Commentary & Deal Flow

Guidance: 3yr: MS+45# - Books > €3.50bn 6yr: MS+75# - Books > €3.70bn 9yr: MS+98# - Books > €4.00bn 12yr: MS+113# - Books > €3.60bn

IPTs: 3yr: MS+75/80bp 6yr: MS+105/110bp 9yr: MS+130/135bp 12yr: MS+145/150bp

• Issuer: Orange SA (Ticker: ORAFP; Country: FR)
• LEI: 969500MCOONR8990S771
• Issuer Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable) (Moody's / S&P / Fitch)
• Exp.Notes Ratings: Baa1 / BBB+ / BBB+ (Moody's / S&P / Fitch)
• Form of Notes: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Issue Type: Fixed Rate Notes
• Global Coordinators: HSBC (B&D), Société Générale
• Active Bookrunners: Citi, Deutsche Bank, HSBC, ING, J.P. Morgan, La Banque Postale, Mizuho, Natixis, Société Générale
• Settlement Date: 15-Sep-26 (T+5)
• Issue Size:
  • 3-year: EUR Benchmark
  • 6-year: EUR Benchmark
  • 9-year: EUR Benchmark
  • 12-year: EUR Benchmark
• Maturity (Tenor):
  • 3-year: 3-year
  • 6-year: 6-year
  • 9-year: 9-year
  • 12-year: 12-year
• Maturity Date:
  • 3-year: 15-Sep-29
  • 6-year: 15-Sep-32
  • 9-year: 15-Sep-35
  • 12-year: 15-Sep-38
• Par Call:
  • 3-year: Yes, 1 Month
  • 6-year: Yes, 3 Months
  • 9-year: Yes, 3 Months
  • 12-year: Yes, 3 Months
• Ref Benchmark:
  • 3-year: OBL 2.1 12-Apr-29 #189 (ISIN: DE000BU25026)
  • 6-year: DBR 1.7 15-Aug-32 (ISIN: DE0001102606)
  • 9-year: DBR 2.6 15-Aug-35 (ISIN: DE000BU2Z056)
  • 12-year: DBR 1 15-May-38 (ISIN: DE0001102598)
• Make Whole Redemption Reference:
  • 3-year: FRTR 2.4 24-Sep-29 ISIN (FR0014016G71)
  • 6-year: FRTR 0 25-May-32 ISIN (FR0014007L00)
  • 9-year: FRTR 3.2 25-May-35 ISIN (FR001400X8V5)
  • 12-year: FRTR 1 1/4 25-May-38 ISIN (FR0014009O62)
• Coupon: Annual, Act/Act (ICMA)
• Documentation: EMTN programme / Euronext Paris / French Law / Euroclear France / Clean-up Call (75%) / EUR 100,000 + EUR 100,000
• Use of Proceeds: General Corporate Purposes
• Books Subject: 12.50 UKT / 13.50 CET
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Selling Restrictions: As per the Base Prospectus dated 6-May-26
• Advertisement: The Issuer's Base Prospectus, the First Supplement and the Second Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://gallery.orange.com/finance). The Final Terms, when available, will be also published on the website of the AMF (www.amf-france.org) and on the website of the Issuer (https://gallery.orange.com/finance)
• Schedule: Books Open – Today's business