Orange Belgium H1 EBITDAaL rises 10.5% to €292.5m
Orange Belgium's H1 2026 results show a 10.5% rise in EBITDAaL to €292.5m and a 0.4% revenue increase to €966.5m. Operational growth included a 2.2% rise in mobile postpaid customers and a 1.3% increase in cable customers. The company upgraded its 2026 EBITDAaL guidance to above 5% growth.
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Orange Belgium reported a 10.5% increase in H1 EBITDAaL to €292.5m for the first half of 2026, driven by synergies and effective cost management. Total revenues reached €966.5m, a 0.4% increase year-on-year, supported by a 0.7% rise in retail service revenues to €791.9m. The company upgraded its full-year 2026 EBITDAaL guidance to growth above 5%, while maintaining eCAPEX at circa €360m.
Operational Performance
The company achieved steady net adds despite sustained competitive pressure. The mobile postpaid customer base increased by 41k to 3,594k, representing a 2.2% year-on-year growth. The cable customer base grew by 8k to 1,047k customers, up 1.3% year-on-year.
| Operational Highlights | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Mobile postpaid customer base (in ‘000) | 3,515 | 3,594 | 2.2% |
| Net adds (in ‘000) | 48 | 41 | |
| Cable customer base (in ‘000) | 1,034 | 1,047 | 1.3% |
| Net adds (in ‘000) | 13 | 8 |
Financial Results
EBITDAaL margin improved to 30.3% of revenues, an increase of 277 basis points compared to the previous year. Adjusted operating cash flow surged 33.4% to €107.7m. Net profit for the period stood at €17.6m, a significant increase from €2.5m in the prior year. Net financial debt decreased by 5.8% to €1,770.4m.
| Financial Figures (€m) | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenues | 962.7 | 966.5 | 0.4% |
| EBITDAaL | 264.8 | 292.5 | 10.5% |
| eCapex | -184.0 | -184.8 | 0.4% |
| Adjusted Operating cash flow | 80.7 | 107.7 | 33.4% |
| Net profit (loss) for the period | 2.5 | 17.6 | 614.3% |
| Net financial debt | 1,878.7 | 1,770.4 | -5.8% |
Strategic Developments
Xavier Pichon, Chief Executive Officer, highlighted the company's new strategic vision, 'Trust the future', building on the previous 'Lead the Future' strategy. Orange Belgium’s mobile network was recognized by Ookla as the fastest 5G in Belgium. The 'Last Mile' program was completed, bringing Gigabit connectivity to over 50,000 additional households and businesses in Wallonia. Orange NetCo, a wholly owned subsidiary, advanced key definitive agreements with Proximus to expand fiber deployment in Wallonia, pending regulatory clearances.
What is the expected timeline for regulatory approval of the Orange NetCo and Proximus fiber agreements?
How will the company sustain revenue growth beyond cost synergies as the 'Last Mile' program concludes?
What are the capital allocation priorities following the significant reduction in net financial debt?
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