Canlı Haber • Jul 29
Orange Partners With Morrison on €3b Data Centre Venture Targeting 400 MW in Europe Orange and Morrison are planning a joint venture data centre platform in Europe targeting 400 MW of capacity, backed by a €3b investment to address cloud and AI infrastructure needs and support European digital sovereignty.
The project focuses on accelerating new data centre capacity, which sits close to Orange’s core telecom and cloud activities and could influence how it allocates capital and manages long term infrastructure commitments.
Orange shares trade at €17.18, with the stock up 19.8% year to date, which gives the data centre plan a backdrop of already solid recent share price performance.
The read-through is that Orange is tying more of its future to capital intensive digital infrastructure, so the outcome for shareholders will depend on execution, utilisation of the new capacity and how the joint venture structures returns and risks between the partners. Canlı Haber • Jun 16
Orange Stock: €850 Million Hybrid Notes Issuance and Debt Tender Offer Announced Orange has issued €850 million of undated 7-year non-call deeply subordinated hybrid notes with a fixed 4.25% coupon until the first reset date.
The new hybrid notes are expected to be rated BBB-/Baa3/BBB- and will be admitted to trading on Euronext Paris.
Orange has also launched a tender offer to repurchase certain outstanding hybrid notes as part of an effort to manage its existing hybrid debt portfolio.
This refinancing move points to active balance sheet management at Orange, with the new hybrid notes helping to refresh its long-dated capital structure while keeping equity-like features in its funding mix.
Investors may want to focus on the cost of this hybrid capital, its ranking below senior debt, and how the tender for existing hybrids affects Orange’s overall interest expense and credit profile. Duyuru • Jun 10
Orange S.A. (ENXTPA:ORA) completed the acquisition of remaining 50% stake in Masorange, S.L. from Providence Equity Partners L.L.C., CINVEN France SAS and KKR & Co. Inc. (NYSE:KKR) for €16.9 billion. Orange S.A. (ENXTPA:ORA) proposed to acquire remaining 50% stake in Masorange, S.L. from Providence Equity Partners L.L.C., CINVEN France SAS and KKR & Co. Inc. (NYSE:KKR) for €16.9 billion on July 22, 2025. Orange signed a binding agreement acquire remaining 50% stake in Masorange, S.L. from Providence Equity Partners L.L.C., CINVEN France SAS and KKR & Co. Inc on December 12, 2025. The proposed transaction, which includes an estimated €6 billion in debt, would bring the total value of the operation to over €10 billion- making it one of the most significant moves in the European telecom sector in recent years. As on October 31, 2025 Orange has reached a non-binding agreement with Lorca to acquire full ownership of MasOrange through the acquisition of the remaining 50% stake in its Spanish joint venture for a price of €4.2 billion in cash.
The signing of a binding agreement is expected before the end of 2025 and will be conditional upon the agreement on the final terms and conditions. The transaction is also subject to approval by relevant regulatory authorities. The completion date is expected in H1 2026. On April 13, 2026, the transaction has been approved by the European Commission.
Benoit d'Angelin, Laurent Clarenbach and Geoffrey Planas of d’Angelin & Co., Santander, Lazard, and Morgan Stanley acted as financial advisor to Orange S.A. Barclays Capital Inc. acted as financial advisor to seller. Armando Albarrán, Álvaro Iza, Thomas Wessely, Bosco Montejo and Ignacio Borrego of Freshfields Bruckhaus Deringer LLP acted as legal advisor to José María Gómez and Sergio Ramírez Soto of Deloitte Auditores, S.L. acted as accountant to Providence Equity Partners L.L.C., CINVEN France SAS and KKR & Co. Inc.
Orange S.A. (ENXTPA:ORA) completed the acquisition of remaining 50% stake in Masorange, S.L. from Providence Equity Partners L.L.C., CINVEN France SAS and KKR & Co. Inc. (NYSE:KKR) on June 8, 2026. After closing, the group intends to refinance MasOrange financial debt over time.
Orange has obtained all the necessary approvals for the transaction to be completed. Duyuru • Jun 09
Orange S.A. Announces Appointment of Meinrad Spenger to Executive Committee Orange S.A. announced that Meinrad Spenger, Chief Executive Officer of MasOrange, will join the Orange Group’s Executive Committee. This appointment reflected the strategic importance of Spain for the Group and will further leverage his recognized experience in the telecommunications market and his leadership in advancing MasOrange’s development. Canlı Haber • Jun 08
Orange Joins Consortium to Acquire SFR in Landmark French Telecom Deal Orange, Bouygues Telecom and Free-iliad have signed a Memorandum of Understanding with Altice France to acquire SFR, France’s second-largest telecom operator, through a share-based transaction.
The agreement would create one of the largest industrial deals in European telecoms, with the consortium aiming to strengthen its position in the French market.
Completion of the transaction is subject to regulatory approvals, with the parties highlighting ambitions to support France’s digital infrastructure and ecosystem over the long term.
This planned acquisition points to a major reshaping of the French telecom sector, with Orange at the center of a larger consortium that could significantly alter competition and network sharing dynamics.
Investors should watch for regulatory scrutiny, the final transaction structure and any commitments on investment or integration costs, as these factors could influence Orange’s capital allocation and risk profile. Duyuru • May 22
Orange Announces Board Changes Orange at its Combined Shareholders’ Meeting held on 19 May 2026, announced the key role of Jacques Aschenbroich as Chairman of the Board of Directors, whose term was coming to an end, was acknowledged, as well as his continued commitment to the Group. Regarding the implementation of the Women on Boards directive for directors representing employees, the Shareholders’ Meeting voted to end the term of Mr. Sébastien Crozier, resulting in the vacancy of his position and his replacement by his substitute, Ms. Hélène Marcy, as a director representing employees. Following the Shareholders’ Meeting, and in accordance with its decision on 20 March 2026, the Board of Directors confirmed Mr. Frédéric Sanchez as Chairman of the Board of Directors for the remaining duration of his term as a director at the Chief Executive Officer, Christel Heydemann’s side. His director’s mandate runs until the end of the Shareholders’ Meeting that will be held to approve the accounts for the fiscal year ending 31 December 2027. Frédéric Sanchez remains Chairman of the unlisted Fives group. Duyuru • Apr 24
Orange S.A. Proposes Dividend for 2025, Payable on June 15, 2026 Orange S.A. announced that in respect of the 2025 fiscal year, a dividend of €0.75 per share will be proposed at the 2026 Annual Shareholders’ Meeting, with a balance of €0.45 to be paid on June 15, 2026 (ex-dividend date June 11, 2026). Duyuru • Apr 19
Bouygues Telecom SA, FREE SAS and Orange S.A. (ENXTPA:ORA) proposed to acquire Société Française de Radiotéléphone (SFR) SA from Altice France S.A. for an enterprise value of €20.4 billion. Bouygues Telecom SA, FREE SAS and Orange S.A. (ENXTPA:ORA) proposed to acquire Société Française de Radiotéléphone (SFR) SA from Altice France S.A. for an enterprise value of €20.4 billion on April 17, 2026. The offer covers the acquisition of the majority of assets operated by Altice France-SFR, excluding shareholdings in ACS/Intelcia, XP Fibre, Ultraedge and Altice Technical Services, as well as the Altice France group’s operations in the French overseas departments and regions. Bouygues Telecom, the Free–iliad Group and Orange envisage allocating the targeted activities as follows: The B2B business and customers would be taken over by Bouygues Telecom; The B2C business and customers would be shared between Bouygues Telecom, the Free–iliad Group and Orange; The other assets and resources (in particular infrastructure and spectrum) would be shared between Bouygues Telecom, the Free–iliad Group and Orange, except for SFR’s mobile network in less densely populated areas, which would be taken over by Bouygues Telecom. Altice France has granted an exclusivity period to the Consortium until 15 May 2026 in order to finalize the terms and the transaction documents. The split of price and value between buyers would be around 42% for Bouygues Telecom, 31% for the Free–iliad Group and 27% for Orange.
The due diligence phase was initiated in 2026. The transaction will be subject to prior consultation with the relevant employee representative bodies. It will then be subject to review by the competent regulatory authorities, in particular with regards to merger control guidelines. Duyuru • Mar 21
Orange Announces Board and Committee Changes Orange Board of Directors has decided to appoint Frédéric Sanchez, an independent director of Orange since 2020 and Chair of the Strategy and Technology Committee, as Chairman of the Board of Directors of Orange at the close of the Annual Shareholders’ Meeting to be held on May 19, 2026. This decision is based on the recommendations of the Governance, Corporate Social and Environmental Responsibility Committee (CGRSE), as well as of the ad hoc committee set up in anticipation of the end of the term of office of Jacques Aschenbroich, who has reached the statutory age limit for serving as Chairman of Orange. The Board of Directors will also propose to this same Annual Shareholders’ Meeting of May 19, 2026 that the term of office of Jacques Aschenbroich as an independent director be renewed so that he may continue to bring to Orange his in-depth knowledge of the Group, acquired over the past few years, together with his extensive experience. Born in 1960, Frédéric Sanchez is Chairman of the Fives group, which he joined in 1990 and within which he has held various positions before becoming Chief Financial Officer in 1994, then Chief Executive Officer in 1997 and finally Chairman of the Executive Board in 2002. Under his leadership, the Fives group has accelerated its development by strengthening its international presence and diversifying its business portfolio through major acquisitions and the opening of regional offices in Asia, Latin America and the Middle East. Frédéric Sanchez is a graduate of HEC Paris and Sciences Po Paris and holds a postgraduate degree (DEA) in economics from Paris-Dauphine University. Duyuru • Mar 17
Orange Business Unveils Next-Generation Innovation with Launch of Trusted Ai, Cloud and Secure Connectivity Offers Orange Business convened over 1,000 customers at the Orange Business Summit 2026, unveiling a portfolio of trusted technological innovations designed to empower enterprises to adapt, operate autonomously, and most importantly ensure business continuity in an ever-evolving, unpredictable world. Four new solutions will be introduced, based on trusted cloud-based environments and powered by AI. The Orange Business Summit will feature cutting-edge demonstrations across trusted connectivity, cloud, cybersecurity, and AI, empowering customers to confront business-critical challenges directly while future-proofing their strategies. With 14 breakthrough innovations on show, attendees will gain insights from industry leaders on trusted AI, responsible innovation and enhanced customer experience. The event will also spotlight real-world customer success stories shaping the future of technology. The latest announcements underscoring Orange Business’s advanced capabilities include: Debuting Orange Drone Guardian – Europe’s first anti-drone as-a-Service solution. Orange Drone Guardian detects, identifies and classifies intrusive drones in low-altitude airspace across France, with plans to extend coverage to additional European countries. Designed for operators of critical infrastructure, public authorities and major event organizers, it leverages a sovereign infrastructure operated by Orange combined with its advanced detection technologies. Orange Business is extending the capabilities of Live Intelligence, a plug-and-play generative AI platform, to support customers with trusted AI agents. Through Live Intelligence Studio, customers can now take their first step into the agentic era by developing, deploying and managing intelligent AI agents securely in a trusted infrastructure to automate tasks and analyze data with a human touch. Orange Business is integrating trust and AI into enterprise communications. This will enhance operational efficiency, strengthen security against increasingly sophisticated threats and drive deeper, more trusted personal engagement between customers and employees. Key features include branded calling, deepfake detection, AI-augmented customer care and agentic telephony. Live Collaboration is a trusted set of modular sovereign collaboration tools designed to address increasing cloud spend, vendor lock-in and new digital vulnerabilities. It consolidates core professional collaboration tasks, including messaging, calendars, document co-editing, video conferencing and intranet into a single unified platform. Operated end-to-end by Orange and hosted on Cloud Avenue SecNum, Live Collaboration will give enterprises more control over their data, their costs and architectural choices. Duyuru • Oct 16
Bouygues SA (ENXTPA:EN), FREE SAS and Orange S.A. (ENXTPA:ORA) submit a joint non-binding offer to acquire large part of the telecommunications activities of the Altice group in France from Altice International S.à r.l. for an enterprise value of €17 billion. Bouygues SA (ENXTPA:EN), FREE SAS and Orange S.A. (ENXTPA:ORA) submit a joint non-binding offer to acquire large part of the telecommunications activities of the Altice group in France from Altice International S.à r.l. for an enterprise value of €17 billion October 14, 2025. Bouygues Telecom, Free-iliad Group and Orange acquiring a range of activities from the Altice group in France. It covers most of SFR's assets, but excludes, in particular, stakes in Intelcia, UltraEdge and XP Fibre and Altice Technical Services, as well as the Altice group's activities in French overseas departments and regions. The split of price and value would be around 43% for Bouygues Telecom, 30% for Free-iliad Group and 27% for Orange. Subject to the seller's acceptance of the non-binding offer, the submission of a confirmatory offer will be conditional upon the completion of due diligence, as well as a financial and operational assessment confirming the assumptions of the indicative offer. The transaction will be subject to prior consultation with the relevant employee representative bodies. It will then have to be cleared by the relevant regulatory authorities before it can be completed. As on October 14, 2025 the acquisition bid was rejected by Altice France, however Bouygues Telecom, Free-iliad Group and Orange will maintain their offer and wish
to engage in constructive dialogue with the Altice group and its shareholders in order to assess how this project could progress going forward. Duyuru • Oct 07
Orange Reportedly Looks to Sell a Stake in Several Data Centres in France Private capital firms are seeking to cash in on the US-driven artificial intelligence boom, launching EUR 17 Billion of European data centre sales in a matter of weeks. Telecoms group Orange S.A. (ENXTPA:ORA) is looking to sell a stake in several data centres in France, according to people familiar with the process. While another person said it was too early to put a valuation on the data centres being offloaded by the French group Orange. Orange declined to comment. Duyuru • Jul 10
Eye-Net Mobile Ltd. in Collaboration with Orange's Mobile Application, Achieves 99% Detection Rate in French Urban Mobility Trials Foresight Autonomous Holdings Ltd. announced that its wholly-owned subsidiary, Eye-Net Mobile Ltd. has successfully completed the first phase of a landmark mobility trial in Bordeaux, France. The trial involved a mobile app developed by Orange S.A., one of the world's leading telecommunications companies, alongside other urban applications as part of Eye-Net's collaboration with Software Republique. This follows the agreement with Software Republique to enable smart mobility solutions for efficient urban mobility in France, as announced by the Company on November 27, 2024. The Bordeaux trial, conducted in collaboration with Renault Group, Orange S.A., Keolis Bordeaux Metropole Mobilite, Bordeaux INP, Allianz SE and Eviden, aims to address the evolving challenges of urban mobility and represents a significant step forward in the Eye-Net's mission to enhance road safety for all urban road users, including drivers, cyclists, and pedestrians.clists reported increased confidence when navigating busy urban routes, while drivers appreciated the added layer of awareness provided by real-time alerts. Duyuru • Apr 30
Shiftmove GmbH agreed to acquire Ocean from Orange S.A. (ENXTPA:ORA). Shiftmove GmbH agreed to acquire Ocean from Orange S.A. (ENXTPA:ORA) on April 30, 2025. The transaction is expected to be completed by end of 2025. Duyuru • Mar 21
BT Group Approaches AT&T, Orange over Global Unit Tie-Up BT Group plc (LSE:BT.A) has approached major telecommunications companies about partnerships to help turn around its struggling international business, according to people familiar with the matter. The UK-based operator approached potential partners including AT&T Inc. (NYSE:T) and Orange S.A. (ENXTPA:ORA) to explore tie-ups that could involve selling a stake in its global segment, the people said, asking not to be identified because the discussions are private. Deliberations are preliminary and there’s no guarantee of a transaction, the people said. Duyuru • Feb 26
Orange S.A., Annual General Meeting, May 31, 2025 Orange S.A., Annual General Meeting, May 31, 2025. Location: salle pleyel, 252 rue du faubourg saint honore, paris France Reported Earnings • Jul 26
First half 2024 earnings: EPS misses analyst expectations First half 2024 results: EPS: €0.21 (down from €0.29 in 1H 2023). Revenue: €19.8b (up 2.5% from 1H 2023). Net income: €615.0m (down 27% from 1H 2023). Profit margin: 3.1% (down from 4.4% in 1H 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 53%. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 24
Orange S.A. (ENXTPA:ORA) commences an Equity Buyback Plan for 265,886,460 shares, representing 10% for €6,384.14 million, under the authorization approved on May 22, 2024. Orange S.A. (ENXTPA:ORA) commences share repurchases on June 21, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 22, 2024. As per the mandate, the company is authorized to repurchase 265,561,359 shares, representing 10% of its issued share capital, for a total of €6,384.14 million. The company will not repurchase more than 10% of its issued share capital at any given point in time. The maximum price which may be paid for an ordinary share shall not exceed €24 per share. The purpose of the buyback is to allocate shares to the employees of the company, its affiliates and its group entities as part of the company’s profit sharing scheme, any stock purchase or stock option plan or program, including any free share awards, for the benefit of the employees and directors and officers or some of them, or any of the group’s employee shareholding plan and/or to provide liquidity to the shares and/or to keep shares for subsequent exchange or for payment as part of potential external growth transactions and/or to reduce the capital of the company. The authority shall be valid for 18 months. As of May 22, 2024, the company had 2,660,056,599 issued shares and 119,200 shares in treasury. Upcoming Dividend • May 28
Upcoming dividend of €0.42 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 06 June 2024. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 6.7%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (4.5%). Duyuru • Apr 24
Orange S.A. Proposes Dividend Guidance for the Year 2024 Orange S.A. proposed dividend guidance for the year 2024. The company Proposed to increase the 2024 dividend payable in 2025 to EUR 0.75 per share, including an interim dividend of EUR 0.30 in December 2024. Major Estimate Revision • Apr 24
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €43.3b to €40.3b. EPS estimate also fell from €1.05 per share to €0.92 per share. Net income forecast to grow 22% next year vs 12% growth forecast for Telecom industry in France. Consensus price target broadly unchanged at €13.21. Share price rose 4.5% to €11.04 over the past week. Reported Earnings • Apr 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €0.85 (up from €0.73 in FY 2022). Revenue: €44.1b (up 1.5% from FY 2022). Net income: €2.27b (up 16% from FY 2022). Profit margin: 5.1% (up from 4.5% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Declared Dividend • Feb 28
Final dividend increased to €0.42 Dividend of €0.42 is 5.0% higher than last year. Ex-date: 4th June 2024 Payment date: 6th June 2024 Dividend yield will be 6.7%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €0.85 (up from €0.73 in FY 2022). Revenue: €44.1b (up 1.5% from FY 2022). Net income: €2.44b (up 25% from FY 2022). Profit margin: 5.5% (up from 4.5% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Duyuru • Feb 16
Orange S.A. Announces Dividend for the 2023 Fiscal Year Orange S.A. announced that the Shareholders’ Meeting on 22 May 2024 will decide on the payment of a dividend for the 2023 fiscal year of 0.72 euros per share (payable in 2024). Duyuru • Feb 13
Orange S.A., Annual General Meeting, May 22, 2024 Orange S.A., Annual General Meeting, May 22, 2024. Location: Salle Pleyel, 252 Rue du Faubourg Saint-Honoré, 75008 Paris Paris France Upcoming Dividend • Nov 27
Upcoming dividend of €0.30 per share at 6.3% yield Eligible shareholders must have bought the stock before 04 December 2023. Payment date: 06 December 2023. The company is paying out more than 100% of its profits and is paying out 78% of its cash flow. Trailing yield: 6.3%. Within top quartile of French dividend payers (5.4%). Higher than average of industry peers (4.2%). Duyuru • Oct 26
Orange, Masmovil Reportedly to Sell Assets to Digi as Remedy for Tie-Up Deal Orange S.A. (ENXTPA:ORA) and Spanish peer MásMóvil Ibercom, S.A. have picked Digi Communications N.V. (BVB:DIGI) to buy assets they plan to divest to address EU antitrust concerns over their Spanish tie-up, two people with knowledge of the matter said on October 24, 2023. The deal is seen as an important test case of whether EU antitrust regulators will relax their tough approach towards mergers that shrink the number of mobile players in a country from four to three. Regulators worry that this may reduce competition. Orange and MasMovil, the second and fourth-largest telecoms providers in Spain, announced the deal, which has an enterprise value of EUR 18.6 billion ($19.7 billion), in July 2022. The European Commission in June warned the companies that the deal, which will reduce the number of mobile players in Spain from four to three, may reduce competition and push up prices in Spain. The EU competition enforcer, which halted its investigation into the deal in July while waiting for the companies to provide requested information, and MasMovil declined to comment on October 24, 2023. There are several companies in talks with Orange and MasMovil to acquire any assets to be divested to allay antitrust concerns. The Commission backs Digi, the people, who have direct knowledge, said. Orange said discussions were continuing with the Commission. "It is not up to Orange to validate the potential remedy taker and remedies. This is up to the Commission. We cannot comment on the details or nature of the ongoing discussions," an Orange spokesperson said. Orange and MasMovil plan to divest spectrum, a customers unit and a brand, as well as offer Digi access to infrastructure, the people said. The package has not been finalised yet and some elements could change. Orange has previously said its European masts company TOTEM was not part of the deal with MasMovil. Orange and MasMovil, which compete with Telefonica (TEF.MC) and Vodafone (VOD.L) in Spain, had been talking to a number of potential buyers of the assets including Digi, Avatel and other smaller rivals in recent months. Duyuru • Jul 29
Orange S.A. Announces Interim Dividend in Respect of 2023, Payable on December 6, 2023 Orange S.A. at its meeting held on July 25, 2023, the Board of Directors resolved to distribute an interim dividend of EUR 0.30 per share in respect of 2023. This interim dividend will be paid in cash on December 6, 2023. The estimated payment amounts to EUR 798 million based on the number of ordinary share outstanding at June 30, 2023. New Risk • Jul 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.7% Last year net profit margin: 9.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (73% net debt to equity). Dividend is not well covered by earnings (116% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.7% net profit margin). Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €0.30 (vs €0.42 in 1H 2022) First half 2023 results: EPS: €0.30 (down from €0.42 in 1H 2022). Revenue: €21.5b (up 1.2% from 1H 2022). Net income: €877.0m (down 28% from 1H 2022). Profit margin: 4.1% (down from 5.7% in 1H 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Jul 26
Orange S.A. to Report Q3, 2023 Results on Oct 24, 2023 Orange S.A. announced that they will report Q3, 2023 results on Oct 24, 2023 Major Estimate Revision • Jul 26
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.14 to €1.35. Revenue forecast steady at €44.3b. Net income forecast to grow 56% next year vs 10% growth forecast for Telecom industry in France. Consensus price target broadly unchanged at €12.70. Share price was steady at €10.73 over the past week. Upcoming Dividend • May 29
Upcoming dividend of €0.40 per share at 6.1% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 07 June 2023. Payout ratio and cash payout ratio are on the higher end at 96% and 84% respectively. Trailing yield: 6.1%. Within top quartile of French dividend payers (5.3%). Higher than average of industry peers (4.1%). Duyuru • May 24
Orange S.A. Appoints Momar Nguer and Gilles Grapinet to Its Board of Directors Orange S.A. announced that at its 2023 Combined Shareholders’ Meeting held on 23 May 2023, approved resolution of appointment of two new directors, Momar Nguer and Gilles Grapinet, who will strengthen the skills and expertise of the Board. Momar Nguer will bring his international expertise to the Board, having worked for TotalEnerges in Africa and France for many years. His experience in the governance of large groups will strengthen Orange’s Governance and Corporate Social Responsibility Committee (CGRSE), chaired by Anne-Gabrielle Heilbronner. Gilles Grapinet will strengthen the Board’s financial expertise. Gilles Grapinet, currently CEO of Worldline, is an Inspector of Public Finances. He has acquired expertise in financial governance - internal control, audit, compliance, and quality of financial information - over the course of his career and it was therefore decided to appoint him as Chairman and financial expert of the Group’s Audit Committee. The company also warmly thanked Jean-Michel Severino and Bernard Ramanantsoa for their exceptional contribution to the work of the Board of Directors during their respective terms of office. Reported Earnings • Apr 05
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.73 (up from €0.003 in FY 2021). Revenue: €43.5b (up 2.2% from FY 2021). Net income: €1.95b (up €1.94b from FY 2021). Profit margin: 4.5% (up from 0% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 19
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.73 (up from €0.003 in FY 2021). Revenue: €43.5b (up 2.2% from FY 2021). Net income: €2.15b (up €2.14b from FY 2021). Profit margin: 4.9% (up from 0% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to stay flat during the next 3 years compared to a 2.4% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. 
