Latest consolidated results

Revenue growth acceleration in Q2 and near stable EBITDAaL



Stéphane Richard comments on the Group’s financial results for the first half of 2021.



Revenue growth acceleration in Q2 and near stable EBITDAaL

  • Very strong sales momentum across the Group
  • Material impact on net income from accounting recognition of asset impairments in Spain
  • Growth drivers allow the Group to confirm its 2023 objectives



2021 HY financial results


  • Revenue up 2.6%1  in Q2 2021:
    - sharp rebound in equipment sales and sustained performance in services
    - outstanding performance in Africa & Middle East at +14.4%
    - Europe excluding Spain +6.1%, decline in Spain limited to -2.7% compared to -7.4% in Q1
    - Enterprise accelerating at +2.3% thanks to revenues from IT and Integration services
    - France slightly lower at -0.7%

    Unless otherwise stated, the changes presented in this press release are on a comparable basis.

  • Excellent commercial performance:
    - 11.2 million convergent customers
    - 10.3 million fiber (FTTH) customers out of 51.8 million connectable households. The FTTH client base rose 28% year on year, driven in particular by France and Poland
    - Close to 1 million 5G customers with 5G offers available in six countries
  • EBITDAaL down slightly by 0.4%, penalized by less co-financing received in France  
  • Operating income was -1,752 million euros at 30 June 2021 compared to +2,220 million euros at 30 June 2020 due to goodwill impairments in Spain of 3,702 million euros reflecting the downward revision of the short-term outlook
  • Consolidated net income was -2,605 million euros
  • eCAPEX rose sharply: +33.2% in Q2 2021 after a slowdown in investments in Q2 2020. It was +22.8% in the first half, driven by investments in fiber and in Africa & Middle East, in line with the objectives for 2021
  • Organic cash flow from telecom activities of 840 million euros in H1 2021 (up 585 million euros compared to H1 2020 on a historical basis) despite the strong increase in eCAPEX, tied to the normalization of WCR penalized in 2020 by support measures for partners.

Outlook for 2021

The Group is maintaining its financial objectives for 2021 as announced on 18 February 2021, namely:

  • stable but negative EBITDAaL
  • eCAPEX of 7.6-7.7 billion euros
  • organic cash flow from telecom activities of over 2.2 billion euros
  • net debt/EBITDAaL ratio for telecom activities remaining at around 2x in the medium term.

As a reminder, these targets take into account the allocation of the 2.2 billion-euro tax refund received at the end of 2020 after the French Council of State found in the Group’s favor in a long-running tax dispute, which is intended to generate long-term added value for the Group but will have an impact on objectives in the short term.


Orange will make an interim dividend payment of 0.30 euros in cash on 15 December 2021.
In respect of the 2021 financial year, a dividend of 0.70 euros per share will be proposed to the 2022 Shareholders’ Meeting.

Commenting on the publication of these results, Stéphane Richard, Chairman and Chief Executive Officer of the Orange group, said:

"During the second quarter the Orange Group’s growth accelerated, driven in particular by our outstanding performance in Africa and Middle East. In France our consumer market commercial results bear witness to our resilience and have contributed to the near stabilisation of EBITDAal, in a context of the accelerated transformation of our business model from copper to fiber.

The Enterprise market, whose transformation towards IT & integration services continues, is also experiencing strong momentum thanks to revenues from Cybersecurity, Cloud and Digital & Data. In Spain, where the overall context has worsened obliging us to book a significant impairment to the value of our assets, the new management team has set in motion its strategy to reposition our offers and the commercial performance is positive.
In line with our Engage 2025 strategic plan, the Group’s vision remains firmly focused on creating long-term value for all of our stakeholders.  Our growth engines – Africa and the Middle East, Europe, the B2B market, cyberdefence, banking and our infrastructure – all have good momentum and we’re beginning to gather the fruits of our investments. This allows us to reiterate with confidence our objectives for 2023."

On 28 July 2021, Orange SA’s Board of Directors reviewed the consolidated half-year financial statements and management report for the period ended 30 June 2021. In accordance with auditing standards, the Group's auditors conducted a limited review of the half-year accounts and verified the information given in the half-year management report.
More detailed information on the Group’s financial results and performance indicators is available on the Orange website

The entire press release is available on PDF file


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