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Third quarter 2025 results (30 september 2025)
Financial information at 30 September 2025
Solid third-quarter results, leading to an increase in annual EBITDAaL growth guidance
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Commenting on these good results, Christel Heydemann, Chief Executive Officer of the Orange group, said:
“With revenues and EBITDAaL both growing in the third quarter, Orange posted solid results and I would like to sincerely thank all employees for their continued commitment.
The 0.8% increase in our Group revenues highlights our ability to capitalize on our core business. In a competitive environment in Europe, we have delivered a solid commercial performance: our customer bases continue to grow in France, Europe and Africa & Middle East. We have just passed the symbolic threshold of 300 million customers worldwide, underlining the Group's leadership status.
Furthermore, we have just announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a large part of Altice's activities in France. While ensuring continuity of service for SFR customers, this operation would: make it possible to step up investments in very high-speed network resilience, in cyber security and in new technologies such as artificial intelligence; consolidate control over strategic infrastructure in France; and maintain a competitive ecosystem for the benefit of consumers.
There is no certainty at this stage that an agreement will be reached, but we aim to create a constructive dialogue and we remain focused on the execution of our strategy.
Results remain excellent in Africa & Middle East, with double-digit revenue growth for the tenth consecutive quarter. Mobile Financial Services remain a strong lever for value creation, with Orange Money boasting 44 million active users.
We announced the creation with MASORANGE of PremiumFiber in Spain, our joint venture with Vodafone Spain and GIC3.
Our operational efficiency projects and rigorous cost control enabled EBITDAaL growth of 3.7% in the third quarter as well as margin improvement. Therefore, we are revising our guidance on EBITDAaL upward, increasing our annual EBITDAaL growth target to at least 3.5%.
These results illustrate the excellent execution of our Lead the Future plan. The evolution of this plan will be presented at our Capital Markets Day on 19 February 2026.”
Furthermore, we have just announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a large part of Altice's activities in France. While ensuring continuity of service for SFR customers, this operation would: make it possible to step up investments in very high-speed network resilience, in cyber security and in new technologies such as artificial intelligence; consolidate control over strategic infrastructure in France; and maintain a competitive ecosystem for the benefit of consumers.
There is no certainty at this stage that an agreement will be reached, but we aim to create a constructive dialogue and we remain focused on the execution of our strategy.
Results remain excellent in Africa & Middle East, with double-digit revenue growth for the tenth consecutive quarter. Mobile Financial Services remain a strong lever for value creation, with Orange Money boasting 44 million active users.
We announced the creation with MASORANGE of PremiumFiber in Spain, our joint venture with Vodafone Spain and GIC3.
Our operational efficiency projects and rigorous cost control enabled EBITDAaL growth of 3.7% in the third quarter as well as margin improvement. Therefore, we are revising our guidance on EBITDAaL upward, increasing our annual EBITDAaL growth target to at least 3.5%.
These results illustrate the excellent execution of our Lead the Future plan. The evolution of this plan will be presented at our Capital Markets Day on 19 February 2026.”
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In the third quarter of 2025, the Group revenues increased 0.8% year on year4 (+83 million euros) thanks to growth in retail services (+2.6% or +192 million euros), partly offset by the trends in wholesale services (-5.2% or -78 million euros), equipment sales (-1.4% or -9 million euros) and other revenues (-9.1% or -21 million euros).
In the third quarter of 2025, the Group revenues increased 0.8% year on year4 (+83 million euros) thanks to growth in retail services (+2.6% or +192 million euros), partly offset by the trends in wholesale services (-5.2% or -78 million euros), equipment sales (-1.4% or -9 million euros) and other revenues (-9.1% or -21 million euros).
- Africa & Middle East contributed significantly to this growth with revenues rising 12.2% driven by a 13.1% increase in retail services. This momentum was fueled by a robust performance in voice (+4.5%) and the region's four growth drivers with mobile data up 18.1%, Orange Money up 17.4%, fixed broadband up 18.2% and B2B up 9.3%.
- France delivered a solid commercial performance in the third quarter of 2025, with mobile net additions reaching their highest level since 2022, supported by a two-point improvement in churn rate year on year. The convergent and fixed broadband customer bases also continued to grow. The revenues evolution (-3.7%) reflects the impact of price effects on retail services and the expected trends in wholesale services (-9.0%) and equipment sales. In a market that remains competitive, retail services excluding PSTN grew 0.2%.
- Europe posted revenue growth of 4.7%, largely due to the positive trend in retail services which rose 4.1%. This momentum was fueled by a good commercial performance, 5.7% growth in convergence and the exceptional increase in IT and Integration Services in Poland. Revenues from wholesale services increased 8.2% in the third quarter of 2025 and was up 0.6% over the nine-month period.
- Orange Business revenues decreased 4.3%. A challenging IT market and the optimization of the products and services portfolio undertaken last year affected IT and Integration Services (-1.4%). Orange Cyberdefense continued to deliver dynamic growth (+6.3% over the nine-month period).
In terms of commercial performance, the Group maintained its leadership position in convergence in France and Europe. It demonstrated very good commercial momentum in mobile contracts and in very high-speed fixed broadband, passing the threshold of 10 million FTTH customers in France. Mobile services had 269.7 million accesses worldwide (+6.6%) including 100.4 million contracts (+5.9%). Fixed services had 38.1 million accesses worldwide (-1.5%), with 22.7 million fixed broadband accesses (+4.7%), of which 16.0 million were very high-speed broadband accesses, an area of continued strong growth (+13.4%).
Group EBITDAaL increased 3.7% in the third quarter and the margin improved 0.7 point. This increase is the result of operational efficiency projects and allows us to raise our annual EBITDAaL growth target again to at least 3.5%.
Group EBITDAaL increased 3.7% in the third quarter and the margin improved 0.7 point. This increase is the result of operational efficiency projects and allows us to raise our annual EBITDAaL growth target again to at least 3.5%.
The Group's eCAPEX grew 8.3% in the third quarter and 5.4% over the nine-month period, mainly driven by investments to support growth in Africa & Middle East. In the third quarter, eCAPEX for telecom activities as a percentage of revenues was 14.7%, in line with the target for 2025.
Lastly, MASORANGE, our 50% owned joint venture in Spain, is performing fully in line with its targets and delivering the expected synergies.
The Group's eCAPEX grew 8.3% in the third quarter and 5.4% over the nine-month period, mainly driven by investments to support growth in Africa & Middle East. In the third quarter, eCAPEX for telecom activities as a percentage of revenues was 14.7%, in line with the target for 2025.
Lastly, MASORANGE, our 50% owned joint venture in Spain, is performing fully in line with its targets and delivering the expected synergies.
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Financial objectives
The Group is upgrading its full-year guidance5:
- EBITDAaL growth of at least 3.5%
- Discipline on eCAPEX in line with the Capital Markets 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 share6. Orange will make an interim dividend cash payment for 2025 of 0.30 euros on 4 December 2025.
1From telecom activities
2Excluding Spain
3GIC Private Limited is a Singaporean sovereign wealth fund
4Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against the third quarter of 2024 and on a comparable basis.
5These targets are on a comparable basis
6Subject to Shareholders' Meeting approval
2Excluding Spain
3GIC Private Limited is a Singaporean sovereign wealth fund
4Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against the third quarter of 2024 and on a comparable basis.
5These targets are on a comparable basis
6Subject to Shareholders' Meeting approval
Bouygues Telecom, Free-iliad Group and Orange submit a joint non-binding offer to acquire a large part of Altice's activities in France
Bouygues Telecom, Free-iliad Group and Orange submit a joint non-binding offer to acquire a large part of Altice's activities in France
Bouygues Telecom, Free-iliad Group and Orange announce they have submitted a nonbinding offer to acquire a large part of the telecommunications activities of the Altice group in France.
While ensuring continuity of service for SFR customers and in a mature market, the deal would make it possible to:
- step up investments in superfast network resilience, in cyber security and in new technologies such as artificial intelligence;
- consolidate control over strategic infrastructure in France; and
- maintain a competitive ecosystem for the benefit of consumers.
Today, Bouygues Telecom, Free-iliad Group and Orange submitted a joint non-binding offer to enter into negotiations with a view to acquiring a range of activities from the Altice group in France. It covers most of SFR's assets, but excludes, in particular, stakes in Intelcia, UltraEdge and XP Fibre and Altice Technical Services, as well as the Altice group's activities in French overseas departments and regions.
This offer corresponds to a total enterprise value of €17 billion for the Altice group assets concerned in France and gives an indicative implied enterprise value for the whole of Altice France of more than €21 billion1.
Bouygues Telecom, Free-iliad Group and Orange envisage to share out the targeted activities as follows:
- the B2B business to be taken over mainly by Bouygues Telecom, and by Free-iliad Group;
- the B2C business to be shared between Bouygues Telecom, Free-iliad Group and Orange;
- the other assets and resources (in particular infrastructure and frequencies) to be shared between Bouygues Telecom, Free-iliad Group and Orange, with the exception of SFR's mobile network in less densely populated areas, to be taken over by Bouygues Telecom.
The split of price and value would be around 43% for Bouygues Telecom, 30% for Free-iliad Group and 27% for Orange.
Subject to the seller's acceptance of the non-binding offer, the submission of a confirmatory offer will be conditional upon the completion of due diligence, as well as a financial and operational assessment confirming the assumptions of the indicative offer.
Subject to the seller's acceptance of the non-binding offer, the submission of a confirmatory offer will be conditional upon the completion of due diligence, as well as a financial and operational assessment confirming the assumptions of the indicative offer.
The transaction will be subject to prior consultation with the relevant employee representative bodies. It will then have to be cleared by the relevant regulatory authorities before it can be completed.
At the end of these stages, any assets that cannot be transferred immediately to each of the three operators concerned would be transferred to a joint company responsible for managing operations during a transition period that would notably allow for the gradual migration of customers. The joint company will rely on Altice group employees.
There is no certainty at this stage that this indicative offer will lead to an agreement.
1Based on publicly-available information and estimates in analysts’ research publications on part of the assets not targeted by the offer: the stakes in Intelcia, UltraEdge and XP Fibre and Altice Technical
Services as well as the Altice group's activities in the French overseas departments and regions.
Services as well as the Altice group's activities in the French overseas departments and regions.
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.
