Orange (ORA) Q4 2025 earnings summary

Executive summary

• Fully achieved the 2025 objectives of the Lead the Future plan, delivering strong operational and financial results across all regions, with robust commercial performance in France, Europe, and Africa & Middle East.

• Signed a binding agreement to acquire full ownership of MasOrange in Spain for EUR 4.25 billion, launched Premium Fiber JV, and made Spain the second largest market in Europe.

• Premium Fiber, the largest FiberCo in Europe, began operations in Q4, with over 12 million premises and nearly 5 million connected customers.

• Submitted a joint non-binding offer to acquire a large part of Altice activities in France, with due diligence ongoing and no certainty of agreement.

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

Financial highlights

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

• EBITDAaL grew 3.8% to €12,470 million, with a 0.9-point margin rate improvement.

• Organic cash flow reached €3.7 billion, up 8.3% year-on-year, exceeding guidance.

• Free cash flow all-in was €2,793 million.

• Consolidated net income was €1,139 million, with adjusted net income at €3,094 million and adjusted EPS at €0.86.

Outlook and guidance

• Achieved all 2025 targets, providing a strong foundation for the next strategic plan to be presented at Capital Markets Day in February 2026.

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

• Continued focus on operational efficiency, cost optimization, and sustainable growth.