Orange Belgium (OBEL) H2 2024 earnings summary

Executive summary

• Achieved strong commercial and financial performance in 2024, with EBITDAAL up 10.1% year-over-year, driven by successful integration of VOO and operational synergies.

• Expanded high-speed broadband to 100% nationwide, with 93% 5G coverage and modernization initiatives.

• Launched new product portfolios, Netflix partnership, digital security, and satellite internet services.

• Achieved a 5% reduction in CO2 emissions, advanced digital inclusion, and sold 18,000 refurbished phones.

• Mobile postpaid customer base grew 4.4% year-over-year to 3.5 million; cable customers up 3.5% to over 1 million.

Financial highlights

• Full-year 2024 revenues reached €1,993.7m, up 1.7% year-over-year; retail service revenues grew 3.1%.

• EBITDAAL rose 10.1% to €544.3m, with margin improving to 27.3% of revenues.

• eCapex increased 1.4% to €368m, focused on RAN-sharing, 5G, and FTTP rollout.

• Achieved €47.5m in synergies, 56% of targeted run-rate, mainly from OPEX savings.

• Net profit for the year was €17.2m, reversing a loss of €10.8m in 2023.

Outlook and guidance

• 2025 EBITDAAL targeted between €545m and €565m; eCapex expected between €365m and €385m.

• No dividend proposed for 2024 to preserve cash for investments.

• Continued investment in RAN-sharing and accelerated FTTP deployment planned.

• Confident in maintaining commercial momentum despite new market entrants and increased competition.