Orange S.A. (ORAp)

Orange’s first half of fiscal 2026 featured a revenue beat but an adjusted EPS miss versus consensus, as results reported July 28 showed revenue of EUR 20.948 billion topped the EUR 20.715 billion estimate (+1.1%) while adjusted EPS of EUR 0.34 trailed the EUR 0.41 estimate (-17.1%). Revenue rose ~6% year over year to about EUR 20.9 billion from roughly EUR 19.9 billion a year ago, with gross profit of around EUR 4.3 billion translating to a gross margin near 21% and operating income of about EUR 2.1 billion reflecting an operating margin of roughly 10%. Net income came in at around EUR 3.2 billion, up from a net loss of roughly EUR 0.4 billion a year earlier. The company generated operating cash flow of about EUR 6.3 billion and paid roughly EUR 1.2 billion in dividends. For the next period, consensus calls for EPS of EUR 0.17 on revenue of EUR 12.319 billion.