February 13, 2025 09:27 GMT
COMMUNICATIONS: Orange Q4 Results
COMMUNICATIONS
ORAFP
Slight positive on broadly in line group results, slightly ahead of consensus EBITDAal guidance and reported leverage ticking lower.
- Q4 revs +1% YoY (-1% vs. cons). FY +1.2% YoY w/ A&ME +11%, France flat, Eur -2%, Business -2%.
- Q4 EBITDAal +3% YoY (+1% vs. cons). FY +3% YoY w/ A&ME +13%, France +1%, Eur +4%, Business -8%.
- Q4 comp EBITDAal less CapEx excl. Spain -6% YoY. FY +3% YoY.
- FY All-In Telco FCF +19% YoY on organic cash gen growth and license phasing.
- Reported EBITDAal leverage of 1.84x from 1.9x at H1 and 2.05x at FY23.
- FY25: EBITDAal ~+3%, org telco FCF EUR 3.6bn (prior guide of EUR 3.5bn), lev policy unchanged at ~2x.
Keep reading...Show less
109 words