Orange (ORA) Q4 2025 earnings summary

Executive summary

• Successfully concluded the Lead the Future plan, fully achieving or exceeding all 2025 guidance targets and delivering strong operational and financial results across all regions.

• Secured full ownership of MasOrange in Spain for EUR 4.25 billion and launched Premium Fiber, the largest FiberCo in Europe, making Spain the second largest market.

• Submitted a joint offer to acquire Altice activities in France; due diligence ongoing with no certainty of agreement.

• Customer base grew by 19.6 million, surpassing 340 million globally, with Africa & Middle East as a key growth driver.

• Robust commercial performance across France, Europe, and Africa/Middle East, fully in line with guidance.

Financial highlights

• Full year revenues reached EUR 40.4 billion, up 0.9% year-over-year, driven by retail and EMEA growth.

• EBITDAaL grew by 3.8% to EUR 12.47 billion, with a 0.9-point margin improvement; telecom activities margin at 31.0%.

• Organic cash flow rose 8.3% to EUR 3.7 billion; free cash flow all-in at EUR 2.8 billion.

• Consolidated net income was EUR 1.14 billion, impacted by exceptional items; adjusted net income at EUR 3.1 billion, adjusted EPS at EUR 0.86.

• Net debt to EBITDAaL ratio at 1.8x; robust liquidity position of EUR 21.3 billion.

Outlook and guidance

• 2025 guidance fully achieved: EBITDAaL growth ≥3.5%, eCapex/sales at 15.4%, OCF ≥EUR 3.6 billion.

• Strategic priorities and financial outlook for 2026-2028 to be presented at Capital Markets Day.

• Dividend of EUR 0.75 per share proposed for 2025, payable in 2026.