Orange Belgium (OBEL) investor relations material

Executive summary

• Launched new strategy 'Trust the Future' to position as preferred digital partner, focusing on trust, innovation, and customer experience.

• Achieved strong EBITDAaL growth of 10.5% year-over-year in H1 2026, driven by resilient revenues, value management, and efficiency gains.

• Recognized for fastest 5G network in Belgium and awarded Brand of the Year 2026 for hey! brand.

• Expanded entertainment portfolio with Disney+ and reintroduced Belgian football content.

• Strengthened societal and environmental commitments, including digital safety, community sponsorships, and digital responsibility in esports.

Financial highlights

• Revenue for H1 2026 reached €966.5 million, up 0.4% year-over-year, with retail service revenues increasing by 0.7%.

• EBITDAaL grew 10.5% to €292.5 million, with margin improving to 30.3%.

• Net profit for H1 2026 was €17.6 million, up from €2.5 million in H1 2025.

• eCapex investment totaled €184.8 million, focused on mobile and fixed network infrastructure.

• Mobile postpaid customer base increased by 41,000 net adds (2.2% YoY), reaching 3.59 million; cable customers grew by 8,000 to over 1.05 million (1.3% increase).

Outlook and guidance

• Upgraded 2026 EBITDAaL guidance to growth above 5% year-over-year; eCapex to remain around €360 million.

• H2 revenue growth expected to continue, but at a lower rate due to seasonality and reversal of H1 one-off benefits.

• Full-year EBITDAaL growth to be mainly driven by operational improvements and synergies.