Orange: profitable growth, but driven by certain markets
Orange is performing well. The long-established telecoms group’s turnover rose by 3.5 per cent over the first nine months of 2026, on a like-for-like basis. EBITDAaL grew faster, by 4.8 per cent, and operating cash flow by 8.8 per cent. This is an encouraging trend, driven mainly by Africa and the Middle East as well as Europe, whilst France remains almost stable and retail services are declining in Spain. Revenue… reached €33.1 billion, up 3.5 per cent on a like-for-like basis. EBITDAaL — the operating profit metric used by the group — rose by 4.8 per cent to €10.3 billion. Operating cash flow, calculated by Orange as the difference between EBITDAaL and eCAPEX, increased by 8.8 per cent to €5.4 billion. The growth in this metric therefore outpaced that of…