- Orange SA (ORANY) Q1 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic ...
Apr 24, 2026
This article first appeared on GuruFocus.
Group Revenue: EUR10.1 billion, up 3.5% year-on-year. EBITDA: Increased by 6.6% in Q1. France Revenue: EUR4.4 million, up 2.3% year-on-year. Retail Services Growth: 1.1% increase in France and Europe; 13% increase in Middle East and Africa. Wholesale Revenue in France: Increased by 6%, including circa EUR100 million in nonrecurring items. Africa and Middle East Revenue Growth: Double-digit increase for the 12th consecutive quarter. Europe Revenue Growth: Up 2.2% year-on-year. Convergence ARPU in Poland: Increased by 4.2% in Q1. Orange CyberDefense Growth: More than 9% increase in the quarter. MASORANGE Revenue Growth: Up 1.2% year-on-year. eCapEx to Sales Ratio: Around 15%, in line with guidance.
Warning! GuruFocus has detected 5 Warning Sign with ORANY. Is ORANY fairly valued? Test your thesis with our free DCF calculator.
Release Date: April 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Orange SA (ORANY) reported strong financial results for Q1 2026, with group revenues up by 3.5% and EBITDA up by 6.6%. The company upgraded its EBITDA growth guidance from circa 3% to above 3%, reflecting confidence in its financial performance. Orange SA (ORANY) is well-hedged regarding energy in Europe and benefits from high solar power adoption in Africa and the Middle East, limiting exposure to energy price volatility. The company launched several strategic initiatives, including AI systems in France and innovative offers at the Orange Business Summit, enhancing customer intimacy and growth. Orange SA (ORANY) continues to see strong performance in Africa and the Middle East, with double-digit revenue growth driven by mobile money, 4G, fixed broadband, and B2B services.
Negative Points
There is uncertainty surrounding the potential acquisition of SFR, as the process is still in negotiation and may not result in an agreement. The competitive environment in France remains challenging, particularly in the low-end market, impacting mobile ARPU. The company faces a complex regulatory environment for its potential acquisition of SFR, with no certainty on the timeline or outcome of antitrust reviews. Orange SA (ORANY) is exposed to geopolitical risks, particularly in the Middle East, which could impact operations and employee safety. The company is undergoing a significant transition with the decommissioning of 2G and copper networks in France, which may present operational challenges.
Q & A Highlights
Q: Can you provide more details on the revised offer for the Altice France acquisition and the French competitive dynamics? A: Christel Heydemann, CEO, explained that the revised offer for Altice France was submitted after due diligence and has been accepted for exclusive negotiation. The transaction is complex, involving a consortium, and discussions on legal and commercial aspects are ongoing. Regarding the French market, the competitive dynamics were less aggressive in Q1, particularly on the low end, with reduced churn across segments. The transaction is seen as crucial for market consolidation and sustaining investments in infrastructure.
Story Continues
Q: What are the expectations for mobile ARPU trends in France, and how has the Iliad offer impacted the market? A: Christel Heydemann, CEO, stated that while they don't guide on mobile ARPU trends, the market has seen less aggressive offers, particularly on the low end. The focus remains on churn reduction and upselling. The Iliad's high-end offer is not expected to change Orange's strategy significantly, as Orange has competitive offers in its portfolio.
Q: Can you elaborate on the anticipated merger review process for the SFR deal and the updated EBITDA guidance? A: Christel Heydemann, CEO, mentioned that the merger review process would involve both French and European authorities, with one likely taking the lead. The new EU merger review guidelines are seen as positive, focusing on innovation and investment. Regarding EBITDA guidance, Orange is confident in achieving above 3% growth, with further updates expected after the MASORANGE consolidation in Q2.
Q: What is driving the strong performance in Africa and the Middle East, and how is Orange managing energy costs in these regions? A: Laurent Martinez, CFO, highlighted that the strong performance in Africa and the Middle East is driven by growth in money, 4G, fixed broadband, and B2B services. Orange is well-hedged on energy costs in Europe and benefits from solar power adoption in Africa and the Middle East, mitigating exposure to energy price fluctuations.
Q: Are there any plans for non-core asset sales, and what progress has been made on the copper network shutdown? A: Christel Heydemann, CEO, stated that Orange regularly reviews its portfolio for potential asset sales, but this is not directly linked to funding needs for acquisitions. Jerome Henique, EVP, reported successful progress in the copper network shutdown, with technical shutdowns for nearly 1 million households and ongoing RFPs for future phases.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- Orange: A High-Yield European Telecom Giant Still Trading At A Discount
Apr 23, 2026 · seekingalpha.com
Orange S.A. is reiterated as a Buy, supported by robust fundamentals, attractive dividends, and continued growth from strategic initiatives. ORANY's Q1 showed 6.6% EBITDAaL growth, strong African/Middle East momentum, and advancing synergies from the MasOrange merger and potential SFR acquisition. EBITDAaL guidance for 2026 was raised, while still targeting €4 billion organic cash flow and net debt reduction to ~2x in the medium-term, with dividends set to rise through 2027.
- Orange S.A. (ORANY) Q1 2026 Earnings Call Transcript
Apr 23, 2026 · seekingalpha.com
Orange S.A. (ORANY) Q1 2026 Earnings Call Transcript
- Bouygues, Orange, Iliad in $24 Billion Talks to Buy Altice's French Telecoms Assets
Apr 17, 2026 · wsj.com
France's Bouygues, Orange and Free-iliad Group are in exclusive talks with Altice Group for the acquisition of most of its French telecommunications operations.
- Nokia and Orange partner on AI-RAN using Nvidia tech
Apr 15, 2026
[Nokia Canada Inc building and sign in Ottawa, Ontario, Canada.]
JHVEPhoto
Nokia (NOK [https://seekingalpha.com/symbol/NOK]) and Orange (ORANY [https://seekingalpha.com/symbol/ORANY]) Wednesday announced [https://seekingalpha.com/pr/20473431-nokia-and-orange-advance-ai-ran-innovation-with-nvidia]a new collaboration focused on developing and evaluating artificial intelligence radio access network (AI-RAN) technologies powered by Nokia’s anyRAN 5G software and Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]) AI infrastructure.
Through a structured co‑innovation framework, Nokia and Orange (FNCTF [https://seekingalpha.com/symbol/FNCTF]) will jointly identify, design, and evaluate new AI‑RAN capabilities.
The collaboration aims to explore how a GPU-based radio processor can boost radio performance with more advanced receivers and how AI can be tightly integrated into the RAN to further improve performance, support new services such as sensing, and bring greater automation and intelligence to both cloud-based and purpose‑built RAN environments.
As mobile networks evolve towards 6G, Nokia and Orange will co‑develop approaches to maximize the spectral efficiency of existing and future bands, including the upper 6 GHz band.
By working with Nokia (NOK [https://seekingalpha.com/symbol/NOK]) and Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]), Orange aims to deepen its understanding of how AI-enabled RAN functions can be integrated seamlessly into operational networks while ensuring sustainability and efficient resource utilization across Europe, the Middle East and Africa.
MORE ON NOKIA OYJ, NVIDIA
* Why Nokia Is Still A Buy Above $10 [https://seekingalpha.com/article/4890694-why-nokia-still-a-buy-above-10]
* Nvidia: Multiple Compression Is No Compliment (Rating Upgrade) [https://seekingalpha.com/article/4890601-nvidia-multiple-compression-is-no-compliment-rating-upgrade]
* Nvidia: The Rerating Is Over, The Growth Story Isn't [https://seekingalpha.com/article/4889861-nvidia-the-rerating-is-over-the-growth-story-isnt]
* Nvidia’s newest AI models spark rally in quantum computing stocks; INFQ, QBTS, and XNDU see notable gains [https://seekingalpha.com/news/4575035-nvidias-latest-ai-models-ignite-surge-in-quantum-computing-stocks]
* Microsoft will rent 30,000 Nvidia chips from Nscale in Norway deal; expands Wyoming ops [https://seekingalpha.com/news/4574921-microsoft-will-rent-30000-nvidia-chips-from-nscale-in-norway-deal-expands-wyoming-ops]
- Sphere Entertainment, Orange come out on top in communication services quant picks ahead of Q1 earnings
Apr 7, 2026
The S&P 500’s Communication Services (XLC [https://seekingalpha.com/symbol/XLC]) saw a challenging first quarter as geopolitical tension in the Middle East and economic uncertainty mostly dictated investor sentiment.
The sector, which holds 9% weightage on the S&P 500 and boasts of companies including Google-parent Alphabet (GOOG [https://seekingalpha.com/symbol/GOOG]) and Meta Platforms (META [https://seekingalpha.com/symbol/META]), declined 5.17% during the first quarter. This is in comparison to the 4.8% fall in the broader S&P 500 Index.
While the energy sector was a winner during the quarter as a spike in crude prices following disruptions in the Strait of Hormuz led to gains in oil and gas companies, other sectors, including financials (XLF [https://seekingalpha.com/symbol/XLF]) and technology (XLK [https://seekingalpha.com/symbol/XLK]) saw sharp sell-offs. Major U.S. indexes also experienced a notable downturn during the quarter, with losses coming mostly in late February after the U.S. and Israel launched strikes on Iran.
According to Seeking Alpha's Quant Rating system, the Communication Services sector has an average health score [https://seekingalpha.com/account/portfolio/health-score?portfolioId=65982832] of 3.22 out of 5, based on 100 stocks with market capitalizations above $2 billion.
Looking into individual companies in the sector, 17 stocks are rated as Buy and above based on Quant Ratings, 77 stocks are rated Neutral, and six are considered Sell or lower, with ratings based on valuation, growth, profitability, momentum, and EPS revision.
HERE ARE THE TOP AND BOTTOM-RATED 5 QUANT STOCKS AHEAD OF THE UPCOMING EARNINGS SEASON:
The pre-earnings quantitative breakdown shows that top-rated stocks are being driven primarily by profitability and momentum, while the low-rated names reflect a sharp decline in the valuation factor.
TOP 5 STOCKS: Sphere Entertainment (SPHR [https://seekingalpha.com/symbol/SPHR]), Quant Rating [https://seekingalpha.com/symbol/SPHR/ratings/quant-ratings] 4.97, Strong Buy
Orange (ORANY [https://seekingalpha.com/symbol/ORANY]), Quant Rating [https://seekingalpha.com/symbol/ORANY/ratings/quant-ratings] 4.89, Strong Buy
Turkcell Iletisim Hizmetleri (TKC [https://seekingalpha.com/symbol/TKC]), Quant Rating [https://seekingalpha.com/symbol/TKC/ratings/quant-ratings] 4.86, Strong Buy
TIM (TIMB [https://seekingalpha.com/symbol/TIMB]), Quant Rating [https://seekingalpha.com/symbol/TIMB/ratings/quant-ratings] 4.80, Strong Buy
Millicom International Cellular (TIGO [https://seekingalpha.com/symbol/TIGO]), Quant Rating [https://seekingalpha.com/symbol/TIGO/ratings/quant-ratings] 4.73, Strong Buy
BOTTOM 5 STOCKS: Tencent Music Entertainment Group (TME [https://seekingalpha.com/symbol/TME]), Quant Rating 1.43, Strong Sell
Grindr (GRND [https://seekingalpha.com/symbol/GRND]), Quant Rating [https://seekingalpha.com/symbol/GRND/ratings/quant-ratings] 1.72, Sell
Baidu (BAIDF [https://seekingalpha.com/symbol/BAIDF]), Quant Rating [https://seekingalpha.com/symbol/BAIDF/ratings/quant-ratings] 1.90, Sell
Trade Desk (TTD [https://seekingalpha.com/symbol/TTD]), Quant Rating [https://seekingalpha.com/symbol/TTD/ratings/quant-ratings] 1.96, Sell
Formula One Group (FWONA [https://seekingalpha.com/symbol/FWONA]), Quant Rating [https://seekingalpha.com/symbol/FWONA/ratings/quant-ratings] 1.98, Sell
SA Analyst has a Buy rating on S&P 500’s Communication Services (XLC [https://seekingalpha.com/symbol/XLC]) with a score of 3.00. [https://seekingalpha.com/symbol/XLC/ratings/author-ratings]
MORE ON COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
* XLC: Further TMT Downside Possible, Here's Where To Buy (Rating Downgrade) [https://seekingalpha.com/article/4882496-xlc-further-tmt-downside-possible-heres-where-to-buy-rating-downgrade]
* Roth Capital Partners flags caution as markets enter Q2 [https://seekingalpha.com/news/4572701-roth-capital-partners-flags-caution-as-markets-enter-q2]
* Most and least shorted communications services stocks with up to $2B market cap as of end-March [https://seekingalpha.com/news/4572179-most-and-least-shorted-communications-services-stocks-with-up-to-2b-market-cap-as-of-end]
* Seeking Alpha’s Quant Rating on Communication Services Select Sector SPDR Fund [https://seekingalpha.com/symbol/XLC/ratings/quant-ratings]
* Dividend scorecard for Communication Services Select Sector SPDR Fund [https://seekingalpha.com/symbol/XLC/dividends/scorecard]
- Highest and lowest quant-rated communication services stocks above $10B cap after earnings season
Mar 14, 2026
With the earnings season coming to an end, investors are turning their attention to updated quant ratings following the latest round of corporate results. The scores provide a snapshot of how companies rank across key factors such as valuation, growth, profitability, momentum, and revisions after reporting their quarterly performance.
Below is a snapshot of large-cap communication services companies with market capitalizations above $10B, highlighting those with the highest and lowest quant ratings after the earnings season, underscoring the stocks that strengthened their fundamentals as well as those that lagged.
TOP-QUANT RATED STOCKS:
Orange (ORANY [https://seekingalpha.com/symbol/ORANY]), Quant ratings: 4.90, Strong Buy
América Móvil (AMX [https://seekingalpha.com/symbol/AMX]), Quant ratings: 4.88, Strong Buy
Koninklijke KPN (KPN), Quant ratings: 4.72, Strong Buy
Telstra Group (TLGPY [https://seekingalpha.com/symbol/TLGPY]), Quant ratings: 4.72, Strong Buy
Millicom International Cellular (TIGO [https://seekingalpha.com/symbol/TIGO]), Quant ratings: 4.64, Strong Buy
BOTTOM QUANT RATED STOCKS:
Fox (FOX [https://seekingalpha.com/symbol/FOX]), Quant ratings: 1.97, Sell
Pinterest (PINS [https://seekingalpha.com/symbol/PINS]), Quant ratings: 2, Sell
News Corp (NWSA [https://seekingalpha.com/symbol/NWSA]), Quant ratings: 2.63, Hold
Roblox (RBLX [https://seekingalpha.com/symbol/RBLX]), Quant ratings: 2.61, Hold
Nintendo (NTDOY [https://seekingalpha.com/symbol/NTDOY]), Quant ratings: 2.67, Hold
MORE ON COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
* Where To Find Outperformance In 2026 [https://seekingalpha.com/article/4856217-where-to-find-outperformance-in-2026]
* 2026 Market Outlook: AI To Remain In The Spotlight [https://seekingalpha.com/article/4855380-2026-market-outlook-ai-to-remain-in-the-spotlight]
* My S&P 500 Prediction On Sector Outperformers And Laggards In 2026 [https://seekingalpha.com/article/4854947-my-s-and-p-500-prediction-on-sector-out-performers-and-laggards-in-2026]
* Most and least shorted communications services stocks with up to $2B market cap as of end-Feb [https://seekingalpha.com/news/4560206-most-and-least-shorted-communications-services-stocks-with-up-to-2b-market-cap-as-of-end-feb]
* Sphere Entertainment, EchoStar top communications services stocks in short interest; Kyivstar Group, Alphabet see the lowest exposure [https://seekingalpha.com/news/4560240-sphere-entertainment-echostar-top-communications-services-stocks-in-short-interest-kyivstar]
- Orange (OTCMKTS:ORANY) Given Consensus Rating of “Moderate Buy” by Brokerages
Mar 7, 2026 · defenseworld.net
Orange (OTCMKTS:ORANY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the six brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a
- Orange S.A. (ORANY) Analyst/Investor Day Transcript
Feb 20, 2026 · seekingalpha.com
Orange S.A. (ORANY) Analyst/Investor Day Transcript
- Orange: Orange unveils “Trust the future”, a new strategic chapter built on trust to unlock growth
Feb 19, 2026
Orange
Press release
Paris, 19 February 2026
Orange unveils “Trust the future”, a new strategic chapter built on trust to unlock growth
After successfully delivering all the ambitions of Lead the future 2023–2025, Orange opens a new chapter for the next 5 years. Trust the future places trust as a key competitive advantage, at the heart of the Group’s services and operating model, to reinforce its role as the trusted partner for always-available connectivity, broader digital services, and to unlock a new phase of growth. The plan is structured around three ambitions to leverage its strong customer base — Customer intimacy, Innovative growth and Excellence at scale — and is underpinned by strong commitments to the people, society and the planet. The expected full reconsolidation of MasOrange in H1 2026 is anticipated to significantly strengthen the Group’s profile. Group Organic Cash Flow is expected to grow double-digit and reach c.€5.2bn by 2028. The Group intends to maintain an attractive remuneration policy for its shareholders, with progressive dividend growth and a new floor set at €0.85 in 2028, while maintaining a solid balance sheet.
Sustainable value creation is the north star. Trust the future will drive profitable and sustainable growth, with an acceleration in cash flow generation compared to the Lead the future plan. The guidance for 2026 and 2028 is as follows:
2026
2026 standalone, ex. MasOrange Implication of MasOrange reconsolidation EBITDAaL1 c.3% Confirmed eCAPEX/sales c.15% Confirmed Organic cash flow c.€4bn Accretion Dividend €0.79 (payable in 2027) Confirmed Net debt / EBITDAaL c.2x in the medium term Temporary increase; unchanged medium term target
2028
2028 including MasOrange2 EBITDAaL1 c.+3% 2025-2028 CAGR3 eCAPEX/sales c.14% Organic cash flow c.€5.2bn (12% CAGR 2025-2028) Dividend Progressive dividend growth. New floor of €0.85 in 2028 (payable in 2029) Net debt / EBITDAaL c.2x in the medium term
“Trust the future, our new strategic plan, marks a key milestone for the Group,” said Christel Heydemann, Chief Executive Officer of Orange. “Lead the future 2023–2025 delivered on all its objectives: Orange is now simpler, stronger and more efficient, and our focus on value creation has reinforced our leadership in fast-evolving telecoms and digital markets.
In a world where digital complexity and risks are rising, and where connectivity remains critical, trust is our competitive edge. With Trust the future, we will accelerate growth in profitable B2C services and trusted solutions for enterprises — guided by strong ambitions in Customer intimacy, Innovative growth and Excellence at scale. Leveraging all levers in our hands, with disciplined investment, efficiency powered by AI and the commitment of our teams, the plan will generate superior cash flow and EPS growth.
In France, in a market which remains competitive, we are shifting to a full fibre network with the implementation of our copper decommissioning industrial project while stepping up our efficiency efforts.
The reconsolidation of MasOrange will create a step change and further strengthen our group profile.
Our direction is clear: to be, and remain, the trusted partner for everyday digital life – serving individuals, organizations and communities – by providing always available connectivity and beyond that, innovative digital services.”
Story Continues
Trust the future, three ambitions in action
In a world where digital complexity and risks are rising, expectations for quality of service, security and simplicity are rising fast, while AI is reshaping every industry. In this context, trust is becoming a decisive choice criterion. Trust the future makes that advantage concrete — through reliable networks, embedded cybersecurity, responsible data and AI practices, and seamless user experiences.
Trust is the foundation upon which the Group will build its future.
This strategy will be deployed around three key strategic ambitions: customer intimacy, innovative growth and excellence at scale.
1 – The first ambition is Customer intimacy, moving from best-in-class experience to deeper, more personal, more predictive relationships. The Group will better leverage its two strong assets: its 3404 million customer base and its powerful brand to grow its customer base, reduce churn and enhance loyalty. This will enable the Group:
To continue to grow its customer base — particularly in Africa and Middle East (where demographics and the adoption of smartphones, data and fixed broadband continue to rise) and in underpenetrated segments in European countries (by accelerating convergence and FTTH). By 2028, Orange aims to add around 40 million additional fixed and mobile customers. Inspire loyalty and reduce churn thanks to leading NPS and refreshed loyalty programs. Orange aims to improve churn rates by up to 3 points in European countries. Augment relevant customer interactions with digital, through next-gen apps, AI digital assistants and marketplaces to foster smart cross-sell and enhance Customer Value Management.
2 - The second ambition is to expand through Innovative growth.
In all markets, Orange will scale fast growing services beyond connectivity. The Group will invest in profitable, fast-growing retail and business services to deliver €1bn in additional revenues by 2028 (vs 2025) on those services that split as follows.
The Group will scale B2C services beyond connectivity where it has experience and already a positive track record: cybersecurity, home security, Orange travel, international money transfers in Europe (including France and Spain), Mobile Money and Max it in Africa and Middle East. The Group aims to generate an additional €500m of revenue on a portfolio of double-digit growth services by 2028. Orange Business and Orange Cyberdefense will build on their leadership in cyberdefence, grow trusted cloud solutions and trusted AI services, and invest in specific verticals such as defense and health. The Group aims to generate an additional €500m of revenue on trusted B2B services by 2028; and Orange Cyberdefense has an objective to reach €2bn in revenue by 2030.
Orange, contrary to some peers, has retained control of most of its infrastructure; the Group will continue to manage its unique infrastructure assets to create value and develop the wholesale monetization of these assets.
3 - Third ambition is to deliver Excellence at scale leveraging Group scale for technological leadership and efficiency.
Orange’s multi-local model is a unique strength — the reach of a global group and the agility of teams that are deeply rooted in their countries.
Orange is leading with next-generation networks — fiber, 4G, 5G — and will keep modernizing by decommissioning 2G, 3G and copper in Europe, while enhancing efficiency through AI and resilience with complementary solutions such as satellite. Orange will make its innovation capabilities and pooled expertise available across the Group, with shared platforms that accelerate time-to-market for digital services; It will step up mutualized operational efficiency, for instance in procurement with €1bn in expected savings. The Group will further expand AI deployment in every part of its daily operations, enhancing its use in four areas: customer experience, to develop highly-personalized interactions with a target of moving towards 100% of customer interactions augmented by AI; network management, covering multiple use-cases including, for example, the use of tools to decrease network downtime; internal processes, to improve operating efficiency; and in opening up new revenue opportunities, such as customer value management (CVM) and B2B LLM solutions. By 2028, Orange aims to achieve €600m in value5 generated from AI and an eCAPEX/sales ratio of around 14%.
Trust the future will be translated into concrete financial outcomes in the Group divisions
In France, in a mature market, Trust the future will aim to deliver stable retail services excl. PSTN over the next three years. The Group is implementing an ambitious efficiency plan to offset the decline of copper-related revenues amounting to €800 million euros. This will lead to “stable plus” EBITDAaL CAGR over 2025-2028. The combination of a “stable plus” EBITDAaL over the period, and a reduction in eCAPEX of over 300m€, will fuel a solid growth in “EBITDAaL – eCAPEX”. The Group expects Operating Cash Flow to grow by above +3% CAGR 2025-28.
In Africa and Middle East, the Group anticipates an average high single-digit revenue growth over the next three years (CAGR 2025-28). This growth is expected to be reflected in EBITDAaL, which will also grow at a high single-digit rate. The combination of high-growth EBITDAaL and a stable eCAPEX/sales ratio will enable the Africa and Middle East division to achieve high single-digit growth in Operating cash flow (CAGR 2025-28).
In Europe, Orange is expecting low single-digit growth in service revenues and low-to-mid-single digit EBITDAaL growth. Meanwhile, eCAPEX / sales is projected to decline to 14% thanks to strict CAPEX discipline. As a result, Operating Cash Flow is expected to reach a high single-digit CAGR 2025-28.
At Orange Business, continued portfolio alignment to trusted solutions and efficiency gains are expected to improve continuously the EBITDAaL year-on-year trend toward stabilization, while Orange Cyberdefense—reported within the segment—intends to build on its momentum with a 2030 revenue objective of €2bn.
For MasOrange, the Group anticipates low to mid-single-digit revenue growth, and low single-digit EBITDAaL growth, which, combined with the eCAPEX/-sales ratio at c. 12%, will lead to a mid to high single-digit CAGR 2025-28 growth of the Operating cash flow. With over €350m of synergies already achieved, the synergy target is confirmed to at least €500m. Full reconsolidation expected in H1 2026 will strengthen the Group’s profile and cash generation.
Sustainable value creation is the north star
The Group’s strategic ambitions - Customer intimacy, Innovative growth and Excellence at scale - will fuel topline growth and drive EBITDAaL-eCapex growth. The Group is expecting a +2-point improvement in Operating cash flow margin between 2025 and 2028.
The full reconsolidation of MasOrange, expected in H1 2026, will bring a significant step-up to cash generation. Organic cash flow is expected to grow double-digit and reach c.€5.2bn by 2028, while Free cash flow all-in growth will outpace Organic cash flow growth.
The Group is introducing a new value-creation metric, the adjusted Earnings Per Share, which is expected to grow at c.10% CAGR 2025-28.
Group Capital allocation policy will be driven by sustainable value creation.
eCAPEX to sale ratio will decrease toward c.14% by 2028.
Attractive shareholder return remains a priority. The dividend for 20266 will increase again to 0.79€ per share (payable in 2027), with a new floor at 0.85€ for 2028, while the Group will preserve a solid balance sheet, with a progressive deleveraging towards its mid-term objective of c. 2x net debt/EBITDAaL by end 2028 (excluding any impact from a potential transaction in France).
In terms of M&A, the priority will be in-market consolidation—especially the optionality in France—and selective bolt-on M&A, notably in cybersecurity and in Africa Middle East.
Commitment to people, society and the planet is the bedrock of the Group’s strategy.
Concerning people, Orange will continue to invest in skills, employability and leadership so that teams can adapt and lead in a fast-moving environment. Engagement remains strong, with 81% of employees being proud to work for Orange (Annual Engagement Survey, January 2026).
For society, the Group will extend digital trust to all by targeting the availability of tiered-protection offers—B2C/B2B cybersecurity and dedicated solutions for young people—in 100% of countries by 2030, and by providing free training in digital uses to 6 million people by 2030 vs 2021, notably through its Orange Digital Centers.
For the Planet, Orange reiterates its environmental trajectory: a 45% reduction in greenhouse gas emissions on all scopes by 2030 vs. 2020, and Net Zero Carbon by 2040, driven by energy efficiency, decarbonization, circular economy initiatives and country-specific adaptation plan to address more extreme weather events.
About Orange
Orange is one of the world’s leading telecommunications operators. The Group aims to be the trusted partner for everyday digital life by providing individuals, businesses and communities with reliable connectivity and innovative services. As of the end of 2025, Orange connects 340 million customers (including MasOrange) across 26 countries and generated 40.4 billion euros in revenues.
As a trusted player, Orange leverages the excellence of its very high-speed broadband networks to deploy digital infrastructure in Europe, Africa and the Middle East. The Group is a European leader in fiber, with 100 million connectable households, and convergent offers. In France, Orange connects 34 million customers and was ranked No. 1 by the regulator Arcep for the quality of its mobile network for the 15th consecutive year. In Africa and the Middle East, the Group’s growth engine, Orange serves nearly 180 million customers and promotes digital and financial inclusion through its connected solutions.
Under the Orange Business brand, the Group supports companies in transforming their networks as well as in AI, trusted cloud and cybersecurity. Orange is also a major player in the wholesale market, where it has a leading global telecom infrastructure and significant capabilities for deploying and operating submarine cables. A committed innovator, Orange relies on 700 researchers and holds a portfolio of 11,000 patents.
Orange is listed on Euronext Paris (symbol ORA). More information: www.orange.com.
Orange and any other Orange product or service names mentioned in this material are trademarks of Orange or Orange Brand Services Limited.
Press contacts:
Eric Fohlen-Weill: eric.fohlen-weill@orange.com
Tom Wright: tom.wright@orange.com
1 Year on year on a comparable basis
2 Subject to closing in 2026
3 Compounded Annual Growth Rate
4 Including MasOrange and FiberCos
5 vs >€300m achieved in 2025, value = revenue preserved or uplift, Opex & eCapex gross savings based on identified use cases
6 Subject to shareholder’s approval
Attachment
PR_Orange_Trust_the_future_EN_190226
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