“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.”
Christel Heydemann, Orange group CEO
In the third quarter of 2026, the Group generated revenue of €12.2 billion, up 3.6%. All geographies contributed to this growth: Africa and Middle East (+14.2%), Europe 6 (+5.3%), Spain (+3.5%) and France (+0.5%). Retail services grew by +3.3%, reflecting solid commercial momentum, driven by remarkable growth in Africa and Middle East (+15.2%), the acceleration of convergent services in Europe 6 (+6.7%) and increase in retail services excluding PSTN[3] in France (+1.1%).
The Group's EBITDAaL reached €4.1 billion in the third quarter, up 4.6%, driven by accelerating revenue growth and continued operational efficiency initiatives. The strong EBITDAaL performance, with growth of 4.8% in the first nine months of the year, enables the Group to raise its 2026 growth guidance from above 4% to above 4.5%.
eCAPEX amounted to €1.7 billion in the third quarter, down 2.5%, and represented 14.8% of revenue over the first nine months of the year, well in line with the annual target of around 15%.
Operating cash-flow (EBITDAaL – eCapex) increased significantly by 10.3% in the third quarter, fueling growth to 8.8% over the first nine months of the year.
Commercial performance
The Group continues to expand its customer base, which exceeded 367 million accesses at the end of September 2026.
Joint bid to acquire SFR alongside Bouygues Telecom and Free–iliad Group
On 6 June 2026, Orange, alongside Bouygues Telecom and Free–iliad Group, announced the signature of a Memorandum of Understanding with Altice France to acquire SFR, France's second-largest telecommunications operator.
While rulings are expected in proceedings brought by the works council within the Altice France group, Orange remains committed to constructive social dialogue, which is ongoing.
Expected closing in the second half of 2027 remains unchanged, subject to regulatory approvals.
Guidance
The Group raises its EBITDAaL target, and confirms all the other financial elements of the guidance for 2026:
- EBITDAaL growth exceeding +4.5% (previously above +4%)
- eCAPEX-to-revenue ratio of approximately 15%
- Organic cash flow[4] reaching around €4.3 billion (target raised in Q2 2026)
- Net debt/EBITDAaL ratio with a medium-term target of around 2x
For the 2026 fiscal year, Orange has set a dividend of €0.79 per share, payable in 2027[5].
Orange will make an interim dividend cash payment for 2026 of €0.30 per share on December 3, 2026.
The Board of Directors of Orange SA met on 26 October 2026 and reviewed the consolidated results as of 30 September 2026.
Further information on the Group's results and performance indicators is available on Orange's website Financial and extra-financial information | Orange.
[1] Unless otherwise stated, percentage changes are year-on-year performance versus the third quarter of 2025 on a comparable basis.
[2] Following the creation of the Spain segment, the former “Europe” segment has been renamed “Europe 6” and includes Poland, Belgium, Luxembourg, Slovakia, Romania and Moldova.
[3] Public Switched Telephone Network (PSTN)
[4] Excluding costs related to Orange Bank discontinuation.
[5] Subject to approval by the shareholders' meeting.
About Orange
About Orange Orange is one of the world’s leading telecommunications operators. The Group aims to be the trusted partner for everyday digital life by providing individuals, businesses and communities with reliable connectivity and innovative services. As of the end of 2025, Orange connects 340 million customers (including MasOrange) across 26 countries and generated 40.4 billion euros in revenues.
As a trusted player, Orange leverages the excellence of its very high-speed broadband networks to deploy digital infrastructure in Europe, Africa and the Middle East. The Group is a European leader in fiber, with 100 million connectable households, and convergent offers. In France, Orange connects 34 million customers and was ranked No. 1 by the regulator Arcep for the quality of its mobile network for the 15th consecutive year. In Africa and the Middle East, the Group’s growth engine, Orange serves nearly 180 million customers and promotes digital and financial inclusion through its connected solutions.
Under the Orange Business brand, the Group supports companies in transforming their networks as well as in AI, trusted cloud and cybersecurity. Orange is also a major player in the wholesale market, where it has a leading global telecom infrastructure and significant capabilities for deploying and operating submarine cables. A committed innovator, Orange relies on 700 researchers and holds a portfolio of 11,000 patents.
Orange is listed on Euronext Paris (symbol ORA). More information: www.orange.com.
Orange and any other Orange product or service names mentioned in this material are trademarks of Orange or Orange Brand Services Limited.