Orange targets 5.2 billion euros free cash flow by 2028, lifts dividend

Orange on Thursday targeted organic cash flow of around 5.2 billion euros ($6.1 billion) by 2028, up from around 4 billion euros in 2026, driven by the consolidation of its ‌Spanish joint venture ⁠MasOrange ⁠and growth in cybersecurity.

The French telecoms operator, which beat profit estimates on Wednesday driven by a strong performance in Africa and the Middle East, said it expects organic cash flow to grow at a 12% compound annual growth rate between 2025 and 2028.

It lifted its dividend floor to 0.85 euros per share for 2028, payable in 2029, ⁠from 0.79 ‌euros for 2026.