Orange (ORA) CMD 2026 summary

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.