Core Insights - Orange Group reported solid first-half results for 2025, with an EBITDAaL growth of 3.8% and an increase in organic cash flow by 7.7%, prompting an upgrade of the EBITDAaL growth target for the year [2][3][6] Financial Performance - Revenues for the first half of 2025 reached €19,853 million, a slight increase of 0.3% compared to the previous year [2][58] - EBITDAaL for the first half was €5,675 million, reflecting a growth of 3.8% [2][58] - Consolidated net income excluding the GEPP provision was €1,167 million, while including the provision, the net income was -€105 million [9][10] - eCAPEX for the first half was €3,023 million, up 4.1% year-on-year [11][58] - Free cash flow from telecom activities was €1,086 million, down 13.5% year-on-year due to license payment phasing [13][58] Regional Performance - France's revenues decreased by 2.2% to €8,569 million, with retail services stable [16][27] - Africa & Middle East segment saw a revenue increase of 12.8% to €4,140 million, marking the tenth consecutive half of double-digit growth [16][31] - European revenues remained stable at €3,495 million, with retail services growing by 1.2% [16][36] Operational Highlights - The mobile customer base reached 261.6 million globally, with a 6.4% increase, while fixed broadband accesses grew by 4.4% [7][36] - Orange maintained its leadership in mobile network quality in France for the 14th consecutive time [29] - The launch of a new division in Orange Business dedicated to defense and security aims to capitalize on opportunities in the sovereignty sector [5][42] Strategic Initiatives - Orange's sustainability efforts included issuing a €750 million sustainable bond and exceeding its 2025 target for reducing greenhouse gas emissions by 41% [19][20] - The company is focused on digital inclusion, having provided free digital training to 2.9 million beneficiaries since 2021 [21] Future Outlook - The full-year guidance for EBITDAaL growth has been raised to above 3% [6][17] - The company aims to achieve organic cash flow from telecom activities of at least €3.6 billion by the end of 2025 [17]