in its Universal Registration Document and announces changes by press release. Two cautions apply to dates. The board list in the 2025 Universal Registration Document is stated as at early April 2026 and so predates the changes made at the shareholders’ meeting of 19 May 2026. The Registre national des entreprises copy of the officer list was last updated on 25 February 2026 and still shows Jacques Aschenbroich as président du conseil d’administration, a position he ceased to hold on 19 May 2026; registry entries for changes in the administration of the company were published in the BODACC on 7 June 2026, 11 June 2026 and 14 July 2026.

Sources

Orange, 2025 Universal Registration Document and Annual Financial Report, filed with the Autorité des marchés financiers on 2 April 2026: section 5.1 Composition of management and supervisory bodies, section 5.2 Operation of the management and supervisory bodies, and section 7.1 Company identification. Orange press release, Orange’s Combined Shareholders’ Meeting: voting results and appointment of Frédéric Sanchez as Non-Executive Chairman of the Board of Directors, 19 May 2026. Orange press release, Orange Board of Directors appoints Frédéric Sanchez as Chairman, 20 March 2026. Registre national des entreprises, officer and auditor record for SIREN 380129866, updated 25 February 2026, as served through the French government’s recherche-entreprises service. BODACC, annonces de modification concerning SIREN 380129866 at the Greffe du Tribunal des Activités Economiques de Nanterre, published 7 June 2026, 11 June 2026 and 14 July 2026.

Group structure of Orange

Orange, SIREN 380129866, is the top entity of its own group and has no parent company. Its largest shareholder is the French State acting directly and in concert with Bpifrance Participations, but that is a shareholding and not a parent relationship: Orange states in its 2025 Universal Registration Document that the public sector’s holding does not as such give it the ability to exercise control over the company.

The record this page is keyed on is not a group relationship at all. SIRET 38012986615657 identifies an établissement — an establishment at 16 rue Victor Hugo, 76200 Dieppe — of the legal person Orange, SIREN 380129866. An établissement has no separate legal personality: it is neither a subsidiary nor a branch in the company-law sense, and it cannot have its own shareholders, directors or accounts. INSEE’s Sirene register records 4,467 establishments for the company, of which 1,877 were open at the register update of 23 September 2026, and records this one as closed since 29 November 2022.

At 31 December 2025 the Orange consolidation scope comprised 360 entities. The company publishes the full list on its own website and sets out in Note 20 to its consolidated financial statements the main operating entities by ownership percentage. That note states that, in the absence of preferred shares conferring special rights, the ownership percentage corresponds both to the percentage of voting rights and to the ownership interest held. The table below reproduces those main entities and is not the full list.

Verified corporate relationships

Recent structural changes

• 12 December 2025 — Orange signed a binding agreement with Lorca to acquire the remaining 50 per cent of MasOrange for 4.25 billion euros in cash, with completion scheduled in the first half of 2026 subject to customary regulatory approvals. Source: Orange, 2025 Universal Registration Document, section 3.1.1.3 Significant events, and Note 11 to the Consolidated Financial Statements.
• 15 December 2025 — Orange OBK notified the Autorité de contrôle prudentiel et de résolution of the withdrawal of its banking licence with effect from that date, and the company became a commercial company. The withdrawal application had been filed with the European Central Bank on 20 February 2025 and the European Central Bank notified its conditional approval on 17 June 2025. Source: Orange, 2025 Universal Registration Document, sections 1.2 and 1.4.
• 26 March 2024 — MasOrange was created as a jointly controlled company and Orange Espagne and its subsidiaries ceased to be fully consolidated; the Spanish activity has been accounted for by the equity method from the second quarter of 2024. Source: Orange, 2025 Universal Registration Document, Note 11 to the Consolidated Financial Statements.

Data availability

Partial. Orange files consolidated accounts and publishes a full list of the entities inside and outside its consolidation scope on its own website, so the structure is not restricted; but the dated ownership percentages reproduced above cover only the main operating entities, selected by their contribution to revenue and EBITDAaL, out of 360 entities in scope at 31 December 2025. Registration numbers are not published alongside the entity names in that note, and no number is asserted here for any subsidiary. No chain of intermediate holding companies is published for most entities, so indirect ownership has not been calculated except where the company itself sets out the chain.

Sources

Orange, 2025 Universal Registration Document and Annual Financial Report, filed with the Autorité des marchés financiers on 2 April 2026: Note 20 Main consolidated entities, Note 11 Interests in associates and joint ventures, section 1.1.2 Organizational structure, section 3.1.1.3 Significant events and section 6.2.2 Direct or indirect control of Orange SA. INSEE, Sirene register entry for SIREN 380129866 and SIRET 38012986615657, as served through the French government’s recherche-entreprises service, register update of 23 September 2026. BODACC, dépôts des comptes annuels et rapports and comptes consolidés et rapports for the year ended 31 December 2025, published 5 June 2026, Greffe du Tribunal des Activités Economiques de Nanterre.