Steady traction in the domestic and international retail businesses, driven by Orange?s solid brand and networks, should more than offset two main headwinds. First, a structural decline in the domestic wholesale segment (accounting for 10% of group sales in the first nine months of 2023), as local competitors increasingly rely on their own fiber networks. Second, an evolving product mix in the enterprise segment (accounting for 18% of group sales), where the growth of information technology services, including digitalization and cybersecurity products, has so far been insufficient to entirely offset the drop in EBITDA due to lower sales of higher-margin legacy products. We anticipate that Orange's S&P Global Ratings-adjusted debt to EBITDA will slightly increase to about 2.8x this year
