New Street Research - Bouygues SA (EN) ... Orange (Buy, TP: €14.9, +14%) Q2 25: EBITDA guidance lifted thanks to AME

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New Street Research

Russell Waller

EUR 8637.00 For Business Accounts Only

Orange (Buy, TP: €14.9, +14%) Q2 25: EBITDA guidance lifted thanks to AME

Orange has reported a solid set of results, with Telco EBITDA c+0.3% ahead of consensus, and has lifted Group EBITDAaL guidance thanks to AME. French KPIs are solid, but French retail SR growth has turned negative y/y. There are some encouraging signs on French front-book low-end mobile pricing in July (HERE), but clearly overall conditions remain difficult (albeit Orange is doing a good job of off-setting those difficulties at the EBITDAaL level in France).

29/07/2025 1 EN

Underlyings

Bouygues SA

Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP

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FR0000120503 Euronext Paris France

Orange

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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Orange (Buy, TP: €14.9, +14%) Q2 25: EBITDA guidance lifted thanks to AME

EU Telecoms: Half-time 2025 Review Sector has outperformed: More selective stock picking needed

Altice International (Equal Weight) Sale process Hot-ting up in Israel

AMT: Quick thoughts following the 2Q25 call

AMT 2Q25 Quick Take: Site rental revenue in-line; services strong

Quick Hit: T-Mobile and KRR complete Metronet Acquisition

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