Finance
Orange targets 5.2 billion euros free cash flow by 2028 and lifts dividend
Published by Global Banking & Finance Review®
Posted on February 19, 2026
1 min readLast updated: February 19, 2026
Quick Summary
Orange unveiled a plan to lift organic free cash flow to €5.2bn by 2028, supported by MasOrange consolidation and cybersecurity growth, and raised its dividend floor to €0.85 for 2028, payable in 2029. ([ft.com](https://www.ft.com/content/44d11562-f06f-4007-850a-3d4f817570d5?utm_source=openai))
Orange sets €5.2bn 2028 cash flow goal and lifts dividend guidance
Feb 19 - Orange on Thursday presented a new strategic plan targeting organic cash flow of around 5.2 billion euros ($6.1 billion) by 2028, up from around 4 billion euros in 2026, driven by the expected consolidation of its Spanish joint venture MasOrange and growth in cybersecurity and digital services.
The French telecoms operator said it expects organic cash flow to grow at a 12% compound annual growth rate between 2025 and 2028, while lifting its dividend floor to 0.85 euros per share for 2028, payable in 2029, from 0.79 euros for 2026.
Orange confirmed its 2026 core profit targets of 3% annual growth.
($1 = 0.8477 euros)
(Reporting by Leo Marchandon in Gdansk)
Key Takeaways
- •Orange targets about €5.2bn in organic free cash flow by 2028 under a new strategic plan. ([ft.com](https://www.ft.com/content/44d11562-f06f-4007-850a-3d4f817570d5?utm_source=openai))
- •Dividend floor lifted to €0.85 per share for fiscal 2028, with payment slated for 2029. ([ft.com](https://www.ft.com/content/44d11562-f06f-4007-850a-3d4f817570d5?utm_source=openai))
- •Growth drivers include consolidation of Spain’s MasOrange JV and expansion in cybersecurity and digital services. ([ft.com](https://www.ft.com/content/44d11562-f06f-4007-850a-3d4f817570d5?utm_source=openai))
- •Management emphasizes capital discipline and portfolio actions to support stronger cash generation.
- •The update builds on completed 2023–2025 objectives and frames the 2026–2028 roadmap. ([orange.com](https://www.orange.com/en/press-release/success-of-lead-the-future-2023-2025-strategic-plan-2025-objectives-fully-achieved-440051?utm_source=openai))
Frequently Asked Questions about Orange targets 5.2 billion euros free cash flow by 2028 and lifts dividend
1What did Orange announce?
Orange announced a new strategy targeting €5.2bn in organic free cash flow by 2028 and an increased dividend floor to €0.85 per share for fiscal 2028, payable in 2029. ([ft.com](https://www.ft.com/content/44d11562-f06f-4007-850a-3d4f817570d5?utm_source=openai))
2How does Orange plan to reach the 2028 cash flow goal?
The company expects contributions from consolidating its Spanish JV, MasOrange, and from growth in cybersecurity and digital services, alongside ongoing capital discipline. ([ft.com](https://www.ft.com/content/44d11562-f06f-4007-850a-3d4f817570d5?utm_source=openai))
3What is MasOrange and why is it important?
MasOrange is Orange’s Spanish joint venture created with MásMóvil; Orange has moved to take full control, with consolidation expected to bolster cash generation and scale in Spain. ([orange.com](https://www.orange.com/en/press-release/orange-and-masmovil-sign-an-agreement-to-combine-their-operations-in-spain-235028?utm_source=openai))
