Orange Belgium: Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies

Press release
Embargo until 6 February 2026 at 7:00 am
Regulated information - Inside information

Financial information for the second semester and full year 2025

Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies

• Mobile postpaid customer base +2.5% yoy / Cable customer base +1.8% yoy
• H2 Revenues -1.5% yoy / FY 2025 Revenues -1.5% yoy
• H2 EBITDAaL +3.4% yoy / FY 2025 EBITDAaL +4.0% yoy

H2 Operational Highlights

Solid commercial performance, combining value management on our premium brands and dynamic volume driven growth on hey! Mobile postpaid increased by 38k net adds over the semester, bringing total subscribers to 3.6m up by 2.5%. Our cable offers generated 5k net adds over the period, totalling 1,039k customers (+1.8%yoy)

	H2 2024	H2 2025	change
Mobile postpaid customer base (in '000)	3 467	3 553	2.5%
Net adds (in '000)	74	38	-49.0%
Cable customer base (in '000)	1 021	1 039	1.8%
Net adds (in '000)	17	5	-68.7%

Financial Highlights

Revenues decreased by 1.5% yoy following a slight reduction in service revenues, partly due to the non-renewal of the Belgian football rights in H2, and a decrease in low-margin activities EBITDAaL increased by 4.0% for the full year, supported by the delivery of synergies following the acquisition of VOO as well as continuous efficiencies and cost optimizations eCapex increased by 2.1% for the full year, following the successful RAN sharing implementation, 5G deployment and upgrades of the nationwide gigabit fixed network, contributing to improved customer experience

Orange Belgium Group: key financial figures
in €m	H2 2024	H2 2025	change	FY 2024	FY 2025	change
Revenues	1016.1	1000.6	-1.5%	1993.7	1963.4	-1.5%
Retail service revenues	806.6	791.4	-1.9%	1600.8	1577.5	-1.5%
EBITDAaL	291.4	301.3	3.4%	544.3	566.1	4.0%
margin as % of revenues	28.7%	30.1%	143 bp	27.3%	28.8%	153 bp
eCapex1	-187.9	-191.9	2.1%	-368.0	-375.9	2.1%
Adjusted Operating cash flow2	103.5	109.5	5.8%	176.3	190.2	7.9%
Net Cash provided by operating activities	223.2	276.0	23.7%	502.8	525.6	4.5%
Net profit (loss) for the period	34.8	38.8	11.6%	17.2	41.3	139.5%
Net financial debt	1904.9	1815.1	-4.7%	1904.9	1815.1	-4.7%
Total borrowings	1963.1	1895.8	-3.4%	1963.1	1895.8	-3.4%

1. eCapex excluding licence fees
2. Adjusted Operating cash flow defined as EBITDAaL - eCapex excluding licence fees

Xavier Pichon, Chief Executive Officer, commented:

In 2025, Orange Belgium has reached another significant milestone, reflecting our commitment to the strategy "Lead the Future." The successful integration of VOO S.A exemplifies our dedication to operating as a unified operator, enhancing our customers' experience and boosting operational efficiency.

In addition, the signing of a Memorandum of Understanding with Proximus permitting mutual access to each other's network in Wallonia, demonstrates our proactive approach to make future-proof networks accessible all over our footprint, while optimizing our eCapex. On the mobile side, our commitment to network excellence is further validated by Ookla's recognition of Orange Belgium's 5G network. This achievement highlights our focus on delivering superior network quality and an exceptional customer experience.

Looking ahead, we remain confident in our ability to deliver our strategy, leveraging our combined strengths to provide innovative technology, foster digital inclusion, and create sustainable value for our customers and stakeholders.

Antoine Chouc, Chief Financial Officer, stated:

Despite some pressure in our revenue, due to market competition and the non-renewal of the Belgian football rights, we achieved a solid EBITDAaL growth of 4% yoy in 2025. This performance stems from the continued ramp-up of synergies generated by the integration of VOO, which again exceeded our initial expectations, as well as several transformation initiatives that strengthened our cost discipline.

We are pleased to note that we slightly overachieved our EBITDAaL guidance (€566 million compared with a guidance between €545 and €565 million) and our eCapex at €376 million are well within the guidance range of €365 and €385 million.

For 2026, we are targeting an EBITDAaL growth of approximately 3.5%, driven by ongoing synergies and efficiencies. We also expect a slight decrease of our eCapex in 2026, to around €360 million, reflecting the conclusion of RAN sharing and continued expansion of our fixed network.

2025 dividend

The Orange Belgium Group aims to balance the appropriate cash returns to equity holders maintaining a balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy, the expansion of its network and other growth opportunities. Orange Belgium's Board of Directors will not propose a dividend for the financial year 2025 to preserve cash for future capital requirements.

2026 outlook

The Company targets an EBITDAaL growth of circa 3.5% yoy. Total eCapex in 2026 is expected to be circa €360m.

New Financial Calendar

6 May Annual General Meeting of Shareholders
3 July Start of quiet period
23 July Financial results H1 2026 (7:00 am CET) - Press release
23 July Financial results H1 2026 (10:00 am CET) - Audio conference call

This is a preliminary agenda and is subject to changes

Attachment

• PR H2 2025 EN