Orange Sees Double-Digit Growth in Africa & Middle East as Q1 Revenues Rise

Orange S.A . delivered a strong start to 2026, reporting first-quarter revenues of €10.1 billion, representing a year-on-year increase of 3.5%. The growth was driven by solid performances across key regions, particularly in Africa and the Middle East, where revenues rose by 12.7%, alongside steady gains in France (+2.3%) and the rest of Europe (+2.2%). Retail services continued to perform steadily with a 2.9% increase, while wholesale revenues grew by 6.1%, supported in part by a significant fibre co-financing contribution in France.

Operational performance remained robust, with the Group’s EBITDAaL rising by 6.6% to €2.6 billion. This growth reflects continued efficiency improvements, strong retail momentum, and the positive impact of wholesale activities. Excluding exceptional items, EBITDAaL growth would have been around 3.5%, still indicating healthy underlying performance. Capital expenditure stood at €1.54 billion, equivalent to 15.3% of revenues, in line with the company’s full-year targets. Orange also maintained its leadership in fibre infrastructure across Europe, with nearly 60 million connectable households.

Regionally, Africa and the Middle East remained the primary growth engine for the Group, underlining the strategic importance of emerging markets in Orange’s portfolio. In Europe, the company continued to strengthen its position as a convergence leader, reaching 9.3 million convergent customers, up 1.9% year-on-year.

Chief Executive Officer Christel Heydemann said the results reflect both strong team execution and the relevance of the company’s “Trust the Future” strategic plan, which launched in early 2026. She highlighted the Group’s resilience in a challenging global environment and noted limited exposure to ongoing geopolitical tensions in the Middle East.

Looking ahead, Orange upgraded its full-year 2026 EBITDAaL growth guidance to above 3%, from a previous estimate of around 3%, while maintaining other financial targets. These include an eCAPEX-to-revenue ratio of about 15%, organic cash flow of approximately €4 billion, and a medium-term net debt-to-EBITDAaL ratio of around 2x. The company also noted that the expected full takeover of MasOrange, anticipated to close by the end of the second quarter, would further strengthen its position in the European telecom market.

In parallel, Orange confirmed it is in exclusive negotiations alongside Bouygues Telecom and the Iliad Group to potentially acquire SFR from Altice France, a move that could significantly reshape the competitive landscape if completed. However, the company cautioned that there is no certainty the deal will be finalised.

On shareholder returns, Orange plans to propose a dividend of €0.75 per share for the 2025 fiscal year, with a final payment scheduled for June 2026. For 2026, the Group has set a minimum dividend target of €0.79 per share, reflecting confidence in its financial outlook and cash generation capacity.