Orange (ORA) Q4 2025 earnings summary

Executive summary

• Successfully concluded the 3-year Lead the Future plan, fully achieving 2025 objectives and guidance, with robust commercial and financial performance across France, Europe, and Africa & Middle East.

• Signed a binding agreement to acquire full ownership of MasOrange in Spain for EUR 4.25 billion, making Spain the second largest market, and launched Premium Fiber, the largest FiberCo in Europe.

• Submitted a joint non-binding offer to acquire a large part of Altice activities in France; due diligence ongoing with outcome uncertain.

• Customer base grew by 19.6 million, surpassing 340 million globally, with Africa & Middle East as a key growth driver.

• Premium Fiber JV began operations in Q4, supporting fiber expansion and deleveraging in Spain.

Financial highlights

• Full year revenues reached €40.4 billion, up 0.9% year-on-year, driven by retail and EMEA growth.

• EBITDAaL grew 3.8% to €12.47 billion, with a 0.9-point margin rate improvement.

• Organic cash flow rose 8.3% to €3.7 billion, exceeding guidance.

• Free cash flow all-in was €2.8 billion, impacted by staggered license payments.

• Consolidated net income was €1.14 billion, with adjusted net income at €3.1 billion and adjusted EPS at €0.86.

Outlook and guidance

• 2025 guidance fully achieved: EBITDAaL growth ≥3.5%, eCapex/sales at 15.4%, OCF ≥€3.6 billion.

• Strategic priorities and financial outlook for 2026-2028 to be presented at Capital Markets Day.

• Dividend of €0.75 per share proposed for 2025, payable in 2026.