- Robust retail commercial performance in France, Europe and Africa & Middle East
- 8% growth in EBITDAaL and 7.7% in Organic Cash Flow from telecom activities[1]
- EBITDAaL growth acceleration in France at + 0.9% with a one-point improvement in EBITDAaL margin
- Full-year 2025 guidance upgraded to EBITDAaL growth above 3%
[1] Excluding Spain
Commenting on these results, Christel Heydemann, Chief Executive Officer of the Orange group, said:
“Orange delivered a solid first half, allowing us to raise our EBITDAaL growth target for 2025.
Over this period, we achieved an EBITDAaL growth of 3.8%, with a notable acceleration of 0.9% in France, and increased organic cash flow by 7.7%. This performance is the result of our Lead the Future strategy and reflects our efforts to improve our operational efficiency.
Our commercial performance was excellent in France, Europe and Africa & Middle East. In France, our mobile networks were ranked number one for the 14th time in a row.
I would also like to highlight our performance in Africa & Middle East, with a double-digit increase in EBITDAaL for the tenth consecutive half. This remarkable performance was driven by access to our 4G and 5G networks, now used by more than half of our 167 million customers, as well as by the development of Orange Money and B2B growth.
In Orange Business, we have launched a new division dedicated to defense and security to seize opportunities in the area of sovereignty. This will enable us to capitalize on Orange's power of innovation, cybersecurity expertise and network quality.
I would sincerely like to thank all Orange teams for their commitment and performance during this first half.”
Orange group revenues rose slightly in the first half[1] (+0.3% or 67 million euros) thanks to growth in retail services (+2.1% or +312 million euros) and a smaller decline in wholesale services (-4.4% or -129 million euros). Equipment sales were in line with market trends (-5.8% or -75 million euros).
- In terms of commercial performance, the Group maintained its leadership position in convergence in France and in Europe, with a total of 9.2 million convergent customers (+1.5%), as well as its commercial momentum in mobile contracts and very high-speed fixed broadband accesses. Mobile services had 261.6 million accesses worldwide (+6.4%) including 98.1 million contracts (+7.8%). Fixed services had 38.0 million accesses worldwide (-2.2%), with 22.4 million fixed broadband accesses (+4.4%), of which 15.5 million were very high-speed broadband accesses, an area of continued strong growth (+13.3%).
- Africa & Middle East was the main contributor to growth, with revenues rising strongly (+12.8% or +469 million euros).
- Revenues in France decreased (-2.2% or -193 million euros) but retail services were stable (-0.2% or -10 million euros), with growth of 0.9% excluding PSTN[2], while wholesale services declined as expected (-6.8% or -148 million).
- European revenues were stable. Retail services (excluding IT&IS) grew 1.2% (+27 million euros). IT and Integration Services grew 7.7% (+18 million euros), while low-margin revenues were down.
- The decrease in Orange Business revenues (-5.4% or -213 million euros) was mainly due to the decline in revenues from Fixed-only (-7.6% or -115 million euros) and mobile (-8.0% or -39 million euros). Good momentum continued in Orange Cyberdefense with revenues up 6.9% (+39 million euros).
Group EBITDAaL rose 4.2% in the second quarter. In the first half of 2025, it reached 5,675 million euros (+3.8% or +207 million euros). This growth was driven by the remarkable performance of Africa & Middle East (+12.8%), accelerated growth in France (+0.9%) and a solid performance in Europe (+2.2%). Orange Business continued to improve (-5.2%). EBITDAaL from telecom activities grew to 5,709 million euros (+2.9%).
The Group posted consolidated net income of 1,167 million euros for the first half of 2025, excluding a net provision of 1,272 million euros, recorded in the first semester related to the agreement on Employment and Career Path Planning for France (Gestion des Emplois et des Parcours Professionnels – GEPP) signed in February 2025 and mainly related to the 2025–2028 French part time for seniors plan. The consolidated net income, including GEPP, amounts to -105 million euros.
Net income attributable to owners of the parent company was -398 million euros. Earnings per share Group (EPS) excluding the impact of the GEPP provision net of tax amounted to 0.29 euros.
eCAPEX1 was 3,023 million euros in the first half of 2025, up 4.1%, in particular to support growth in Africa & Middle East. eCAPEX for telecom activities as a percentage of revenues was 15.2%, in line with the target for the year. The number of households connectable to FTTH1 reached 62.9 million (+9.3%) and the FTTH1 customer base increased to 14.4 million (+14.2%).
Organic cash flow from telecom activities1 reached 1,670 million euros at 30 June 2025, in line with the target of at least 3.6 billion euros by the end of 2025. The significant improvement in cash flow generation of 7.7% year on year (+119 million euros) is mainly due to the improvement in operating cash flow, driven by “EBITDAaL-eCAPEX” indicator growth and change in working capital.
Free cash flow all-in from telecom activities1 was 1,086 million euros, down 13.5% year on year due to license payment phasing.
Net financial debt amounted to 23,294 million euros, an increase of 812 million euros compared to 31 December 2024, following in particular the purchase of subordinated notes. The ratio of net financial debt to EBITDAaL from telecom activities of 1.88x at 30 June 2025 is in line with the target of approximately 2x over the medium term. The liquidity position of telecom activities of 16,160 million euros is solid and the average cost of gross debt is 3.06%.
Financial objectives
The Group is raising its full-year targets[3]:
- EBITDAaL growth of over 3%
- Discipline on eCAPEX in line with the Capital Market Day
- Organic cash flow from telecom activities of at least 3.6 billion euros
- Net debt/EBITDAaL ratio from telecom activities unchanged at around 2x in the medium term
- Orange has set in respect of the 2025 fiscal year a dividend floor of 0.75 euros per share[4]. Orange will make an interim dividend cash payment for 2025 of 0.30 euros on 4 December 2025.
Orange's sustainability commitments
During the first half of 2025, Orange continued its initiatives to create sustainable value.
In May, Orange issued a sustainable bond of 750 million euros with a 10-year maturity.
To reduce its environmental impact:
Orange exceeded its 2025 target of reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 30% compared to 2015, reducing them by 41%.
Orange's “Partners to net zero carbon” program, which aims to accelerate the environmental transition by co-creating significant actions with suppliers to reduce GHG emissions, saw the signing of its first progress plan with Camusat, Orange's long-standing telecom infrastructure provider in Africa, the Middle East and Europe.
To foster digital inclusion:
The number of beneficiaries who have received free digital training since 2021 has reached 2.9 million, in line with the target.
To strengthen digital trust:
Orange Business created a division dedicated to defense and security, launched a service designed to protect its customers from quantum cyber attacks and received the SecNumCloud qualification for its Cloud Avenue SecNum platform.
[1] Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against the first half of 2024 on a comparable basis.
[2] Public Switched Telephone Network
[3] These targets are on a comparable basis
[4] Subject to Shareholders'meeting approval
