Orange Group posts 3.5% revenue Growth; upgrades full-year outlook

Orange Group delivered solid growth in the first quarter of 2026, with revenues rising 3.5% year-on-year to €10,095 million, driven by robust performances across key regions and business lines.

The French telecom operator posted double-digit growth in Africa & Middle East (+12.7%), supported by sustained retail performance (+2.9%) across France, Europe, and the Africa & Middle East region.

France recorded +2.3% revenue growth, while the broader Europe segment grew +2.2%. Wholesale revenues increased +6.1%, boosted by significant fiber co-financing received in France.

Excluding this exceptional wholesale contribution (approximately €100 million in revenues), underlying group revenue growth stood at around +2.5%.

EBITDAaL reached €2,601 million, up +6.6% year-on-year. This performance reflected strong retail services, ongoing operational efficiency gains, and the positive wholesale effect in France. Stripping out the exceptional item, EBITDAaL growth was approximately +3.5%.

On the commercial side, Orange consolidated its position as Europe’s convergence leader with 9.3 million convergent customers, an increase of +1.9%. The group also maintained its leadership in fiber, with 59.9 million connectable households. eCAPEX stood at €1,542 million, representing 15.3% of revenues and in line with the full-year target.

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CEO Commentary
“The first quarter of 2026 marked the launch of our Trust the Future plan and we are fully focused on its implementation. Our very solid first-quarter results demonstrate both the performance of our teams and the relevance of our strategy,” said Christel Heydemann, Chief Executive Officer of Orange Group.

She highlighted sustained commercial momentum in Africa & Middle East ,the main contributor to growth ,as well as in France and Europe. “In the current environment, Orange remains strong and resilient, with limited exposure to the effects of the Middle East crisis.”

Heydemann added that progress in operational excellence is supporting EBITDAaL growth, enabling the guidance upgrade. She also pointed to upcoming strategic moves, including the expected full takeover of MasOrange by the end of Q2 2026, which will strengthen the group’s position in the European telecom market. Additionally, Orange, along with Bouygues Telecom and Free-Iliad Group, has entered exclusive negotiations with Altice France for the potential acquisition of SFR, though no agreement is certain at this stage.

Upgraded 2026 Guidance
Following the strong start to the year, Orange upgraded its 2026 EBITDAaL growth guidance from around +3% to above +3%. The group confirmed its other financial objectives (these do not yet include the impact of MasOrange re-consolidation):

-eCAPEX/revenues ratio of approximately 15%
-Organic cash flow of around €4 billion
-Net debt/EBITDAaL ratio at around 2x in the medium term

The targets remain valid in the event of MasOrange re-consolidation, which is expected to be accretive to organic cash flow while causing only a temporary increase in the leverage ratio.

Dividend Announcements
For the 2025 fiscal year, Orange will propose a dividend of €0.75 per share at the 2026 Annual Shareholders’ Meeting, with the balance of €0.45 payable on 15 June 2026 (ex-dividend date: 11 June).
For the 2026 fiscal year, the group has set a dividend floor of €0.79 per share, payable in 2027.