• Revenues increased +3.5%, driven by double-digit growth in Africa & Middle East (+12.7%), and robust performances in France (+2.3%) and Europe (+2.2%)
  • Sustained retail performance (+2.9%) in France, Europe, and Africa & Middle East
  • Strong wholesale revenue growth (+6.1%) driven by significant fiber co-financing received in France
  • Group's 2026 EBITDAaL guidance upgraded from c.+3% to above +3%

 

 

“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.

We delivered a sustained commercial performance in Africa & Middle East, which remains the main contributor to our 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.

Our ongoing progress in operational excellence and efficiency is reflected in EBITDAaL growth and allows us to upgrade our 2026 guidance.

The full takeover of MasOrange, whose closing is expected to occur by the end of the second quarter, will further strengthen the Group's position at the heart of Europe's telecom market.

Furthermore, we have announced along with Bouygues Telecom and Free-iliad Group that we have entered exclusive negotiations with the Altice France group for the acquisition of SFR. This is a decisive step, even though there is no certainty at this stage that an agreement will be reached.

Our thanks go to all of Orange's employees for these important achievements in the first quarter."

Christel Heydemann, Chief Executive Officer of Orange Group

The Board of Directors of Orange SA met on 22 April 2026 and reviewed the consolidated financial results at 31 March 2026. More detailed information on the Group's results and performance indicators is available on Orange's website at www.orange.com.

 

The Group delivered revenues of €10,095 million in the first quarter of 2026, up +3.5% year-on-year[2] driven by growth in retail services (+2.9%) and wholesale services (+6.1%). The latter are supported by an exceptional positive effect in France, including the receipt of a significant fiber co-financing, which was included in the Group's 2026 guidance announced in February. Excluding this exceptional contribution, the Group's revenue growth in the first quarter would have been approximately +2.5%. Regarding operations, the Group's performance was mainly driven by double-digit growth in Africa & Middle East (+12.7%), as well as by growth in France (+2.3%) and in the Europe segments (+2.2%).

On the commercial front, the Group is consolidating its position as the convergence leader in Europe with 9.3[3] million customers, an increase of +1.9% [2]   compared to the previous year.

 

The Group's EBITDAaL reached €2,601 million in the first quarter of 2026, up +6.6%, driven by a solid retail services performance, ongoing operational efficiency efforts, and an exceptional positive wholesale effect in France, excluding which, the Group's EBITDAaL growth would have been approximately +3.5%.

eCAPEX was €1,542 million in first quarter 2026, representing 15.3% of revenues, in line with the 2026 target. Orange remains the undisputed leader in fiber in Europe with 59,9[3] million connectable households.

Guidance

 

The Group is upgrading its EBITDAaL guidance and confirms its other financial objectives for 2026. These targets do not yet include the effects of the expected re-consolidation of MasOrange:

  • EBITDAaL[2] growth above +3% (previously around +3%)
  • eCAPEX / revenues ratio of approximately 15%
  • Organic cash flow reaching around €4 billion
  • Net debt/EBITDAaL ratio at around 2x in the medium term

 

The Group confirms these targets in the event of MasOrange re-consolidation[4], with an accretive effect on organic cash flow generation and a temporary increase in the net debt/EBITDAaL ratio, while the medium-term objective remains unchanged.

 

In respect of the 2025 fiscal year, a dividend of €0.75 per share will be proposed at the 2026 Annual Shareholders' Meeting, with a balance of €0.45 to be paid on June 15 (ex-dividend date June 11)

For the 2026 fiscal year, Orange has set a dividend floor of €0.79 per share, payable in 2027[5].

 

 

 

[2] on a comparable basis

[3] excluding MasOrange

[4] subject to closing in the second quarter of the year 2026

[5] subject to approval by the Annual 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.