Our net debt / EBITDAaL ratio is aligned with our target of aroud 2x over the medium term.
| 06/30/2026 | 12/31/2025 | 12/31/2024 | |
|---|---|---|---|
| Net debt (in billions of euros) | 35,7 | 22,5 | 22,5 |
| Net debt / EBITDAaL | 2,4x | 1,80x | 1,84x |
The strenght of our financial position is reflected in our robust liquidity ensuring the sustainability of our operations.
(in billions of euros)
| 06/30/2026 | 12/31/2025 | 12/31/2024 | |
|---|---|---|---|
| Cash | 11,1 | 15,2 | 11,5 |
| Undrawn credit lines | 6,3 | 6,0 | 6,0 |
| Liquidité totale | 17,4 | 21,2 | 17,4 |
International credit rating agencies Standard & Poor's, Moody's, and Fitch regularly assess the quality of Orange's financial profile. Their ratings reflect the Group's financial strength and attest to its reliability.
| Agency | Long-term period debt | Outlook | Short-term period debt |
|---|---|---|---|
| Standard & Poor's | BBB+ | Stable | A2 |
| Moody's | Baa1 | Stable | P2 |
| Fitch Ratings | BBB+ | Stable | F2 |
Committed to combining economic performance with a sustainable approach, Orange responsible positioning is reflected in our financing structure.
In 2024, we issued bonds in two tranches for a total of €1.5 billion, including €750 million in sustainable bonds with a 10-year maturity and an annual coupon of 3.50%. For the sustainable tranche, around 50% of funds are allocated to projects with environmental impact, mainly energy efficiency initiatives, and around 50% to projects with social impact, notably accelerating fiber deployment in underserved areas.
Orange has an ongoing Euro Medium Term Notes (EMTN) issuance program. The base prospectus and all related documentation are available in our Investor Media Library.
Information on Orange’s semi-annual debt securities buybacks can also be found in our Investor Media Library.
