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Half year 2025 results (29 july 2025)
Financial information at 29 july 2025
Solid first-half results
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Commenting on these results, Christel Heydemann, Chief Executive Officer of the Orange group, said:
“Orange delivered a solid first half, allowing us to raise our EBITDAaL growth target for 2025.
Over this period, we achieved an EBITDAaL growth of 3.8%, with a notable acceleration of 0.9% in France, and increased organic cash flow by 7.7%. This performance is the result of our Lead the Future strategy and reflects our efforts to improve our operational efficiency.
Our commercial performance was excellent in France, Europe and Africa & Middle East. In France, our mobile networks were ranked number one for the 14th time in a row.
I would also like to highlight our performance in Africa & Middle East, with a double-digit increase in EBITDAaL for the tenth consecutive half. This remarkable performance was driven by access to our 4G and 5G networks, now used by more than half of our 167 million customers, as well as by the development of Orange Money and B2B growth.
In Orange Business, we have launched a new division dedicated to defense and security to seize opportunities in the area of sovereignty. This will enable us to capitalize on Orange’s power of innovation, cybersecurity expertise and network quality.
I would sincerely like to thank all Orange teams for their commitment and performance during this first half.”
Over this period, we achieved an EBITDAaL growth of 3.8%, with a notable acceleration of 0.9% in France, and increased organic cash flow by 7.7%. This performance is the result of our Lead the Future strategy and reflects our efforts to improve our operational efficiency.
Our commercial performance was excellent in France, Europe and Africa & Middle East. In France, our mobile networks were ranked number one for the 14th time in a row.
I would also like to highlight our performance in Africa & Middle East, with a double-digit increase in EBITDAaL for the tenth consecutive half. This remarkable performance was driven by access to our 4G and 5G networks, now used by more than half of our 167 million customers, as well as by the development of Orange Money and B2B growth.
In Orange Business, we have launched a new division dedicated to defense and security to seize opportunities in the area of sovereignty. This will enable us to capitalize on Orange’s power of innovation, cybersecurity expertise and network quality.
I would sincerely like to thank all Orange teams for their commitment and performance during this first half.”
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Orange group revenues rose slightly in the first half2 (+0.3% or 67 million euros) thanks to growth in retail services (+2.1% or +312 million euros) and a smaller decline in wholesale services (-4.4% or -129 million euros). Equipment sales were in line with market trends (-5.8% or -75 million euros).
Orange group revenues rose slightly in the first half2 (+0.3% or 67 million euros) thanks to growth in retail services (+2.1% or +312 million euros) and a smaller decline in wholesale services (-4.4% or -129 million euros). Equipment sales were in line with market trends (-5.8% or -75 million euros).
Group EBITDAaL rose 4.2% in the second quarter. In the first half of 2025, it reached 5,675 million euros (+3.8% or +207 million euros). This growth was driven by the remarkable performance of Africa & Middle East (+12.8%), accelerated growth in France (+0.9%) and a solid performance in Europe (+2.2%). Orange Business continued to improve (-5.2%). EBITDAaL from telecom activities grew to 5,709 million euros (+2.9%).
The Group posted consolidated net income of 1,167 million euros for the first half of 2025, excluding a net provision of 1,272 million euros, recorded in the first semester related to the agreement on Employment and Career Path Planning for France (Gestion des Emplois et des Parcours Professionnels – GEPP) signed in February 2025 and mainly related to the 2025–2028 French part time for seniors plan. The consolidated net income, including GEPP, amounts to -105 million euros.
Net income attributable to owners of the parent company was -398 million euros. Earnings per share Group (EPS) excluding the impact of the GEPP provision net of tax amounted to 0.29 euros.
eCAPEX1 was 3,023 million euros in the first half of 2025, up 4.1%, in particular to support growth in Africa & Middle East. eCAPEX for telecom activities as a percentage of revenues was 15.2%, in line with the target for the year. The number of households connectable to FTTH1 reached 62.9 million (+9.3%) and the FTTH1 customer base increased to 14.4 million (+14.2%).
Organic cash flow from telecom activities1 reached 1,670 million euros at 30 June 2025, in line with the target of at least 3.6 billion euros by the end of 2025. The significant improvement in cash flow generation of 7.7% year on year (+119 million euros) is mainly due to the improvement in operating cash flow, driven by “EBITDAaL-eCAPEX” indicator growth and change in working capital.
Free cash flow all-in from telecom activities1 was 1,086 million euros, down 13.5% year on year due to license payment phasing.
Net financial debt amounted to 23,294 million euros, an increase of 812 million euros compared to 31 December 2024, following in particular the purchase of subordinated notes. The ratio of net financial debt to EBITDAaL from telecom activities of 1.88x at 30 June 2025 is in line with the target of approximately 2x over the medium term. The liquidity position of telecom activities of 16,160 million euros is solid and the average cost of gross debt is 3.06%.
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Financial objectives
The Group is raising its full-year targets3:
- EBITDAaL growth of over 3%
- Discipline on eCAPEX in line with the Capital Market Day
- Organic cash flow from telecom activities of at least 3.6 billion euros
- Net debt/EBITDAaL ratio from telecom activities unchanged at around 2x in the medium term
- Orange has set in respect of the 2025 fiscal year a dividend floor of 0.75 euros per share4. Orange will make an interim dividend cash payment for 2025 of 0.30 euros on 4 December 2025.
- Excluding Spain.
- Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against the first half of 2024 on a comparable basis
- These targets are on a comparable basis
- Subject to Shareholders’meeting approval
Orange Business Creates a New Division Dedicated to Defense and Homeland Security (30 June 2025)
Orange is strengthening its commitment to sovereignty with the creation of a new division dedicated to defense and homeland security, integrated within Orange Business. This strategic decision also illustrates the Group’s desire to leverage its operational excellence to support defense and security actors in France and Europe.
This Defense & Security Division aims to strengthen and develop existing activities to address several key challenges: deployment of resilient connectivity solutions, hybridization of civilian and military networks, hosting of sensitive data, emergency communication systems, artificial intelligence, and cybersecurity — in collaboration with the Defense and Security Vertical of Orange Cyberdefense, the sector leader in France and several other European countries.
It will rely on Orange Business’ recognized expertise in deploying, operating, and maintaining top-tier digital infrastructures owned by Orange: the best service quality on its 5G network in France and Europe, 45,000 km of terrestrial fiber, over 2,500 satellite antennas, and 450,000 km of submarine cables.
Orange Cyberdefense complements this expertise with its ability to detect, protect against and respond to cyber-attacks, supported by its Cyber Threat Intelligence.
Orange Business and NVIDIA strengthen strategic collaboration to deliver trusted sovereign AI Solutions in Europe (June 11, 2025)
After the launch of its innovative Live Intelligence platform, which empowers companies of all sizes to securely deploy GenAI at scale, Orange Business is bringing this solution to a next level by becoming an NVIDIACloud Partner (NCP) in the NVIDIA Partner Network.
Organizations are looking to protect sensitive data, ensure compliance, and build trust. Orange Business can deploy AI solutions on its own Cloud Avenue platform, with datacenters located in Europe, via on-premises or hybrid setups, which reinforces trust and compliance with local regulations. Orange Business delivers enhanced speed, performance, and user experience on its Live Intelligence platform while maintaining the highest standards of confidentiality and privacy.
"Orange Business and NVIDIA collaboration will democratize access to AI and accelerate enterprise adoption through Live Intelligence platform, offering best-in-class AI technologies while maintaining a strong focus on sovereignty” said Usman Javaid, Chief Product and Marketing Officer at Orange Business.
