Orange Concludes its 'Lead the Future' Plan with the Achievement of All 2025 Goals

Financial Performance Highlights

Orange Group recorded an annual revenue of 40,396 million euros in 2025, up by 0.9% compared to 2024, an increase of 374 million euros. This growth was primarily driven by retail services, which grew by 2.2% or 675 million euros, offset partially by a 3.9% decline in services to operators, amounting to 229 million euros. The group's key indicator, EBITDAaL, increased by 3.8% to reach 12,470 million euros, up by 457 million euros. This performance exceeded the target of at least 3.5% which the group had raised twice during the year. The EBITDAaL from telecommunications activities alone was 12,522 million euros, with an increase of 3.0%. The growth benefited from operational efficiency efforts that achieved a savings target of 600 million euros over three years. The group made significant progress in Africa and the Middle East with a double-digit increase of 13.9%, while Europe saw a growth of 3.2% and France an increase of 0.9%. Orange Business, facing a challenging environment, reduced its decline to 6.3% in 2025, from 8.4% in 2024.

Investments and Financial Health

The group's economic investments (eCAPEX) slightly contracted by 0.4%, or 23 million euros, totaling 6,208 million euros, equivalent to 15.4% of the revenue. Orange solidifies its leadership in fiber with 65.53 million households connectable to very high-speed fiber worldwide as of December 31, 2025, up by 9% year-over-year. The FTTH customer base stands at 15.4 million accesses, marking a 14.0% increase. The organic cash flow reached 3,653 million euros, in line with the target of at least 3.6 billion euros and reflecting an annual improvement of 8.3%. The all-in free cash flow amounted to 2,793 million euros, down by 6.6%, impacted by a shift in telecommunications license payments between 2024 and 2025. The group's net financial debt decreased to 22,526 million euros, and the net debt to EBITDAaL ratio for telecom activities stood at 1.80 times, in line with the medium-term target ratio of around 2.0 times. The liquidity of telecom activities remains very solid at 21.3 billion euros, and the average cost of gross debt is established at 3.12%.

Strategic Moves and Future Outlook

In November 2025, the group issued a 5 billion euros bond, followed in January 2026 by a 6 billion US dollars issuance, oversubscribed more than 8 times. In Spain, Orange signed a binding agreement in December 2025 with Lorca to acquire full ownership of MasOrange, a transaction planned for 2026 that would make Spain the group's second-largest market in Europe. PremiumFiber, the fiber joint venture held with Vodafone and GIC, commenced operations in the fourth quarter in Spain with more than 12 million accesses and approximately 5 million connected customers, laying the foundation for Europe's largest FiberCo in terms of customers. In France, Orange, alongside Bouygues Telecom and Free-Groupe Iliad, submitted a non-binding offer in October 2025 to acquire a significant portion of Altice's activities, with due diligence works launched in January 2026. For the fiscal year 2025, the group will propose a dividend of 0.75 euros per share to shareholders. Orange will present its strategic orientations and financial outlook for 2026-2028 during its Capital Markets Day on February 19.