Orange shares decline by nearly 2.5% and test their 50-day moving average
The telecommunications operator's share falls significantly at the close, against the backdrop of a rising CAC 40. A profit-taking move following the sharp rebound of the week, while the share remains well-positioned above long-term moving averages.
Profit-taking following the publication of half-yearly results on Tuesday
Orange shares fell 2.27% to €17.00, while the CAC 40 gained 0.91% to 8,484.89 points. The decline occurred two sessions after the publication of half-year results on July 28, which had propelled the stock to the top of the CAC 40. The operator had posted revenue growth of 3.5% to €20.9 billion and EBITDAaL growth of 5%, driven by Africa, the Middle East and the consolidation of MasOrange.
The downside was offset by net debt which surged to €35.7 billion, taking the debt-to-EBITDAaL ratio to 2.4x, far from the 2x target. Today's session appears to be a digestion of these announcements, with the stock still gaining 3.53% over the week and 27.71% over the past year.
The share remains above its long-term moving averages despite the decline
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From a technical perspective, today's decline brings the price into contact with the 50-day moving average (€16.98), which it remains just above for now. The 200-day MA at €16.15 remains 5.29% below the price, and the 20-day MA at €16.26 maintains a cushion of 4.58%, which preserves the medium-term bullish structure. The RSI at 63 moves away from the overbought zone approached at the beginning of the week and becomes more neutral again.
The resistance level identified at €17.40 (yesterday's closing price) constitutes the upper band tested this week, while the support at €15.70 remains distant. The next key event to watch is the publication of third-quarter revenue, to be monitored in the autumn in line with the analysts' consensus.
SectorTélécommunications›Services de Télécommunications
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Context
Period
Period: 1S2026
Key reported figures
Revenue: 20.9MD€
EBITDA: 6.1MD€
Net income: 3.6MD€
Free cash flow: 1.9MD€
35.7MD€
Guidance from the release
Ce semestre est un marqueur fort de l'exécution de notre plan stratégique Trust the future.
Orange affiche un premier semestre 2026 record avec un chiffre d'affaires de 20,9 milliards d'euros (+3,5 %) et un EBITDAaL de 6,1 milliards d'euros (+5,0 %), portés par l'Afrique et Moyen-Orient (+13,9 %), Europe 6 (+4,1 %) et la France (+1,2 %). Hors éléments non récurrents du wholesale en France au 1er trimestre, la croissance sous-jacente serait d'environ 3,0 % pour le chiffre d'affaires et 3,7 % pour l'EBITDAaL. Le cash-flow organique atteint 2,2 milliards d'euros (+497 millions d'euros) et le free cash-flow all-in 1,9 milliard d'euros (+774 millions d'euros). Le résultat net de 3,6 milliards d'euros intègre un gain de 2,4 milliards d'euros lié à la prise de contrôle exclusif de MasOrange ; le résultat net ajusté progresse de 11,8 % à plus de 1,35 milliard d'euros. L'endettement financier net s'élève à 35,7 milliards d'euros (ratio de 2,4x) après l'acquisition de MasOrange. Orange Business reste en recul (-3,1 %).
Risks mentioned
Orange Business en repli de -3,1 %, toujours pénalisé par un environnement de marché difficile
EBITDAaL d'Orange Business en baisse de -6,4 % sur le semestre
Endettement net porté à 35,7 milliards d'euros, ratio dette/EBITDAaL à 2,4x après MasOrange
Acquisition de SFR soumise aux autorisations réglementaires et de concurrence, sans certitude de réalisation
Opportunities identified
Contrôle exclusif à 100 % de MasOrange renforçant la position en Espagne
Projet d'acquisition conjointe de SFR pour environ 5,6 milliards d'euros de part Orange
Croissance à deux chiffres en Afrique et Moyen-Orient (+13,9 % de chiffre d'affaires)
Création d'une coentreprise datacenters avec Morrison, capacité cible de 400 MW
Relèvement des objectifs annuels : EBITDAaL >4 % et cash-flow organique d'environ 4,3 milliards d'euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
