Orange (ORAN.PA): 2Q26 results beat and underlying guidance upgrade to raise investor confidence in organic upside

Research evidence excerpt

Orange (ORAN.PA): 2Q26 results beat and underlying guidance upgrade to raise investor confidence in organic upside

Equity Research

28 July 2026 | 7:42AM BST

Orange (ORAN.PA): 2Q26 results beat and underlying guidance upgrade

to raise investor confidence in organic upside

Orange delivered 2Q/1H26 results ahead of company consensus and raised FY26 Andrew Lee

+44(20)7774-1383 |

guidance on an underlying basis as it also includes now fully-owned MasOrange. We andrew.j.lee@gs.com

Goldman Sachs International

expect the update to be taken positively by investors: the new guidance implies

Mollie Witcombe

a c.4% uplift to consensus Organic Cash Flow, but we believe it remains +44(20)7051-6252 |

conservative. It is primarily based on Europe and MEA (Middle East & Africa). We mollie.witcombe@gs.comGoldman Sachs International

believe guidance for France and possibly Spain EBITDA, as well as Group capex offer Halima Elyas

further upside to the guide as well as to consensus. France revenues and EBITDA +44(20)7774-6503halima.elyas@gs.com|

trends are already improving to above consensus and FY26 guidance, MasOrange in Goldman Sachs International

RakicevicSpain growth is expected to improve through the year and Orange is clearly finding Sofija | +44(20)7774-6556

ongoing capex efficiencies – all three areas drove beats in today’s results. Overall, sofija.rakicevic@gs.com Goldman Sachs International

we would expect today’s update to raise investor confidence in organic growth,

Mridul Agrawal

FCF generation and consensus upside in Orange, as we highlighted in our recent +1(332)245-7969 |

mridul.y.agrawal@gs.com

report, driving a re-rating. This follows a period in which investor focus has centred Goldman Sachs India SPL

largely on French consolidation.