Orange Raises Full-Year Targets on Spain Deal and Africa Growth
Record first-half results and the full consolidation of MasOrange pushed the French carrier to lift its 2026 profit and cash flow guidance.
July 28, 2026 – 8:15 am
Image by: BobVillars
The French group now expects EBITDAaL, the industry’s key profit measure, to grow by more than 4% across 2026, up from earlier guidance of above 3%. It also raised its organic cash flow goal for the telecoms operation to around €4.3bn, from roughly €4bn.
Two primary factors drove this upgrade:
- Rapid expansion in Africa and the Middle East
- The full integration of Spain following the acquisition of MasOrange
This combination led to impressive first-half results:
- Revenue increased 3.5% to €20.9bn
- EBITDAaL rose 5.0% to €6.1bn, both records for a half year
- Net income reached €3.6bn
- Adjusted net income grew 11.8% to €1.35bn
- Group organic cash flow came to €2.2bn, up €497m from the same period a year earlier
Africa and the Middle East delivered most of the growth, with revenue rising 13.9% and EBITDAaL increasing 16.1%, significantly outpacing France’s 1.2% revenue growth in the same period.
France, Orange’s largest market, experienced a more gradual but steady increase in EBITDAaL of 2.4%. The domestic business, while still the group’s largest, now serves as a stabilizing factor, allowing management to raise full-year guidance with confidence, supported by Spain and Africa.
Spain, a newer addition to Orange’s portfolio, became fully integrated this year following the €4.25bn acquisition of MasOrange from the investment group Lorca. The deal, approved by the European Commission in April, closed in June, allowing Orange to now report 100% of MasOrange’s results.
MasOrange, formed in 2024 through the merger of Orange’s Spanish arm with MásMóvil, quickly became Spain’s leading operator by subscribers. The full consolidation is expected to significantly impact Orange’s figures, particularly in 2027.