Orange Sa · EURONEXT:ORA
Orange Sa — Q1 2024 Earnings Presentation
18 slides from Orange Sa's earnings presentation, Apr 24, 2024
Slide 1: Orange financial results #Q1_2024
Orange financial results #Q1_2024 24th April 2024 Christel Heydemann CEO Laurent Martinez CFO Q1 24 Results 1
Slide 2: Disclaimer
Disclaimer This press release contains forward-looking statements about Orange’s financial situation, results of operations and strategy. Although we believe these statements are based on reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to
Slide 3: Section One: Q1 2024 highlights
Section One Q1 2024 highlights Q1 24 Results 3
Slide 4: Good start to the year, strong momentum on Lead the Future
Good start to the year, strong momentum on Lead the Future Creation of a new Spanish leader MASORANGE New brand signature up & running Innovative Q1 results & trusted offers consistent with FY GenAI B2B offers in France guidance Circular Mobility B2B offers Revenues +2.1% yoy Partnership with Google
Slide 5: MASORANGE, a leading player in Spain
MASORANGE, a leading player in Spain Market Financial Value leader strengths creation #1 Spanish telco 2023 financials c.€490m run rate synergies(5) 37m customers c.€7.4bn PF Revenue + c.€100m potential upside on c.€3.0bn run rate EBITDA(2) commercial synergies + c.€50m Euskaltel synergies Deep netw
Slide 6: Q1 2024 results paving the way to FY guidance
Q1 2024 results paving the way to FY guidance excl. Spain KPIs €9.9bn €2.4bn €1.4bn Revenues +2.1% EBITDAaL +2.3% eCapex* +3.1% yoy +€201m yoy +€55m yoy eCapex /sales 14.0% (telecom) Q1 2024 revenue development by activity (yoy in €m) Q1 2024 revenue development by segment (yoy in €m) +€201m +2.1% +
Slide 7: Section Two: Business Review
Section Two Business Review 7 Q1 24 Results 7
Slide 8: Q1 2024 France
Q1 2024 France Solid retail revenue momentum Retail services ex.PSTN growth in €m Q1 24 Q1 23 cb yoy cb in line with Lead the Future ambition Revenues 4,339 4,304 +0.8% +3.4% +3.4% Retail services 2,795 2,748 +1.7% +3% yoy +3.1% +3.0% Wholesale 1,055 1,100 -4.2% Q1 Retail services +2.1% Equipment sa
Slide 9: Q1 2024 Europe
Q1 2024 Europe* Retail services growth driven by volume and value strategy in €m Q1 24 Q1 23 cb yoy cb Revenues 1,727 1,762 -2.0% Churn improvement Retail services** 1,131 1,121 +0.9% Wholesale 198 218 -9.4% Mobile*** FBB Equipment sales 257 262 -1.8% -1.4pt yoy -3.6pt yoy IT&IS and other revenues 1
Slide 10: Q1 2024 Spain – excluded from Group KPIs
Q1 2024 Spain – excluded from Group KPIs Sustained retail services Retail services improvement through continued in €m Q1 24 Q1 23 cb yoy cb convergent ARPO growth yoy Revenues 1,149 1,164 -1.3% 4.5% Retail services 809 794 +1.9% Wholesale 161 192 -16.5% 3.5% Equipment sales 2.4% 1.9% 178 177 +0,7%
Slide 11: Q1 2024 Africa & Middle East
Q1 2024 Africa & Middle East Double-digit revenue growth All revenues growing yoy (in €m) in €m Q1 24 Q1 23 cb yoy cb +11.1% Revenues 1,849 1,664 +11.1% Retail services 1,662 1,482 +12.2% 1,849 o/w B2B* +€35m +14% 37 Wholesale 153 151 +1.3% 30 30 +4% Equipment sales 24 22 +6.6% 1,664 89 +21% +24% Ot
Slide 12: Q1 2024 Orange Business
Q1 2024 Orange Business Major milestones passed on the turnaround roadmap in €m Q1 24 Q1 23 cb yoy cb Quarterly IT&IS yoy revenue growth step up Revenues 1,939 1,945 -0.3% Fixed only services 752 824 -8.7% +2.2pt IT & integration services 937 871 +7.5% Mobile 251 251 -0.1% 7.5% 5.3% Q1 23 Q1 24 IT&I
Slide 13: Section Three: Guidance
Section Three Guidance 13 Q1 24 Results 13
Slide 14: Guidance 2024 fully confirmed
Guidance 2024 fully confirmed 2024 excluding Spain* EBITDAaL yoy, cb Low-single digit disciplined eCAPEX yoy, cb eCapex as per CMD Organic Cash Flow (telecom) ≥ €3.3bn Around 2x Net debt / EBITDAaL (telecom) in the medium term Dividend** €0.75 payable in 2025 * As of January 1st, 2024; for EBITDAaL,
Slide 15: Annexes
Annexes 15 Q1 24 Results 15
Slide 16: Orange Spain – accounting treatment
Orange Spain – accounting treatment In this presentation, Orange Spain figures have been fully excluded from 1st January for all KPIs Q1 2024 Closing From Q2 2024 & 2022 / 2023 restated Actuals Deconsolidation of Orange Spain IFRS 5 & Accounting of 50% of the JV Orange Spain not included in detailed
Slide 17: Group figures restated from Orange Spain accounting treatment
Group figures restated from Orange Spain accounting treatment FY 2023 2024 Q1 Reported Restated Continuing Discontinued Fully excluding Reported Actuals Actuals operations operations Spain* D (inc. IFRS 5 O.Spain) in €bn Revenues 44.1 -4.4 39.7 39.7 9.9 n/a 9.9 EBITDAaL 13.0 -1.2 11.8 11.8 2.4 n/a 2
Slide 18: Q&A
Q&A Q1 24 Results 18