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Orange Q1 Marginally Behind On Revenue, Ahead On EBITDAal; Not A Spread Mover

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  • Q1 revenue 1.8% behind consensus (+2.1% YoY) while EBITDAal was a 2% miss (+2.3% YoY). CapEx from continuing ops is +3.1% YoY to give EBITDAal less CapEx of +1.4% YoY. EBITDAal from telco activities was +2.3% YoY, in line with the broader group.
  • Africa & ME the biggest contributor to revenue growth at +11.1% while France returned to growth at +0.8% though Europe decline 2%.
  • FY24 targets confirmed; the EBITDAal growth looks in line with the low-single digit growth target.
  • No information on credit metrics. EUR spreads 1-2bps wider at the short-end in early streaming.
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  • Q1 revenue 1.8% behind consensus (+2.1% YoY) while EBITDAal was a 2% miss (+2.3% YoY). CapEx from continuing ops is +3.1% YoY to give EBITDAal less CapEx of +1.4% YoY. EBITDAal from telco activities was +2.3% YoY, in line with the broader group.
  • Africa & ME the biggest contributor to revenue growth at +11.1% while France returned to growth at +0.8% though Europe decline 2%.
  • FY24 targets confirmed; the EBITDAal growth looks in line with the low-single digit growth target.
  • No information on credit metrics. EUR spreads 1-2bps wider at the short-end in early streaming.