Still refreshing

Research evidence excerpt

Still refreshing

FICC Research

Credit Research

29 July 2026

Orange (ORAFP)

Orange reported solid H126 results and lifted FY26 EBITDAaL

guidance. Despite releveraging after the MasOrange

consolidation, we expect Orange to remain well anchored in Victoria Adé + 33 (0) 14458 8939

its high-BBB rating. French consolidation is a key area to victoria.ade@barclays.com

watch with the French regulator's ongoing review. BBI, Paris

Overweight affirmed.

Barclays Rating: Overweight

S&P/Moody's/Fitch: BBB+ Stable/Baa1 Stable/BBB+ Stable

Trade ideas: Switch out of VOD 3.75% 34s into ORAFP 3.25% 35s

Orange delivered solid H1 26 results including mid single digit group EBITDAaL growth,

underpinned by strong momentum in Africa & Middle East and Europe. On the back of the

strong H1 performance, management upgraded its FY 26 EBITDAaL guidance to above 4% (from

above 3% previously) driven by improved outlooks for both Africa & Middle East and Europe.

Organic cash flow guidance was also raised to c. €4.3bn (from €4.0bn previously) reflecting the

consolidation of MasOrange from June. While leverage increased over the period following the

MasOrange integration, this was in line with our expectations. As we recently highlighted in

Orange (ORAFP): Squeezing the investment case, despite the temporary releveraging, we expect

Orange to remain well anchored in its high-BBB rating.

Another key credit consideration is the proposed acquisition of Altice France. It was recently

confirmed that the French competition authority will lead the review of the transaction. Orange

indicated on the earnings call that the regulator’s recent comments pointing to an 18-month

review process are in line with its expectations and consistent with its targeted H2 27 closing

timeline.