Orange Belgium (OBEL) H2 2025 earnings summary

Executive summary

• Progressed on Lead the Future strategy, focusing on network leadership, digital transformation, and customer experience, with 85% RAN-sharing and fastest 5G network with 85% outdoor coverage.

• Achieved recognition for fastest 5G network in Belgium by Ookla and 'hey!' named Brand of the Year 2026.

• Reduced CO2 emissions by 6% year-over-year, covering Scope 1, 2, and 3, and increased digital inclusion beneficiaries by 30% over 2024.

• Mobile postpaid customer base grew 2.5% year-over-year to 3.55 million; cable customers up 1.8% to 1.04 million.

• No dividend proposed for 2025 to preserve cash for future investments.

Financial highlights

• FY 2025 revenues declined by 1.5% year-over-year to €1,963.4m, mainly due to non-renewal of football rights and competitive pressures.

• EBITDAAL grew by 4.0% to €566.1m, supported by VOO integration synergies and cost efficiencies.

• eCapex (excluding license fees) increased by 2.1% to €375.9m, driven by RAN sharing and network upgrades.

• Net profit for FY 2025: €41.3m, up 139.5% year-over-year; net financial debt reduced by 4.7% to €1,815.1m.

• Mobile postpaid net adds: 86k; cable net adds: 18k in 2025.

Outlook and guidance

• EBITDAAL expected to increase by around 3.5% in 2026 compared to 2025.

• eCapex forecasted to decrease to approximately €360m in 2026.

• Service revenues anticipated to return to growth in 2026, driven by commercial momentum and price increases.

• FTTH deployment to accelerate from 2027, with 2026 focused on groundwork.

• No dividend proposed for FY 2025 to preserve cash for strategic investments.