Orange. - ADR

**Strong Q3 Performance**: Orange reported Q3 revenues of €10 billion, up 1.6% year-on-year, driven by 2.5% growth in retail services, offsetting a decline of 3.3% in wholesale. The Middle East and Africa segment showed impressive growth at 10.5%, continuing a trend of double-digit growth for six consecutive quarters.

**Convergence Strategy**: The company reaffirmed convergence as a core pillar of its strategy, with convergent revenues increasing by almost 5%. The average revenue per user (ARPU) for convergent customers reached nearly €78, demonstrating a successful focus on customer retention. Despite launching new concurrent offers from competitors, churn remains stable, indicating resilience in customer loyalty.

**Challenges in France**: The competitive landscape in France is intensifying, particularly at the low-end mobile market, putting pressure on pricing strategies. Orange's ability to maintain its retail services' growth in this environment is critical, with expectations of stabilizing the convergent customer base and a forecasted retail services growth of over 2.5% in H2.