Orange (ORA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 3.6% to €12,191m and EBITDAaL increased 4.6% to €4,140m; growth reached every geography, supported by 3.3% retail services growth.

• FY 2026 EBITDAaL growth guidance was raised from above 4% to above 4.5%.

Financial highlights

• 9M revenue was €33,138m, up 3.5%; 9M EBITDAaL was €10,268m, up 4.8% on a comparable basis.

• Q3 eCAPEX fell 2.5% to €1,712m; 9M eCAPEX was €4,893m, up 0.8%.

• EBITDAaL less eCAPEX rose 10.3% in Q3 to €2,428m and 8.8% over 9M to €5,374m.

• Including Q1 non-recurring France wholesale items, growth was 3.5% for revenue and 4.8% for EBITDAaL; excluding them, underlying growth was ~3.2% and ~4.1%.

Outlook and guidance

• FY 2026 EBITDAaL growth guidance increased to above 4.5%, on a comparable basis and independent of scope evolution.

• FY 2026 eCAPEX guidance remains ~15% of sales; organic cash flow target is ~€4.3bn, excluding Orange Bank discontinuation costs.

• Segment EBITDAaL outlooks were confirmed: France stable-plus, Spain low-single-digit H2 growth, Africa and Middle East double-digit FY growth, Europe 6 mid-single-digit FY growth.

• The 2026–2028 Capital Markets Day trajectory remains EBITDAaL CAGR of +3%; efficiency gains are expected to accelerate in H2 2026 and continue in 2027, including through AI and transformation.