Orange’s Earnings: No Surprises, Results in Line With Full-Year Guidance

Orange's first-quarter results did not bring any surprises as management reiterated its 2023 targets. EBITDA after leases grew by 0.5% in the quarter, in line with management’s 2023 guidance of “slight growth.” Capital expenditures excluding spectrum fell 4.9% in the quarter, also in line with company targets. We believe Orange is well positioned to meet its guidance given the relatively stable development in France, strong growth in African markets, and cost-containment measures. We are maintaining our EUR 13.40 fair value estimate.