Orange Raises 2026 EBITDAaL Target as Q3 Revenue Grows 3.6%
Africa and the Middle East recorded the strongest regional performance, with revenue increasing by 14.2%. The Europe 6 segment, comprising Poland, Belgium, Luxembourg, Slovakia, Romania and Moldova, grew by 5.3%, while Spain recorded a 3.5% increase and France grew by 0.5%.
French telecommunications group Orange reported revenue of €12.2 billion in the third quarter of 2026, representing a 3.6% increase year-on-year, supported by growth across all its operating regions, particularly Africa and the Middle East.
Africa and the Middle East recorded the strongest regional performance, with revenue increasing by 14.2%. The Europe 6 segment, comprising Poland, Belgium, Luxembourg, Slovakia, Romania and Moldova, grew by 5.3%, while Spain recorded a 3.5% increase and France grew by 0.5%.
Retail services revenue rose by 3.3%, reflecting stronger commercial performance across the group. Africa and the Middle East led retail services growth with a 15.2% increase, while Europe 6 recorded 6.7% growth in convergent services. In France, retail services revenue excluding Public Switched Telephone Network services increased by 1.1%.
Orange’s earnings before interest, taxes, depreciation and amortisation after leases (EBITDAaL) rose by 4.6% to €4.1 billion during the quarter, supported by revenue growth and operational efficiency initiatives. Following a 4.8% increase in EBITDAaL over the first nine months of 2026, the company raised its full-year growth target to more than 4.5%, from its previous guidance of above 4%.
Capital expenditure excluding licences (eCAPEX) declined by 2.5% to €1.7 billion in the third quarter. The eCAPEX-to-revenue ratio stood at 14.8% over the first nine months, in line with the company’s full-year target of approximately 15%.
Operating cash flow, calculated as EBITDAaL minus eCAPEX, increased by 10.3% in the third quarter, contributing to an 8.8% rise over the first nine months of the year. Orange maintained its full-year organic cash flow target of approximately €4.3 billion, excluding costs associated with the discontinuation of Orange Bank.
Orange Group Chief Executive Officer Christel Heydemann said the results reflected continued momentum under the company’s Trust the Future plan, with growth across all geographical markets. She highlighted the performance of Africa and the Middle East, alongside solid results in Europe, particularly Poland.
During the quarter, Orange introduced new offers in France, continued the integration of MasOrange under the Orange España name, and reported sustained growth in its cybersecurity business, Orange Cyberdefense. The company also secured an extension of the SecNumCloud qualification for Orange Business’s cloud services.
In October, Orange signed a letter of intent with Deutsche Telekom, Telefónica and Vodafone to explore a joint bid for mobile satellite services spectrum allocation in Europe. The initiative aims to strengthen the sovereignty, security and resilience of the region’s strategic infrastructure.
Orange also reaffirmed its plans to acquire SFR alongside Bouygues Telecom and Free–iliad Group. The companies signed a memorandum of understanding with Altice France on 6 June 2026, with completion still expected in the second half of 2027, subject to regulatory approvals.
The group reported more than 367 million customer accesses at the end of September 2026. It also confirmed a proposed dividend of €0.79 per share for the 2026 financial year, payable in 2027, subject to shareholder approval. An interim cash dividend of €0.30 per share is scheduled for payment on 3 December 2026.
Orange’s board of directors reviewed the consolidated results for the period ended 30 September 2026 at a meeting on 26 October 2026.
