Orange Sp/Adr (ORANY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, ladies and gentlemen. Thank you for your patience, and welcome to Orange's full year 2025 results conference. For your information, this conference is being recorded. During the Q&A session, in order to ask for the floor, please raise your hand in teams. Please ensure that the mute function on your device is switched off to allow us to hear you when it is time for us to take your question. The call today will be hosted by Crystal Edman, CEO, and Laurent Martinez, CFO, with other members of Orange's executive committee for the Q&A session that will start after the presentation. Thank you, and let me hand over the floor to Crystal Edman. Good evening, and thank you for joining our 2025 results presentation. These 2025 results successfully conclude our three-year Lead the Future plan, which has been marked by consistent execution and focus on value creation. All our key objectives have been met or overachieved. We also finished the year with sustained strategic activity. In Spain, we signed a binding agreement with Lorca to acquire full ownership of Mass Orange by acquiring the remaining 50% stake in the joint venture for a price of 4.25 billion euros. With this operation, Spain will become our second largest market in Europe, and we will be able, upon closing, to capture 100% of Mass Orange value creation. Premium Fiber, the co-owned FiberCo with Vodafone and GIC, began operations in Q4. With over 12 million premises and nearly 5 million connected customers, this is the biggest FiberCo in Europe in terms of customers. In France, we submitted in October, together with Bouygues Télécom and Free Groupe Iliade, a joint non-binding offer to acquire a large part of Altice activities in France. In a challenging competitive environment, this deal would allow us t...