BlackRock reduces its stake in Orange

Asset management company BlackRock, Inc., has dropped below the 5% voting rights threshold in Orange. As of October 21, 2025, BlackRock held 148,715,173 shares, representing 5.59% of the capital and 4.68% of the voting rights of Orange. This reduction is the result of the sale of shares on the market and a reduction in shares held as collateral.

BlackRock also stated that it holds an additional number of shares for its clients, without including these shares in the calculation of declined voting rights. The declaration, dated October 23, 2025, comes within a legal framework governed by Article L. 233-7 of the French Commercial Code. This development could influence Orange's governance in the short term.