Orange Belgium (OBEL) H1 2025 earnings summary

Executive summary

• Achieved strong commercial growth and EBITDAAL gains in H1 2025, with notable net additions in mobile postpaid and cable segments, driven by mobile portfolio success, targeted promotions, and B2B value proposition.

• Progressed on RAN-sharing agreement with Proximus, aiming for completion in 2026, and achieved over 75% RAN sharing and 75% 5G coverage.

• Continued modernization of fixed internet network and FTTP deployment in Brussels, reinforcing leadership in high-capacity broadband.

• Data and AI transformation initiatives improved churn, call reduction, and operational efficiencies.

• Finalized HR harmonization post-VOO integration, streamlining workflows and improving work environment.

Financial highlights

• H1 2025 revenues declined 1.5% year-over-year to €962.7m, mainly due to lower non-margin activities and service revenues.

• EBITDAAL grew 4.7% year-over-year to €264.8m, reflecting VOO integration synergies and cost optimization, with margin improving to 27.5%.

• eCapEx increased by 2.2% to €184.0m, supporting RAN-sharing, 5G, and FTTP investments.

• Net profit for H1 2025 was €2.5m, reversing a €17.7m loss in H1 2024.

• Mobile postpaid customer base rose 3.6% year-over-year to 3.5m; cable customer base up 3.0% to 1.034m.

Outlook and guidance

• EBITDAAL for 2025 expected between €545m and €565m, with confidence toward the higher end.

• eCapEx guidance for 2025 set at €365m–€385m, excluding license fees.

• Anticipates improved revenue trajectory in H2 2025, supported by price increases from July 1 and lower churn.