Orange Unveils 'Trust the Future' Plan, Targeting €5.2B Cash Flow

PARIS, FRANCE – February 19, 2026 – Orange today unveiled an ambitious five-year strategic plan, "Trust the future," aiming to fundamentally reshape its growth trajectory by positioning trust as its core competitive advantage. The French telecommunications giant laid out a roadmap designed to accelerate cash flow generation, boost shareholder returns, and solidify its leadership in Europe and Africa, with the full consolidation of its Spanish behemoth, MasOrange, acting as a central pillar of the strategy.

The plan, which succeeds the "Lead the future 2023–2025" program, is built on three core ambitions: deepening customer intimacy, driving innovative growth beyond core connectivity, and achieving excellence at scale. Orange is targeting a double-digit increase in organic cash flow to approximately €5.2 billion by 2028 and has set a new dividend floor of €0.85 per share for the same year.

The Spanish Gambit: MasOrange as the Growth Engine

A critical component of Orange's financial projections is the full reconsolidation of MasOrange, its Spanish joint venture, which is expected to be completed in the first half of 2026. The move cements Orange’s long-term commitment to what is now its second-largest European market, creating a dominant player by customer numbers and reshaping the competitive landscape alongside Telefónica, Vodafone Spain (now owned by Zegona), and the rapidly growing Digi.

The path to full ownership involved Orange striking a deal in late 2025 to acquire the remaining 50% stake from its private equity partners for €4.25 billion in cash. While this transaction will see Orange assume €12.6 billion of MasOrange's debt and temporarily increase its leverage ratio, the strategic and financial upsides are deemed substantial. The joint venture has already proven its ability to generate value, having achieved €350 million in synergies by the end of 2025, well on its way to a confirmed target of at least €500 million. Full ownership is expected to streamline governance and accelerate the capture of these efficiencies.

For MasOrange itself, Orange projects steady growth, with a mid-to-high single-digit compound annual growth rate in operating cash flow through 2028. This confidence is bolstered by strong operational performance, with the Spanish entity adding nearly half a million high-value customers in 2024 and expanding its 5G network to cover almost 90% of the population.

Building a 'Trust Economy' Beyond Connectivity

The new strategy's title, "Trust the future," is more than a slogan; it represents a fundamental pivot. In an era of rising digital complexity, cybersecurity threats, and concerns over data privacy, Orange is betting that trust can be a decisive market differentiator. The company plans to operationalize this concept through reliable, next-generation networks, embedded cybersecurity in its offerings, and a commitment to responsible data and AI practices.

"In a world where digital complexity and risks are rising, and where connectivity remains critical, trust is our competitive edge," said Christel Heydemann, Chief Executive Officer of Orange, in the company's announcement. "With Trust the future, we will accelerate growth in profitable B2C services and trusted solutions for enterprises."

This push extends beyond strengthening its core telecom services. Orange is aiming to generate an additional €1 billion in revenue by 2028 from a portfolio of fast-growing services that lie outside traditional connectivity. This includes a major focus on its B2B arm, with Orange Cyberdefense targeting €2 billion in revenue by 2030. On the consumer side, the company will scale services like home security, mobile financial services, and its "Max it" super-app in Africa and the Middle East, a region the company continues to see as a major growth engine.

Cashing In: Ambitious Financials and Shareholder Returns

The "Trust the future" plan comes with a set of bold financial targets designed to win investor confidence. The headline figure is the projection of approximately €5.2 billion in organic cash flow by 2028, representing a significant acceleration driven by both topline growth and enhanced efficiencies.

This financial firepower is intended to directly benefit shareholders. The group announced a progressive dividend policy, increasing the payout for the 2026 fiscal year to €0.79 per share and establishing a new floor of €0.85 per share for 2028. To provide a clearer measure of value creation, Orange is also introducing an adjusted Earnings Per Share (EPS) metric, which it expects to grow at a compound annual rate of around 10% between 2025 and 2028.

These ambitious goals are underpinned by a disciplined approach to spending. The group’s capital expenditure (eCAPEX) as a percentage of sales is projected to decline to around 14% by 2028, freeing up cash. The market appeared to welcome the news, with Orange shares trading up 3.44% on the day of the announcement, signaling initial investor approval of the plan's blend of strategic growth and financial discipline. The solid performance in 2025, which saw organic cash flow rise 8.3% to €3.7 billion, provides a strong foundation for these future ambitions.

A Blueprint for the Future Powered by AI and Sustainability

Integral to achieving both efficiency and innovative growth is the large-scale deployment of Artificial Intelligence. Orange aims to generate €600 million in value from AI by 2028. This will be achieved by enhancing customer interactions with AI-powered digital assistants, optimizing network management to predict and prevent downtime, and streamlining internal processes. The goal is to move towards a state where 100% of customer interactions are augmented by AI, creating more personalized and efficient service.

This technological push is paired with a continued commitment to environmental and social goals. The company reiterated its pledge to achieve Net Zero Carbon status by 2040, driven by energy efficiency and the decommissioning of legacy copper networks in Europe. On the social front, Orange plans to provide free digital skills training to 6 million people by 2030 and ensure its cybersecurity and tiered-protection offers are available in all its operating countries, extending the umbrella of "digital trust" to its entire footprint. These commitments form the bedrock of the strategy, aiming to ensure that the group's growth is both profitable and sustainable.