(BFM Stock Exchange) – The Telecom group has published results above expectations for 2024 and indicated anticipate growth in its main profitability indicator in France of more than 0.5% this year, which is positively surprising investors.

Value not very volatile par excellence, Orange is not used to knowing important variations when it is published.

Once not being customary, the action takes off this Thursday, February 13, taking 3.5% at the end of the session, after the company delivered its accounts from the last quarter and the entire year 2024.

“Orange has announced solid results for the fourth quarter, reaching the top of the consensus range”, summarizes the independent alphavalue design office.

The main indicator of the telecoms group results, the famous “Ebitdaal” (the operating result after rents) increased by 2.7% excluding perimeter and exchange effects in 2024 to reach 12.11 billion euros, with Acceleration in the fourth quarter.

From October to the end of December, the Ebitdaal thus increased by 3.2% in data comparable to 3.25 billion euros.

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France at the heart of all attentions

In France, Ebitdaal returned to growth in 2024 (+0.5%) to be 6.4 billion euros, after a fall of 3.6% in 2023, despite a renewed competition Important among telecom operators in France since fall, with aggressive prices.

Oddo BHF underlines “decent” commercial trends in the fourth quarter, “despite the competitive pressure”, with 10,000 new subscribers on the fixed at Orange and 118,000 on the mobile.

Important point for investors: Orange said to count in 2025 for France on an increase in its Ebitdaal which would be “slightly” higher than that recorded in 2024, that is to say more than 0.5% therefore. However, according to Oddo BHF, consensus awaited zero growth for this indicator in France in 2025.

In December, Morgan Stanley even feared that the variation of the Ebitdaal in France returns to the red, tabbling on a decline of 1.5% in 2025 (and 1.1% in 2026), due to the renewed competitive pressure From Orange rivals in France. The bank underlined in passing that the Ebitdaal in France was crucial for the perception of the title to the eyes of investors.

“We believe that the generation of a significant positive growth of Ebitdaal in the national activities of the group is the key to outperformance and the evolution of the course of action,” she wrote.

Objective of cash flow

For 2025 still, Orange tables an increase in its overall Ebitdaal of around 3% and reported to 3.6 billion euros its forecast of organic cash flow flows, compared to 3.5 billion euros before. The consensus of analysts was 3.54 billion euros for 2025.

In 2024, the organic cash flow of telecoms activities reached 3.37 billion euros, progressing by 3.7% over a year and exceeding the target of 3.3 billion euros from the company, remarks alphaValue.

Orange has announced that it would offer a dividend of 0.75 euros per share under its 2024 results. The company also defined a “floor” distribution of 0.75 euros per share for the financial year 2025.

At the end of this publication, Oddo BHF reiterates its advice to “outperformance” and its target of courses of 11.7 euros. “Orange underperformed the sector in 2024 due to the war price of mobile telephony, but resisted better than expected thanks to commercial actions,” argues the broker.