Orange shares are up 25% YTD. The CEO confirms cash flow will rise 12% YoY. They are consolidating the Spanish market and growing double-digits in Africa. In a volatile macro environment (tariffs/war), Orange acts as a defensive compounder. They have pricing power, are consolidating fragmented markets (Spain), and have a "moat" against AI disruption (connectivity is essential regardless of AI). LONG ORA. Regulatory blocking of further consolidation in France (SFR deal).