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First Half Results 2026 - Orange achieved record first half growth both in revenue (+3.5%) and EBITDAaL (+5.0%)
The Group delivered revenues of €20.9 billion in the first half of 2026, representing a +3.5%4 increase year-on-year. Group EBITDAaL reached €6.1 billion in the first half of 2026, a +5.0% increase, supported by double-digit growth in Africa & Middle East (+16.1%) and by a robust performance in France (+2.4%) and Europe (+6.1%). The Free cash flow all-in amounted to €1.9 billion, up significantly by €774 million. Group net income amounted to €3.6 billion, a very significant increase of €3.7 billion. Building on strong performances in Africa & Middle East, and Europe, and taking into account the consolidation of MasOrange over seven months, the Group is raising its 2026 guidance: EBITDAaL growth exceeding +4% (previously above +3%) ; eCAPEX to revenue ratio of approximately 15% ; Organic Cash Flow reaching around €4.3 billion (previously around €4 billion) ; Net debt/EBITDAaL with an unchanged medium-term target of around 2x. In respect of the 2026 fiscal year, Orange has set a dividend of €0.79 per share, payable in 2027. Orange will make an interim dividend cash payment for 2026 of €0.30 on December 3, 2026.
Orange signs a joint agreement to acquire SFR, a decisive step that will reinforce its leadership in France (press release dated 6 June 2026)
On 6 June 2026, Orange, alongside Bouygues Telecom and Free–Groupe Iliad, announced the signing of a Memorandum of Understanding with Altice France for the acquisition of SFR, France’s second-largest telecommunications operator. This transaction is in line with the Group’s consolidation strategy in Europe. This acquisition would strengthen Orange’s leading position in the French market, accelerate value creation for all of the Group’s stakeholders, and support its capacity to invest in digital infrastructure and services.
Orange unveils “Trust the future”, a new strategic chapter built on trust to unlock growth
After successfully delivering all the ambitions of Lead the future 2023–2025, Orange opens a new chapter for the next 5 years.
Trust the future places trust as a key competitive advantage, at the heart of the Group’s services and operating model, to reinforce its role as the trusted partner for always-available connectivity, broader digital services, and to unlock a new phase of growth.
