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Yesterday’s publication by Orange and Bouygues of their results for the year ended 31 December 2018 confirmed that these two operators have continued to thrive at commercial level, suggesting in turn that operating performances at Iliad (which will report on 19 March) and Altice France (due to report o n 28 March) won’t be so straightforward . Though EBITDA contributed by the Telecom business increased by 3.4% in 2018 (2.7% increase in adjusted EBITDA, including the banking activities, after a 2 . 1% increase in 2017), Orange remains cautious as regards the 2019 outlook, with management expecting EBITDA growth to be slightly weaker in 2019 than in 2018 . As regards Bouygues Telecom, it reported a 16% increase in EBITDA, drawing on solid operating performances . At €1.27bn, EBITDA has recovered to the level achieved in 2011, before Iliad’s arrival. By comparison, EBITDA generated by Orange in France in 2018 is 17% below the level achieved in 2011 .