Full Year 2024 Orange SA Earnings Call Transcript
Key Points
- Orange SA (ORANY) achieved a 1.2% increase in revenues for 2024, reaching EUR40.3 billion, driven by growth in retail and Middle East and Africa.
- The company reported a significant improvement in EBITDAaL, with a 3.2% increase in Q4 and a 2.7% increase for the full year.
- Organic cash flow rose by almost 6% to EUR3.4 billion, exceeding the annual goal of at least EUR3.3 billion.
- Orange SA (ORANY) maintained a robust balance sheet with a net debt-to-EBITDA ratio of 1.8 times.
- The company successfully implemented cost-saving initiatives, achieving two-thirds of its EUR600 million savings ambition, and is targeting EUR700 million in procurement savings in the midterm.
- Orange Business experienced a slight decrease in revenues due to a challenging IT market and a decline in voice services.
- Europe revenues declined by 2.3% in Q4 due to a reduction in low-margin activities, despite retail acceleration.
- The company faces competitive pressures in the mobile-only market, particularly at the low end, which remains very competitive.
- Orange SA (ORANY) anticipates a EUR100 million wholesale headwind in 2025, impacting EBITDAaL.
- The company is dealing with tax headwinds in France, expected to impact cash flow by around EUR100 million in 2025.
Good morning, ladies and gentlemen, and welcome to Orange's full year 2024 results conference call. The call will be hosted by Ms. Christel Heydemann, CEO; and Mr. Laurent Martinez, Chief Financial Officer; with other members of Orange's Executive Committee for the Q&A session that will start after the presentation.
Thank you, and let me hand over the call to Ms. Christel Heydemann. Please go ahead, Ma'am.
Good morning, and thank you for joining our full year results presentation. We are pleased to present today's strong 2024 results with the guidance fully achieved. After two years, our Lead the Future strategy is delivering results on the four pillars of our plan. We have accelerated our transformation and reinforced our leadership. This is clearly reflected in our cash generation.
The incremental free cash flow all in after over two years amounted to EUR1.4 billion. In France, our solid commercial strategy has further reinforced our leadership position and we are back to
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