This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 25, 2025--S&P Global Ratings today said that France-based telecommunications operator Orange S.A. (BBB+/Stable/A-2)'s decision to call and not replace the remaining €450.3 million of its callable hybrid due April 2025 will not affect the intermediate equity content of the other €4.5 billion of hybrids outstanding. This is because we think that: Orange remains committed to maintaining a layer of hybrid capital as a cushion in times of stress; The announced redemption amounts to less than 10% of the group's total hybrid instruments of €4,950 billion and comes more than 12 months after the previous immaterial reduction completed in early 2023; The cumulative reduction (about €1.3 billion) of
