Replay of the webcast audio
18 February

 

Financial documents

FY 2025 Press release
PDF (11,1 Mo)
FY 2025 Presentation
PDF (11,8 Mo)
Q4 2025 Databook KPIs - Pdf
PDF (7 Mo)
Q4 2025 Databook KPIs - Excel file to be downloaded
PDF (6 Mo)
FY 2025 Consolidated Financial Statement
PDF (14,1 Mo)
FY 2025 Consolidated Financial Statement - Excel file to be downloaded
PDF (4 Mo)
FY 2025 List of subsidiairies
PDF (4,2 Mo)

 

In 2025, we successfully completed our Lead the Future strategic plan: Orange is now simpler, stronger, and more efficient. By refocusing our efforts on value creation, we have strengthened our position in a rapidly changing global digital market. Our 2025 objectives were fully achieved, and I would like to thank all Orange teams for their hard work and commitment, as well as our customers for their trust. [...]

Christel Heydemann_ Directrice générale Orange
Chrystel Heydemann
Chief Executive Officer at Orange

View the full press release

Financial and extra-financial results 
Success of Lead the Future 2023-2025 strategic plan; 2025 objectives fully achieved
€40.4 Bn

Revenues. +0.9%

€12.5 Bn

EBITDAaL. +3.8% yoy

€6.2 Bn

eCAPEX. -0.4% yoy

€3.7 Bn

Cash Flow. +8.3% yoy

 
Orange delivered very solid results in 2025
EBITDAaL growth of 3.8% and Organic Cash Flow up 8.3% reaching 3.7 billion euros
Strong net additions in France, Europe, and Africa & Middle East: +19.6 million customers in one year
Africa & Middle East achieved double-digit growth in revenues and EBITDAaL
Efficiency plans in France and Europe supported delivery of the results
Binding agreement with Lorca to acquire full ownership of MasOrange; a decisive step to reinforce Orange’s leadership in Spain

Annual revenue for 2025 was 40,396 million euros, up 0.9% year on year  (+374 million euros) thanks to growth in retail services (+2.2% or +675 million euros). The momentum seen in retail services was partly offset by a decline in wholesale services (-3.9% or -229 million euros).

The Group’s EBITDAaL increased 3.8% to 12,470 million euros (+457 million euros), fully in line with the target of at least +3.5% growth, a target twice revised upward in 2025. This solid performance was driven by a double-digit increase in Africa & Middle East (+13.9%), as well as solid growth in Europe (+3.2%) and France (+0.9%). Orange Business continued to improve its EBITDAaL trend (-6.3% vs 
-8.4% in 2024), despite a difficult macroeconomic and market environment. Growth in EBITDAaL reached +3.9% in the fourth quarter, maintaining the momentum of previous quarters. 

EBITDAaL from telecom activities was 12,522 million euros (+3.0%), with a 0.6-point improvement in the EBITDAaL margin. This increase was possible due to sustained operational efficiency efforts which enabled the Group to reach its efficiency target of 600 million euros over the past three years.

eCAPEX was lower (-0.4%, or -23 million euros) at 6,208 million euros, representing 15.4% of revenues and in line with the objective of eCAPEX discipline. The Group consolidated its leadership in fiber with 65.5  million households connectable to FTTH worldwide at 31 December 2025 (+9% year on year), and a FTTH customer base of 15.4 million (+14.0% year on year).

Africa & Middle East was the main contributor to this growth, with revenues up 12.2% (+918 million euros), driven by increases from its four growth engines (+18.6% in Mobile data, +18.4% in Fixed broadband, +18.0% for Orange Money and +10.4% in B2B).

In France, the commercial performance was solid with a record quarter for fiber (the best net additions since the fourth quarter of 2022). In a market that remains competitive, the growth in retail services excluding PSTN  for the year was +0.6% (68 million euros). The structural developments in wholesale services (-6.5% or -286 million euros) continued to weigh on revenues, which resulted in a 2.1% decline (-377 million euros) year on year. 

Revenues in Europe rose 2.2% (+156 million euros) mainly due to the growth in retail services (+3.0%). 

The downward trend in Orange Business revenues (-4.8% or -367 million euros) was again due to the decline in Fixed-only revenues (-7.6% or -223 million euros). Revenue growth for Orange Cyberdefense was dynamic (+6.8% or +80 million euros), while IT and integration services were down (-2.3% or -86 million euros) in a tight IT market.

In terms of commercial performance, the Group maintained its leadership position in convergence in Europe (including France), with a total of 9.3 million convergent customers (+1.9%). Mobile services had 272.8 million accesses worldwide (+7.8%). Fixed services had 38.1 million accesses worldwide (-0.6%) of which 16.5 million were very high-speed broadband accesses, an area that continued to show strong growth (+13.0%). 
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Our extra financial performance

Environment

The Group exceeded its target of reducing its scopes 1 and 2 GHG emissions by 30% in 2025 compared to 2015, ahead of schedule, achieving a 49.3% decrease in 2025. It also exceeded its scope 3 target of a 14% reduction compared to 2018, with a 16.4% decrease in GHG emissions in 2025. The reduction in total GHG emissions from the three scopes in the digital sector was -24.5% compared to 2020, well on track to achieve the -45% target Orange set for 2030.

Diversity

The Group exceeded its target of 35% women in management networks last year, a year ahead of schedule, reaching 36% in 2025.

Digital inclusion

The Group exceeded its target for digital support and training with +3.3 million beneficiaries between 2021 and 2025, on course for the 2030 target of 6 million.

ESG rating

MSCI: BBB

Sustainalytics: Low risk

ISS: B Prime

Ecovadis: Platinium

 
 

 

 

 
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