Orange group revenues totaled 21,297 million euros in the first half of 2022, a rise of 0.1% year on year (+25 million euros). This growth was driven by retail services , which increased 2.0% (+300 million euros), and equipment sales, which rose 3.4% (+49 million euros) even as Wholesale services, which were affected by lower co-financing and the decrease in the regulated rate for low margin call terminations, decreased 9% (-360 million euros).

Africa & Middle East was again the main contributor to this growth, with a year-on-year increase of 7.9% (+248 million euros). Europe excluding Spain also grew slightly, up 0.8% (+24 million euros), while Totem recorded growth of 10.2% (+30 million euros).

Revenues in France decreased 1.7% (-153 million euros) due to the lower co-financing received. Spain’s decline slowed (-4.3%) thanks to the recovery plan.

Growth in the customer base

There were 11.6 million convergent customers Group-wide at 30 June 2022, up 1.2% year on year. Mobile services had 235.7 million accesses at 30 June 2022, an increase of 6% year on year, including 90.1 million contracts, an increase of 8.5% year on year.

Fixed services totaled 45.9 million accesses at 30 June 2022 (down 2% year on year), including 13.2 million very high-speed broadband accesses, which continued their strong growth (+18% year on year). Fixed narrowband accesses were down 13.4% year on year. Mobile Financial Services had 1.9 million customers in Europe and 0.8 million customers in Africa.

Group EBITDA stood at 5,934 million euros at 30 June 2022 (+0.7%). Excluding co-financing, EBITDA grew 3% in the first six months of the year. Africa & Middle East was again the primary contributor to this performance, with double-digit growth of 11.6% year on year, offsetting the steep decline of 25.3% in Enterprise.

Operating income
In the first half of the year, the Group’s operating income rose to 2,420 million euros, compared with a loss of 1,752 million euros at 30 June 2021 on a historical basis. The first half of 2021 had been affected by the recognition of 3,702 million euros of goodwill impairment in Spain.

Net income

Orange’s consolidated net income at 30 June 2022 was 1,467 million euros, compared with a loss of 2,605 million euros at 30 June 2021 on a historical basis. This increase mainly reflected the increase in operating income.

The Group has again confirmed its financial objectives for 20222:
▪ a 2.5% to 3% increase in EBITDA
▪ eCAPEX no greater than 7.4 billion euros
▪ Organic cash flow from telecom activities of at least 2.9 billion euros
▪ Ratio of net debt to EBITDA from telecom activities unchanged at around 2x in the medium term