Orange Belgium S.A.

For full-year 2025, Orange Belgium reported total revenues of EUR 193 million, down 1.5% year over year, with EBITDAaL up 4% to EUR 566 million and CapEx (excluding license fees) of EUR 376 million, up about 2.1% year over year. Xavier Pichon said mobile postpaid customers rose 2.5% year over year to 3.55 million, with 38,000 net additions in H2, while cable customers increased 1.8% to roughly 1.04 million. Antoine Chouc said 2025 EBITDAaL landed slightly above the EUR 545 million to EUR 565 million guidance range, while CapEx was exactly mid-range versus the EUR 366 million to EUR 385 million target. For 2026, management guided to EBITDA growth of around 3.5% versus 2025 and CapEx of approximately EUR 360 million.

Xavier Pichon framed 2025 as a year of execution on the Lead the Future strategy, highlighting network leadership, digital transformation, and customer experience improvements. He pointed to the Proximus infrastructure collaboration in Wallonia, continued gigabit network upgrades, and Ookla recognition for the fastest 5G network in Belgium as proof of operational progress. Strategically, he said Orange is now a core fixed and convergent leader in the South with roughly 40% market share there, while in mobile the company is staying disciplined on value rather than chasing volume at any cost.

Antoine Chouc said revenues fell 1.5% mainly because of the nonrenewal of Jupiter Pro League football rights and weaker mobile service revenues, partially offset by 3.8% growth in convergent service revenues to EUR 634 million. He highlighted cost discipline, with direct costs at EUR 636 million and indirect costs a bit under EUR 500 million, down 6.2% year over year, supporting EBITDAaL growth to EUR 566 million. He said synergies from the VOO acquisition remain a key lever, with about EUR 15 million of additional synergy expected in 2026, and noted that FTTH rollout will remain limited next year as the company prepares for faster deployment from 2027. He also said the 2026 CapEx reduction to around EUR 360 million reflects a shift in investment pace, and that the company remains on a healthy cash-flow and balance-sheet footing.

Analysts asked what underpins the 2026 EBITDA guidance, how CapEx should evolve with FTTH ramping up, and whether Orange’s strategic ambition has changed now that it has a stronger South-region position. Management said the 2026 EBITDA step-up should come mainly from additional VOO synergies, other cost efficiencies, modest revenue growth, and potentially football rights if renewed on a financially acceptable basis with DAZN. On CapEx, management said FTTH spending will rise only modestly in 2026 and the heavier rollout phase should begin in 2027-2028. On competition, Xavier Pichon said Orange has not seen much churn to Digi so far because it aligned its value policy and that the company remains focused on its own integrated gigabit strategy rather than reacting to Digi’s fiber rollout.