Orange Belgium Reports 10.5% H1 2026 EBITDAaL Growth Driven by Mobile and Cable Subscriber Expansion

Subscriber Growth Amidst Intensified Competition in Belgian Telecom Market

Orange Belgium expanded its mobile postpaid subscriber base by 41,000 net additions in H1 2026, reaching 3.594 million subscribers, a 2.2% increase year-on-year. Cable customers grew by 8,000 net additions to 1.047 million, marking a 1.3% year-on-year rise. These gains occurred despite ongoing competitive pressures throughout Belgium's telecommunications sector.

Management credited improved customer management and strategic positioning across mobile and fixed-line segments for the steady net additions. The company balanced subscriber growth with value management to protect average revenue per user (ARPU), highlighting its ability to expand the customer base without sacrificing revenue quality in a highly competitive market featuring multiple operators.

Revenue Stability and Retail Service Growth Reflect Balanced Pricing and Volume Strategy

Orange Belgium posted total revenues of 966.5 million in H1 2026, a 0.4% increase from 962.7 million in H1 2025. Retail service revenues rose 0.7% to 791.9 million from 786.0 million in the prior year, despite a shortfall in football-related revenue. This indicates that core telecom services benefited from improved pricing and customer base growth across mobile and fixed-line operations.

Financial officers emphasized that retail service revenue growth resulted from effective value management, enabling revenue expansion alongside ongoing customer acquisition. The 791.9 million retail service revenue primarily derives from mobile postpaid, fixed-line, broadband, and cable TV services for both consumer and business segments. The growth was achieved through a balanced approach to volume and pricing rather than aggressive price hikes or unsustainable customer acquisition tactics.

EBITDAaL Increases 10.5% Fueled by Operational Synergies and Cost Efficiency

Orange Belgium's EBITDAaL rose 10.5% year-on-year to 292.5 million in H1 2026, compared to 264.8 million in H1 2025. The EBITDAaL margin expanded by 277 basis points to 30.3% of revenues from 27.5% previously, reflecting strong operational efficiency and cost management. Growth was driven by synergy realization and cost control, including certain one-off factors, with prior-year football rights impacting comparability.

This robust EBITDAaL performance highlights the company’s ability to convert revenue growth and subscriber gains into higher profitability and operational leverage. CFO Matthieu Bouchery noted that some of the 10.5% growth was supported by one-offs and seasonal effects, yet the significant margin expansion confirms underlying operational improvements.

Network Investments Highlight 5G Leadership and Fibre Expansion Programmes

Capital expenditure remained stable at 184.8 million in H1 2026 versus 184.0 million in H1 2025, a 0.4% increase. Investments focused on mobile network consolidation and fixed network deployments. Orange Belgium’s mobile network was recognized by Ookla as Belgium’s fastest 5G network, underscoring the quality of its infrastructure.

On the fixed network side, the company completed its 'Last Mile' programme, delivering gigabit-capable connectivity to over 50,000 households and businesses in Wallonia via its hybrid fibre-coaxial network. Orange NetCo, responsible for fixed networks and wholesale access, has informed wholesale customers about upcoming fibre services commercialization over its open fibre-to-the-premises (FTTP) network. Additionally, Orange Belgium and Proximus have advanced definitive agreements following a Memorandum of Understanding dated 24 July 2025 to expand fibre deployment and gigabit access in Wallonia through cooperative infrastructure investment.

Strong Cash Flow and Reduced Leverage Enhance Financial Flexibility

Adjusted operating cash flow increased 33.4% to 107.7 million in H1 2026 from 80.7 million in H1 2025. Net cash from operating activities rose 8.7% to 271.4 million from 249.6 million year-on-year. These improvements reflect EBITDAaL growth and efficient working capital management. Net financial debt declined 5.8% to 1,770.4 million at H1 2026 end from 1,878.7 million a year earlier.

Total borrowings decreased by 5.1% to 1,830.6 million from 1,929.2 million over the same period. This deleveraging enhances Orange Belgium’s financial flexibility for future investments or shareholder returns. Net profit surged 614.3% year-on-year to 17.6 million in H1 2026 from 2.5 million in H1 2025, driven by strong EBITDAaL performance and likely improved financial income or lower expenses.

Strategic Shift Under 'Trust the Future' and Brand Recognition Achievements

Orange Belgium introduced a new strategic vision, 'Trust the future', building on its prior 'Lead the Future' strategy. CEO Xavier Pichon highlighted the focus on trust through customer intimacy, innovation, and operational excellence. This approach aims to differentiate the company by emphasizing service quality and customer relationships rather than price competition.

The company’s brands continue to earn accolades: hey!, a consumer brand, was named Brand of the Year 2026 by POY Belgium and received two 'Best of the Test' awards from Testaankoop, Belgium’s leading consumer organization. These honors reflect strong customer satisfaction and innovation, supporting Orange Belgium’s positioning as a preferred digital partner for consumers and businesses.

Upgraded 2026 Guidance Reflects Confidence in Sustained Momentum

Orange Belgium upgraded its full-year 2026 EBITDAaL growth guidance to above 5%, while maintaining capital expenditure guidance at approximately 360 million. CFO Matthieu Bouchery emphasized commitment to strategic execution and cited H1 results as the basis for the upgrade. The capital expenditure guidance implies around 175 million in H2 2026, consistent with ongoing mobile and fixed network investments.

The guidance upgrade signals management’s confidence in sustaining operational leverage, cost discipline, and synergy realization throughout the remainder of the year, supported by continued network programme completions.

Regulatory Engagement and Fibre Partnership Development with Proximus

Orange Belgium is engaging with Belgian regulatory bodies on advanced definitive agreements with Proximus concerning cooperative fibre and gigabit access deployment in Wallonia. These agreements have been submitted to the Belgian Competition Authority and the Belgian Institute for Postal Services and Telecommunications and await regulatory approval before finalization. This collaboration aims to accelerate fibre infrastructure expansion through shared investments rather than competing builds.

Orange NetCo has informed wholesale customers about upcoming fibre services commercialization on its open FTTP network, reflecting a strategy to maximize fixed network utilization by offering access to third-party operators alongside retail services. The regulatory process and partnership with Proximus underscore the importance of infrastructure cooperation in Belgium’s telecom market.

Competitive Landscape and Market Positioning in Belgium's Telecom Sector

Operating in a mature, highly competitive Belgian telecommunications market, Orange Belgium faces multiple rivals including Proximus, Vodafone Belgium, and various smaller and virtual operators. Despite sustained competitive pressures, the company achieved growth in mobile postpaid subscribers (2.2%) and cable customers (1.3%), alongside retail service revenue growth of 0.7% in H1 2026.

Recognition of Orange Belgium’s mobile network as Belgium’s fastest 5G network by Ookla highlights its infrastructure quality. The company’s focus on trust-based customer relationships and strong brand recognition, exemplified by hey!’s Brand of the Year 2026 award, indicates effective competition based on service quality and customer experience rather than price alone. Investments in fibre network expansion, including cooperative efforts with Proximus, further enhance the company’s competitive positioning in fixed-network services.