Altice SFR - comment

Orange published its third-quarter results this morning. While there were limited remarks regarding its joint venture bid for Altice SFR, management clarified that it is unlikely to pursue an equity stake in the company. Orange has expressed no interest in XPFibre or in any of Altice SFR’s non-telecommunications activities.

Orange’s results came in slightly ahead of expectations, prompting an upward revision of its FY25 EBITDAaL guidance. The French segment, most relevant to Altice, reported a decline in revenue but reaffirmed its guidance for EBITDAaL growth. The French market remains highly competitive, particularly within the entry-level mobile segment. The company reported an increase in customer numbers, accompanied by positive momentum in mobile churn, which improved by two percentage points compared with previous years.