Investors’ Letter
September 2023

Our results confirm the relevance of our deliverables in terms of our “Lead the Future” strategic plan, and that we’re achieving our 2025 objectives.

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Dear Shareholders,

I am delighted to share how our Group’s overall performance accelerated in the second quarter across our major financial indicators. Our revenue increased by 2.6%, twice the level observed in the first quarter, leading to a 15-year record in second-quarter growth. EBITDAaL also grew by 1%, double that of the first quarter.

Our results confirm the relevance of our deliverables in terms of our “Lead the Future” strategic plan, and that we’re achieving our 2025 objectives.

In Europe and France, our quarterly results in retail services illustrate the positive momentum of our value strategy, supported by price increases, where we’ll feel the benefits more fully in the second half of the year in France. Spain is continuing to recover, with an 11% increase in EBITDAaL in the first half of the year.

Network investment, customer satisfaction, and the strong recovery of Orange Money has led to excellent performance in Africa and the Middle East.

These results offset those of Orange Business, whose EBITDAaL continued to decline sharply despite a 2.4% increase in revenue in the second quarter. Our teams are fully committed to delivering our transformation plan.

I would like to commend our teams working hard across our Group to ensure we meet our objectives. Together, we’re transforming Orange into a sustainable and competitive business that can meet tomorrow’s challenges with agility and confidence.

Christel Heydemann
Orange CEO

Investing and innovating
for the future

Orange 5G Lab
Through Orange 5G Lab, we explore the future with innovators

We offer labs throughout France where our expert teams collaborate with businesses, entrepreneurs, and developers to create and test 5G use cases. We help them identify the best opportunities and provide them with the tools and resources they need to innovate and improve their products and services. This tailor-made support means they can experiment with new business models and processes.

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Orange Ventures
Through Orange Ventures, we invest in high-potential start-up

As a dedicated technology investment fund, Orange Ventures finances innovative start-ups in areas of strategic interest (Networks & IT, Digital Enterprise, Cybersecurity, and Fintech) and beyond (Consumer platforms, E-gaming, Edtech, Health, etc.). The start-ups we support can access the Group’s expertise and synergies with our business units, as well as our 257 million customers in 26 countries.

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Through Future4care, we aim to advance e-health

An alliance launched by four global giants – Orange, Sanofi, Generali, and Capgemini – Future4care has been joined by 37 start-ups and 6 strategic partners: Be-ys, Alira Health, IQVIA, UCB, Biocodex, and Havas. This multidisciplinary ecosystem offers expert and tailor-made support to e-health start-ups all over Europe. The aim is to bring tomorrow’s leaders to market.

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Software République
Through Software République, we incubate projects dedicated to mobility

Software République est un écosystème collaboratif d’open innovation pour la mobilité intelligente, sécurisée et durable, lancé par Atos, Dassault Systèmes, Orange, Renault Group, STMicroelectronics et Thales. À l’horizon 2025, la Software République a pour ambition de lancer 10 nouvelles offres de services et produits, d’incuber au moins 50 start-up et de proposer des services à plus de 50 territoires.

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our 2023 results

per share

A dividend of €0.72 per share for the 2023 financial year will be put to a vote at the Annual Shareholders’ Meeting on 22 May 2024. An interim dividend of €0.30 per share will be paid on 6 December 2023.

2023 financial
€ bn
Change comparable
H1 revenue
from telecom activities
Consolidated net income
excluding licenses
Organic cash flow from
telecom activities

Glossary of terms

Here is an overview of our various indicators:


The Group’s revenue is split between convergent services, mobile services, fixed services, IT & integration services, wholesale, equipment sales and other revenues.

or “EBITDA after Leases”: operating income (i) before depreciation and amortization of fixed assets, effects resulting from business combinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, (ii) after interest on debts related to financed assets and on lease liabilities, and (iii) adjusted for significant litigation, specific labour expenses, fixed assets, investments and businesses portfolio review, restructuring programs costs, acquisition and integration costs and, where appropriate, other specific elements. EBITDAaL is not a financial performance indicator as defined by IFRS standards and may not be directly comparable to similarly named indicators in other companies.

or “economic CAPEX”: (i) acquisitions of property, plant and equipment and intangible assets, excluding telecommunications licenses and financed assets, (ii) less the price of disposal of property, plant and equipment and intangible assets. eCAPEX is not a financial performance indicator as defined by IFRS standards and may not be directly comparable to indicators referenced by similarly named indicators in other companies.

(telecom activities): for the perimeter of the telecom activities, net cash provided by operating activities, minus (i) lease liabilities repayments and debts related to financed assets repayments, and (ii) purchases and sales of property, plant and equipment and intangible assets, net of the change in the fixed assets payables, (iii) excluding effect of telecommunication licenses paid and significant litigations paid or received. Organic Cash Flow (telecom activities) is not a financial performance indicator defined by IFRS and may not be comparable to similarly named indicators used by other companies.

Christel Heydemann comments on our first-half results
Watch the video

Worth noting

  • Orange Group revenue increased by 2.6% in Q2 2023 (Q2) and by 2.0% in H1 2023 (H1).
  • EBITDAaL increased by 1.0% in Q2, leading to 0.8% growth in H1, thanks to our remarkable performance in Africa and the Middle East (+12.0%) and solid performance in Europe (+7.1%), driven by our recovery in Spain (+11.0%). These results offset both the decline in the Enterprise sector (-16.7%), which is showing signs of recovery compared to H1 2022 (+9 points), and in France (-5.1%), which has suffered from the effects of inflation (in particular energy costs) without seeing the full benefits of recent price increases. The Group is continuing its efforts to control costs and achieved net savings of €175 million by 30 June 2023, i.e., nearly 30% of its target of €600 million by 2025, based on defined costs of €11.8 billion at the end of 2022.
  • The Group recorded €2.1 billion in operating profits for the first half of 2023, down -11.2%. This can be explained by the additional provision related to pre-retirement part-time schemes amounting to €257 million following the French pension reform that came in during April 2023. Consolidated net income totaled €1.1 billion in H1 2023, down -€378 million on a historical basis, mainly due to changes in operating income.
  • In the first half of 2023, eCAPEX amounted to €3.2 billion, representing a year-on-year fall of -6.4% in Q2 and -5.7% in H1, in line with the objective of a strong reduction over the year. As of 30 June 2023, 68.3 million households were connected to Orange FTTH worldwide (up 12.6% year-on-year) and the FTTH customer base grew by 14.6 million (+14.4%).
  • Organic cash flow from telecom activities amounted to €1.5 billion by 30 June 2023 (+2.2%). This is in line with our target of €3.5 billion by the end of 2023 based on business seasonality.
  • Net debt increased by +€2.0 billion compared to 31 December 2022, mainly due to the acquisition of VOO.
    The net debt to EBITDAaL ratio for telecom activities increased to 2.09x by 30 June 2023, in line with our medium-term target of around 2x.
  • Orange will pay an interim dividend of €0.30 in cash on 6 December 2023.
    For the 2023 financial year, a dividend of €0.72 per share will be put to a vote at the 2024 Annual Shareholders’ Meeting.

Did you know?

Orange was rewarded for its governance and purpose by the Institut du Capitalisme Responsable.

Caroline de La Marnierre, Founder and President of the Institut du Capitalisme Responsable, presented the award to Jacques Aschenbroich, congratulating the Group on the quality of its governance and success of its purpose.

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Orange is Official Sponsor and Official Supplier of the 2023 Rugby World Cup France and will also be Premium Partner and Official Supplier of the Paris 2024 Olympic Games.


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an individual shareholder means
you …

Enjoy special events

Mylène Farmer

“A big thank you for the tickets to Mylène Farmer’s unforgettable concert at the Orange Vélodrome, and the rich and interesting discussions about Orange’s growth strategy with the team who welcomed us so attentively.”

Virginie D.


“A special moment with the Orange Individual Shareholder team at an amazing concert.”

Alexandre D.

Roland Garros

“A very big thank you for the wonderful evening we spent with the Orange Individual Shareholders’ team at Roland Garros! We were very touched to be invited and took full advantage of it.”

Nathalie B.

Depeche Mode

We were very honored to attend this iconic concert and be welcomed as VIPs by the Individual Shareholders’ team. We didn’t want to leave 😊 and continued our discussions well after the end of the concert. Well done to Orange for your attention to your shareholders.”

Stéphane U.

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