Continued commercial performance and strong EBITDAaL growth, thanks to the successful operational integration of VOO

Press releaseEmbargo until 7 February 2025 at 7:00 am Regulated information – Inside information Financial information for the second semester and full year 2024 Continued commercial performance and strong EBITDAaL growth, thanks to the successful operational integration of VOO Mobile postpaid customer base 4.4% yoy / Cable customer base 3.5% yoy H2 Revenues +0.9% yoy / FY 2024 Revenues +1.7% yoy on a comparable basisH2 EBITDAaL +7.0% yoy / FY 2024 EBITDAaL +10.1% on a comparable basis Operational Highlights The launch of our new portfolios in the beginning of the semester has showed its success in mobile commercial performance74k postpaid net adds over the semester, bringing total subscribers to 3.5m, up by 4.4%. Both our Orange brands with its new portfolio, as well as our hey! brand were successful Our cable offers generated 17k net adds over the period, totalling 1,021k customers (+3.5% yoy) Orange Belgium: key operating figuresreported reported H2 2023H2 2024changeMobile postpaid customer base (in ‘000) 3 3203 4674.4%Net adds (in ‘000) 71743.8%Cable customer base (in ‘000) 98710213.5%Net adds (in ‘000) 2617-34.2% Financial Highlights Total revenues for the full year reached €1,993.7m, a growth of +1.7% yoy EBITDAaL increased by 10.1% for the full year, supported by the delivery of the synergies following the acquisition of VOO (notably the transfer of VOO mobile clients to the Orange network), other costs optimization and good commercial performanceeCapex increased by 1.4% for the full year on a comparable basis, due to the RAN sharing implementation, 5G deployment and upgrading of the cable network to provide Gigabit network coverage Orange Belgium Group: key financial figuresreportedcomparable reportedcomparablereportedcomparable reportedcomparablein €mH2 2023H2 2023H2 2024changechangeFY 2023FY 2023FY 2024changechangeRevenues1 009.01 007.61 016.10.7%0.9%1 749.51 961.11 993.714.0%1.7%Retail service revenues823.0785.6806.6-2.0%2.7%1355.11552.31600.818.1%3.1% EBITDAaL272.6272.4291.46.9%7.0%451.3494.3544.320.6%10.1%Margin as % of revenues27.0%27.0%28.7%166 bp164 bp25.8%25.2%27.3%150 bp209 bpeCapex1-194.9-194.9-188.4-3.3%-3.3%-304.1-362.8-368.021.0%1.4%Adjusted Operating cash flow277.777.5103.032.6%32.9%147.2131.5176.319.7%34.0%Net profit (loss) for the period4.64.634.8655.2% -10.8-18.517.2-259.9%-193.3%Net financial debt 2 224.02224.01 904.9 2224.0 1 904.9 eCapex excluding licence fees Adjusted Operating cash flow defined as EBITDAaL – eCapex excluding licence fees Xavier Pichon, Chief Executive Officer, commented: We are thrilled to share the full results of 2024, reflecting our unwavering commitment to providing the best telecom offers on the Belgian market. Our recent initiatives, including our Netflix partnership and the launch of our new portfolios, have been warmly received by our customers. These efforts underscore our dedication to enhancing the customer experience and staying ahead in a competitive market. As we look ahead, we are focused on leveraging our combined strengths and we will continue to adapt to new market realities. Our Lead the Future strategy is more than ever the key for future success. We are committed to providing superior technology, including unmatched fixed and mobile connectivity, advancements in 5G, cybersecurity, while ensuring a seamless customer experience through agile go-to-market strategies and an innovative portfolio. Sustainability remains integral to our business model, with a focus on digital inclusion and striving for net-zero carbon operations. By fostering a culture of competence and talent, and maintaining financial excellence, we are confident in our ability to innovate and lead in this dynamic environment. Antoine Chouc, Chief Financial Officer, stated: Our financial results for 2024 demonstrate our robust performance and strategic execution in a competitive market environment. Our focus on operational efficiency, synergies delivery and strategic investments has enabled us to achieve solid financial outcomes. Our revenue for the year reached almost 2 billion euros, reflecting a year-over-year growth of 1.7% driven by the retail service revenues growth (+3.1% year-on-year). We posted an outstanding 10.1% EBITDAaL growth for 2024 and exceeded our initial guidance. This performance was made possible thanks to an overachievement of our synergies ambitions following the acquisition of VOO demonstrating our success in integrating both companies. These synergies are crucial for maintaining our competitive edge and ensuring long-term sustainability. eCapex totalled €368 million, reflecting our continued investment in superior technology. We are on track with the implementation of the RAN sharing program. We pursued the modernization of the HFC network to have Gigabit coverage, especially in rural areas thanks to subsidies and we started our FTTH journey. 2024 dividend The Orange Belgium Group aims to balance the appropriate cash returns to equity holders maintaining a balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy, the expansion of its network and other growth opportunities. Orange Belgium’s Board of Directors will not propose a dividend for the financial year 2024 to preserve cash for future capital requirements. 2025 outlook The Company targets an EBITDAaL between €545m and €565m. Total eCapex in 2025 is expected to be between €365m and €385m. New Financial Calendar 7 May Annual General Meeting of Shareholders3 July Start of quiet period24 July Financial results H1 2025 (7:00 am CET) – Press release24 July Financial results H1 2025 (10:00 am CET) – Audio conference call This is a preliminary agenda and is subject to changes PR H2 2024 EN

Continued commercial performance and strong EBITDAaL growth, thanks to the successful operational integration of VOO

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News