Orange S.A.: Initiation of Coverage- The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Orange S.A.’s 2024 full-year results showcase a blend of growth indicators, strategic progress, and persistent challenges. The company reported revenues of €40.3 billion, marking an increase of 1.2% from the previous year, driven primarily by retail growth and robust performances in the Middle East and Africa. EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%. A significant highlight is the free cash flow increase to €3.4 billion, surpassing the target of €3.3 billion, and signaling strong cash generation capabilities that allowed the company to forecast an ambitious cash flow target for 2025.