Orange lifts 2026 profit growth target

Orange has raised its 2026 group core profit (EBITDAaL) growth objective to above 4.5%, compared with a previous target of growth above 4%. The new outlook follows a period of solid operating performance and confirms the group’s expectation of stronger profitability over the medium term. Alongside the higher EBITDAaL ambition, Orange is also guiding for an eCAPEX‑to‑revenue ratio of around 15% in 2026 and organic cash flow of about €4.3 billion.

In the third quarter of 2026, Orange generated revenue of about €12.2 billion, a 3.6% increase on a comparable basis. Group EBITDAaL reached €4.14 billion, up 4.6%, supported by both top‑line growth and ongoing efficiency measures. The reported EBITDAaL outcome exceeded a company‑provided consensus figure of €4.10 billion. Over the first nine months of the year, EBITDAaL growth stood at 4.8%, underlining the trend that underpins the upgraded 2026 profit target.

Operating cash flow, defined as EBITDAaL minus eCAPEX, also improved meaningfully. It grew by 10.3% in the third quarter and by 8.8% over the first nine months of 2026. These gains support Orange’s confidence in achieving its organic cash‑flow objective of around €4.3 billion.

Orange’s upgraded guidance is largely supported by faster‑growing markets outside France. Third‑quarter revenue rose 14.2% in Africa and the Middle East and 7.9% in Poland, compared with 0.5% growth in France. Across Europe excluding France, revenue increased by 5.3%, while Spain posted a 3.5% rise.

Spain is becoming a more significant contributor for the group. Orange España, renamed from MasOrange, reported revenue of €1.91 billion, up 3.5%, in its first quarter fully consolidated into Orange’s accounts. These international operations, together with the broader Europe 6 region, are central to the group’s strategy of leaning on higher‑growth markets to fuel future earnings.

Orange is also seeing growth in its cybersecurity business. Orange Cyberdefense recorded nine‑month revenue of €1 billion, an increase of 12.2% across nine European countries. This adds another expanding profit engine alongside the regional telecom businesses.

The company plans to use the growth generated outside France to support cash returns to shareholders and to help finance its planned takeover of SFR. With domestic revenue growth close to flat, these faster‑growing segments are expected to play a key role in sustaining higher profitability and funding Orange’s strategic initiatives.