Orange Lifts 2026 EBITDAaL Growth Target After Nine-Month Gains

Orange raised its 2026 EBITDAaL growth target after the French telecom group recorded 4.8% growth in the first nine months, while keeping the expected closing window for its planned SFR transaction unchanged.

For the quarter ended Sept. 30, Orange posted revenue of €12.2 billion, up 3.6% year over year on a comparable basis. EBITDAaL reached €4.1 billion, a 4.6% increase from a year earlier. The company now expects full-year EBITDAaL growth of more than 4.5%, up from its previous target of more than 4%.

The SFR transaction is still expected to close in the second half of 2027, subject to regulatory approvals. The proposed deal would divide activities of SFR, France’s second-largest telecommunications operator, among Orange, Bouygues Telecom and Free–iliad Group.

A June memorandum of understanding with Altice France set a proposed enterprise value of €20.35 billion for the assets under consideration. Orange’s share was about 27%, subject to closing adjustments, with a potential earn-out of up to €0.65 billion. Proceedings brought by Altice France’s works council are ongoing.