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Orange revenues rise by 0.7% in Q1 of 2022

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According to the company revenues which totalled €10.6 billion were bolstered strong financial performance across its Africa & Middle East regions, which increased by +8.7% year-on-year (YoY).

Its retail services business unit was 'well above' the decline reported in wholesale services.

Regionally, France saw growth in retail services growth but it still has not offset the decline in wholesale with revenues falling slightly by 0.7% to €4,386 million YoY.

Total revenues in Spain fell by 4.6% YoY with retail services remaining positive, its other European countries were stable.

"In this first quarter, Orange has once again delivered a solid performance with higher revenues, improved margins and the confirmation that we're on track to achieve our 2022 targets in spite of the particularly uncertain environment," said Christel Heydemann, chief executive officer, Orange Group.

"We continue to reap the benefits of our European fibre and 5G network leadership with a 2% rise in our retail sales growth in these first three months. We now have 11.6 million convergent customers in Europe and over half of Orange's fixed broadband customers in France are now fibre connected - a landmark achievement on which we will continue to build."

Totem, the company's tower business, saw growth of 12.2%, despite being its first reporting quarter, and its Enterprise business grew by 0.8%.

Earnings before interest, taxes, depreciation, amortisation and special losses (EBITDAaL) rose 1.0% for the quarter supporting Orange's 2022 full year target of a 2.5% to 3% growth.

economic capital expenditure (eCAPEX) fell by 5.8% for the period, reaching no more €7.4 billion.

Organic cash flow from telecoms activities reached approximately €2.9 billion, Net debt/EBITDAaL ratio remained at around 2x in the medium term, and its 2022 remained at €0.70 including an interim dividend of €0.30 in December 2022.

"Totem, our towerco subsidiary - whose numbers we’re publishing for the first time - is a top-quality asset of great value-creating potential. Meanwhile, Africa & Middle East continues to be our main growth driver, again delivering a remarkable performance, with most African countries producing double-digit growth thanks to new telecoms services that are off-setting the heightened competition for Orange Money," added Heydemann.

Spain remains our most challenging market, and we're pressing ahead with our stand-alone programmes aimed at restoring growth. I'm also pleased to note our exclusive discussions on combining our operations with those of Masmovil. This operation would lead to the creation of a sustainable player with the investment capacity, infrastructure and competitive edge necessary for its future development and for the benefit of both consumers and businesses in Spain.

In the B2B market, the transition to IT services represents and profound evolution of the business that we are fully committed to achieving."

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