Orange CEO Christel Heydemann (pictured) highlighted the group’s resilience during the first half of 2022, despite ongoing geopolitical uncertainty, the continuing fallout of the Covid-19 (coronavirus) pandemic and the effects of inflation.
In a statement, Heydemann explained Orange’s performance in the opening six months gave it confidence to confirm its full-year earnings guidance.
“It also allows us to prepare for the future with confidence and responsibility as we work on our next strategic plan, which will be unveiled at the beginning of 2023.”
Heydemann highlighted the competitive Spanish market, which remains challenging. Despite the difficult environment there, she noted retail revenue was improving, leaving Orange “on track for a return to growth in 2023”.
“Moreover, the historic agreement we signed last week with Masmovil to combine our activities in a new joint venture gives us plenty of reason to believe in the growth potential of Spain.”
On a comparable basis, Orange’s overall Q2 revenue was flat year-on-year at €10.7 billion, with France down 2.7 per cent and its other European markets stable.
As usual, the Africa and Middle East region produced strong revenue growth of 7.2 per cent.
Orange reported gains across the first six months, with net income of €1.5 billion compared with a €2.6 billion loss in H1 2021.
The turnaround was primarily oweing to the payment of a €3.7 billion goodwill impairment for Spain in the 2021 period.
Revenue was flat at €21.3 billion.