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Orange S.A. (ORANY) Q2 2026 Earnings Call July 28, 2026 3:00 AM EDT
Company Participants
Laurent Martinez – Executive Vice President of Finance, Performance & DevelopmentChristel Heydemann – CEO & Executive DirectorMeinrad Spenger – CEO & DirectorJerome Henique – Executive VP, CEO of Orange France & Director of Orange Middle East and AfricaYasser Shaker – Executive VP & CEO of Orange Middle East and Africa
Conference Call Participants
Akhil Dattani – JPMorgan Chase & Co, Research DivisionOndrej Cabejšek – UBS Investment Bank, Research DivisionJoshua Mills – BNP Paribas, Research DivisionNicholas Lyall – Joh. Berenberg, Gossler & Co. KG, Research DivisionRoshan Ranjit – Deutsche Bank AG, Research DivisionAndrew Lee – Goldman Sachs Group, Inc., Research DivisionDavid Wright – BofA Securities, Research DivisionEmmet Kelly – Morgan Stanley, Research DivisionMathieu Robilliard – Barclays Bank PLC, Research DivisionStéphane Beyazian – ODDO BHF Corporate & Markets, Research Division
Presentation
Laurent MartinezExecutive Vice President of Finance, Performance & Development
[Audio Gap]
Looking ahead, our ambition is to continue EBITDAaL trend improvement for full year in a challenging market.
With this, I turn back to you, Christel, for the conclusion.
Christel HeydemannCEO & Executive Director
Thank you, Laurent. We are proud of this record H1. Building on these solid results, we are raising our 2026 guidance, now including MasOrange for 7 months. We are increasing our EBITDAaL guidance to above 4%, driven by a solid performance in France and improved outlook for Europe and Africa, Middle East. This, combined with the accretive cash contribution from MasOrange allows us to upgrade our organic cash flow guidance to circa EUR 4.3 billion.
Laurent, the full ExCom and I are now ready for your questions.
Question-and-Answer Session
Unknown Executive
Hello. So now it’s time for questions. So we have plenty of questions. So please just ask 1 or 2 questions
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