Orange posted strong first-quarter results for 2025, reporting EBITDAaL growth of 3.2%, in line with forecasts. Despite an uncertain economic environment, these results reflect the resilience of Orange’s operations and the trust customers place in the company’s services across all regions.
The company’s performance was particularly strong in France, where it maintained its commercial discipline and continued to grow retail revenues. This success was driven by strong fiber and convergence offerings. Orange also led the market in terms of share, NPS, and churn in a competitive environment.
The Africa & Middle East region saw exceptional double-digit revenue growth for the eighth consecutive quarter. Key growth drivers included mobile data, fixed broadband, Orange Money, and B2B activities. Orange’s 4G and 5G networks now serve over 80 million customers, and the company’s Max it super app has almost 20 million users.
In the B2B sector, Orange Cyberdefense continued its solid growth, up 8%, primarily due to strong performance in France. Orange Business also launched 5G+ in France and introduced new GenAI solutions via Live Intelligence Open in Europe. Additionally, the company signed three agreements with trade unions in France, focusing on employee development to address future technological, economic, and environmental challenges.
First-quarter 2025 revenues totaled 9.911 billion euros, marking a 0.6% year-on-year increase. Retail services grew by 2.4%, or 181 million euros, while wholesale services experienced a slight decline of 3.1%, or 44 million euros. Equipment sales dropped by 5.7%, and other revenues decreased by 13.9%.
The Africa & Middle East region was the major driver of growth, with revenues up 12.8%, or 231 million euros. This was fueled by strong performances across the region’s four growth engines: mobile data (+21.0%), fixed broadband (+19.1%), Orange Money (+22.1%), and B2B (+17.1%).
In France, revenues fell by 1.3%, or 55 million euros, though retail services excluding PSTN grew by 1.5%. Europe saw stable revenues (-0.2% or -3 million euros), with retail services (excluding IT&IS) up by 1.2%. Orange Business experienced a revenue decline of 4.9%, driven by lower fixed and mobile revenues, although growth was seen in Orange Cyberdefense (+8.0%).
The company’s global leadership in convergence continued, with a total of 9.2 million convergent customers (+1.1%). Mobile services had 256 million accesses worldwide (+5.5%), with 95.7 million contracts (+5.5%), and fixed broadband accesses rose by 3.7%, reaching 22.1 million.
EBITDAaL reached 2.48 billion euros, up by 3.2%, reflecting solid retail performance and improved operational efficiency. eCAPEX rose by 6.6% to 1.463 billion euros, with telecom eCAPEX as a percentage of revenues at 14.8%, aligned with the 2025 target.
A provision of 1.644 billion euros was made for the Employment and Career Path Planning agreement in France, which will support employee training, recruitment, and team deployment.
Looking ahead, Orange confirms its financial targets for 2025, including EBITDAaL growth of around 3%, disciplined eCAPEX spending, and organic cash flow of at least 3.6 billion euros from telecom activities. The company will propose a dividend of 0.75 euros per share for the 2024 fiscal year and has set a floor of 0.75 euros per share for 2025.
Christel Heydemann, CEO, Orange
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.
