Orange (ORA) Q3 2025 earnings summary

Executive summary

• Submitted a joint non-binding €17 billion offer with Bouygues and Iliad to acquire most of Altice France, aiming to strengthen investment and maintain competition in a challenging market.

• Achieved strong Q3 2025 results with robust commercial performance in France, Europe, and Middle East & Africa, including 8.2 million net customer additions and surpassing 300 million total customers globally.

• Maintained leadership in fiber in France, surpassing 10 million customers, and announced the creation of Premium Fiber in Spain with Vodafone and GIC, consolidating 12 million premises and 5 million customers.

Financial highlights

• Q3 2025 revenues reached €10.0 billion, up 0.8% year-over-year, driven by 2.6% retail growth and strong performance in Africa & Middle East.

• Q3 2025 EBITDAAL was €3.4 billion, up 3.7% year-over-year, with a 34.4% margin (+0.7 pts yoy).

• Q3 2025 eCAPEX was €1.47 billion, representing 14.7% of sales.

Outlook and guidance

• Upgraded full-year 2025 EBITDAAL guidance to at least 3.5% growth, reflecting strong performance and efficiency gains.

• Disciplined eCAPEX planned, with organic cash flow (telecom) target of at least €3.6 billion.

• Net debt/EBITDAAL ratio targeted at around 2x in the medium term; dividend floor set at €0.75/share for 2025, subject to shareholder approval.