This semester marks a significant milestone in the execution of our ‘Trust the future’ strategic plan. With the acquisition of MasOrange and the signing of the memorandum of understanding for the joint acquisition of SFR, we have achieved two major milestones in our consolidation strategy in Europe and are strengthening our leadership in our two principal markets.
Our record first-half results confirm that our ambitions are rooted in solid execution:
- record growth in Africa & Middle East, with 10 million new mobile data customers and near 14% revenue growth;
- momentum in Europe, crossing the threshold of 3 million fiber customers and revenues growing 4%;
- in France, we achieved a record level of customer loyalty, and topline growth of 1.2%.
EBITDAaL, and Organic Cash Flow increases also confirm our disciplined approach to investments and our ability to convert operational performance into sustainable value creation. With this excellent performance we are able to raise our guidance for the year.
Thank you to all our teams for their work and commitment to serving our customers.
Christel Heydemann, Orange group CEO, The Group delivered revenues of €20.9 billion in the first half of 2026, representing a +3.5% increase year-on-year. This growth was driven by retail services (+3.3%), equipment sales (+7.5%), and operator services (+2.0%), the latter benefiting from non-recurring revenues in France during the first quarter. Excluding these non-recurring items, which include co-financing received for the fiber network, Group revenue growth for the first half would be approximately +3.0%. Regarding segments, the Group’s performance was principally driven by double-digit growth in Africa & Middle East (+13.9%), as well as France (+1.2%), Europe 6 (+4.1%), and Spain (+2.0% in June, the first full month of MasOrange’s reconsolidation). Orange Business (-3.1%) continues to be impacted by a challenging market environment.
Group EBITDAaL reached €6.1 billion in the first half of 2026, a +5.0% increase, supported by double-digit growth in Africa & Middle East (+16.1%) and by a robust performance in France (+2.4%) and Europe 6 (+6.1%). In Spain, EBITDAaL increased in June (+2.2%). Orange Business reported an improving trend, with EBITDAaL -6.4% lower, compared to -7.2% in the previous semester. At the Group level, excluding non-recurring items from the first quarter related to wholesale in France, EBITDAaL growth would be +3.7%.
eCAPEX amounted to €3.2 billion in the first half of 2026, representing 15.2% of revenues, in line with the 2026 target. The increase of +2.7% was related to higher investments in Africa & Middle East to support the sector’s strong growth momentum. Excluding Africa & Middle East, eCAPEX decreased by -2.4% and accounted for 14% of revenue.
Organic cash flow reached €2.2 billion at June 30, 2026, an increase of €497 million, primarily driven by strong EBITDAaL growth. The Free cash flow all-in4 amounted to €1.9 billion, up significantly by €774 million, reflecting the growth in Organic cash flow and lower telecommunication licenses payments.
Group net income amounted to €3.6 billion, a very significant increase of €3.7 billion, primarily due to a €2.4 billion gain following the acquisition of exclusive control of MasOrange and the counter-effect of a net provision of €1,3 billion in 2025 relating to the agreement on Employment and Career Path Planning for France (Gestion des Emplois et des Parcours Professionnels – GEPP).
Adjusted net income amounted to €1.35 billion, an increase of +11.8%, primarily driven by the growth in EBITDAaL. Adjusted net earnings per share attributable to the Group were €0.34, up by +10.9%.
Net financial debt stood at €35.7 billion at June 30, 2026, an increase of €13.2 billion primarily related to the acquisition of MasOrange. Net debt to EBITDAaL ratio rose to 2.4x, with the Group maintaining its target to return to a ratio of around 2x in the medium term.
Exclusive control of MasOrange through the acquisition of Lorca’s 50% stake
On December 12, 2025, Orange entered into a binding agreement with Lorca to acquire its 50% stake in MasOrange for €4.25 billion in cash, valuing MasOrange at €8.5 billion.
On June 8, 2026, the Orange Group completed the acquisition of Lorca’s 50% stake in MasOrange and now holds 100% of the Spanish operator’s capital. This acquisition grants the Group exclusive control of MasOrange.
This transaction is part of Orange’s strategic plan, Trust the future, and aims to strengthen Orange’s position in Spain, the Group’s second-largest market in Europe.
Signing of a memorandum of understanding for the joint acquisition of SFR alongside Bouygues Telecom and Free–Groupe Iliad
On June 6, 2026, Orange announced, alongside Bouygues Telecom and Free–Groupe Iliad, the signing of a Memorandum of Understanding with Altice France for the acquisition of SFR, France’s second-largest telecommunications operator.
This acquisition is in line with Orange’s consolidation strategy in Europe and will enable the Group to reinforce its leadership position in the French market. Once completed, the operation will accelerate value creation for the Group’s stakeholders and will strengthen its capacity to invest in digital infrastructure and services.
Orange’s share of the total enterprise value of the transaction (€20.35 billion) amount tos approximately 27%, or about €5.6 billion, subject to further adjustments until the closing date.
This transaction would enable Orange to acquire a significant portfolio of assets:
- Approximately 4 million mobile customers (an 18% increase in Orange’s customer base in France) and 1 million fixed broadband customers (an 8% increase in Orange’s customer base in France). These customers accounted for approximately €1.7 billion in revenue and €0.6 billion in EBITDAaL in 2025.
- 47 MHz of additional spectrum (31% of SFR’s frequencies), confirming Orange as the operator with the largest spectrum portfolio in France, totaling 221 MHz.
Following the signing of this agreement, a consultation period has opened with the relevant employee representative bodies in order to engage in a responsible and constructive dialogue and to ensure a successful outcome for all parties.
The completion of the transaction remains subject to approval by the relevant administrative, regulatory, and competition authorities, as well as the fulfillment of related conditions precedent and/or contractual conditions.
The signing of the definitive legal documentation is expected in the second half of 2026. The completion of the transaction could take place in the second half of 2027 once the required approvals, including from the competition authorities, have been obtained.
At this stage, there is no certainty that the transaction will be completed.
Plan to create a joint venture with Morrison dedicated to data centers in France
Orange announces the signing of an agreement with Morrison for the creation of a jointly controlled joint venture. This joint venture will aim to valorize and develop Orange’s existing portfolio of major data centers in France, with a target capacity of 400 MW.
As part of this operation, Orange will contribute five major data centers located four campuses in France (Chevilly-Larue, Aubervilliers, Chartres, Val de Reuil) along with its operational expertise and market reach. For its part, Morrison will bring its recognized experience in strategic infrastructure investment. The joint venture’s investment plan of €3 billion will leverage Orange existing asset, Morrison equity contribution, and debt.
Acquisition of Scorefit
On July 1st, Orange completed the acquisition of Scorefit for a total amount of €1.3 billion. Scorefit, fully owned by a BNP Paribas subsidiary, holds fiber access purchased on the wholesale market in France for Orange. This acquisition simplifies the Group’s financial structure and is part of its financial strategy for the transition from copper to fiber.
Orange’s Commitments to Sustainability
Orange accelerated in creating sustainable value during the first half of 2026.
To enhance digital trust:
Orange now offers services to strengthen the protection of digital usages in 70% of the group’s countries.
To promote society empowerment:
Orange has expanded 4G coverage in the MEA region by 2 points, reaching 80% of the population.
The number of people benefiting from free digital training has reached 3.8 million since 2021, in line with the objective.
To meet its carbon trajectory:
Orange has made progress toward its net zero carbon ambition by 2040, reducing its greenhouse gas (GHG) emissions for scopes 1, 2 and 3 by 32% in the first half compared to 2020, on track with its plan. In Africa, solarized sites increased by 24% year-over-year, now representing 31% of the segment’ sites.
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