Orange Belgium: Sustained EBITDAaL growth driven by resilient top-line, value management, and continuous efficiency gains

Financial information for the first semester 2026

Sustained EBITDAaL growth driven by resilient top-line, value management, and continuous efficiency gains

• Mobile postpaid customer base +2.2% yoy
• Cable customer base +1.3% yoy
• H1 Revenues +0.4% change yoy
• H1 EBITDAaL +10.5% change yoy

Operational Highlights

Steady net adds despite sustained competitive pressure Mobile postpaid customer base increased by 41k, driven by improved customer management, bringing total subscribers to 3 594k (+2.2% yoy) Cable customer base increased by 8k, bringing total subscribers to 1 047k customers (+1.3% yoy)

Orange Belgium: key operating figures
	H1 2025	H1 2026	change
Mobile postpaid customer base (in '000)	3 515	3 594	2.2%
Net adds (in '000)	48	41
Cable customer base (in '000)	1 034	1 047	1.3%
Net adds (in '000)	13	8

Financial Highlights

Total revenues reached €966.5m, including retail service revenues returning to growth and reflecting a 0.7% increase driven by balanced volume/value management, despite a shortfall in football revenue EBITDAaL grew by 10.5%, primarily driven by the realization of synergies and effective cost management, including several one-off impacts out of which football rights eCapex remained stable year on year, mainly reflecting mobile network consolidation and fixed deployment initiatives.

Orange Belgium Group: key financial figures
in €m	H1 2025	H1 2026	change
Revenues	962.7	966.5	0.4%
Retail service revenues	786.0	791.9	0.7%
EBITDAaL	264.8	292.5	10.5%
margin as % of revenues	27.5%	30.3%	277 bp
eCapex	-184.0	-184.8	0.4%
Adjusted Operating cash flow	80.7	107.7	33.4%
Net Cash provided by operating activities	249.6	271.4	8.7%
Net profit (loss) for the period	2.5	17.6	614.3%
Net financial debt	1 878.7	1 770.4	-5.8%
Total borrowings	1 929.2	1 830.6	-5.1%

Xavier Pichon, Chief Executive Officer, commented:

The first half of 2026 has been a remarkable period for Orange Belgium, marked by solid commercial performance and robust financial results. It has been a transformative moment for Orange Belgium as we advance our new strategic vision: Trust the future. Building on the success of our previous 'Lead the Future' strategy, this new approach underscores our commitment to fostering trust through customer intimacy, innovative growth, and excellence at scale.

Orange Belgium's mobile network has been recognized by Ookla as the fastest 5G in Belgium. Regarding fixed networks the 'Last Mile' program has successfully been completed bringing Gigabit connectivity over 50,000 additional households and businesses in Wallonia through Orange's Hybrid Fiber-Coaxial network. Orange NetCo, the wholly owned subsidiary of Orange Belgium responsible for managing fixed networks and commercializing access to any operators, also elaborated with Proximus advanced versions of the key definitive agreements structuring the forthcoming cooperation. These documents follow the Memorandum of Understanding concluded on July 24, 2025, and aim to expand the deployment of fiber and the access to gigabit in Wallonia. They have been shared with the Belgian Competition Authority and the Belgian Institute for Postal services and Telecommunications and will only be concluded once required regulatory clearances is obtained. Additionally Orange NetCo has notified wholesale customers of upcoming fiber services commercialization over its own open FTTP network.

Further, our brands continue to set benchmarks in consumer trust and satisfaction. hey! was named Brand of the Year 2026 by POY Belgium and received double 'Best of the Test' labels from consumer organization Testaankoop, reaffirming our position as a leader in customer experience and innovation.

As we look ahead, 'Trust the future' will guide us in levering trust to be the preferred digital partner.

Matthieu Bouchery, Chief Financial Officer, stated:

In the first half of 2026 we experienced a notable growth across key financial and operational metrics. Our service revenues reached €792 million, reflecting a 0.7% increase compared to the previous year. This growth reflects our effective value management of the customer base.

This positive trend highlights the strength of our business model amid a challenging environment. Coupled with continuous focus on cost management, including synergies and operational efficiencies, our EBITDAaL improved significantly by more than 10%, reaching €293 million, supported by one-offs and seasonal effects.

Looking ahead, we remain committed to executing our strategic initiatives and we upgrade our guidance for 2026 in EBITDAaL where we foresee a growth above 5% and keep our eCAPEX at circa €360m.

Attachment

• OBEL H1 2026 EN