REG-Orange: Orange maintains solid revenue growth in the third quarter and raises its full-year EBITDAaL growth target
Key Highlights
- ➤Q3 revenue €12,191M, up 3.6% on a comparable basis
- ➤EBITDAaL €4,140M, up 4.6% in the third quarter
- ➤2026 EBITDAaL growth target raised to above 4.5% from above 4%
- ➤Operating cash flow rose 8.8% over nine months to €5,374M
- ➤Africa and Middle East revenue surged 14.2% to €2,401M
Expert Statements
Christel Heydemann, Orange group CEO
“This third quarter confirms the strong momentum generated by our Trust the future plan. Revenue increased across all our geographies, driven by a robust commercial performance. Africa and Middle East continued its remarkable growth, while Europe, particularly Poland, delivered solid results. We are continuing to implement our plan, with several developments in the third quarter: the launch of new offers in France, the integration of MasOrange now renamed Orange España, sustained growth of Orange Cyberdefense, and an extended SecNumCloud qualification for Orange Business’s cloud offerings. In October, we signed a letter of intent with Deutsche Telekom, Telefónica and Vodafone to explore a joint bid for MSS spectrum allocation in Europe for mobile satellite services. This initiative supports the ambition to strengthen the sovereignty, security and resilience of Europe’s strategic infrastructure. Building on sustained EBITDAaL growth of 4.8% in the first nine months of the year, we are raising our 2026 target to growth of more than 4.5%. I would like to thank all our teams for their commitment and for driving our projects and transformation forward.”
Orange maintains solid revenue growth in the third quarter and raises its full-year EBITDAaL growth target * Revenue rose +3.6%(1) in the third quarter, driven by growth across all our geographies: Africa and Middle East (+14.2%), Europe 6(2) (+5.3%), Spain (+3.5%) and France (+0.5%). * Robust retail services growth of +3.3%, supported by a strong commercial performance. * EBITDAaL grew +4.6% (+4.8% over 9 months), enabling the Group to raise its 2026 Group EBITDAaL growth guidance to above +4.5%. * eCAPEX decreased -2.5% in the quarter; the eCAPEX-to-revenue ratio standing at 14.8% over 9 months. * Operating cash-flow (EBITDAaL – eCapex) significant increase by +8.8% over 9 months.
In millions of euros3Q 2026change comparable basischange historical basis9M 2026change comparable basischange historical basis Revenues12,1913.6 %22.0 %33,1383.5 %11.0 % EBITDAaL4,1404.6 %20.4 %10,2684.8 %12.7 % eCAPEX1,712(2.5) %16.7 %4,8930.8 %9.0 % EBITDAaL - eCAPEX2,42810.3 %23.2 %5,3748.8 %16.2 %
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