Orange (ORA) CMD 2026 summary

Strategic direction and transformation

• Launched the "Trust the Future" plan for 2026–2028, focusing on customer intimacy, innovative growth, and operational excellence, building on previous efficiency and financial improvements.

• Accelerated digital transformation, AI adoption, and network modernization, including decommissioning legacy infrastructure and expanding FTTH and 5G.

• Expanded in Africa/Middle East and Europe, leveraging a 340 million customer base and strong brand for growth and efficiency.

• Strengthened leadership team, with 60% of top 300 managers in new roles, and invested in talent development and a culture of responsible, caring, and bold leadership.

• Committed to digital trust, economic empowerment, and environmental sustainability, targeting a 45% CO2 reduction by 2030 and net zero by 2040.

Customer and business growth ambitions

• Targeting an increase of 40 million customers by 2028, aiming for over 380 million customers, with growth in both mature European and high-potential Africa/Middle East markets.

• Aiming to reduce churn by up to three points in Europe and improve NPS, with AI-driven customer engagement and hyper-personalized services.

• Expanding digital offerings, super apps, and marketplaces, with a goal of 130 million 4G/5G customers and 50 million Max it users in Africa/Middle East.

• Orange Money and Max it to drive non-telco growth in Africa/Middle East, targeting 20 million new Orange Money customers and tripling Max it users to 75 million by 2028.

• Accelerating multi-service revenues in Europe, including content, device insurance, and cybersecurity, and launching new loyalty programs and AI assistants.

Financial guidance and capital allocation

• Double-digit organic cash flow CAGR targeted, reaching approximately €5.2bn by 2028, with free cash flow all-in at €4.5bn, up from €2.8bn in 2025.

• EBITDAAL to grow at a 3% CAGR (2025–2028); eCapEx/sales ratio to decrease to around 14% by 2028.

• Progressive dividend growth with a new floor of €0.85 in 2028; net debt/EBITDAAL to reach c.2x by 2028.

• Full reconsolidation of MasOrange in H1 2026 expected to drive significant cash generation, EPS accretion, and at least €500m in synergies by 2028.

• Capital allocation priorities include maintaining a strong balance sheet, disciplined CapEx, M&A focused on French consolidation and bolt-ons, and attractive shareholder returns.