French earnings calls, October 2026: Orange raises EBITDAaL growth guidance to above 4.5%

Orange raised its 2026 guidance and kept its targets to 2028

• The chief executive said Orange raised its fiscal year 2026 guidance for growth in EBITDAaL (earnings before interest, tax, depreciation and amortisation, after leases) to above 4.5%. The chief executive said solid performance across Africa, the Middle East and Europe supported the increase.
• The chief executive said the company's guidance for fiscal years 2026 to 2028 is unchanged from its Capital Market Day guidance.
• The chief executive said Orange's ratio of eCAPEX, its measure of capital spending, to sales decreased in the third quarter of fiscal year 2026. The chief executive said full-year guidance for this ratio remains around 15% of sales.

Orange expects growth in France, Spain and Europe in 2026

• The chief executive said the company expects a stable-plus EBITDAaL trend for France in fiscal year 2026 and the same trend in fiscal year 2027.
• The chief financial officer said Orange is fully confident it will achieve stable-plus EBITDA growth in fiscal year 2026.
• The chief financial officer said Orange confirms its outlook for mid-single-digit Europe EBITDA growth in fiscal year 2026.
• The chief financial officer said Orange expects low-single-digit Spain EBITDA growth in the second half of fiscal year 2026. The chief financial officer said Orange has actions in place to continue services trend improvement over the fourth quarter.
• The chief financial officer said wholesale legacy activity declined at the expected pace in the third quarter of fiscal year 2026.

The French deal timeline is unchanged, and analysts asked about Spain and devices

• The chief executive said the timeline for the French consolidation transaction is unchanged. Signing is planned by the end of calendar year 2026 and closing by the end of calendar year 2027.
• Analysts asked whether Spanish service revenue will return to stability soon or remain down about 1%. They also asked what drives the improvement and whether it comes at the expense of margin.
• Analysts asked management to quantify device penetration and to explain how sustainable device growth is, including its effect on churn, the rate at which customers leave.
• Management answered these questions in part.