Orange Aims for 3% EBITDAaL Growth Until 2028 After Delivering in 2025; Our Fair Value Is EUR 15.50

Orange operates in many countries worldwide, but its strongest region is France, where it enjoys a comfortable position as the incumbent operator and has a good relationship with the French government, which owns around 20% of the company. In France, Orange tries to defend its market share from competitors, especially Iliad, which is the most aggressive. Orange normally offsets slight customer losses with low-single-digit price increases, maintaining revenue flattish. Orange has been the main installer of fiber-optic cables in France, which results in better unit economics for the company in the long term, as the payment scheme set by French regulators favors players that took more risks in the buildout phase. French broadband prices have held up well in 2024 and 2025, while the mobile side faces more pressure as peer SFR has increased promotional activity.