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Orange SA (ORAN) on Thursday reported fourth-quarter core operating earnings in line with market expectations, as business strength in Africa and the Middle East outweighed weakness in the company’s struggling enterprise division.

Orange’s earnings before interest, tax, depreciation and amortization after leases (EBITDAaL) went up 8.5% year-on-year to EUR 3.45 billion in the quarter ended December 31st, while matching a consensus of 16 analyst estimates compiled by the telecoms operator.

Full-year core operating profit rose 2.5% to EUR 13 billion, while matching the lower end of the company’s target.

Total revenue grew 1.3% year-on-year to EUR 11.35 billion in the quarter, exceeding market consensus of EUR 11.2 billion.

Meanwhile, Orange’s annual organic free cash flow from telecom activities surged 27% to EUR 3.1 billion, also matching the company’s target.

Orange’s Chief Executive Officer Christel Heydemann is expected to present a new strategic plan to investors later on Thursday, dubbed “Lead the Future.”

As part of that plan, the French company set financial targets for 2025, including organic cash flow from telecoms activities of EUR 4 billion.

As of 9:55 GMT on Thursday the shares of Orange SA were gaining 4.87% (EUR 0.49) to trade at EUR 10.46 in Paris, while extending gains from the previous four sessions.

The telecom major’s total market cap now stands at EUR 27.836 billion.

The shares of Orange SA went down 1.38% in 2022, compared with a 9.50% loss for the benchmark index, CAC 40 (FCHI).

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