Can Orange turn its scale into higher value per user rather than just more users?

• French telecom operator to pursue acquisition opportunities in France and Spain.
• Orange will need to ensure transparent partner models, open APIs, and consistent wholesale access.

It was a crisp autumn morning in Paris when Orange’s CEO, Christel Heydemann, stepped into the boardroom with more than numbers on her mind. The world’s telecom landscape was changing fast, and so was Orange.

Just a decade ago, Orange had been seen as just another connectivity provider—pipes and signals, mobile and broadband. But by late 2025, the French telecom powerhouse was transforming on two continents, chasing a vision where digital services and platforms mattered more than mere network cables.

The pulse of Orange’s business was beating most strongly in Africa and the Middle East. There, the hum of 4G towers, the buzz of new fintech apps, and the clink of digital coins changing hands told a different story than Europe’s margin-squeezed markets.

In the third quarter, Orange’s revenues in the region soared by 12.2%. Analysts watched mobile data usage leap by 18.1% and cheered as Orange Money became a daily tool for 44 million people, helping communities leapfrog into the digital future. For many in these markets, Orange wasn’t just a brand; it was a gateway to online banking, entrepreneurship, and opportunity.

Riccardo Amati, an industry observer from the UK’s Mobile Ecosystem Forum, described it best: “Africa offers Orange not just growth, but a chance to lay the rails for entire digital ecosystems.”

Challenges at home

Meanwhile, back in France, the scene was less exuberant. Home revenue sagged 3.7%, weighed down by shrinking wholesale business and fewer device sales. Instead of seeing obstacles, Orange saw possibilities in scale. The company spearheaded a bold €17 billion move to acquire parts of Altice France—parent company of SFR. While Altice rebuffed the bid, Orange and its partners weren’t giving up.

The promise?  A reshaped telecom landscape in France, bigger players and new ground for bundled digital offerings.

Chief Financial Officer Laurent Martinez reassured investors: Orange had the balance sheet to chase consolidation, not just in France but across Spain as well.

Orange’s story wasn’t just about growing bigger; it was about evolving. CapEx was up 8.3%—funds flowing into fiber, mobile towers, and cutting-edge services. Customers were following: 16 million with fiber-to-home, over 100 million on mobile contracts.

 “We have just passed the symbolic threshold of 300 million customers worldwide,” Heydemann announced proudly.

But the real transformation was cultural. Orange was shifting from pure pipes to platforms—setting the tracks so that others (from fintechs to content creators) could build new services on top.

Amati put it plainly: “In Africa and the Middle East, entrepreneurs should see Orange as a partner for innovation. In France, everyone must think bigger: not just an app, but services that straddle both home and mobile networks.”

Yet, not all was smooth sailing. Investments were heavy, competition fierce, and margin pressures a constant shadow. The big question: Could Orange turn its scale into greater profit per customer, not just more customers?

“The plan is credible. But will it create enough value per user?” Amati mused. Orange’s openness—its willingness to share APIs, to work transparently with partners, to foster not just networks but entire ecosystems—would decide the outcome.

Still, the numbers told their own story. Modest revenue growth, robust subscriber increases, and the quiet confidence of a company betting that tomorrow’s telecom winner won’t just connect people, but empower whole digital communities.

Orange’s team knew the next act of their story had only just begun. The foundation was there—the rails laid—for a new digital ecosystem. Now, it was up to the world’s builders to seize the opportunity.