Orange posts “solid” Q3
October 23, 2025
In the third quarter of 2025, Orange has reported that Group revenues increased 0.8 per cent YoY (+€83 million) thanks to growth in retail services (+2.6 per cent or +€192 million), partly offset by the trends in wholesale services (-5.2 per cent or -€78 million), equipment sales (-1.4 per cent or -€9 million) and other revenues (-9.1 per cent or -€21 million).
Africa & Middle East contributed significantly to this growth with revenues rising 12.2 per cent driven by a 13.1 per cent increase in retail services. This momentum was fueled by a robust performance in voice (+4.5 per cent) and the region’s four growth drivers with mobile data up 18.1 per cent, Orange Money up 17.4 per cent, fixed broadband up 18.2 per cent and B2B up 9.3 per cent.
France delivered a solid commercial performance in the third quarter of 2025, with mobile net additions reaching their highest level since 2022, supported by a two-point improvement in churn rate year on year. The convergent and fixed broadband customer bases also continued to grow. The revenues evolution (-3.7 per cent) reflects the impact of price effects on retail services and the expected trends in wholesale services (-9 per cent) and equipment sales. In a market that remains competitive, retail services excluding PSTN grew 0.2 per cent.
Europe posted revenue growth of 4.7 per cent, largely due to the positive trend in retail services which rose 4.1 per cent. This momentum was fueled by a good commercial performance, 5.7 per cent growth in convergence and the exceptional increase in IT and Integration Services in Poland. Revenues from wholesale services increased 8.2 per cent in the third quarter of 2025 and was up 0.6 per cent over the nine-month period.
Orange Business revenues decreased 4.3 per cent. A challenging IT market and the optimisation of the products and services portfolio undertaken last year affected IT and Integration Services (-1.4 per cent). Orange Cyberdefense continued to deliver dynamic growth (+6.3 per cent over the nine-month period).
In terms of commercial performance, the Group maintained its leadership position in convergence in France and Europe. It demonstrated strong commercial momentum in mobile contracts and in very high-speed fixed broadband, passing the threshold of 10 million FTTH customers in France. Mobile services had 269.7 million accesses worldwide (+6.6 per cent) including 100.4 million contracts (+5.9 per cent). Fixed services had 38.1 million accesses worldwide (-1.5 per cent), with 22.7 million fixed broadband accesses (+4.7 per cent), of which 16 million were very high-speed broadband accesses, an area of continued strong growth (+13.4 per cent).
Group EBITDAaL increased 3.7 per cent in the third quarter and the margin improved 0.7 point. This increase is the result of operational efficiency projects and allows us to raise our annual EBITDAaL growth target again to at least 3.5 per cent.
The Group’s eCAPEX grew 8.3 per cent in the third quarter and 5.4 per cent over the nine-month period, mainly driven by investments to support growth in Africa & Middle East. In the third quarter, eCAPEX for telecom activities as a percentage of revenues was 14.7 per cent, in line with the target for 2025.
Commenting on these results, Christel Heydemann, CEO of the Orange group, said:
“With revenues and EBITDAaL both growing in the third quarter, Orange posted solid results and I would like to sincerely thank all employees for their continued commitment.
The 0.8 per cent increase in our Group revenues highlights our ability to capitalize on our core business. In a competitive environment in Europe, we have delivered a solid commercial performance: our customer bases continue to grow in France, Europe and Africa & Middle East. We have just passed the symbolic threshold of 300 million customers worldwide, underlining the Group’s leadership status.
Furthermore, we have just announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a large part of Altice’s activities in France. While ensuring continuity of service for SFR customers, this operation would: make it possible to step up investments in very high-speed network resilience, in cyber security and in new technologies such as artificial intelligence; consolidate control over strategic infrastructure in France; and maintain a competitive ecosystem for the benefit of consumers.
There is no certainty at this stage that an agreement will be reached, but we aim to create a constructive dialogue and we remain focused on the execution of our strategy.
Results remain excellent in Africa & Middle East, with double-digit revenue growth for the tenth consecutive quarter. Mobile Financial Services remain a strong lever for value creation, with Orange Money boasting 44 million active users.
We announced the creation with MASORANGE of PremiumFiber in Spain, our joint venture with Vodafone Spain and GIC.
Our operational efficiency projects and rigorous cost control enabled EBITDAaL growth of 3.7 per cent in the third quarter as well as margin improvement. Therefore, we are revising our guidance on EBITDAaL upward, increasing our annual EBITDAaL growth target to at least 3.5 per cent.
These results illustrate the excellent execution of our Lead the Future plan. The evolution of this plan will be presented at our Capital Markets Day on 19 February 2026.”