France's Orange Q1 revenue rises on Africa & Middle East growth

Orange SA

23/04/2026 06:41

Overview

France telecom operator's Q1 2026 revenue rose 3.5% yr/yr, driven by Africa & Middle East

EBITDAaL for Q1 2026 grew 6.6% yr/yr, supported by retail and exceptional wholesale effects

Company upgraded 2026 EBITDAaL guidance to above 3% growth, expects MasOrange takeover in Q2

Outlook

Orange upgrades 2026 EBITDAaL guidance to above +3% growth from around +3%

Company expects 2026 eCAPEX/revenues ratio of approximately 15% and organic cash flow around EUR 4 bln

Orange says MasOrange re-consolidation expected Q2 2026; guidance excludes its effects

Result Drivers

AFRICA & MIDDLE EAST GROWTH - Double-digit revenue growth in Africa & Middle East (+12.7%) was the main contributor to group growth, driven by mobile data, fixed broadband, Orange Money, and B2B services

WHOLESALE REVENUE BOOST - Significant fiber co-financing received in France provided an exceptional positive effect on wholesale revenue and EBITDAaL

OPERATIONAL EFFICIENCY - Ongoing operational efficiency efforts contributed to EBITDAaL growth

Company press release: ID:nGNE61ty1y

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
EUR 10.10 bln
Q1 EBITDAaL
EUR 2.60 bln
Q1 Adjusted Capex
EUR 1.54 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the integrated telecommunications services peer group is "buy"

Wall Street's median 12-month price target for Orange SA is €18.10, about 4.3% above its April 22 closing price of €17.36

The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)