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Electro-optical transceivers can be implemented employing all-analog signal processing in order to achieve low values of power consumption and latency. This paper shows that the spectral efficiency of such solutions can be increased by combining orthogonal multicarrier techniques and off-the-shelf microwave components. A real-time 108-Gbit/s experiment was performed emulating a wavelength division multiplexing (WDM) system composed of five optical channels. The optical carriers were provided by an externally injected gain switched optical frequency comb. Each optical channel transmitted a 21.6-Gbit/s orthogonal subcarrier multiplexing (SCM) signal that was modulated and demodulated in the electrical domain without the requirement for digital signal processing. The net data rate remained higher than 100 Gbit/s after taking into account forward error correction overheads. The use of orthogonally overlapping subchannels achieves an unprecedented spectral efficiency in all-analog real-time broadband WDM/SCM links.