Latest Earnings Summary (H1 2026)
Orange S.A. reported its first-half 2026 consolidated financial results on July 28, 2026.
- Revenue:Reached €20.9 billion, representing a year-on-year growth of +3.5% (or +3.0% excluding non-recurring Q1 wholesale items in France).
- EBITDAaL:Stood at €6.1 billion, up +5.0% year-on-year, driven by strong double-digit expansion in the Africa & Middle East region.
- Net Income:Reached €3.6 billion, up significantly by €3.7 billion year-on-year, primarily boosted by a €2.4 billion gain following the acquisition of exclusive control over MasOrange in Spain.Adjusted Net Income grew +11.8% to €1.35 billion.
- Free Cash Flow:Organic cash flow surged to €2.2 billion (+€497 million year-on-year), while Free Cash Flow All-In reached €1.9 billion.
- Capital Allocation:eCAPEX stood at €3.2 billion (15.2% of revenues), in line with the full-year 2026 target.Net financial debt rose to €35.7 billion following the MasOrange consolidation.
Revenue Breakdown by Department, Product, and Region
Orange classifies its revenue streams by operational segments and customer verticals. Below is the segment breakdown based on H1 2026 performance (€20.9 billion total revenue):
- France (~42% of revenue): Core market delivering €8.7 billion (+1.2% year-on-year). Business spans fixed broadband (FTTH), mobile consumer retail services (+1.1%), and network wholesale arrangements.
- Africa & Middle East (~21% of revenue): Primary growth engine generating €4.3 billion (+13.9% year-on-year). Operations cover 4G mobile adoption, FTTH expansion, B2B services, and digital financial platforms via Orange Money.
- Europe 6 (~19% of revenue): Covers Poland, Belgium, Luxembourg, Slovakia, Romania, and Moldova. Generated €3.9 billion (+4.1% year-on-year), supported by convergent service adoption and IT/IS integration (+12%).
- Orange Business (~18% of revenue): Enterprise B2B division delivering corporate connectivity, cloud, cybersecurity, and digital integration services. Revenue dropped -3.1% due to structural declines in traditional legacy voice and fixed services.
- Spain (MasOrange):Following the completion of Lorca’s 50% stake purchase in June 2026, Orange gained 100% ownership. Full consolidation began in June 2026 (+2.0% revenue growth for the month).
Key Quarterly Changes, Next Quarter Focus, and Future Outlook
- Key Operational Changes:Completed the 100% acquisition and consolidation of MasOrange for €4.25 billion in cash, establishing Spain as Orange’s second-largest core European market.
- Next Quarter Focus Points:
- MasOrange Integration: Synergies extraction and operational integration progress in Spain.
- Orange Business Restructuring: Cost-reduction measures and pivot to cloud/cybersecurity to stabilize EBITDAaL (which improved from -7.2% in H2 2025 to -6.4% in H1 2026).
- De-leveraging Pipeline:Managing the leverage ratio (Net Debt to EBITDAaL rose to 2.4x post-MasOrange) back toward the target of ~2.0x in the medium term.
- Future Outlook:Full-year 2026 guidance was upgraded to EBITDAaL growth “above +3.0%” (up from ~3.0%). The company confirms operational cash flow targets close to €4.0 billion, eCAPEX ratio around 15% of revenues, and a dividend floor set at €0.79 per share for 2026.
Three-Month Stock Price Performance and Market Drivers
Between May 2026 and August 2026, Orange S.A. (ORA.PA) stock experienced heightened volatility before stabilizing around €16.30–€16.50.
- May to June 2026: Shares traded upward from ~€16.00 to a high of €18.02 in mid-June, supported by Q1 earnings upgrades and the regulatory clearance to acquire full control of MasOrange.
- July 2026: Stock fluctuated between €15.70 and €17.40. Following the H1 2026 earnings release on July 28, the stock surged +4.57% in a single day to €17.27 due to solid EBITDAaL (+5.0%) and net income gains.
- August 2026: The stock pulled back to ~€16.30 as profit-taking set in alongside broader European market corrections and investor digestion of the increased €35.7 billion debt load following the full consolidation of MasOrange.
Information Sources
- https://www.orange.com/en/finance/financial-and-extra-financial-information
- https://www.orange.com/en/press-release/orange-realise-au-1er-trimestre-une-tres-solide-croissance-de-35-du-chiffre-daffaires-et-de-66-de-lebitdaal-465708-465708
- https://www.lightreading.com/finance/orange-achieved-record-first-half-growth-both-in-revenue-3-5-and-ebitdaal-5-0-
- https://www.investing.com/news/transcripts/earnings-call-transcript-orange-q1-2026-showcases-strong-growth-and-strategic-upgrades-93CH-4631312
- https://www.perplexity.ai/finance/ORA.PA/historical-data
Back to Orange