Orange (ORA) Q3 2025 earnings summary

Executive summary

• Submitted a joint non-binding 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.

• Announced agreement to create the largest Spanish FiberCo, "PremiumFiber," with Vodafone Spain and GIC.

Financial highlights

• Q3 2025 revenues reached €10.0 billion, up 0.8% year-over-year, driven by 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 (+0.7pt yoy).

• Q3 2025 eCAPEX was €1.5 billion, representing 14.7% of sales.

Outlook and guidance

• Upgraded full-year 2025 EBITDAAL guidance to at least 3.5% growth.

• Disciplined eCAPEX spending in line with targets; organic cash flow from telecom activities expected 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.