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Company research25 Mar 2024
Companies That Had Their IPO in 1997: Tech and Internet Fever
An overview of the IPO landscape and stock market sentiment as the dot com bubble slowly started to take shape.
Orange
Orange (ORA) investor relations material
Orange Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary28 Jul, 2026
Executive summary
Achieved record H1 2026 revenue of €20.95 billion (+3.5% year-over-year) and EBITDAAL of €6.13 billion (+5.0%), driven by strong retail, Africa & Middle East, and Europe 6 performance.
Net income surged to €3.6 billion, with adjusted net income up 11.8% to €1.35 billion, mainly due to MasOrange revaluation and contract settlement gains.
Completed full acquisition of MasOrange in Spain (fully consolidated from June 2026) and signed MoU for SFR acquisition in France, reinforcing market leadership.
Upgraded full-year 2026 EBITDAAL guidance to above 4% and organic cash flow guidance to €4.3 billion.
Strategic initiatives include a joint venture for a 400 MW data center platform in France and accelerated sustainability progress (32% GHG reduction since 2020).
Financial highlights
H1 2026 revenues reached €20.95 billion (+3.5% year-over-year); EBITDAAL at €6.13 billion (+5.0%); EBITDA margin improved by 0.4 points to 29.3%.
Operating income rose to €4.77 billion; adjusted net income at €1.35 billion (+11.8%); net income at €3.6 billion.
Free cash flow all-in increased to €1.86 billion (+71.3% year-over-year); organic cash flow at €2.2 billion (+€0.5 billion year-on-year).
Net financial debt stood at €35.7 billion (up €13.2 billion, mainly due to MasOrange acquisition); net debt/EBITDAAL ratio at 2.4x.
eCAPEX at €3.18 billion (15.2% of revenues), with disciplined allocation and increased investment in Africa & Middle East.
Outlook and guidance
Upgraded 2026 EBITDAAL growth guidance to above 4% (previously above 3%) and organic cash flow to €4.3 billion (previously €4 billion).
Dividend set at €0.79 per share for 2026, with an interim dividend of €0.30 to be paid in December 2026.
Medium-term net debt/EBITDAAL target remains around 2x; dividend floor of €0.85 per share confirmed for 2028.
Confident in achieving stable plus retail revenues (excluding PSTN) and EBITDA growth in France for 2026.
MasOrange expected to deliver low single-digit EBITDAAL growth in H2 and over €430 million cumulative synergies.
Detail SFR joint acquisition spectrum impact
Explain Scorefit's role in fiber transition
Describe the data center JV with Morrison
Detail the €1.3bn SFR integration cost profile
Explain the 400MW data center JV funding model
Impact of Tech Mahindra deal on EBITDAAL trends
Timeline and regulatory steps for SFR deal
Value creation logic for Morrison data center JV
Drivers of double-digit EBITDA growth in MEA
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Latest events from Orange
- EBITDAAL up 3.8% with upgraded guidance, as Africa & Middle East drove strong growth.ORA
Q2 20258 Jul 2026 - Strong 2025 results with growth in Africa & Middle East, fiber expansion, and strategic moves in Spain.ORAQ4 20258 Jul 2026
- EBITDAAL up 3.7% in Q3 2025, with upgraded guidance and strategic moves in France and Spain.ORAQ3 20258 Jul 2026
- AGM approved €0.75 dividend, new Chairman, and major governance and strategy changes.ORAAGM 202622 May 2026
- Q1 2026 revenue up 3.5%, EBITDAAL up 6.6%, with upgraded 2026 guidance and strong Africa growth.ORAQ1 202623 Apr 2026
- Targets €5.2bn cash flow, 3% EBITDAAL CAGR, and progressive dividends by 2028.ORACMD 202610 Apr 2026
- Solid financials, strategic advances, and all key resolutions approved; dividend increased.ORAAGM 202526 Feb 2026
- H1 2024 saw strong EBITDAaL, cash flow, and net debt reduction, led by Africa & Middle East.ORAQ2 202416 Feb 2026
- Q1 2025 delivered 3.2% EBITDAAL growth and robust retail gains, confirming 2025 targets.ORAQ1 202516 Feb 2026
Next Orange earnings date
Q3 202627 Oct, 2026
Orange
Next Orange earnings date
Q3 202627 Oct, 2026
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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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