Orange is a French telecommunications operator — one of the largest globally — providing mobile and fixed connectivity to consumers, businesses, and other telecom operators across Europe, Africa, and the Middle East. Orange earns revenue primarily through recurring monthly subscriptions for mobile and fixed broadband services, with pricing driven by subscriber volume and ARPU. In France, its largest market (~40% of revenue), Orange operates as the incumbent fixed-line operator and dominant fiber and copper broadband provider, serving both retail customers and competing operators through regulated wholesale access. Outside France, Orange operates across Europe (~26% of revenue), with key markets in Spain, Poland, and Belgium, and in Africa & Middle East (~16%), where mobile-only services dominate and Orange Money provides mobile financial services. Orange Business (~18% of revenue) serves multinational enterprises with connectivity, cloud, cybersecurity, and managed network services — a segment transitioning away from legacy fixed connectivity toward higher-value IT services, though the shift has been painful. Orange also owns Totem, a tower infrastructure subsidiary with ~27,000 sites in France and Spain. The business is capital-intensive, with heavy investment in fiber and 5G deployment, though fiber build-out in France is largely complete, pointing to declining capex ahead. Orange has also recycled capital by selling stakes in infrastructure assets and spinning off towers. Orange Bank, a small retail banking operation in France and Spain, has been loss-making, and Orange is exiting the business.