Orange: Orange posts robust first-quarter results and confirms its
2025 targets
Press release
Paris, 24 April 2025
Financial results at 31 March 2025
Orange posts robust first-quarter results and
confirms its 2025 targets
- Solid retail commercial
performance
- EBITDAaL up +3.2%
- 2025 financial targets
confirmed
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
9,911 |
9,849 |
9,850 |
0.6 % |
0.6 % |
|
EBITDAaL |
|
2,480 |
2,402 |
2,406 |
3.2 % |
3.1 % |
|
eCAPEX (excluding licenses) |
|
1,463 |
1,372 |
1,550 |
6.6 % |
(5.6)% |
|
o/w excluding Spain |
|
1,463 |
1,372 |
1,384 |
6.6 % |
5.7 % |
|
o/w Spain |
|
- |
- |
166 |
- |
na |
|
EBITDAaL - eCAPEX excluding Spain |
|
1,017 |
1,030 |
1,022 |
(1.3)% |
(0.5)% |
Commenting on these results, Christel Heydemann,
Chief Executive Officer of the Orange group, said:
“Orange delivered robust first quarter results,
in line with our forecasts, with EBITDAaL growth of 3.2%. In an
uncertain economic context, these results demonstrate the
resilience of our business and the trust our customers have in the
quality of our services across all our regions.
In France, we maintained our commercial
discipline and continued to grow retail revenues, thanks to strong
performances in fiber and convergence. In a competitive
environment, the variety of our offers across all market segments
and the satisfaction of our customers make Orange the leader by
market share, NPS and churn.
The Africa & Middle East region experienced
exceptional double-digit revenue growth for the eighth consecutive
quarter. All growth engines are performing well, in particular our
data offers, which represent 60% of growth this quarter. This
momentum is driven by our 4G and 5G networks, used by more than
80 million customers, as well as the deployment of digital
services, such as our Max it super app, which now has close to
20 million users.
In the B2B market, Orange Cyberdefense’s growth
remained solid at 8%, driven mainly by the robust performance in
France. Orange Business, which continues to enact its
transformation plan, also launched 5G+ in France and new trusted
GenAI offers through Live Intelligence Open in Europe.
Finally, during this quarter, we signed three
agreements with our trade unions in France, in particular the
unanimous agreement reached on Employment and Career Path Planning
for France (Gestion des Emplois et des Parcours Professionnels -
GEPP), which will enable us to train, recruit and support the
deployment of our teams. These agreements lay the foundations for
working with our employees to meet future technological, economic
and environmental challenges.”
First quarter 2025 revenues
reached 9,911 million euros, up 0.6% year on year1
(+62 million euros) thanks to growth in retail services (+2.4%
or +181 million euros) and a smaller decline in wholesale
services (-3.1% or -44 million euros). Equipment sales were
5.7% lower (-38 million euros) and other revenues were down
13.9% (-37 million euros).
- Africa & Middle
East is the main contributor to this growth, with revenues
up 12.8% (+231 million euros), driven by increases from its
four growth engines (+21.0% in Mobile data, +19.1% in Fixed
broadband, +22.1% for Orange Money and +17.1% in B2B across all
activities).
- Revenues in France
decreased 1.3% (-55 million euros) but retail services
excluding PSTN2 grew 1.5%, while wholesale services
(-4.3%) declined as expected.
- Europe remained
stable (-0.2% or -3 million euros). Retail services (excluding
IT&IS) grew 1.2% (+14 million euros) and IT and
Integration Services revenues returned to growth rising 17.0%
(+18 million euros). Low-margin revenues were down: wholesale
services (-6.6% or -13 million
euros) and equipment sales (-7.4% or -20 million euros).
- The decrease in Orange
Business revenues (-4.9% or -96 million euros) was
due to the decline in Fixed-only revenues (-7.4% or
-56 million euros) and in mobile revenues (-6.9% or
-17 million euros). IT and Integration Services were down
(-2.5% or -23 million euros) in a competitive market while
revenue growth for Orange Cyberdefense remained brisk (+8.0% or
+23 million euros).
- In terms of commercial
performance, the Group maintained its leadership position
in convergence in Europe (including France), with a total of
9.2 million convergent customers (+1.1%), as
well as its commercial momentum in mobile contracts and very
high-speed fixed broadband accesses. Mobile
services had 256.0 million accesses worldwide (+5.5%)
including 95.7 million contracts (+5.5%). Fixed
services had 38.1 million accesses worldwide (-2.8%),
with 22.1 million fixed broadband accesses (+3.7%), of which
15.0 million very high-speed broadband accesses, an area of
continued strong growth (+13.4%).
The Group’s EBITDAaL was
2,480 million euros for the period ended 31 March 2025,
an increase of +3.2% in line with the target of around 3% growth in
2025. This growth reflects the good retail performance as well as
the ongoing efforts to improve operational efficiency.
eCAPEX amounted to
1,463 million euros in the first quarter of 2025, up
6.6%3 (+91 million euros). eCAPEX for telecom
activities as a percentage of revenues was 14.8%, in line with the
2025 target.
In the first quarter of 2025, a provision of
1,644 million euros was recognized for the commitment related
to the agreement on Employment and Career Path Planning for France
(Gestion des Emplois et des Parcours Professionnels - GEPP) signed
in February 2025, and relating mainly to the 2025-2028 French
part-time for seniors plan (adjusted expense from EBITDAaL and
presented as specific labor expenses and restructuring program
costs)4.
Lastly, MASORANGE, our 50% owned
joint venture in Spain, is performing fully in line with its
targets and delivering the expected synergies.
Financial objectives
The Group confirms its financial targets
for 2025:
- EBITDAaL growth of
around +3%
- Discipline on
eCAPEX in line with the Capital Market Day
- Organic cash flow
from telecom activities of at least 3.6 billion euros
- Net debt/EBITDAaL
ratio from telecom activities unchanged at around 2x in the medium
term
Payment of a dividend of 0.75 euros per share in
respect of the 2024 fiscal year will be proposed to the Annual
Shareholders’ Meeting in 2025. For fiscal year 2025, Orange has set
a dividend floor of 0.75 euros per share.
___________________________________________________________________________
The Board of Directors of Orange SA met on
23 April 2025 and reviewed the consolidated financial results
at 31 March 2025.
More detailed information on the Group’s
financial results and performance indicators is available on the
Orange website :
www.orange.com/en/finance/investors/consolidated-results.
Review by operating
segment
France
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
4,297 |
4,352 |
4,339 |
(1.3)% |
(1.0)% |
|
Retail services (B2C+B2B) |
|
2,805 |
2,794 |
2,795 |
0.4 % |
0.4 % |
|
Convergence |
|
1,332 |
1,287 |
1,287 |
3.4 % |
3.4 % |
|
Mobile-only |
|
570 |
585 |
585 |
(2.6)% |
(2.6)% |
|
Fixed-only |
|
904 |
922 |
922 |
(2.0)% |
(2.0)% |
|
Wholesale |
|
1,022 |
1,068 |
1,055 |
(4.3)% |
(3.1)% |
|
Equipment sales |
|
318 |
324 |
324 |
(2.0)% |
(2.0)% |
|
Other revenues |
|
152 |
166 |
166 |
(8.3)% |
(8.4)% |
Retail growth excluding PSTN in line and
confirmation of EBITDAaL growth improvement target
With first quarter 2025 revenues
of 4,297 million euros, France recorded a growth in retail
services excluding PSTN (+1.5% or +39 million euros), in line
with the target of a low single digit growth over the year thanks
to a solid commercial performance in Fiber and 4% growth in
convergent ARPO. Revenues declined 1.3% year on year
(-55 million euros), with growth in retail services excluding
PSTN partially offsetting the expected reduction in fixed
narrowband services (-17.9% or -28 million euros) and in
Wholesale services (-4.3% or -46 million euros).
Orange once again demonstrated the effectiveness of
its commercial strategy with solid net additions and improved
mobile and convergent churn. In the first quarter, convergent net
additions grew by +3,000 with a base of 5.9 million clients while
convergent ARPO reached 77.8 euros (+3.0 euros), generating
3.4% growth in convergent services. Mobile net additions were
+4,0005, with a churn rate of 12.2%, an improvement of
+0.5 percentage points year on year, while fixed broadband net
additions were +2,000, with fiber retaining its excellent momentum
(+282,000) and fixed-only broadband ARPO increasing. At
31 March 2025, 40.9 million households were connectable
to Orange fiber, representing close to 93% of all French
households.
In France, performance for the quarter was in line
with expectations and consistent with the ambition to achieve
slightly better growth in EBITDAaL in 2025
compared to 2024.
Africa & Middle East
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
2,047 |
1,815 |
1,849 |
12.8 % |
10.7 % |
|
Retail services (B2C+B2B) |
|
1,859 |
1,640 |
1,662 |
13.3 % |
11.8 % |
|
Mobile-only |
|
1,569 |
1,394 |
1,414 |
12.5 % |
10.9 % |
|
Fixed-only |
|
264 |
231 |
232 |
14.6 % |
13.9 % |
|
IT & Integration services |
|
26 |
16 |
16 |
62.9 % |
56.7 % |
|
Wholesale |
|
151 |
143 |
153 |
5.8 % |
(0.9)% |
|
Equipment sales |
|
26 |
23 |
24 |
10.3 % |
7.7 % |
|
Other revenues |
|
11 |
8 |
9 |
27.8 % |
15.1 % |
Outstanding double-digit revenue
growth
For the eighth consecutive quarter, Africa &
Middle East recorded double-digit growth in revenues in the
first quarter of 2025 at +12.8% (+231 million euros).
The segment also posted remarkable revenue growth of 10.7% on a
historical basis in the first quarter.
This performance was once again underpinned by the
continued rapid growth in retail services (+13.3%) thanks to
increases over the year from the four growth engines, namely mobile
data (+21.0%), fixed broadband (+19.1%), Orange Money (+22.1%) and
B2B across all activities (+17.1%), with favorable volume and value
effects. The mobile customer base reached
163.4 million, a year-on-year increase of 6.7%, with
double-digit growth in the 4G customer base (+23.9% year on year)
and a 5.1% increase in average mobile ARPO in the first quarter.
The fixed broadband customer base rose 20.0% to 4.2 million.
Lastly, Orange Money had 41.1 million active customers, up
16.1%.
This remarkable performance confirms the ambition
of at least high single-digit EBITDAaL growth for
the Africa & Middle East segment in 2025.
Europe
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
1,746 |
1,749 |
1,727 |
(0.2)% |
1.1 % |
|
Retail services (B2C+B2B) |
|
1,280 |
1,248 |
1,233 |
2.5 % |
3.8 % |
|
Convergence |
|
371 |
352 |
347 |
5.3 % |
7.0 % |
|
Mobile-only |
|
543 |
541 |
536 |
0.3 % |
1.3 % |
|
Fixed-only |
|
244 |
250 |
248 |
(2.5)% |
(1.7)% |
|
IT & Integration services |
|
122 |
104 |
102 |
17.0 % |
19.7 % |
|
Wholesale |
|
187 |
201 |
198 |
(6.6)% |
(5.3)% |
|
Equipment sales |
|
246 |
266 |
257 |
(7.4)% |
(4.2)% |
|
Other revenues |
|
32 |
34 |
39 |
(5.6)% |
(17.3)% |
Solid retail commercial
performance
Revenues for Europe in the first quarter of
2025 were stable at 1,746 million euros (-0.2% or
-3 million
euros). The growth in retail services (+2.5% or +32 million
euros) was driven by convergent services (+5.3% or +19 million
euros) with +34,000 net convergent additions and an increase in
convergent ARPO, notably in Poland (+4.2%). Net additions of
+133,000 in mobile and +14,000 in high-speed fixed broadband (of
which +59,000 were on fiber) also testify to an excellent
commercial performance, and IT and Integration Services returned to
growth (+17.0% or +18 million euros). This offset the fall in
lower-margin revenues such as equipment sales (-7.4% or
-20 million euros) and wholesale services (-6.6% or
-13 million euros).
Poland increased revenues in the
first quarter of 2025 by 2.4% (+17 million euros) and improved
the convergent churn rate by 0.7 points. The 5G 700 MHz
spectrum blocks obtained at the reserve price bolstered its
leadership in connectivity.
These good results are also consistent with the
ambition to achieve low-single digit EBITDAaL
growth in Europe in 2025.
Orange Business
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
1,851 |
1,947 |
1,939 |
(4.9)% |
(4.5)% |
|
Fixed-only |
|
702 |
758 |
752 |
(7.4)% |
(6.6)% |
|
Voice |
|
175 |
201 |
200 |
(12.6)% |
(12.3)% |
|
Data |
|
527 |
557 |
552 |
(5.5)% |
(4.6)% |
|
IT & Integration services |
|
920 |
943 |
937 |
(2.5)% |
(1.8)% |
|
Mobile |
|
229 |
246 |
251 |
(6.9)% |
(8.6)% |
|
Mobile-only |
|
175 |
176 |
176 |
(0.5)% |
(0.5)% |
|
Wholesale |
|
4 |
5 |
10 |
(19.0)% |
(57.5)% |
|
Equipment sales |
|
50 |
65 |
65 |
(23.1)% |
(23.1)% |
EBITDAaL improvement target
confirmed
Revenues for the first quarter of
2025 in the Orange Business segment were
1,851 million euros, down 4.9% (-96 million euros) due to
the anticipated decline in Fixed-only services (-7.4% or
-56 million euros)
and the decrease in mobile revenues (-6.9% or -17 million
euros). Orange Cyberdefense achieved strong growth (+8.0% or
+23 million euros) while the competitive IT market and the
reduction in the portfolio of products and services undertaken last
year affected IT and Integration Services (-2.5% or
-23 million euros).
This quarter, Orange Business launched a Generative
AI offer Live Intelligence Open in Europe as well as a 5G+
offer in France with a dedicated Premium bandwidth for its Pro/SME
and Enterprise customers that provides them with high-performance
and secure mobile connectivity, even in very busy locations.
Orange Business maintains its objective of
continued improvement in the trend in 2025, by halving the
decline in EBITDAaL compared with 2024, to achieve
stabilization in 2026.
TOTEM
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
178 |
174 |
174 |
2.5 % |
2.5 % |
|
Wholesale |
|
178 |
174 |
174 |
2.5 % |
2.5 % |
|
Other revenues |
|
- |
- |
- |
- |
- |
First-quarter revenues for the
TowerCo TOTEM reached 178 million euros, up 2.5%
(+4 million euros).
The number of sites was 26,838 at
31 March 2025, with a tenancy ratio of 1.43 co-tenants
per site, up 2 points year on year and in line with the target
of 1.5 co-tenants by 2026.
International Carriers & Shared
Services
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
change
comparable
basis |
change
historical
basis |
|
Revenues |
|
285 |
331 |
334 |
(14.1)% |
(14.9)% |
|
Wholesale |
|
184 |
204 |
204 |
(10.0)% |
(9.9)% |
|
Other revenues |
|
101 |
127 |
130 |
(20.7)% |
(22.7)% |
Revenues from wholesale services
fell 14.1% year on year (-47 million euros), mainly as a result of
the downward trend in voice and SMS traffic and from the
countereffect of a non-recurring item in the first quarter of
2024.
Mobile Financial Services
Orange Bank continued with its plan to cease
activities in France and Spain with a view to returning its banking
license and is continuing to implement its job protection plan.
MASORANGE6
In Spain, first quarter revenues
rose 2.6%, driven by 1.3% growth in retail services, 7.9% growth in
wholesale services and 7.3% growth in equipment sales.
The joint venture achieved a very good commercial
performance with +51,000 additional fiber lines and
+80,0007 additional mobile lines year on year. Managing
the value of the customer base enabled continued growth in
convergent ARPU.
The B2B commercial performance was marked by being
awarded two out of four lots of the largest public administration
contract (CORA III).
The transaction to create the FiberCo, provided for
in the binding agreement signed on 2 January 2025 between
MasOrange and Vodafone España is expected to be completed during
the summer of 2025.
This quarter, MASORANGE achieved around
80 million euros in synergies, bringing the total synergies
year on year to nearly 200 million euros. The joint venture
thus confirmed its ambition to achieve synergies of at least
500 million euros over the first four years.
In 2025, MASORANGE is targeting
synergies of more than 300 million euros, representing more
than half of the expected synergies, slight revenue growth and
double-digit growth in adjusted EBITDA minus net recurring
CAPEX.
Calendar of upcoming events
21 May 2025 - Annual Shareholders Meeting
29 July 2025 - Publication of
First-Half 2025 financial results
Contacts
press:
Frédéric Texier
fred.texier@orange.com
Tom Wright
tom.wright@orange.com
Fatima Rahil
fatima.rahil@orange.com |
financial communication:
(analysts and investors)
Constance Gest
constance.gest@orange.com
Louise Racine
louise.racine@orange.com
Hong Hai Vuong
honghai.vuong@orange.com
|
Disclaimer
This press release contains forward-looking
statements about Orange’s financial situation, results of
operations and strategy. Forward-looking statements are statements
that are not historical facts. These statements include, without
limitation, projections and estimates and their underlying
assumptions, statements regarding plans, objectives, intentions and
expectations with respect to future financial results and other
events, prospects and statements regarding future performance.
Although we believe these statements are based on reasonable
assumptions, they are subject to numerous risks, uncertainties and
assumptions, including matters not yet known to us or not currently
considered material by us, and which could cause actual results and
developments to differ materially from those expressed in, or
implied or projected by, such forward-looking statements. There can
be no assurance that anticipated events will occur or that the
objectives set out will actually be achieved. More detailed
information on the potential risks, uncertainties and assumptions
that could affect our financial results include those described or
identified in any public documents filed with the French Financial
Markets Authority (AMF) by Orange, including the Universal
Registration Document filed on 27 March 2025 with the AMF. In light
of these risks, uncertainties and assumptions, you should not place
undue reliance on any forward looking statements contained herein.
Forward-looking statements speak only as of the date they are made.
Other than as required by law, Orange does not undertake any
obligation to update them in light of new information, future
developments or any other reason.
Appendix 1: financial key
indicators
Quarterly data
|
In millions of euros |
|
1Q 2025 |
1Q 2024
comparable
basis |
1Q 2024
historical
basis |
variation
comparable
basis |
change
historical
basis |
|
Revenues |
|
9,911 |
9,849 |
9,850 |
0.6 % |
0.6 % |
|
France |
|
4,297 |
4,352 |
4,339 |
(1.3)% |
(1.0)% |
|
Europe |
|
1,746 |
1,749 |
1,727 |
(0.2)% |
1.1 % |
|
Africa & Middle East |
|
2,047 |
1,815 |
1,849 |
12.8 % |
10.7 % |
|
Orange Business |
|
1,851 |
1,947 |
1,939 |
(4.9)% |
(4.5)% |
|
Totem |
|
178 |
174 |
174 |
2.5 % |
2.5 % |
|
International Carriers & Shared Services |
|
285 |
331 |
334 |
(14.1)% |
(14.9)% |
|
Intra-Group eliminations |
|
(492) |
(520) |
(512) |
|
|
|
EBITDAaL (1) |
|
2,480 |
2,402 |
2,406 |
3.2 % |
3.1 % |
|
o/w Telecom activities |
|
2,496 |
2,436 |
2,440 |
2.5 % |
2.3 % |
|
As % of revenues |
|
25.2 % |
24.7 % |
24.8 % |
0.5 pt |
0.4 pt |
|
o/w Mobile Financial Services |
|
(17) |
(34) |
(34) |
(51.5)% |
(51.5)% |
|
eCAPEX |
|
1,463 |
1,372 |
1,550 |
6.6 % |
(5.6)% |
|
o/w excluding Spain |
|
1,463 |
1,372 |
1,384 |
6.6 % |
5.7 % |
|
o/w Telecom activities |
|
1,462 |
1,371 |
1,383 |
6.6 % |
5.7 % |
|
As % of revenues |
|
14.8 % |
13.9 % |
14.0 % |
0.8 pt |
0.7 pt |
|
o/w Mobile Financial Services |
|
0 |
1 |
1 |
(23.3)% |
(23.3)% |
|
o/w Spain |
|
- |
- |
166 |
- |
na |
|
EBITDAaL - eCAPEX excluding Spain |
|
1,017 |
1,030 |
1,022 |
(1.3)% |
(0.5)% |
|
(1) EBITDAaL presentation adjustments are described in Appendix
2. |
|
|
|
|
|
|
Appendix 2: adjusted data to
income statement items
Quarterly data
|
|
|
1Q 2025 |
|
1Q 2024
historical basis |
|
In millions of euros |
|
Adjusted data |
Presentation adjustments |
Income statement |
|
Adjusted data |
Presentation adjustments |
Income statement |
|
Revenues |
|
9,911 |
- |
9,911 |
|
9,850 |
- |
9,850 |
|
External purchases |
|
(4,006) |
(1) |
(4,007) |
|
(4,056) |
0 |
(4,056) |
|
Other operating income |
|
182 |
- |
182 |
|
229 |
- |
229 |
|
Other operating expense |
|
(95) |
(1) |
(97) |
|
(117) |
(4) |
(121) |
|
Labor expenses |
|
(2,157) |
(1,582) |
(3,739) |
|
(2,184) |
(8) |
(2,192) |
|
Operating taxes and levies |
|
(904) |
0 |
(904) |
|
(875) |
(1) |
(876) |
|
Gains (losses) on disposal of fixed assets, investments and
activities |
|
na |
(1) |
(1) |
|
na |
(152) |
(152) |
|
Restructuring costs |
|
na |
(109) |
(109) |
|
na |
(44) |
(44) |
|
Depreciation and amortization of financed assets |
|
(29) |
- |
(29) |
|
(38) |
- |
(38) |
|
Depreciation and amortization of right-of-use assets |
|
(356) |
- |
(356) |
|
(338) |
(2) |
(340) |
|
Impairment of right-of-use assets |
|
- |
- |
- |
|
(0) |
- |
(0) |
|
Interest expenses on liabilities related to financed assets |
|
(3) |
3 |
na |
|
(4) |
4 |
na |
|
Interest expenses on lease liabilities |
|
(63) |
63 |
na |
|
(61) |
61 |
na |
|
EBITDAaL |
|
2,480 |
(1,628) |
na |
|
2,406 |
(146) |
na |
|
Significant litigation |
|
0 |
(0) |
na |
|
(1) |
1 |
na |
|
Specific labour expenses (1) |
|
(1,582) |
1,582 |
na |
|
(7) |
7 |
na |
|
Fixed assets, investments and business portfolio review |
|
(1) |
1 |
na |
|
(152) |
152 |
na |
|
Restructuring program costs (1) |
|
(109) |
109 |
na |
|
(47) |
47 |
na |
|
Acquisition and integration costs |
|
(2) |
2 |
na |
|
(4) |
4 |
na |
|
Interest expenses on liabilities related to financed assets |
|
na |
(3) |
(3) |
|
na |
(4) |
(4) |
|
Interest expenses on lease liabilities |
|
na |
(63) |
(63) |
|
na |
(61) |
(61) |
(1) In the first quarter of 2025, it includes the
recognition of the commitment related to the agreement on
Employment and Career Path Planning for France (Gestion des Emplois
et des Parcours Professionnels - GEPP) signed in February 2025,
amounting to -1,644 million euros, and mainly related to the
2025-2028 French part time for seniors plan.
Appendix 3: economic CAPEX to
investments in property, plant and intangible
investment
Quarterly data
|
|
|
1Q 2025 |
|
1Q 2024
historical
basis |
|
In millions of euros |
|
Excluding Spain |
Spain |
Group total |
|
Excluding Spain |
Spain |
Group total |
|
Investments in property, plant and equipment and intangible
assets |
|
1,714 |
- |
1,714 |
|
1,473 |
168 |
1,641 |
|
Financed assets |
|
(12) |
- |
(12) |
|
(21) |
- |
(21) |
|
Proceeds from sales of property, plant and equipment and intangible
assets |
|
(60) |
- |
(60) |
|
(67) |
- |
(67) |
|
Telecommunication licenses |
|
(179) |
- |
(179) |
|
(2) |
(2) |
(4) |
|
eCAPEX |
|
1,463 |
- |
1,463 |
|
1,384 |
166 |
1,550 |
Appendix 4: key performance
indicators
|
In thousand, at the end of the period |
|
March 31
2025 |
|
March 31
2024 |
|
Number of convergent customers |
|
9,172 |
|
9,072 |
|
Number of mobile accesses (excluding MVNOs)
(1) |
|
256,027 |
|
242,579 |
|
o/w |
Convergent customer mobile accesses |
|
15,925 |
|
15,547 |
|
|
Mobile only accesses |
|
240,101 |
|
227,031 |
|
o/w |
Contract customer mobile accesses |
|
95,716 |
|
90,698 |
|
|
Prepaid customer mobile accesses |
|
160,310 |
|
151,881 |
|
Number of fixed accesses (2) |
|
38,135 |
|
39,238 |
|
|
Fixed Retail accesses |
|
26,593 |
|
26,798 |
|
|
|
Fixed Broadband accesses |
|
22,117 |
|
21,335 |
|
|
|
o/w |
Very high‑speed broadband fixed accesses |
|
15,044 |
|
13,270 |
|
|
|
|
Convergent customer fixed accesses |
|
9,172 |
|
9,072 |
|
|
|
|
Fixed accesses only |
|
12,944 |
|
12,263 |
|
|
|
Fixed Narrowband accesses |
|
4,476 |
|
5,463 |
|
|
Fixed Wholesale accesses |
|
11,542 |
|
12,440 |
|
Group total accesses (1+2) |
|
294,162 |
|
281,817 |
|
Data excluding Spain. 2023 data is on a comparable basis. |
Key performance indicators (KPI) by country are
presented in the "Orange investors data book Q1 2025" available on
www.orange.com, under Finance/Results:
www.orange.com/en/latest-consolidated-results
Appendix 5:
glossary
Key figures
Data on a comparable basis: data based on
comparable accounting principles, scope of consolidation and
exchange rates are presented for previous periods. The transition
from data on an historical basis to data on a comparable basis
consists of keeping the results for the period ended and then
restating the results for the corresponding period of the preceding
year for the purpose of presenting, over comparable periods,
financial data with comparable accounting principles, scope of
consolidation and exchange rate. The method used is to apply to the
data of the corresponding period of the preceding year, the
accounting principles and scope of consolidation for the period
just ended as well as the average exchange rate used for the income
statement for the period ended. Changes in data on a comparable
basis reflect organic business changes. Data on a comparable basis
is not a financial aggregate as defined by IFRS and may not be
comparable to similarly-named indicators used by other
companies.
Retail services (B2C + B2B): aggregation of
revenues from (i) Convergent services, (ii) Mobile-only services,
(iii) Fixed-only services and (iv) IT & integration services
(see definitions). Retail Services (B2C+B2B) revenues include all
revenues of a given scope excluding revenues from wholesale
services, equipment sales and other revenues (see definitions).
EBITDAaL or “EBITDA after Leases”: operating
income (i) before depreciation and amortization of fixed assets,
effects resulting from business combinations, impairment of
goodwill and fixed assets, share of profits (losses) of associates
and joint ventures, (ii) after interest on debts related to
financed assets and on lease liabilities, and (iii) adjusted for
significant litigation, specific labor expenses, fixed assets,
investments and businesses portfolio review, restructuring programs
costs, acquisition and integration costs and, where appropriate,
other specific elements. EBITDAaL is not a financial aggregate as
defined by IFRS standards and may not be directly comparable to
similarly-named indicators in other companies.
eCAPEX or “economic CAPEX”: (i) acquisitions of
property, plant and equipment and intangible assets, excluding
telecommunications licenses and financed assets, (ii) less the
price of disposal of property, plant and equipment and intangible
assets. eCAPEX is not a financial performance indicator as defined
by IFRS standards and may not be directly comparable to indicators
referenced by similarly-named indicators in other companies.
Organic Cash Flow (telecoms activities): for the
perimeter of the telecoms activities, net cash provided by
operating activities, minus (i) lease liabilities repayments and
debts related to financed assets repayments, and (ii) purchases and
sales of property, plant and equipment and intangible assets, net
of the change in the fixed assets payables, (iii) excluding
telecommunication licenses paid and significant litigations paid or
received. Organic Cash Flow (telecoms activities) is not a
financial aggregate defined by IFRS and may not be comparable to
similarly-named indicators used by other companies.
Free cash flow all-in (telecoms activities):
Free cash flow all-in from telecom activities corresponds to net
cash provided by operating activities, minus (i) purchases and
sales of property, plant and equipment and intangible assets, net
of the change in the fixed assets payables, (ii) repayments of
lease liabilities and on debts related to financed assets, and
(iii) payments of coupons on subordinated notes. Free cash flow
all-in from telecom activities is not a financial aggregate defined
by IFRS and may not be comparable to similarly-named indicators
used by other companies.
Earnings per share (EPS) – Group share Net
income – Basic: Basic earnings per share are calculated by dividing
(a) net income for the year attributable to the shareholders of the
Group, after deduction of the remuneration net of the tax to
holders of subordinated notes, by (b) the weighted average number
of ordinary shares outstanding during the period.
Return On Capital Employed (ROCE): ROCE (Return
On Capital Employed) from telecoms activities corresponds to Net
Operating Profit After Tax (NOPAT) for the year ended (N) divided
by Net Operating Assets (NOA) for the previous year (N-1).
Net Operating Profit After Tax (NOPAT) for the
year ended (N) corresponds:
- for continuing
operations, to operating profit (i) after interest on lease
liabilities and on debts related to financed assets, and (ii) after
income tax adjusted for the tax impact of financial income
excluding interest on lease liabilities and on debts related to
financed assets (tax charge calculated on the basis of the
statutory tax rate applicable in France, the tax jurisdiction of
the parent company Orange SA);
- and for
discontinued operations, to consolidated net income of discontinued
operations.
Net Operating Assets (NOA) for the previous year
(N-1) correspond to (i) equity and (ii) financial liabilities and
derivative liabilities (non‑current and current), excluding debts
on financed assets, (iii) less financial assets and derivative
assets (non‑current and current), cash and cash equivalents,
including investments in Mobile Financial Services.
ROCE from telecoms activities is not a financial
aggregate defined by IFRS and may not be comparable to
similarly-named indicators used by other companies.
Performance indicators
Fixed retail accesses: number of fixed broadband
accesses (xDSL (ADSL and VDSL), FTTx, cable, Fixed-4G (fLTE) and
other broadband accesses (satellite, Wimax and others)) and fixed
narrowband accesses (mainly PSTN) and payphones.
Fixed wholesale accesses: number of fixed
broadband and narrowband wholesale accesses operated by Orange.
Convergence
Convergent services: customer base and revenues
from B2C Convergent retail offers, excluding equipment sales (see
definition) defined as an offer combining at least a broadband
access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a
mobile voice contract (excluding MVNOs).
Convergent ARPO: average quarterly revenues per
convergent offer (ARPO) calculated by dividing revenues from retail
Convergent services offers invoiced to B2C customers generated over
the past three months (excluding IFRS 15 adjustments) by the
weighted average number of retail Convergent offers over the same
period. ARPO is expressed by monthly revenues per convergent
offer.
Mobile-only services
Mobile-only services: revenues from mobile
offers (mainly outgoing calls: voice, SMS and data) invoiced to
retail customers, excluding convergent services and equipment sales
(see definitions). The customer base includes customers with a
contract excluding retail convergence, machine-to-machine contracts
and prepaid cards.
Mobile-only ARPO: average quarterly revenues
from Mobile-only (ARPO) calculated by dividing revenues from
Mobile-only retail services (excluding machine-to-machine and IFRS
15 adjustments) generated over the past three months by the
weighted average of Mobile-only customers (excluding
machine-to-machine) over the same period. The ARPO is expressed as
monthly revenues per Mobile-only customer.
Fixed-only services
Fixed-only services: revenues from fixed retail
offers, excluding B2C convergent offers and equipment sales (see
definitions). It includes (i) fixed narrowband services
(conventional fixed telephony), (ii) fixed broadband services, and
(iii) business solutions and networks (with the exception of
France, for which essential business solutions and networks are
supported by Orange Business segment). For the Orange Business
segment, Fixed-only service revenues include sales of network
equipment related to the operation of voice and data services. The
customer base consists of fixed narrowband and fixed broadband
customers, excluding retail convergence customers.
Fixed-only Broadband ARPO: average quarterly
revenues from Fixed-only Broadband (ARPO) calculated by dividing
the revenue from Fixed-only Broadband retail services (excluding
IFRS 15 adjustments) generated over the past three months by the
weighted average of Fixed-only Broadband customers over the same
period. ARPO is expressed as monthly revenues per Fixed-only
Broadband customer.
IT & integration
services
IT & Integration services: revenues from
unified communication and collaboration services (Local Area
Network and telephony, advising, integration and project
management), hosting and infrastructure services (including Cloud
Computing), applications services (customer relations management
and other applications services), security services, video
conferencing offers, machine-to-machine services (excluded
connectivity) as well as sales of equipment related to the above
products and services.
Wholesale
Wholesale: revenues from other carriers consists
of (i) mobile services to other carriers including incoming
traffic, visitor roaming, network sharing, national roaming and
Mobile Virtual Network Operators (MVNOs), (ii) fixed services to
other carriers including national networking, services to
international carriers, high-speed and very high-speed broadband
access (fibre access, unbundling of telephone lines and xDSL access
sales) and the sale of telephone lines on the wholesale market, and
(iii) equipment sales to other carriers.
Equipment sales
Equipment sales: revenues from all mobile and
fixed equipment sales, excluding (i) equipment sales associated
with the supply of IT & Integration services, (ii) sales of
network equipment related to the operation of voice and data
services in the Orange Business operating segment, (iii) equipment
sales to other carriers, and (iv) equipment sales to dealers and
brokers.
Other revenues
Other revenues: revenues including (i) equipment
sales to brokers and dealers, (ii) portal, (iii) on-line
advertising revenues, (iv) corporate transversal business line
activities, and (v) other miscellaneous revenues.
1 Unless otherwise stated, percentage changes are
on a year-on-year basis, calculated against 31 March 2024 on a
comparable basis.
2 Public Switched Telephone Network
3 On a comparable basis, excluding 166 million euros of eCAPEX
for Spain booked in the first quarter of 2024 in the Group’s
financial statements
4 See Appendix 2
5 Excluding M2M and prepaid
6 Spain has been deconsolidated since the 2nd quarter
2024
7 Postpaid excluding M2Ms
- PR_Orange_Results_Q125_EN_240425
Orange (EU:ORA)
Graphique Historique de l'Action
De Mai 2025 à Juin 2025
Orange (EU:ORA)
Graphique Historique de l'Action
De Juin 2024 à Juin 2025
