Orange delivered modest revenue growth in 2025 while maintaining strict capex discipline, expanding its subscriber base and accelerating fiber and mobile data adoption.
Orange revenue rises to €40.4 billion in 2025
Orange reported annual revenue of €40.396 billion, up 0.9 percent, driven mainly by growth in retail services, which increased 2.2 percent. Retail services added €675 million, offsetting pressure from legacy wholesale and fixed-only services.
The biggest growth driver came from the Africa and Middle East region, where revenue surged 12.2 percent, adding €918 million. Growth was fueled by the company’s four strategic engines:
Mobile data revenue up 18.6 percent
Fixed broadband revenue up 18.4 percent
Orange Money revenue up 18.0 percent
B2B revenue up 10.4 percent
In Europe, revenue increased 2.2 percent, supported by retail service growth of 3 percent. France remained competitive, with retail services excluding PSTN growing 0.6 percent, although wholesale revenue declined 6.5 percent, resulting in a 2.1 percent drop in total revenue in the country.
Orange Business revenue fell 4.8 percent, mainly due to declining fixed-only services. However, cybersecurity remained a bright spot, with Orange Cyberdefense revenue rising 6.8 percent.
France
Orange generated €17,473 million in revenue in France, down 2.1 percent year on year, mainly due to continued declines in wholesale copper services during the transition to fiber.
Retail performance remained resilient despite intense competition:
Retail services excluding PSTN grew 0.6 percent
Convergent ARPO increased 1.2 percent to €78.9
This growth was offset by a 6.5 percent decline in wholesale services, reflecting the ongoing phase-out of copper infrastructure.
Commercial momentum remained strong:
Market leadership maintained with best churn rates and NPS
Received its 15th consecutive ARCEP mobile network quality award
Q4 convergent net additions: +25,000
Mobile net additions: +134,000, with churn improving to 12.2 percent (down 2.2 points YoY)
Fixed broadband net additions: +45,000
Fiber net additions: +315,000, the strongest since Q4 2022
Capital spending stayed tightly managed:
eCAPEX: €3,077 million, down 1.2 percent year on year.
Africa and the Middle East
Orange delivered strong growth in Africa and the Middle East, with annual revenue rising 12.2 percent (+€918 million) and double-digit growth in Q4 for the 11th consecutive quarter.
Growth was driven by rapid expansion in retail services, which increased 13 percent, supported by four key growth engines:
Mobile data revenue up 18.6 percent
Fixed broadband revenue up 18.4 percent
Orange Money revenue up 18.0 percent
B2B revenue up 10.4 percent
Customer growth remained robust:
Mobile customers: 174 million, up 7.9 percent
4G customer base up 17.3 percent
Mobile ARPO up 4.5 percent in Q4
Fixed broadband customers: 4.8 million, up 21.8 percent
Orange Money active users: 47 million, up 18.3 percent
To support expansion, eCAPEX increased 10.5 percent (+€136 million), reflecting continued investment in network and service growth across the region.
Europe
Orange’s European operations delivered steady growth in 2025, with annual revenue rising 2.2 percent (+€156 million), mainly driven by retail services growth of 3 percent.
Growth was supported by a balanced strategy focused on both volume and value:
Convergent services revenue increased 5.5 percent (+€79 million)
IT and integration services surged 20 percent (+€100 million)
Declines in Mobile-only (-0.6 percent) and Fixed-only (-1.5 percent) services slightly offset gains
Equipment sales fell 1.2 percent, while other revenues rose 4.8 percent
Fourth-quarter momentum strengthened:
Revenue increased 4 percent
Net additions included:
+141,000 mobile customers
+68,000 fiber customers
+32,000 convergent customers
Convergent ARPO in Poland grew 4 percent
Capital spending remained disciplined, with eCAPEX down 2.9 percent year on year.
Orange Business
Orange Business reported annual revenue of €7,325 million, down 4.8 percent (-€367 million), reflecting portfolio rationalization, a challenging IT market and macroeconomic pressure in France.
Key segments showed continued weakness:
Fixed-only revenues: €2,715 million, down 7.6 percent, driven by structural declines in legacy fixed Voice (-12.7 percent) and Data (-5.8 percent).
IT and Integration services: €3,698 million, down 2.3 percent, amid tighter enterprise IT spending.
Mobile revenues: €912 million, down 6.1 percent.
The decline underscores ongoing headwinds in legacy services and cautious enterprise demand, despite Orange Business’s focus on higher-value digital and IT services.
TOTEM
TOTEM reported annual revenue of €728 million, up 2.6 percent (+€19 million), driven by stronger hosting revenues, which rose 1.6 percent, including 8.1 percent growth from third-party clients.
Operational metrics improved steadily:
26,883 sites as of 31 December 2025
Tenancy ratio: 1.46 co-tenants per site, up 4 basis points year on year
Progress remains on track toward the 1.5 tenancy ratio target in 2026
Investment increased to support expansion:
eCAPEX up 5.1 percent (+€8 million), reflecting new site construction and service diversification initiatives.
Subscriber growth and fiber expansion accelerate
Orange continued expanding its global customer base and strengthening its position in converged services.
Key subscriber metrics:
9.3 million convergent customers, up 1.9 percent
272.8 million mobile accesses worldwide, up 7.8 percent
38.1 million fixed accesses, down 0.6 percent
16.5 million very high-speed broadband accesses, up 13 percent
Fiber growth remained a core pillar of Orange’s strategy:
65.53 million homes connectable to FTTH, up 9 percent
15.4 million FTTH customers, up 14 percent
France recorded its best fiber net additions since Q4 2022, underscoring continued demand for high-speed connectivity.
Capex discipline and network transition impact Opex
Orange maintained strict capital spending discipline in 2025.
eCAPEX: €6,208 million
Down 0.4 percent year on year
Represented 15.4 percent of revenue
The company also entered the industrial phase of its copper network shutdown. As part of the transition:
A €1,676 million provision was recorded for copper network dismantling costs.
A €368 million depreciation expense was recognized for the copper network, which will be phased out by 2030.
These costs reflect the long-term shift toward fiber infrastructure and more efficient network operations.
Outlook: growth engines shift toward data, fiber and fintech
Orange’s 2025 performance highlights a strategic shift toward growth markets and digital services. Strong mobile data usage, fiber adoption and fintech expansion in Africa and the Middle East are increasingly offsetting declines in legacy services.
BABURAJAN KIZHAKEDATH
