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Company Research25 Mar 2024
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Orange
Orange (ORA) investor relations material
Orange CMD 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2026 summary19 Feb, 2026
Strategic direction, transformation, and ambitions
Launched the 'Trust the Future' plan for 2026–2028, focusing on customer intimacy, innovative growth, operational excellence, and trust as a competitive edge, building on previous achievements and a streamlined organization.
Accelerated digital transformation, AI adoption, and network modernization, including decommissioning legacy infrastructure, expanding FTTH and 5G, and leveraging a 340 million customer base.
Emphasized trust, digital safety, and environmental sustainability, targeting net zero carbon by 2040 and a 45% reduction in GHG emissions by 2030.
Integration of MasOrange in Spain to drive scale, synergies, and a balanced group profile, with full reconsolidation in H1 2026.
Prioritizes in-market consolidation, especially in France, and selective M&A in cybersecurity and Africa/Middle East.
Financial guidance, capital allocation, and shareholder returns
Targets double-digit organic cash flow growth, reaching approximately €5.2bn by 2028 (12% CAGR 2025–2028), with EBITDAAL to grow at a 3% CAGR and eCapEx/sales ratio to decrease to around 14% by 2028.
Adjusted EPS expected to grow at c.10% CAGR 2025–2028, supported by MasOrange consolidation and operational improvements.
Progressive dividend policy, with a new floor of €0.85/share in 2028, and net debt/EBITDAAL to return to c.2x by end 2028.
Capital allocation prioritizes deleveraging post-MasOrange, M&A focused on French consolidation and bolt-ons in cyber and Africa/Middle East, and continued attractive shareholder returns.
Business segment outlook and growth drivers
France: Stable retail revenues (ex-PSTN), offsetting copper revenue decline with efficiency, targeting stable-plus EBITDAAL and >€300m CapEx reduction by 2028.
Africa/Middle East: High single-digit revenue and EBITDAAL growth, targeting €10bn revenues and doubling fiber customers by 2028.
Europe: Low single-digit service revenue and EBITDAAL growth, high single-digit operating cash flow growth, and margin improvement.
MasOrange: Low to mid-single-digit revenue growth, mid to high single-digit operating cash flow CAGR, and at least €430m–€500m synergies by 2028.
Orange Business and Cyberdefense: Ongoing transformation, targeting EBITDA stabilization, mid to high single-digit growth in cyber, cloud, and health, and €300m in cost savings.
Quantify AI's expected value generation by 2028
Targeted additional B2B revenue from innovative growth
Customer base expansion target by 2028
MasOrange: Why modest operating leverage?
How does the 2028 dividend floor impact M&A flexibility?
OBS: Detail strategic non-capitalistic partnership
Partial view of Summaries dataset, powered by Quartr API
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Next Orange earnings date
Q1 202623 Apr, 2026
Orange
Next Orange earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Orange S.A. is a telecommunications operator providing mobile, fixed-line, internet, and television services. It operates across Europe, Africa, and the Middle East, offering services to both individual consumers and businesses. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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