Orange's tower subsidiary Totem TowerCo has added 173 sites to its portfolio across France and Spain.

The tower division now owns 27,292 towers across the two countries. Totem reported revenues of €686 million last year, an increase of 0.3 percent.

Orange said that the growth was driven by a 3.6 percent rise in hosting revenues, which included a 6 percent increase in hosting revenues from third-party customers.

At the end of 2023, Orange added that 16.6 percent of hosting revenues came from external customers.

The growth is pretty flat, with Totem reporting 27,000 towers during a filing in March 2023.

Carved out in 2021, Totem operates tower sites, flat roofs, and other sites across France and Spain.

During a time when telcos across Europe, including Vodafone, Deutsche Telekom, and CK Hutchison, have all sold sizeable stakes in their respective TowerCo's, Orange has stated that such assets are an important part of the business.

Last year, Orange CEO Christel Heydemann even called the strategy to sell tower assets "weird," during an interview with the Financial Times.

"When you see companies selling their towers [or] using financial vehicles to continue to invest in infrastructure there is something that is, maybe not wrong, but something weird going on in the market."