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Financial results at 31 December 2023

2023 targets achieved: acceleration of EBITDAaL growth to 1.3% and organic cash flow to 3.66 billion euros

2024–2025 trajectory confirmed

Commenting on these results, Christel Heydemann, Orange’s Chief Executive Officer said:

“One year on from the announcement of our “Lead the Future” strategic plan, we have achieved all our financial targets for 2023. These results are a testament to our ability to execute and advance our major strategic projects.

Thanks to our work on pricing, our quality of service and our efficiency program, revenues and EBITDAaL grew 1.8% and 1.3% respectively, accelerating steadily throughout the year. As expected, in France, EBITDAaL improved markedly in the second half as our value strategy delivered its full effects. This strategy fueled growth in the consumer market supported by the quality of our network which has been ranked the best mobile network in France thirteen consecutive times by Arcep. Europe turned in a solid performance – driven by Spain which delivered year-on-year growth for the first time since 2018 – with a strong increase in EBITDAaL and with rankings amongst the best in terms of quality of service in each of its markets. Africa & Middle East posted strong growth in terms of both revenues and EBITDAaL, supported by mobile data, Orange Money and B2B activities, thus demonstrating its dynamism. 

We continued to streamline our portfolio with the disposal of OCS and Orange Studio at the end of January. We pursued our strategy of consolidation in Europe with the integration of recent acquisitions in Belgium and Romania which have considerably strengthened our position in these markets. As for our proposed joint venture with Masmovil in Spain, we remain confident in the outcome of the approval process currently underway by the European Commission, with a decision expected by 22 February. Orange Business is progressing its transformation plan, delivering encouraging initial results with an improvement in the EBITDAaL trend.

Based on these results, we are fully confident in our ability to achieve all the 2024/2025 targets set out in our Lead the Future plan. I would like to thank all our colleagues for their trust and determination.”  


Revenues for full-year 2023 were 44,122 million euros, an increase of 1.8%, or 790 million euros, year on year[1]. Revenue growth was driven by retail services[2], which grew 3.5% or 1,109 million euros, and equipment sales, which rose 7.3% or 238 million euros. This performance offset by more than two times the decrease in revenues from wholesale services, which continued their decline failing 6.5% or -474 million euros.


  • In France, the full impact of our value strategy was felt in the second half with growth in retail services excluding PSTN of 3.0% year on year partially offsetting the expected decrease in revenues from wholesale services of 8.5%. 
  • In Europe, growth continued at 2.2% thanks to the performance of Poland (+3.9%) and Belgium & Luxembourg (+4.6%). Revenues from retail services again grew rising 3.0%. Growth in IT & Integration services (+16.0%) and equipment sales (+11.1%) offset the decrease in revenues from wholesale services (-8.0%).
  • Africa & Middle East continued its very good performance (+11.4%) driven by double-digit increases for the year from its four growth engines (+17.7% for mobile data, +16.7% for fixed broadband, +25.8% for Orange Money and +16.4% for B2B across the board).
  • Orange Business recorded stable revenues (+0.2%). Growth in revenues from IT & Integration services (+6.3%) and Mobile (+2.6%) offset the structural decline in the Voice and Data legacy businesses (-6.7%).
  • In terms of commercial performance[3], the Group maintained its leadership position in convergence with 11.9 million convergent customers group-wide (+0.7%), as well as its commercial momentum in mobile contracts and very high-speed fixed broadband accesses. Mobile services had 254.0 million accesses (+4.8%), including 103.9 million contracts (+10.1%). Fixed services had 44.5 million accesses (-2.9%), of which 16.5 million were very high-speed broadband accesses showing strong growth (+11.9%). Fixed narrowband accesses continued their structural decline 


In line with the target for the year, EBITDAaL reached 13 billion euros, up 1.3% year on year, steadily accelerating throughout the year to reach +2.0% in the fourth quarter. The Group value strategy resulted in a smaller decline in EBITDAaL in France in the second half (-2.2%, compared with -5.1% in 1H, resulting in a 3.6% decline for the year), with very good performances once again in Africa & Middle East (+12.7%), Europe (+5.8%) and, in particular, Spain (+12.2%), and the beginning of a reversal in the trend at Orange Business (-15.4%). 

Despite the inflationary environment, the operational efficiency program continued its trajectory toward achieving its target of 600 million euros in 2025, on a cost base of about 12 billion euros defined at the end of 2022 and after the integration of VOO. About 300 million euros of savings were made by the end of 2023, half the projected savings for the three years. These savings mainly related to the notable reduction in employees stemming from the French “part-time for seniors” agreements but also to savings programs in purchasing, IT, networks and real estate.

eCAPEX was 6,815 million euros, a sharp reduction of 6.7% (-487 million euros), and represented 15.4% of revenues, in line with the objectives in the “Lead the Future” strategic plan. France was the main contributor to this reduction (-10.2%, or -344 million euros), with the fiber roll-out reaching maturity, and to Spain (-12.5%, or -107 million euros). At 31 December 2023, Orange had 71.7 million households connectable to FTTH worldwide (up 10.4% year on year) and an FTTH customer base of 15.4 million (+12.5%).

Operating income was 4,969 million euros, an increase of 6.6%, reflecting the growth in EBITDAaL and the positive base effect due to the impairment of goodwill on the Romanian acquisition in 2022. This was partially offset by additional restructuring costs for Orange Bank and Orange Business and by the increase in provisions for the French “part-time for seniors” plan, due to the working life extension in the pension reform law of 2023.

Consolidated net income was 2,892 million euros, an increase of 10.5%, or 275 million euros[4], reflecting operating income, higher financial expenses and lower income tax. 
Year-on-year growth in EBITDAaL, combined with the marked reduction of eCAPEX, enabled organic cash flow from telecom activities to reach 3,661 million euros (+19.7% on a historical basis), in line with the target of at least 3.5 billion euros.

Net financial debt totaled 27.0 billion euros at 31 December 2023, an increase of 1.7 billion euros compared with 2022. The ratio of net financial debt to EBITDAaL from telecom activities was 2.05x at 31 December 2023 as a result of the acquisition of VOO, in line with the target of approximately 2x over the medium term. The solid liquidity position of telecom activities of 14.3 billion euros and the low cost of debt, which has an average maturity of 7.5 years, are advantages in the current monetary environment.


Value creation, one pillar of the “Lead the Future” plan, is demonstrated by the following three indicators[5] : 

  • Free cash flow all-in[6]  reached 2.9 billion euros, an increase of 1.1 billion euros. 
  • Return on Capital Employed[6] (ROCE) improved substantially, increasing 80 basis points to 6.7%, close to the target for 2025 of a 100 to 150 basis-point improvement between 2022 and 2025.
  • Earnings per share (EPS) of 0.85 euros grew more than 16%.


The Shareholders’ Meeting on 22 May 2024 will decide on the payment of a dividend for the 2023 fiscal year of 0.72 euros per share (payable in 2024).


 [1] Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against 31 December 2022 and on a comparable basis.
 [2] Services invoiced to customers (B2C and B2B). See definition in the attached glossary.
 [3] Changes are presented on a comparable basis.
 [4] On a historical basis
 [5] Definitions in Appendix 6: Glossary
 [6] Telecom activities

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