Q3 revenues and EBITDAaL, up respectively by 1.8% and 1.4% yoy, were in line with expectations. Capex was down by 7% yoy also in line with the target of a significant reduction in 2023.
Orange is still awaiting a ruling regarding the merger of its Spanish activities with MasMovil. However, Christel Heydemann appeared confident that the transaction can be completed in the Q1 2024.
For the past year Orange has been in a virtuous circle of FCF growth: we maintain our Buy.
