Orange Stock Defends Its Support at €16.87 After €356M Hybrid Buyback
The telecom operator ends the session nearly stable, after testing a closely watched technical threshold during the day. The stock remains under pressure since reaching a multi-year high in mid-May, while the CAC 40 finishes higher.
The Stock Briefly Breaks Its Support at €16.87 Before Recovering
Orange's stock fell 0.09% to €16.89 at close, while the CAC 40 ended up 0.54% at 8,385.49 points. During the session, the price dropped to €16.84, briefly breaking the support at €16.87 before climbing back above it by the end of the day. The decline reached 3.51% over the week and 7.22% over a month, after a multi-year peak recorded in mid-May. The stock is trading below its short-term moving averages, with a gap of 3.87% below the MM20 (€17.57) and 5.11% below the MM50 (€17.80). However, the MM200 at €15.79 remains well below the current price, providing a comfortable margin with the underlying trend. The RSI at 36 indicates the exhaustion of selling pressure in recent sessions, without yet tipping into oversold territory.
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On Tuesday, Orange announced the completion of its hybrid bond buyback offer launched on June 15. The operator repurchased €254.041 million on the first tranche and €102.6 million on the second, totaling €356.6 million, thereby reducing its hybrid debt accordingly. This operation is part of the active restructuring of the hybrid portfolio initiated in mid-June with the launch of a new super-subordinated tranche. Despite recent consolidation, the stock maintains a gain of 32.63% over the year, ranking it among the most successful values of the index during this period. The quarterly decline remains very limited (-0.41%), indicating that the current movement is more a technical digestion of the rally rather than a trend break. The support at €16.87, tested then defended during the session, becomes the short-term reference level.
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.
