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Orange raises FY outlook after return to growth in Q3

Orange raises FY outlook after return to growth in Q3

Orange reported a return to organic revenue growth in the third quarter, with revenues up 0.5 percent year-on-year to EUR 10.284 billion. That compares to falls in comparable revenue of 0.2 percent in Q2 and 0.9 percent in Q1. The improvement was driven by a 1.2 percent rise in mobile service revenue, led by the Africa and Middle East activities, and 0.5 percent growth in the enterprise segment. 

The French operator reported adjusted EBITDA of EUR 3.557 billion for the quarter, up 1.1 percent on a comparable basis, and the margin increased by 0.2 percent points from a year ago to 34.6 percent. Capital expenditure was up 7.6 percent to EUR 1.563 billion, or 15.2 percent of revenue. 

Thanks to the stronger results and completion of the takeover of Jazztel in Spain, Orange raised its target for full-year adjusted EBITDA to at least EUR 12.3 billion, from earlier guidance of  EUR 11.9-12.1 billion. This also takes into account the consolidation of Meditel and sale of Orange Armenia. The company reiterated a medium-term target of net debt at 2x EBITDA, leaving the door open for further acquisitions. It will pay an interim dividend of 20 cents a share in December, for a full-year dividend of 60 cents. 

The group finished the quarter with 263.3 million customers, after adding 13.2 million in the three months from acquisitions. The total was up 4.6 percent on a comparable, annual basis. Mobile customers reached 201.7 million, up 6.1 percent on a comparable basis. 

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