Core Insights - Orange reported solid third-quarter results for 2025, leading to an increase in annual EBITDAaL growth guidance to at least 3.5% [6][8][10] Financial Performance - Group revenues for Q3 2025 reached €9,993 million, a 0.8% increase year-on-year, with EBITDAaL growing by 3.7% to €3,437 million [2][40] - eCAPEX (excluding licenses) increased by 8.3% in Q3 2025, totaling €1,466 million, driven by investments in growth areas [2][10] - EBITDAaL after eCAPEX was €1,971 million, reflecting a 0.6% increase [2][41] Regional Performance - Africa & Middle East revenues grew by 12.2% in Q3 2025, driven by strong retail services growth of 13.1% [20][21] - France experienced a revenue decline of 3.7% in Q3 2025, attributed to competitive pricing pressures and trends in wholesale services [16][19] - Europe saw a revenue increase of 4.7%, supported by a strong performance in retail services and IT & Integration Services [24][25] Customer Growth - The total customer base surpassed 300 million globally, with 8.2 million new customers added in Q3 2025 [3][8] - Mobile Financial Services, particularly Orange Money, reported 44 million active users, contributing to value creation [5][28] Strategic Initiatives - Orange announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a significant portion of Altice's activities in France, aimed at enhancing network resilience and cybersecurity investments [4][5] - The company is focused on operational efficiency and cost control, which have positively impacted EBITDAaL growth and margins [6][10] Future Outlook - The company aims to maintain double-digit EBITDAaL growth in the Africa & Middle East segment for 2025 [23] - Orange plans to present the evolution of its "Lead the Future" strategy at the Capital Markets Day scheduled for February 19, 2026 [7]

Market Performance - The Tel Aviv Stock Exchange experienced a decline, with the Tel Aviv 35 Index falling by 0.99% to 3,176.41 points, the Tel Aviv 125 Index decreasing by 0.98% to 3,249.61 points, and the BlueTech Global Index dropping by 0.97% to 579.01 points [1] - The All Bond corporate bond index saw a slight decrease of 0.02% to 418.33 points, with total turnover amounting to NIS 2.89 billion in equities and NIS 5.57 billion in bonds [1] Foreign Exchange Rates - The shekel-dollar exchange rate was set 0.664% lower at NIS 3.289/$, while the shekel-euro rate decreased by 0.951% to NIS 3.821/€ [2] Banking Sector Performance - Bank Hapoalim led the market decline, falling by 1.54% with the highest trading turnover, followed by Bank Leumi down 1.19%, Mizrahi Tefahot Bank down 1.70%, and Israel Discount Bank down 1.92% [2] Individual Stock Movements - Navitas Petroleum LP recorded the largest decline on the Tel Aviv 35 Index, falling by 4.06%, while Ormat Technologies Inc. and Teva Pharmaceutical Industries Ltd. fell by 2.85% and 0.44% respectively [3] - Clal Insurance Enterprise Holdings saw the largest increase on the Tel Aviv 35 Index, rising by 3.81%, with Phoenix Financial up 1.27% and Menora Mivtachim up 0.87% [3]

Core Viewpoint - Bouygues Telecom, Free-Groupe iliad, and Orange have noted the rejection of their non-binding joint offer for the acquisition of a significant portion of Altice France's telecom activities, submitted on October 14 [1] Group 1: Offer and Market Impact - The three operators remain convinced of the relevance of their proposal and the industrial project they are pursuing, which aims to preserve a competitive ecosystem benefiting consumers while promoting continued investments in national telecom infrastructure [2] - Bouygues Telecom, Free-Groupe iliad, and Orange are maintaining their offer and wish to create a constructive dialogue with Altice Group and its shareholders to explore how the project could prosper [3] Group 2: Company Profiles - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and 124,600 employees as of June 30, 2025, serving 300 million customers across 26 countries [4] - Free-Groupe iliad, established in the early 1990s, generated a revenue of €10.0 billion in 2024 and serves 51 million subscribers, with significant operations in France, Italy, and Poland [6] - Bouygues Telecom, a subsidiary of Bouygues Group, reported a revenue of €7.8 billion in 2024, employing 11,200 staff and serving 27.1 million mobile and 5.3 million fixed-line customers [8]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have expressed their commitment to pursuing their joint acquisition bid for a significant portion of Altice France's telecom activities, despite its rejection by Altice France [1][2]. Group Summaries Bouygues Telecom - Bouygues Telecom is a French digital communications operator with 27.1 million mobile customers and 5.3 million fixed customers, recognized as a leading operator for WiFi and fixed internet connections [7][8]. - The company aims to reduce its scope 1 and 2 carbon emissions by 29.4% and scope 3 emissions by 17.5% by 2027, with targets endorsed by the Science Based Targets initiative [8]. Free-iliad Group - The Free-iliad Group, a major European telecom player, generated €10.0 billion in revenues in 2024 and serves 51 million subscribers across its brands [6]. - In France, the Group operates as an integrated Fixed and Mobile Ultra-Fast Broadband operator with 23.1 million subscribers as of June 2025 [6]. Orange - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and serves 300 million customers worldwide [4]. - The Group operates in 26 countries and is a significant player in telecommunications services for multinational enterprises under the Orange Business brand [4].

Group 1 - Orange has acknowledged the decision of Group Altice to reject the joint non-binding offer made by Bouygues Telecom, Orange, and Free-Group Iliad [1] Group 2 - Orange is a leading telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 124,600 employees globally as of June 30, 2025, including 68,700 in France [2] - The company serves a total customer base of 300 million worldwide, comprising 262 million mobile customers and 22 million fixed broadband customers as of June 30, 2025 [2] - Orange operates in 26 countries and is a prominent provider of global IT and telecommunications services to multinational companies under the brand Orange Business [2] - The strategic plan "Lead the Future," introduced in February 2023, focuses on a new business model emphasizing responsibility and efficiency, leveraging network excellence to enhance service quality [2]

Core Insights - Orange has acknowledged the decision of Group Altice to reject the joint non-binding offer made by Bouygues Telecom, Orange, and Free-Group Iliad [1] Company Overview - Orange is a leading global telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 124,600 employees worldwide as of June 30, 2025, including 68,700 employees in France [2] - The company serves a total customer base of 300 million globally as of June 30, 2025, comprising 262 million mobile customers and 22 million fixed broadband customers, reflecting the deconsolidation of certain activities in Spain due to the creation of MASORANGE [2] - Orange operates in 26 countries, including non-consolidated regions, and is a prominent provider of global IT and telecommunications services to multinational companies under the Orange Business brand [2] - In February 2023, Orange introduced its strategic plan "Lead the Future," which focuses on a new business model emphasizing responsibility and efficiency, leveraging network excellence to enhance service quality [2]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a joint non-binding offer to acquire a significant portion of Altice's telecommunications activities in France, aiming to ensure service continuity for SFR customers in a mature market [1][2]. Summary by Sections Offer Details - The joint offer has a total enterprise value of €17 billion for the targeted Altice group assets in France, implying an enterprise value of over €21 billion for the entire Altice France [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Conditions and Process - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment [3]. - The transaction will require prior consultation with employee representative bodies and clearance from relevant regulatory authorities before completion [3]. Transition and Management - Any assets that cannot be immediately transferred will be managed by a joint company during a transition period, allowing for the gradual migration of customers, relying on Altice group employees [4]. Business Segmentation - The B2B business will primarily be taken over by Bouygues Telecom and Free-iliad Group, while the B2C business will be shared among Bouygues Telecom, Free-iliad Group, and Orange [6]. - Infrastructure and frequencies will also be shared among the three operators, except for SFR's mobile network in less densely populated areas, which will be taken over by Bouygues Telecom [6].

Core Points - The document provides information regarding the total number of shares and voting rights of Orange, in compliance with French commercial regulations [1] - A double voting right is automatically granted to fully paid-up shares held in registered form for at least two years, effective from April 3, 2016 [1] Summary of Share and Voting Rights - As of January 31, 2025, the total number of shares is 2,660,056,599, with 3,835,000 treasury shares without voting rights, resulting in 3,172,669,760 theoretical voting rights and 3,169,834,760 exercisable voting rights [2] - The number of treasury shares without voting rights has varied from 3,835,000 on January 31, 2025, to 1,456,848 by September 30, 2025, indicating a decrease over the period [2] - The theoretical number of voting rights has shown a slight increase from 3,172,669,760 on January 31, 2025, to 3,180,201,913 by September 30, 2025 [2] - The exercisable voting rights have also increased from 3,169,834,760 on January 31, 2025, to 3,178,745,065 by September 30, 2025 [2]

Core Insights - Ormat Technologies, Inc. plans to release its third quarter financial results on November 3, 2025, after market close, followed by a conference call on November 4, 2025, at 09:00 a.m. ET [1] Company Overview - Ormat Technologies is a leading geothermal and renewable energy company with over six decades of experience, recognized as the only vertically integrated company in geothermal and recovered energy generation (REG) [4] - The company owns and operates power plants with a total gross capacity of approximately 3,400 MW, and its current generating portfolio includes 1,618 MW, with 1,268 MW from geothermal and solar generation [4] - Ormat is expanding its activities into energy storage services and solar photovoltaic (PV) systems, aiming to establish a leading position in the U.S. energy storage market [4]

Company Overview - Ormat Technologies, Inc. (ORA) is a vertically integrated global renewable energy company specializing in geothermal and waste-heat recovery, with a growing presence in energy storage, particularly in the lithium-ion battery niche [2] - ORA provides carbon-free electricity at source, making it an attractive partner for data center operators seeking fast, reliable, and clean energy solutions [2] Financial Performance - In Q2, ORA's revenue rose 9.9% to $234 million, while EPS increased 20% to $0.48 from $0.40 in Q2 2024 [2] - Product revenue surged 58% and energy storage revenue grew 63%, offsetting a 4% decline in electricity revenue due to maintenance [3] - The company maintained guidance, supported by a strong backlog of $263 million and $300 million in secured development funding [3] Market Position and Growth Potential - The global geothermal market is forecast to grow approximately 5% annually through 2030, reaching around $15 billion, with ORA producing 1.6 GW of capacity, making it one of the world's largest operators [4] - ORA expanded its geothermal footprint with the acquisition of a Nevada-based plant adding 3.5 MW of capacity, expected to generate approximately $4 million in EBITDA in 2H 2025 [3] Valuation Concerns - Despite strong fundamentals, valuation remains a concern, with the stock trading at 8.1x sales, 13.6x EBITDA, and 40.2x P/E, which appear expensive on revenue and EBITDA metrics but more defensible on EPS growth projected at +45% in 2026 [5] - A more attractive entry point could be near $70 per share, where valuation better aligns with long-term growth expectations [5] Investor Sentiment - ORA is not among the 30 Most Popular Stocks Among Hedge Funds, with 27 hedge fund portfolios holding ORA at the end of Q2, up from 23 in the previous quarter [7] - While acknowledging ORA's potential as an investment, some analysts believe certain AI stocks offer greater upside potential and carry less downside risk [7]