Orange Shares Drop 2.5%, Bottom of the CAC 40 Alongside TotalEnergies
The telecom operator struggles mid-session, moving against a generally rising CAC 40. The stock is at the bottom of the Paris index following a financial announcement regarding the group's portfolio of hybrid bonds. The consolidation continues after a multi-year peak reached in mid-May.
Orange Among the Biggest Declines in the CAC 40 Following an Announcement on Its Hybrid Bonds
Orange shares fell 2.38% to €17.41 at midday, ranking among the biggest declines in the CAC 40 while the index itself gained nearly 1%. Only TotalEnergies performed worse, weighed down by the drop in Brent following the ceasefire agreement between Washington and Tehran. The stock pays the price for contrasting with a Paris market driven by cyclical stocks (Stellantis, Saint-Gobain, Safran, Renault), which are less correlated with the defensive trajectory of the operator.
The group also announced on Monday its intention to issue a new tranche of super-subordinated perpetual bonds, coupled with the launch of a tender offer for some of its existing hybrid bonds. The operation aims to actively restructure the group's portfolio of hybrid instruments. Despite today's decline, the annual performance still stands at over 36%.
Breaking the €17.44 Support During the Session, Paving the Way for a Test of the MM200
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Today's decline is accompanied by an unfavorable technical signal: the stock broke its support at €17.44 during the session and remains below, at €17.41. The short-term configuration deteriorates, with the price now below the MM20 (€18.00) and MM50 (€17.91), respectively at -3.28% and -2.79%. The RSI at 49 remains neutral, which leaves room before reaching an oversold zone.
The medium-term trend remains constructive, however, with the price 11.10% above its MM200 at €15.67. The next lower milestone to watch is towards the 200-day moving average, after a consolidation that brings the stock 6% below its levels from a month ago.
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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.
