Our financial performance 

In 2023, our revenues totaled €44,1 million, up 1.8% year-on-year¹. In Europe, our value strategy and price increases are bearing fruit. Revenue growth remains strong (+2.2% to 11.6 billion euros), driven by performances in Poland (+3.9%), Belgium and Luxembourg (+4.6%). Retail services revenues continue to grow (+3%). Growth in IT and integration services (+16%) and equipment sales (+11.1%) offset the drop in revenues from operator services (-8%). Spain, for the first time since 2018, reported a 1.1% increase in revenues.  

Overall change in turnover between 2021 and 2023 (in billions of euros). 2021: 42.5 / 2022: 43.5 (+2.2%) / 2023: 44.1 (+1.5%).
Diagram showing the evolution of turnover by activity segment.

In France, our value strategy took full effect in the 2nd half of 2023, with growth in retail services excluding PSTN (+3%) partially offsetting the expected decline in revenues from operator services (-8.5%). Revenues totaled €17.7 billion, down 1.4%. 

The Africa and Middle East regions confirmed their excellent performance (+11.4%, to €7.2 billion), driven by mobile data (+17.7%), fixed broadband (+16.7%), Orange Money (+25.8%) and BtoB (+16.4%). Orange Business maintained its revenues (+0.2%, to €7.9 billion). The performance of IT and integration services (+6.3%) was driven by Digital and Data (+7.2%) and double-digit growth from Orange Cyberdefense (+10.9%, to €1.1 billion). 

Our operating efficiency program, with around €300 million of savings achieved by the end of 2023, is on track to reach its target of €600 million in 2025 on the basis of costs of around €12 billion at the end of 2022 and after the integration of Voo. 

Our EBITDAaL, in line with our annual target, reached €13 billion, up 1.3%. This increase contributed to a 6.6% rise in operating income to €4,969 million. 

Diagram showing the evolution of EBITDAaL year-on-year between 2021 and 2023 with breakdown by business segment.

Combined with higher financial expenses and lower tax charges, this operating income enabled us to post a 10.5% increase in consolidated net income to €2.9 billion. 

Our eCAPEX totaled €6.8 billion, a fall of 6.7%. This sharp reduction, combined with annual growth in EBITDAaL, enabled us to achieve organic cash flow from telecoms activities of €3.7 billion (+19.7% on a historical basis), in line with our target of at least €3.5 billion by 2023. 

Diagram showing the evolution of eCapex YoY between 2021 and 2023.
Organic cash flow from telecoms activities: 3.7 billion euros in 2023. 2025 target: 4 billion euros.
Net debt: 2.05x, a controlled debt-to-equity ratio.

Finally, value creation, the pillar of our Lead the Future plan, is demonstrated by three indicators: free cash flow all-in (€2.9 billion), our ROCE² (6.7%) and EPS³ (€0.85). 

Orange’s value creation
Orange’s brand value: USD18.4 billion, Brand Finance classification.

(1) Unless otherwise stated, changes are on a comparable basis. 

(2) ROCE: Return on Capital Employed. 

(3) Earnings per share. 

“In 2023, we achieved all our financial targets fixed for the year.” 

Diagram which highlights the gross annual return on the Orange share compared with the average gross annual return on CAC 40 company share.
Dividend per share: €0.72 (2023 payable in 2024)
Diagram which highlights the Total Shareholder Return (TSR).
 Dividend per share: €0.75 (2024 payable in 2025)

Orange, a global digital player 

 A world map shows that Orange Business is present in 26 countries.
  • Europe: Belgium, France, Luxembourg, Moldova, Poland, Romania, Slovakia, Spain. 

  • Africa and the Middle East: Botswana, Burkina Faso, Cameroon, Central African Republic, Côte d’Ivoire, Democratic Republic of Congo, Egypt, Guinea, Guinea-Bissau, Jordan, Liberia, Madagascar, Mali, Mauritius, Morocco, Senegal, Sierra Leone, Tunisia. 

298 million customers 

Pie chart showing the distribution of fixed broadband customers between Africa and the Middle East; France and Europe in 2023.
Pie chart showing the distribution of mobile customers between Africa and the Middle East; France and Europe in 2023.

Number of homes connectable to FTTH (Fiber to the Home) in the world 

2021: 56.5 million 

2022: 64.9 million 

2023: 71.7 million 

2025 Target : 69 million 

of which deployed by Orange in Europe (including FiberCos deployments in France and Poland) 

2021: 42.3 million 

2022: 45.9 million 

2023: 48.9 million 

of which in Africa and the Middle East 

2021: 2.4 million 

2022: 3.2 million 

2023: 4.1 million  

2025 Target : 5.2 million 

Net results 

Evolution of the asset portfolio in 2023 

  • Acquisition of MásMóvil, Expertime, 75% of VOO by Orange Belgium 
  • Sale of Orange Cinéma Série (OCS) and Orange Studio to the Canal+ Group 
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