Solid commercial performance and EBITDAaL growth, despite a challenging market environment
Financial information for the first semester 2025
Solid commercial performance and EBITDAaL growth, despite a challenging market environment
Mobile postpaid customer base +3.6% yoy
Cable customer base +3.0% yoy
H1 Revenues -1.5% change yoy
H1 EBITDAaL +4.7% change yoy1
Operational Highlights
Positive net adds despite increased competitive pressure and a slowdown of the broadband market growth
Mobile postpaid customer base increased by 48k, driven, among other factors, by our hey! offer and the success of our new Orange mobile portfolio, bringing total subscribers to 3.5m (+3.6% yoy)
Cable customer base increased by 13k, bringing total subscribers to 1.034k customers, (+3.0% yoy)Orange Belgium: key operating figures
H1 2024
H1 2025
change
Mobile postpaid customer base (in '000)
3 393
3 515
3.6%
Net adds (in '000)
74
48
-34.7%
Cable customer base (in '000)
1 004
1 034
3.0%
Net adds (in '000)
18
13
-24.8%Financial Highlights
Total revenues reached €962.7m, a decrease by 1.5% following a decrease in low-margin activities, and a slight decrease of service revenues
EBITDAaL increased by a solid +4.7%, driven by the realization of synergies and effective cost management
eCapex grew by +2.2% to €184.0m, largely attributed to network deployment initiatives in fixed and mobile networksOrange Belgium Group: key financial figures
in €m
H1 2024
H1 2025
change
Revenues
977.6
962.7
-1.5%
Retail service revenues
794.2
786.0
-1.0%
EBITDAaL
252.9
264.8
4.7%1
EBITDAal margin as % of revenues
25.9%
27.5%
163 bp
eCapex2
-180.1
-184.0
2.2%
Adjusted Operating cash flow3
72.8
80.8
10.9%
Net Cash provided by operating activities
279.6
249.6
-10.7%
Net profit (loss) for the period
-17.7
2.5
-113.9%
Net financial debt
1 907.0
1878.7
-1.5%
Total borrowings
1 952.0
1929.2
-1.2%
Xavier Pichon, Chief Executive Officer, commented:
Our first half-year performance reflects the resilience and agility of Orange Belgium amidst a challenging competitive market environment. Despite this, our performance was supported by strong net adds, particularly in the B2C segment driven by the success of our mobile portfolio and targeted promotional campaigns.
On the B2B side we are leveraging the collective expertise of our different Orange entities present in Belgium to provide a unique unified go-to-market approach for SMEs, multinational corporations, and public organizations—another milestone in our 'Lead the Future' strategy.
As part of our 'Lead the Future' strategy, we continue to invest in our fixed network, reinforcing our leadership position through the modernization of our infrastructure. Our deployment of next-generation technologies and collaborations with industry leaders, ensures we are well-positioned to meet future connectivity demands and deliver high-capacity broadband solutions.
Antoine Chouc, Chief Financial Officer, stated:
We posted robust EBITDAaL growth for the first half of the year, driven by higher-than-expected synergies following the acquisition of VOO and the successful execution of our transformation initiatives as part of our 'Lead the Future' strategy.
The slight increase in eCAPEX is aligned with the implementation of our RAN-sharing program, that brings significant benefits, and the modernisation of our fixed network.
Given this solid H1 and an expected better revenue trend in H2, we expect to be within the higher range of our EBITDAaL guidance between €545m and €565m for 2025. We remain committed to maintaining disciplined capital expenditure and leveraging operational efficiencies.1 Impacted by the management fees related to the new Management Services Agreement with Orange SA
2 eCapex excluding licence fees
3 Adjusted Operating cash flow defined as EBITDAaL – eCapex excluding licence feesAttachment
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