Orange Raises 2026 EBITDAaL Growth Target to More Than 4.5%
Key Facts
On October 27, Orange raised its 2026 group EBITDAaL growth target to more than 4.5%, from previous guidance of more than 4%, after the metric grew 4.8% in the first nine months. The company said this continued performance supports the higher annual target. Third-quarter revenue was €12.191 billion, up 3.6% on a like-for-like basis. EBITDAaL reached €4.140 billion, up 4.6% on the same basis. The update places a key annual operating metric above its previous guidance, alongside continued revenue growth across the group's regions.
Revenue growth varied by region in the third quarter, led by Africa and the Middle East with a 14.2% increase, followed by Europe 6, up 5.3%. Revenue rose 3.5% in Spain, compared with 0.5% in France. Orange said retail services grew 3.3% across the group during the quarter. In Africa and the Middle East, retail services revenue increased 15.2%, while convergence services in Europe 6 rose 6.7%. The company attributed the quarter's performance to strong growth in retail services and said Africa and the Middle East continued their "remarkable growth," while Europe, particularly Poland, delivered good results.
In Poland, quarterly revenue rose 7.9%, and average revenue per convergent customer increased 5.0% year on year. In Spain, revenue was €1.910 billion, up 3.5%. Orange linked the increase to a 28% rise in equipment sales and 3.6% growth in wholesale services. The company completed the purchase of Lorca's 50% stake in MasOrange on June 8, raising its ownership of the Spanish operator to 100%. It said the acquisition strengthened its position in its second-largest European market.
The group's activities also recorded varying rates outside retail services. Orange Business revenue fell 2.5% to €1.717 billion in the third quarter, with the company saying the macroeconomic environment weighed on activity. Electronic capital expenditure, meanwhile, declined 2.5% to €1.712 billion during the quarter. It represented 14.8% of revenue in the first nine months. Operating cash flow, which Orange defines as EBITDAaL less electronic capital expenditure, rose 10.3% in the third quarter and 8.8% in the first nine months.
The group's customer connections exceeded 367 million at the end of September. For its other 2026 financial outlook, Orange kept electronic capital expenditure at about 15% of revenue and organic cash flow at about €4.3 billion. It also maintained its target for the net debt-to-EBITDAaL ratio at about two times over the medium term. The company announced an interim cash dividend of €0.30 per share for 2026, payable on December 3. The announcement coincides with the first nine-month results and updated guidance for growth in the operating metric.
Based on 12 estimates compiled by Orange through October 8, the median analyst forecast for 2026 EBITDAaL was about €14.293 billion, while the median revenue forecast was €45.534 billion. For comparison with the start of the year, the company's "Trust the Future" plan announced in February targeted EBITDAaL growth of about 3% in 2026 before the reintegration of MasOrange. The plan included a forecast for organic cash flow to grow by more than 10% to about €5.2 billion by 2028. First-half results also showed group revenue growth of 3.5% and EBITDAaL growth of 5.0%. Africa and the Middle East recorded revenue growth of 13.9% and EBITDAaL growth of 16.1% at the time.
Orange is scheduled to publish its 2026 full-year results on February 18, 2027. ORANY shares closed at 16 on October 26, according to EL7 daily data. The company said the €0.30-per-share interim dividend is scheduled for payment on December 3, 2026. The annual results date follows the updated guidance for the current year. The upcoming announcement will provide access to full-year results under the financial calendar set by the company.