Orange earnings grew in the third quarter of 2026 as revenue increased across its geographic operations, prompting the telecoms group to raise its full-year EBITDAaL growth target. The company now expects growth above 4.5%, up from its previous forecast of more than 4%.

Key Takeaways

  • Third-quarter revenue rose 3.6% on a comparable basis to €12.191 billion.
  • Nine-month EBITDAaL growth of 4.8% supported the higher full-year target.
  • Orange maintained its other financial guidance, including an eCAPEX-to-revenue ratio of approximately 15%.

Orange earnings and cash flow

Orange reported third-quarter EBITDAaL of €4.140 billion, up 4.6% on a comparable basis. The measure represents earnings before interest, taxes, depreciation and amortization after leases.

Quarterly eCAPEX fell 2.5% to €1.712 billion, while operating cash flow, defined by Orange as EBITDAaL less eCAPEX, rose 10.3% to €2.428 billion. Over the first nine months, operating cash flow increased 8.8% on a comparable basis.

Comparable growth rates help distinguish underlying performance from changes in the group’s reporting scope. Orange España, formerly MasOrange, was accounted for using the equity method for the first five months of 2026 and has been fully consolidated since June.

ItemDetails
Africa and Middle EastQ3 revenue €2.401 billion; comparable growth 14.2%
Europe 6Q3 revenue €1.896 billion; comparable growth 5.3%
SpainQ3 revenue €1.910 billion; comparable growth 3.5%
FranceQ3 revenue €4.363 billion; comparable growth 0.5%

Africa and Middle East lead regional growth

All of Orange’s geographic regions increased third-quarter revenue on a comparable basis. Africa and Middle East recorded the fastest growth, supported by retail services, including mobile data, fixed broadband and Orange Money.

In Spain, Orange attributed revenue growth to equipment sales and wholesale services. In France, equipment sales rose, while wholesale revenue declined.

Full-year targets and SFR transaction

Alongside its revised EBITDAaL target, Orange confirmed that it expects organic cash flow of around €4.3 billion for 2026. It also maintained its medium-term net debt-to-EBITDAaL target of around two times.

Orange, Bouygues Telecom and Free-iliad Group signed a memorandum of understanding with Altice France in June to acquire SFR. Orange said the expected closing remains in the second half of 2027, subject to regulatory approvals.

Next milestone

Orange plans to pay an interim 2026 dividend of €0.30 per share on December 3, 2026.

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