Half Year 2026 Orange SA Earnings Call Transcript
Key Points
- Orange SA (ORANY) achieved record revenue and EBITDAaL growth in the first half of 2026, driven by strong retail performance and efficiency efforts.
- The company increased its full-year EBITDAaL guidance from above 3% to above 4%, supported by solid performance in France and impressive results in Europe 6 and Africa Middle East.
- Orange SA (ORANY) delivered record revenues of EUR20.9 billion, up 3.5%, with exceptional performance in Africa Middle East.
- The acquisition of MasOrange in Spain and the memorandum of understanding for the acquisition of SFR in France are strategic moves to reinforce leadership in key markets.
- Orange SA (ORANY) is expanding its innovative growth initiatives, including Orange Cyberdefense's expansion into Spain and the development of a sovereign data center platform in France.
- The French consolidation process is expected to take at least 18 months, which could delay the anticipated benefits from the SFR acquisition.
- The Spanish market remains highly competitive, impacting MasOrange's B2C retail services revenue, although improvements are expected in the second half.
- Orange Business is still transitioning from legacy business models, facing challenges in a changing market environment.
- The net debt-to-EBITDA ratio increased to 2.4 times due to the MasOrange acquisition, although the medium-term target remains circa 2 times.
- The company faces ongoing pressure in the French mobile market, particularly in the high-end segment, affecting mobile-only ARPU.
Hello to all of you. Welcome to Orange first half 2026 results conference. For your information, this conference is being recorded. The call today will be hosted by Christel Heydemann, our CEO; and Laurent Martinez, our CFO, with other members of Orange Executive Committee for the Q&A session that will start just after the presentation.
Let me hand over the floor to Christel Heydemann.
Good morning. Thank you for joining our H1 results presentation. This semester, we achieved record revenue and EBITDAaL growth, thanks to very robust retail performance across the Board and continued efficiency efforts, fueling both top-line and EBITDA uplift.
Beside strong execution, we achieved key strategic steps in Q2. We acquired the full ownership of MasOrange, the leading operator in Spain, now fully consolidated in our Group's results from early June, and we reached a historic milestone for Orange and for the French telecom market, signing a memorandum of understanding alongside
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