Orange raises full-year targets on Spain deal and Africa growth
Orange raised its full-year financial targets on Tuesday, after posting record first-half growth and, for the first time, consolidating its Spanish business in full.
The French group now expects EBITDAaL, the after-leases profit measure that the industry watches most closely, to grow by more than 4% across 2026, up from earlier guidance of above 3%. It also lifted its organic cash flow goal for the telecoms operation to around €4.3bn, from roughly €4bn.
Two engines drove the upgrade, and both had been building through the year: fast expansion in Africa and the Middle East, and the folding-in of Spain, where a wave of consolidation has gathered Spanish operators under fewer owners.
The combination pushed first-half revenue up 3.5% to €20.9bn and EBITDAaL up 5.0% to €6.1bn, both records for a first half, according to the results release.
Net income reached €3.6bn, while adjusted net income, which strips out one-off...
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