Orange Sp/Adr (ORANY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello to all of you. Welcome to Orange Q1 2026 Results Conference. For your information, this conference will be recorded. The call today will be hosted by Christelle Edman, our CEO, Laurent Martinez, our CFO, with other members of Orange Executive Committee for the Q&A session after the presentation. So let's start with the presentation. Christelle Edman, the floor is yours. Good morning. Thank you for joining our Q1 results presentation. Before getting into our Q1 results, I would like to mention that last week in France, we announced entering into exclusive negotiation with the Altice France Group for the acquisition of SFA, jointly with Boot Telecom and the Free Iliad Group. Our joint offer reflects a total enterprise value of 20.35 billion euros for the Altice France assets under consideration. Orange's share within the split of price and value between buyers would be around 27%. This transaction would help sustain and strengthen the entire digital economy and the telecommunications sector in France. There is no certainty, though, that this process will result in an agreement. In parallel, in Spain, we already received the approval of the antitrust authorities, and we are confirming a closing of Mass Orange's transaction in Q2. Back to our results. The year 2026 started with the presentation of our new strategic plan, Trust the Future. This plan was well received, and we are now fully focused on its execution. In Q1, we reported very strong financial results, with group revenues up by plus 3.5% and EBITDA up at plus 6.6%. This is fueled by a very robust retail services performance, growing plus 1.1% in France and in Europe, and plus 13% in Middle East and Africa. We also accounted for significant positive wholesale non-recurring items in France. These items were...