The telecom group posted €20.9 billion in first-half revenue and €2.2 billion in organic cash flow, while completing MasOrange and signing a memorandum for the joint acquisition of SFR.
Orange reported record first-half growth, with revenue rising 3.5% year on year to €20.948 billion and EBITDAaL (EBITDA after leases) up 5.0% to €6.128 billion. Organic cash flow reached €2.167 billion, up €497 million, while free cash flow all-in climbed to €1.860 billion. Net income amounted to €3.555 billion and adjusted net income to €1.35 billion, up 11.8%, as the group said strong execution and the June consolidation of MasOrange supported performance. Growth was led by Africa & Middle East, where revenue increased 13.9% and EBITDAaL rose 16.1%, while Europe 6 posted revenue growth of 4.1% and EBITDAaL growth of 6.1%. France revenue rose 1.2% and EBITDAaL increased 2.4%. Orange Business remained under pressure, with revenue down 3.1% and EBITDAaL down 6.4%, though the company said trends improved from the previous semester. Spain contributed one month of fully consolidated MasOrange results in June, showing revenue up 2.0%, EBITDAaL up 2.2% and eCAPEX down 23.9%. The company raised its 2026 guidance, now expecting EBITDAaL growth exceeding 4%, versus previously above 3%, and organic cash flow of around €4.3 billion, versus previously around €4 billion. It maintained an eCAPEX-to-revenue ratio of about 15% and a medium-term net debt-to-EBITDAaL target of around 2x. Net financial debt stood at €35.683 billion at June 30, 2026, up €13.2 billion primarily due to the MasOrange acquisition, lifting the net debt-to-EBITDAaL ratio to 2.4x. Orange also highlighted strategic consolidation moves in Europe. It completed the acquisition of Lorca’s 50% stake in MasOrange on June 8 for €4.25 billion in cash, taking full control of the Spanish operator. Separately, Orange, Bouygues Telecom and Free–Groupe Iliad signed a memorandum of understanding with Altice France on June 6 for the acquisition of SFR. Orange’s share of the €20.35 billion enterprise value is approximately 27%, or about €5.6 billion, subject to adjustments, though the company said there is no certainty the transaction will be completed.