Orange reported revenue of €12.19 billion in the third quarter of 2026, increasing 3.6 percent year-on-year, supported by strong growth in Africa and the Middle East, expansion in European broadband markets, and improving mobile and fiber subscriber additions.
Orange’s Q3 2026 financial results indicated that the French telecom operator reported EBITDA after leases (EBITDAaL) of €4.14 billion, up 4.6 percent, while economic capital expenditure (eCAPEX) declined 2.5 percent to €1.71 billion.
Orange’s total customer accesses reached 367.65 million at the end of September 2026, including 322.31 million mobile accesses and 30.85 million fixed broadband accesses.
The telecom group raised its full-year 2026 EBITDAaL growth outlook to more than 4.5 percent, compared with its previous target of above 4 percent.
Orange Q3 2026 Revenue, EBITDA and Capex Performance
| Financial indicator | Q3 2026 | YoY change |
| Total revenue | €12.19 billion | +3.6 percent |
| EBITDAaL | €4.14 billion | +4.6 percent |
| EBITDAaL margin | 34.0 percent | +0.3 percentage points |
| Economic Capex | €1.71 billion | -2.5 percent |
| EBITDAaL minus eCAPEX | €2.43 billion | +10.3 percent |
| Nine-month revenue | €33.14 billion | +3.5 percent |
| Nine-month EBITDAaL | €10.27 billion | +4.8 percent |
| Nine-month eCAPEX | €4.89 billion | +0.8 percent |
Year-on-year changes are on a comparable basis.
Orange generated €33.14 billion in revenue during the first nine months of 2026, while EBITDAaL reached €10.27 billion.
The EBITDAaL margin improved to 34 percent in the third quarter from 33.6 percent a year earlier.
Operating cash flow measured as EBITDAaL minus eCAPEX increased 10.3 percent to €2.43 billion.
Orange did not disclose a consolidated third-quarter net profit figure in its financial update. EBITDAaL represents an adjusted operating profitability measure rather than net income.
Orange Mobile Subscribers Reach 322.31 Million
Orange reported 322.31 million mobile accesses, excluding mobile virtual network operators, at September 30, 2026.
The operator’s mobile customer base included 143.54 million contract accesses and 178.77 million prepaid accesses.
Mobile-only accesses reached 294.17 million, while mobile accesses associated with convergent offers totaled 28.14 million.
Orange’s total fixed accesses reached 45.34 million, including 34.25 million retail fixed accesses and 11.09 million wholesale accesses.
Fixed broadband accesses reached 30.85 million, including 24.42 million very-high-speed broadband connections.
The company also reported 14.27 million convergent customers subscribing to bundled mobile and fixed broadband services.
The reported customer base includes Orange España, which has been fully consolidated since June 2026. Consequently, the increase in reported accesses should not be interpreted entirely as organic subscriber growth.
Orange France Revenue Reaches €4.36 Billion; Broadband ARPO at €38.7
Orange France generated third-quarter revenue of €4.36 billion, increasing 0.5 percent.
The French business added 146,000 net mobile customers, 78,000 fixed broadband customers and 57,000 convergent customers during the quarter.
Fixed-only broadband average revenue per offer (ARPO) increased €0.4 year-on-year to €38.7 per month.
Mobile-only ARPO declined €0.8 to €15.9 per month, reflecting continued competitive pressure in the French mobile market.
Convergent ARPO declined €0.3 to €78.3 per month.
Convergence revenue increased 1.7 percent to €1.38 billion, while mobile-only revenue declined 3 percent to €558 million.
Equipment revenue increased 16.1 percent to €392 million, supported by demand for premium smartphones and connected devices.
Wholesale revenue declined 4.1 percent to €980 million.
Orange’s French performance demonstrates the growing importance of fiber broadband, bundled subscriptions and customer retention as traditional mobile-only and wholesale revenue face pressure.
Orange España Revenue Grows 3.5 Percent to €1.91 Billion
Orange España, formerly MasOrange, reported third-quarter revenue of €1.91 billion, increasing 3.5 percent.
Equipment revenue increased 28 percent to €353 million, while wholesale revenue grew 3.6 percent to €179 million.
Retail services revenue declined 1.3 percent to €1.37 billion.
The Spanish operation added 12,000 net mobile customers, 7,000 fixed broadband customers and 169,000 new-service subscriptions.
Convergent ARPO increased €0.2 year-on-year to €53.1 per month.
Orange España’s IT and integration services revenue increased 104.2 percent to €56 million.
The operator is expanding its enterprise connectivity business through private networks serving ports, municipalities and security-sector customers.
Africa and Middle East Revenue Jumps 14.2 Percent; Mobile Customers Reach 180 Million
Africa and the Middle East remained Orange’s strongest regional growth engine.
Revenue increased 14.2 percent to €2.40 billion, while retail services revenue grew 15.2 percent to €2.21 billion.
Mobile data revenue increased 20.2 percent, demonstrating growing demand for internet connectivity across the region.
Fixed broadband revenue increased 15 percent, while business-to-business revenue grew 23.1 percent.
Orange reported 180 million mobile customers across Africa and the Middle East, increasing 4.2 percent year-on-year.
The region had 98 million 4G customers, representing growth of 11 percent.
Fixed broadband customers reached nearly 5.4 million, increasing 15.7 percent.
Mobile-only ARPO increased 7.5 percent year-on-year.
Orange Money customers increased 21.8 percent to 54 million, while revenue from the mobile financial services business grew 14.6 percent.
Orange Europe Revenue Rises 5.3 Percent; Fiber Adds 71,000 Customers
Orange’s Europe 6 division, covering Poland, Belgium, Luxembourg, Slovakia, Romania and Moldova, generated revenue of €1.90 billion, increasing 5.3 percent.
Retail services revenue increased 5.2 percent to €1.39 billion.
Convergent services revenue grew 6.7 percent to €406 million, while IT and integration services revenue jumped 34.9 percent to €196 million.
The division recorded 145,000 net mobile additions, 71,000 fiber additions and 27,000 convergent customer additions.
Poland delivered particularly strong results, with revenue increasing 7.9 percent and convergent ARPO improving 5 percent.
The acquisition of Nexera by Orange Poland’s fiber joint venture strengthened its fiber infrastructure footprint and wholesale broadband growth opportunities.
Orange 5G and Fiber Strategy Focuses on Broadband Convergence
Orange continues to position fiber broadband, mobile connectivity and convergent subscriptions as major components of its telecom growth strategy.
The group’s 24.42 million very-high-speed fixed broadband accesses represented approximately 79 percent of its 30.85 million fixed broadband accesses at the end of September.
The operator’s strong fiber additions in Europe and fixed broadband growth in Africa and the Middle East demonstrate the importance of high-speed connectivity to its customer acquisition strategy.
Orange is also expanding enterprise private networks and fixed-mobile convergence services.
However, the Q3 financial release does not provide consolidated 5G subscriber numbers, 5G population coverage, 5G network investment or standalone 5G revenue.
Orange Business Revenue Declines 2.5 Percent; Cybersecurity Reaches €1 Billion
Orange Business reported third-quarter revenue of €1.72 billion, declining 2.5 percent.
Fixed-only services revenue declined 10 percent to €607 million, reflecting pressure on traditional enterprise connectivity services.
IT and integration services revenue increased 4 percent to €904 million.
Mobile revenue declined 5.2 percent to €206 million.
Orange Business is accelerating its transition toward cloud computing, cybersecurity, artificial intelligence and enterprise digital transformation.
Orange Cyberdefense generated €1 billion in revenue during the first nine months of 2026, representing growth of 12.2 percent.
The cybersecurity division is commercializing its Dynamic SOC platform across nine European countries.
Orange has also deployed the Qevlar AI solution across 36 security operations centers to accelerate threat detection and analysis.
The company is using AI to improve operational efficiency while expanding trusted cloud services for government, defense and security customers.
Orange Business also obtained an additional SecNumCloud qualification during the quarter, strengthening its position in sovereign cloud infrastructure.
Its international partnership with Tech Mahindra is another component of its enterprise transformation and efficiency strategy.
Orange Capex Falls 2.5 Percent as Cash Flow Improves
Orange reduced economic capital expenditure to €1.71 billion in the third quarter from €1.76 billion on a comparable basis a year earlier.
The quarterly eCAPEX-to-revenue ratio declined to 14 percent from 14.9 percent.
During the first nine months, eCAPEX reached €4.89 billion, representing 14.8 percent of revenue.
Orange expects its full-year eCAPEX-to-revenue ratio to remain around 15 percent.
The company also maintained its organic cash flow target of approximately €4.3 billion for 2026.
Lower capital intensity, combined with EBITDAaL growth, is helping Orange improve cash generation while continuing investments in mobile networks, fiber broadband and digital infrastructure.
Orange Strategy: SFR Acquisition, Satellite Networks and AI
Orange’s strategic priorities include consolidating its European telecom operations, expanding fiber broadband, strengthening enterprise cybersecurity and developing satellite connectivity.
In June 2026, Orange, Bouygues Telecom and Free–iliad Group signed a memorandum of understanding with Altice France concerning the proposed acquisition of SFR.
The transaction is expected to close in the second half of 2027, subject to regulatory approvals and other conditions.
In October, Orange signed a letter of intent with Deutsche Telekom, Telefónica and Vodafone to explore a joint bid for Mobile Satellite Service spectrum allocation in Europe.
The initiative could support the development of European satellite-enabled mobile services and more resilient communications infrastructure.
Orange is also expanding AI-enabled cybersecurity, trusted cloud services and private enterprise networks as part of its broader digital transformation strategy.
For 2026, Orange expects EBITDAaL growth exceeding 4.5 percent, an eCAPEX-to-revenue ratio of approximately 15 percent and organic cash flow of around €4.3 billion.
The company’s third-quarter performance indicates that Africa and the Middle East, fiber broadband, convergent services and cybersecurity are becoming increasingly important growth drivers, while traditional enterprise connectivity and wholesale services continue to face competitive pressure.
BABURAJAN KIZHAKEDATH
