2018 financial results

2018 was marked by accelerating growth in revenues and adjusted EBITDA, up for the third consecutive year. This progression, along with excellent commercial performance across all of our geographic regions, confirmed our strategic focus on fibre, 4G and convergence has been effective.


Orange Group revenues totalled €41.4 billion in 2018, an increase of 1.3% compared with 2017. In Africa and the Middle East, revenues rose by 5.1%. Driven by convergence, revenues progressed in Spain by 2.2%, in Europe by 1.7% and in France by 0.9%. Revenues from bundled services, which were deployed across all European countries, grew 10% in 2018, consolidating our position as the leading operator for convergence in Europe. Revenues from IT and integration services accelerated sharply (up 7.2%), driven by cloud and cyberdefense revenues in the Enterprise market.

Consolidated revenues

France 42.6 %
Spain 12.8 %
Europe 13.5 %
Africa & Middle East 12.0 %
Entreprises 16.7 %
International Carriers & Shared Services 2.4 %

Adjusted EBITDA and CAPEX

In 2018, Orange recorded adjusted EBITDA of €13 billion, a 2.7% improvement on 2017 as a result of the Group’s growing revenues and cost savings made under our operational efficiency plan. Between 2015 and 2018, the plan achieved gross savings of €3.5 billion. The Group’s capital expenditure (CAPEX) increased by 3.5% in 2018 to €7.4 billion. Investment was channelled mainly into the deployment of fibre and mobile services.


consolidated revenues


adjusted EBITDA


consolidated net income

0 %

investment in telecoms
as a percentage of consolidated


operating cash flow

Net income

In 2018, Orange’s consolidated net income totalled €2.2 billion, €118 million more than the previous year. This growth was due to a €51-million rise in operating income and a €353-million improvement in net finance costs, despite a €257-million rise in corporate income tax eroding part of this income.

Net financial debt

The Group’s net financial debt equalled €25.4 billion at the end of 2018, which was €1.6 billion more than the previous year as a result of our strategy to invest in developing very high-speed broadband networks and transforming the services we offer to businesses. The ratio of net financial debt to adjusted EBITDA from telecoms activities was 1.93×. This is in line with our medium-term objective to maintain a ratio of around 2×.


The Board of Directors confirmed the payment of a €0.70 per share dividend for the 2018 financial year.* The Board will propose the same amount for the 2019 financial year.

2019 Outlook

The implementation of IFRS 16, which is applicable from 2019, has prompted us to review our indicators. Adjusted EBITDA will become EBITDAaL (“after lease”) and CAPEX will become eCAPEX (economic CAPEX). The application of the standard does not change the commitments communicated at the Investor Day in December 2017.

  • 2019 EBITDAaL growth will be slightly slower than 2018 on a comparable basis due to competitive markets, particularly in France and Spain, and losses in online press services and audiobooks.
  • 2019 eCAPEX will be down slightly on 2018 CAPEX on a comparable basis.
  • Operating cash flow in 2019 will exceed that achieved in 2018 on a comparable basis.
  • The target ratio of net debt** to EBITDAaL for telecoms activities will remain at around 2× in the medium term.

Percentage differences are expressed on a comparable basis
* Subject to the approval of the Annual Shareholders’ Meeting
** Excluding IFRS 16 leases

2018 non-financial results