Earnings release
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Orange Restricted Press Press Press Press rr rrelease elease elease elease Embargo until 6 February 2026 at 7:00 am Regulated information – Inside information Financial information for the second semester and full year 2025 Solid Solid Solid Solid EBITDAaL EBITDAaL EBITDAaL EBITDAaL growth growth growth growth slightly slightly slightly slightly exceeding exceeding exceeding exceeding the the the the 2025 guidance 2025 guidance 2025 guidance 2025 guidance,, ,, supported by supported by supported by supported by sustained sustained sustained sustained commercial commercial commercial commercial performance, performance, performance, performance, synergies synergies synergies synergies and and and and efficiencies efficiencies efficiencies efficiencies Mobile postpaid customer base Mobile postpaid customer base Mobile postpaid customer base Mobile postpaid customer base +2.5% +2.5% +2.5% +2.5% yoy / Cable customer base yoy / Cable customer base yoy / Cable customer base yoy / Cable customer base +1.8% +1.8% +1.8% +1.8% yoy yoy yoy yoy H2 Revenues H2 Revenues H2 Revenues H2 Revenues -- --1.5% 1.5% 1.5% 1.5% yoy / FY 202 yoy / FY 202 yoy / FY 202 yoy / FY 20255 55 Revenues Revenues Revenues Revenues -- --1.5% 1.5% 1.5% 1.5% yoy yoy yoy yoy H2 H2 H2 H2 EBITDAaL EBITDAaL EBITDAaL EBITDAaL +3.4% +3.4% +3.4% +3.4% yoy yoy yoy yoy / / / / FY 202 FY 202 FY 202 FY 20255 55 EBITDAaL EBITDAaL EBITDAaL EBITDAaL +4.0% +4.0% +4.0% +4.0% yoy yoy yoy yoy H2 H2 H2 H2 Operational Operational Operational Operational Highlights Highlights Highlights Highlights Solid commercial performance, combining value manag ement on our premium brands premium brands premium brands premium brands and dynamic volume driven growth on hey! hey! hey! hey! Mobile Mobile Mobile Mobile postpaid postpaid postpaid postpaid increased by increased by increased by increased by 33 3388 88k k k k net adds over the semester, bringing total subscribers to 3.6m up by 2.5%. Our cable offers generated 55 55kk kk net adds net adds net adds net adds over over over over the period, the period, the period, the period, totalling 1,039k customers (+1.8%yoy) H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change Mobile postpaid customer base (in ‘000) 3 467 3 553 2.5% Net adds (in ‘000) 74 38 -49.0% Cable customer base (in ‘000) 1 021 1 039 1.8% Net adds (in ‘000) 17 5 -68.7% Financial Financial Financial Financial Highlights Highlights Highlights Highlights Revenues decreased by 1.5% yoy following a slight r eduction in service revenues, partly due to the nonnon non non-- -- renewal of the Belgian football rights renewal of the Belgian football rights renewal of the Belgian football rights renewal of the Belgian football rights in H2, and a decrease in low-margin activities EBITDAaL increased by 4.0% for the full year, suppo rted by the delivery of synergies delivery of synergies delivery of synergies delivery of synergies following the acquisition of VOO as well as continuous efficiencies and cost optimizations eCapex increased by 2.1% for the full year, followi ng the successful RAN sharing RAN sharing RAN sharing RAN sharing implementation, 5G 5G 5G 5G deployment and upgrades of the nationwide gigabit gigabit gigabit gigabit fixed network fixed network fixed network fixed network, contributing to improved customer experience Orange Belgium Group: key financial figures Orange Belgium Group: key financial figures Orange Belgium Group: key financial figures Orange Belgium Group: key financial figures in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 change change change change Revenues Revenues Revenues Revenues 1016.1 1016.1 1016.1 1016.1 1000.6 1000.6 1000.6 1000.6 -1.5% 1993. 1993. 1993. 1993.77 77 1963.4 1963.4 1963.4 1963.4 - - --1.5% 1.5% 1.5% 1.5% Retail service revenues 806.6 791.4 -1.9% 1600.8 1577.5 -1.5% EBITDAaL EBITDAaL EBITDAaL EBITDAaL 291.4 291.4 291.4 291.4 301.3 301.3 301.3 301.3 3.4% 3.4% 3.4% 3.4% 544.3 544.3 544.3 544.3 566.1 566.1 566.1 566.1 4.0% 4.0% 4.0% 4.0% margin as % of revenues 28.7% 30.1% 143 bp 27.3% 28.8% 153 bp eCapex 1 -187.9 -191.9 2.1% -368.0 -375.9 2.1% Adjusted Operating cash flow Adjusted Operating cash flow Adjusted Operating cash flow Adjusted Operating cash flow 22 22 103. 103. 103. 103.55 55 11 1109. 09. 09. 09.55 55 5.8 5.8 5.8 5.8%% %% 176.3 176.3 176.3 176.3 190.2 190.2 190.2 190.2 7.9 7.9 7.9 7.9%% %% Net Cash provided by operating activities 223.2 223.2 223.2 223.2 276.0 276.0 276.0 276.0 23.7% 23.7% 23.7% 23.7% 502.8 502.8 502.8 502.8 525.6 525.6 525.6 525.6 4.5% Net profit (loss) for the period 34.8 38.8 11.6% 17.2 41.3 139.5% Net financial debt 1904.9 1815.1 -4.7% 1904.9 1815.1 -4.7% Total borrowings 1963.1 1895.8 -3.4% 1963.1 1895.8 -3.4% 1. eCapex excluding licence fees 2. Adjusted Operating cash flow defined as EBITDAaL – eCapex excluding licence fees
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2 Orange Restricted Xavier Pichon, Chief Executive Officer, commented: In 2025, Orange Belgium has reached another signifi cant milestone, reflecting our commitment to the st rategy “Lead the Future.” The successful integration of VOO S.A exemplifies our dedication to operating as a unified operator, enhancing our customers’ experience and boosting operational efficiency. In addition, the signing of a Memorandum of Understanding with Proximus permitting mutual access to each other’s network in Wallonia, demonstrates our proactive approach to make future-proof networks accessible all over our footprint, while optimizing our eCapex. On the mobile side, our comm itment to network excellence is further validated b y Ookla®’s recognition of Orange Belgium’s 5G network. This ac hievement highlights our focus on delivering superi or network quality and an exceptional customer experience. Looking ahead, we remain confident in our ability t o deliver our strategy, leveraging our combined str engths to provide innovative technology, foster digital inclusion, and create sustainable value for our customers and stakeholders. Antoine Chouc, Chief Financial Officer, stated: Despite some pressure in our revenue, due to market competition and the non-renewal of the Belgian foo tball rights, we achieved a solid EBITDAaL growth of 4% yoy in 2025. This performance stems from the continued ramp-up of synergies generated by the integration of VOO, which again ex ceeded our initial expectations, as well as several transformation initiatives that strengthened our cost discipline. We are pleased to note that we slightly overachieve d our EBITDAaL guidance (€566 million compared with a guidance between €545 and €565 million) and our eCapex at €376 million are well within the guidance range of €365 and €385 million. For 2026, we are targeting an EBITDAaL growth of ap proximately 3.5%, driven by ongoing synergies and e fficiencies. We also expect a slight decrease of our eCapex in 2026 , to around €360 million, reflecting the conclusion of RAN sharing and continued expansion of our fixed network. 20 20 20 2022 2255 55 dd ddividend ividend ividend ividend 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 2025 to preserve cash for future capital requirements. 20 20 20 2022 2266 66 outlook outlook outlook outlook The Company targets an EBITDAaL growth of circa 3.5% yoy. Total eCapex in 2026 is expected to be circa €360m. New Financial Calendar New Financial Calendar New Financial Calendar New Financial Calendar 6 May Annual General Meeting of Shareholders 3 July Start of quiet period 23 July Financial results H1 2026 (7:00 am CET) – P ress release 23 July Financial results H1 2026 (10:00 am CET) – Audio conference call This is a preliminary agenda and is subject to changes
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3 Orange Restricted Contents Contents Contents Contents 1. Key highlights ................................................................................................................................................. 4 1.1 Operational highlights........................................................................................................................... 4 1.2 Regulatory highlights ............................................................................................................................ 5 2. Comments on the financial situation .............................................................................................................. 6 2.1 Consolidated figures for the Orange Belgium Group ........................................................................ 6 2.2 Consolidated statement of comprehensive income..... ..................................................................... 6 2.3 Liquidity and capital resources ............................................................................................................ 7 2.4 Activities of the Orange Belgium Group by segment ........................................................................ 8 2.4.1. Belgium ................................................................................................................................................. 8 2.4.2. Luxembourg ......................................................................................................................................... 8 3. Financial risks and risk management ........................................................................................................... 10 4. Disputes ........................................................................................................................................................ 10 5. Significant event after the end of the second semester of 2025 ................................................................. 10 6. Shareholder remuneration ............................................................................................................................ 10 7. Outlook ......................................................................................................................................................... 10 8. 2026 Financial calendar ............................................................................................................................... 10 9. Conference call details ................................................................................................................................. 11 10. Shares ........................................................................................................................................................... 11 11. Consolidated financial statements ............................................................................................................... 12 11.1 Consolidated statement of comprehensive income..... ................................................................... 12 11.2 Consolidated statement of financial position .................................................................................. 13 11.3 Consolidated cash flow statement .................................................................................................... 14 11.4 Consolidated statement of changes in equity ................................................................................. 15 11.5 Segment information .......................................................................................................................... 16 12. Statutory auditor’s procedures .................................................................................................................... 18 13. Glossary ........................................................................................................................................................ 19 14. About Orange Belgium ................................................................................................................................. 21
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4 Orange Restricted 1. 1. 1. 1. Key highlights Key highlights Key highlights Key highlights 1.1 Operational highlights Operational highlights Operational highlights Operational highlights In In In In July, Orange Belgium signed deal to broadcast Premier League and Bundesliga via Play Sports channels July, Orange Belgium signed deal to broadcast Premier League and Bundesliga via Play Sports channels July, Orange Belgium signed deal to broadcast Premier League and Bundesliga via Play Sports channels July, Orange Belgium signed deal to broadcast Premier League and Bundesliga via Play Sports channels Orange Belgium has reached an agreement with Telenet group for the distribution of the two Play Sports channels, starting from the 2025-2026 season. Both channels are available in French and Dutch. Orange Belgium announced a new Management Services Agreement with Orange SA Orange Belgium announced a new Management Services Agreement with Orange SA Orange Belgium announced a new Management Services Agreement with Orange SA Orange Belgium announced a new Management Services Agreement with Orange SA Orange Belgium’s previous Strategic Partnership Agr eement (“SPA”) with Orange SA expired on December 3 1, 2024. Under such previous SPA, a fixed management fee of €5 million was charged by Orange SA to Orange Belgium in return for (1) access to the Orange Group sourcing programme, (2) specific know-how available within Orange SA and (3) access to Orange Group roaming and interconnect programs. It has been considered to replace the SPA as of 202 5 with a new Management Services Agreement (“MSA”), covering more management services-oriented type of activities, thereby transitioning to a structure that includes a cross charge of management fees, determined as a ratio (based on Or ange SA costs), multiplied by Orange Belgium’s annual external turnover, excluding taxes. This approach is applied by Orange SA towards other members of the Orange SA group. The board of directors has instructed a committee o f independent directors in the framework of article 7:97 of the Companies and Associations Code, with the assistanc e of an independent expert, to assess the arm’s length character of the new management fee structure. The independen t expert has performed by proxy a transfer price an alysis based on applicable guidelines. Such methodology was considered the best available proxy in view of the extensive and detailed regulations, guidelines and practices available to assess intragroup relationships. In addition, for a duration of three years, the total service fee charged by Orange SA to Orange Belgium would not exceed €15.4 million per annum. Orange Belgium and Proximus signed a Memorandum of Understanding to expand fiber deployment and increa se Orange Belgium and Proximus signed a Memorandum of Understanding to expand fiber deployment and increa se Orange Belgium and Proximus signed a Memorandum of Understanding to expand fiber deployment and increa se Orange Belgium and Proximus signed a Memorandum of Understanding to expand fiber deployment and increa se access to gigabit networks in Wallonia access to gigabit networks in Wallonia access to gigabit networks in Wallonia access to gigabit networks in Wallonia This Memorandum of Understanding formalized the ope rators' shared commitment to join forces to expand fiber deployment and improving access to gigabit networks in less densely populated areas of Wallonia. The c ollaboration would also ensure that more consumers benefit from the advantages and high-speed of existing gigabit n etworks, while reducing civil works. In medium-density areas, Proximus, through its join t venture Unifiber co-owned with Eurofiber, will co ntinue to roll-out Fiber-to-the Home (FTTH) to 600,000 homes and businesses, and will gradually welcome Orange Belgium customers. In less densely populated areas, Orange Belgium and Proximus will work together to make Fiber-to-the-H ome (FTTH) networks accessible to some 200,000 homes and businesses. Volumes will be distributed evenly, favouring the most cost- efficient deployment methods. Proximus will gain access to Orange Belgium's fiber network, and Orange Belgium will gain access to Proximus' fiber networks. Thanks to this collaboration, around 70% of homes in Wallonia will be covered by a Fiber-to-the-Home (FTTH) network. In the most sparsely populated zones, Proximus will start offering services using the Hybrid Fiber Coax (HFC) network of Orange Belgium for approximately 600,000 homes, which will allow to offer gigabit speeds throughout Wallonia. In August, Orange Belgium informed its customers about a cyberattack In August, Orange Belgium informed its customers about a cyberattack In August, Orange Belgium informed its customers about a cyberattack In August, Orange Belgium informed its customers about a cyberattack At the end of July, Orange Belgium detected a cyber attack on one of its IT systems, resulting in unaut horised access to certain data from 850,000 customer accounts. No cri tical data was compromised: no passwords, email add resses, bank or financial details were hacked. However, the hack er gained access to one of our IT systems containin g the following data: surname, first name, telephone number, SIM card number, PUK code, tariff plan. In October, Orange Belgium completed final step of VOO acquisition: VOO S.A. is now fully integrated in Orange Belgium In October, Orange Belgium completed final step of VOO acquisition: VOO S.A. is now fully integrated in Orange Belgium In October, Orange Belgium completed final step of VOO acquisition: VOO S.A. is now fully integrated in Orange Belgium In October, Orange Belgium completed final step of VOO acquisition: VOO S.A. is now fully integrated in Orange Belgium Group, VOO brand and offers remains unchanged for customers Group, VOO brand and offers remains unchanged for customers Group, VOO brand and offers remains unchanged for customers Group, VOO brand and offers remains unchanged for customers Orange Belgium announced the successful completion of the final phase of its strategic integration of VOO S.A. Following shareholders’ unanimous approval at the extraordina ry general meeting, VOO S.A. has been dissolved, co mpleting a process that began with the acquisition in June 202 3 and the subsequent integration of its staff and a ssets into Orange Belgium. Public announcement in accordance with article 7:97, § 4/1 of the Belgian Code of Companies and Associations ("CCA") Public announcement in accordance with article 7:97, § 4/1 of the Belgian Code of Companies and Associations ("CCA") Public announcement in accordance with article 7:97, § 4/1 of the Belgian Code of Companies and Associations ("CCA") Public announcement in accordance with article 7:97, § 4/1 of the Belgian Code of Companies and Associations ("CCA") concerning the signing of a Pledge Agreement and a Letter of Consent and Release with Enodia concerning the signing of a Pledge Agreement and a Letter of Consent and Release with Enodia concerning the signing of a Pledge Agreement and a Letter of Consent and Release with Enodia concerning the signing of a Pledge Agreement and a Letter of Consent and Release with Enodia Following the acquisition of VOO by Orange Belgium, VOO granted Enodia a mandate under which Enodia is authorized to create a first-rank pledge over VOO’s business, as security for all amounts that may be owed by VOO to Enodia under the Service Agreement, up to a maximum amount of €250,000,000 (the "Mandate"). In the context of the demerger of VOO, it was propo sed that, all VOO’s rights and obligations to Enodi a, would be transferred from VOO to Orange Belgium and that the Mandate would be terminated and replaced by a pledge agreement covering Orange Belgium’s trade receivables and bank accounts for the benefit of Enodia. In In In In November November November November, , , , Ookla® recognize Ookla® recognize Ookla® recognize Ookla® recognizedd dd Orange Belgium as the Belgian operator offering th e best 5G mobile network on the Orange Belgium as the Belgian operator offering the best 5G mobile network on the Orange Belgium as the Belgian operator offering the best 5G mobile network on the Orange Belgium as the Belgian operator offering the best 5G mobile network on the market market market market Based on first-half 2025 data, Orange Belgium has been recognized by Ookla® as the Belgian operator offering the best 5G mobile network on the market. These achievements have earned Orange Belgium the Ookla® Speedtest Award™ for Best 5G Network, in which the company achieved a Speedtest Connectivity Score of 69.60. The score reflects the overall mobile user experience, perfectly combining perform ance indicators such as download and upload speed, web experience, and video streaming quality.
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5 Orange Restricted 1.2 Regulatory highlights Regulatory highlights Regulatory highlights Regulatory highlights There were no new elements since the H1 2025 communication.
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6 Orange Restricted 2. 2. 2. 2. Comments on the financial situation Comments on the financial situation Comments on the financial situation Comments on the financial situation 2.1 Consolidated Consolidated Consolidated Consolidated figures for the Orange Belgium figures for the Orange Belgium figures for the Orange Belgium figures for the Orange Belgium GG GGroup roup roup roup Orange Belgium Group: consolidated P&L Orange Belgium Group: consolidated P&L Orange Belgium Group: consolidated P&L Orange Belgium Group: consolidated P&L in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 change change change change Revenues Revenues Revenues Revenues 1 016.1 1 000.6 -1.5% 1 993.7 1 963.4 -1.5% Belgium 986.2 969.4 -1.7% 1 933.6 1 901.3 -1.7% Luxembourg 39.4 40.9 3.9% 77.1 78.4 1.7% Interco elimination -9.5 -9.7 2.3% -16.9 -16.4 -3.4% EBITDAaL EBITDAaL EBITDAaL EBITDAaL 291.4 301.3 3.4% 544.3 566.1 4.0% Belgium 283.0 293.0 3.5% 528.8 549.5 3.9% Luxembourg 8.4 8.3 -0.5% 15.5 16.6 6.7% margin as % of revenues 28.7% 30.1% 143 bp 27.3% 28.8% 153 bp 2.2 Consolidated statement of comprehensive income Consolidated statement of comprehensive income Consolidated statement of comprehensive income Consolidated statement of comprehensive income Orange Belgium Group: consolidated revenues Orange Belgium Group: consolidated revenues Orange Belgium Group: consolidated revenues Orange Belgium Group: consolidated revenues in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 change change change change Convergent service revenues 308.3 322.4 4.5% 611.1 634.3 3.8% Mobile only service revenues 299.4 276.9 -7.5% 602.9 562.5 -6.7% Fixed only service revenues 170.5 164.8 -3.4% 336.0 330.6 -1.6% IT & Integration Services 28.3 27.4 -3.4% 50.9 50.1 -1.5% Retail service revenues 806.6 791.4 -1.9% 1 600.8 1 577.5 -1.5% Equipment sales 115.7 120.7 4.3% 197.6 214.4 8.5% Wholesale revenues 78.4 79.9 1.8% 164.4 158.7 -3.5% Other revenues 15.3 8.6 -43.9% 30.9 12.7 -58.8% Revenues Revenues Revenues Revenues 1 1 11 016.1 016.1 016.1 016.1 11 11 000.6 000.6 000.6 000.6 - - --1.5% 1.5% 1.5% 1.5% 1 1 11 993.7 993.7 993.7 993.7 11 11 963.4 963.4 963.4 963.4 - - --1.5% 1.5% 1.5% 1.5% Operating costs Operating costs Operating costs Operating costs in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 change change change change Direct costs -343.7 -343.3 -0.1% -660.4 -635.6 -3.8% Labour costs -128.4 -132.2 2.9% -251.5 -257.7 2.5% Indirect costs including RouA -249.7 -221.1 -11.5% -531.8 -498.6 -6.2% of which RouA -30.2 -29.2 -61.2 -58.3 -- --721.8 721.8 721.8 721.8 -- --696.6 696.6 696.6 696.6 - - --3.5% 3.5% 3.5% 3.5% - - --11 11 443.6 443.6 443.6 443.6 -- --11 11 391.9 391.9 391.9 391.9 - - --3.6% 3.6% 3.6% 3.6% Reconciliation from EBITDAaL to Net profit Reconciliation from EBITDAaL to Net profit Reconciliation from EBITDAaL to Net profit Reconciliation from EBITDAaL to Net profit in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 EBITDAaL EBITDAaL EBITDAaL EBITDAaL 291.4 291.4 291.4 291.4 301.3 301.3 301.3 301.3 544.3 544.3 544.3 544.3 566.1 566.1 566.1 566.1 Margin as % of revenues 28.7% 30.1% 27.3% 28.8% Share of profits (losses) of associates 0.2 0.2 0.4 0.1 Impairment of fixed assets -0.6 2.1 -0.8 1.9 Depreciation and amortization of other intangible a ssets and property, plant and equipment -207.8 -215.2 -411.5 -418.4 Restructuring, integration & acquisition costs -7.5 -14.1 -19.4 -18.8 Finance lease cost 3.0 2.7 5.8 5.4 Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) 78.8 78.8 78.8 78.8 77.1 77.1 77.1 77.1 118.8 118.8 118.8 118.8 136.3 136.3 136.3 136.3 Financial result -57.3 -47.2 -114.6 -97.0 Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) 21.5 21.5 21.5 21.5 30.0 30.0 30.0 30.0 4.3 4.3 4.3 4.3 39.4 39.4 39.4 39.4 Tax expense 13.3 8.9 12.9 1.9 Net profit (loss) before the period Net profit (loss) before the period Net profit (loss) before the period Net profit (loss) before the period 34.8 34.8 34.8 34.8 38.8 38.8 38.8 38.8 17.2 17.2 17.2 17.2 41.3 41.3 41.3 41.3
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7 Orange Restricted 2.3 Liquidity Liquidity Liquidity Liquidity and and and and capital resources capital resources capital resources capital resources The Group uses Adjusted Operating cash flow and Org anic cash flow as the main metrics for analysing ca sh generation. Adjusted Operating cash flow is defined as EBITDAaL decreased by eCapex. Organic cash flow measures the net cash provided by operating activities less eCapex and the repayment of lease liabilities, increased by proceeds from sale of property, plant and equipment and intangible assets and adjusted fo r the payments for acquisition of telecommunications licences. Organic cash flow from telecom activities correspon ds to net cash provided by operating activities min us (i) lease liabilities repayments and debts related to financed assets repayments, (ii) purchases and sales of property, plant and equipment and intangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunicat ions licences paid and excluding effect of significant litigations paid (and received) Adjusted Adjusted Adjusted Adjusted Operating cash flow Operating cash flow Operating cash flow Operating cash flow in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 EBITDAaL EBITDAaL EBITDAaL EBITDAaL 291.4 291.4 291.4 291.4 301.3 301.3 301.3 301.3 544.3 544.3 544.3 544.3 566.1 566.1 566.1 566.1 eCapex 1 -187.9 -191.9 -368.0 -375.9 Adjusted Operating cash flow Adjusted Operating cash flow Adjusted Operating cash flow Adjusted Operating cash flow 2 103. 103. 103. 103.55 55 11 1100 0099 99.5 .5 .5 .5 176.3 176.3 176.3 176.3 190.2 190.2 190.2 190.2 1. eCapex excluding licence fees 2. Adjusted Operating cash flow defined as EBITDAaL – eCapex excluding licence fees Reconciliation to organic cash flow Reconciliation to organic cash flow Reconciliation to organic cash flow Reconciliation to organic cash flow in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 Net profit (loss) before the period Net profit (loss) before the period Net profit (loss) before the period Net profit (loss) before the period 34.8 34.8 34.8 34.8 38.8 38.8 38.8 38.8 17.2 17.2 17.2 17.2 41.3 41.3 41.3 41.3 Adjustments to reconcile net profit (loss) to cash generated from operations 294.3 277.5 619.6 581.6 Changes in working capital requirements -23.6 10.7 -8.9 11.8 Other net cash out -66.0 -51.1 -125.0 -109.1 Net cash provided by operating activities Net cash provided by operating activities Net cash provided by operating activities Net cash provided by operating activities 239.5 239.5 239.5 239.5 276.0 276.0 276.0 276.0 502.8 502.8 502.8 502.8 525.6 525.6 525.6 525.6 eCapex -187.9 -191.9 -368.0 -375.9 Prepayments on investment grants 24.2 -3.8 -8.5 0.5 Increase (decrease) in fixed assets payables -44.1 12.5 -27.5 -4.8 Repayment of lease liabilities -28.2 -26.9 -57.0 -54.7 Organic cash flow Organic cash flow Organic cash flow Organic cash flow 3.5 3.5 3.5 3.5 66.1 66.1 66.1 66.1 41.8 41.8 41.8 41.8 90.8 90.8 90.8 90.8 Elimination of telecommunication licenses paid 0.1 0.3 10.1 10.7 Organic cash flow from Organic cash flow from Organic cash flow from Organic cash flow from telecom activities telecom activities telecom activities telecom activities 3.6 3.6 3.6 3.6 66.3 66.3 66.3 66.3 51.9 51.9 51.9 51.9 101.5 101.5 101.5 101.5 Net debt Net debt Net debt Net debt €m, period ended €m, period ended €m, period ended €m, period ended 31.12.2024 31.12.2024 31.12.2024 31.12.2024 31.12.2025 31.12.2025 31.12.2025 31.12.2025 Cash & cash equivalents Cash & cash equivalents Cash & cash equivalents Cash & cash equivalents Cash -58.2 -80.6 Cash equivalents 0.0 0.0 -- --58.2 58.2 58.2 58.2 -- --80.6 80.6 80.6 80.6 Financial liabilities Financial liabilities Financial liabilities Financial liabilities Intercompany short-term borrowing 54.7 186.7 Third parties short-term borrowing 21.4 18.3 Put option Nethys SA 0.0 0.0 Third parties long-term borrowing 40.3 22.7 Intercompany long-term borrowing 1 846.7 1 668.0 11 11 963.1 963.1 963.1 963.1 11 11 895.8 895.8 895.8 895.8 Net debt (Financial liabilities minus cash and cash equivalents) 1 904.9 1 815.1
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8 Orange Restricted 2.4 Activities of the Orange Belgium Group by segment Activities of the Orange Belgium Group by segment Activities of the Orange Belgium Group by segment Activities of the Orange Belgium Group by segment The following gives a breakdown of Orange Belgium Group’s activities in greater detail: 2.4.1. Belgium Cable Cable Cable Cable services services services services Belgium: Belgium: Belgium: Belgium: cable cable cable cable services operating figures (in ‘000s, unless otherwise indicated) services operating figures (in ‘000s, unless otherw ise indicated) services operating figures (in ‘000s, unless otherw ise indicated) services operating figures (in ‘000s, unless otherw ise indicated) H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 Cable customer base Cable customer base Cable customer base Cable customer base Net Net Net Net-- --adds adds adds adds B2C cable customer base 939 948 1.0% B2C cable customer base 13 3 B2B cable customer base 82 91 11.4% B2B cable customer base 4 2 11 11 021 021 021 021 1 039 1 039 1 039 1 039 1.8% 1.8% 1.8% 1.8% 17 17 17 17 55 55 Mobile services Mobile services Mobile services Mobile services Belgium: mobile services operating figures (in ‘000 s, unless otherwise indicated) Belgium: mobile services operating figures (in ‘000 s, unless otherwise indicated) Belgium: mobile services operating figures (in ‘000 s, unless otherwise indicated) Belgium: mobile services operating figures (in ‘000 s, unless otherwise indicated) H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 Mobile customers Mobile customers Mobile customers Mobile customers Net Net Net Net-- --adds adds adds adds Postpaid 3 467 3 553 2.5% Postpaid 74 38 Prepaid 275 235 -14.4% Prepaid -34 -16 M2M 3 869 4 623 19.5% M2M 482 367 77 77 610 610 610 610 8 411 8 411 8 411 8 411 10.5% 10.5% 10.5% 10.5% 522 522 522 522 38 38 38 3899 99 Financial review Financial review Financial review Financial review Belgium: key Belgium: key Belgium: key Belgium: key financial figures financial figures financial figures financial figures in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 change change change change Convergent service revenues 308.3 322.4 4.5% 611.1 634.3 3.8% Mobile only service revenues 278.8 256.3 -8.1% 562.6 521.2 -7.4% Fixed only service revenues 165.7 159.1 -4.0% 326.8 319.8 -2.1% IT & Integration services 28.4 27.3 -3.8% 50.8 50.0 -1.5% Retail service revenues 781.2 765.1 -2.1% 1 551.3 1 525.3 -1.7% Equipment sales 107.8 113.1 4.9% 183.3 200.9 9.6% Wholesale revenues 74.2 75.0 1.0% 155.1 149.9 -3.3% Other revenues 23.0 16.2 -29.5% 43.9 25.2 -42.7% Revenues Revenues Revenues Revenues 986.2 986.2 986.2 986.2 969.4 969.4 969.4 969.4 - - --1.7% 1.7% 1.7% 1.7% 11 11 933.6 933.6 933.6 933.6 11 11 901.3 901.3 901.3 901.3 - - --1.7% 1.7% 1.7% 1.7% EBITDAaL EBITDAaL EBITDAaL EBITDAaL 283.0 283.0 283.0 283.0 293.0 293.0 293.0 293.0 3.5% 3.5% 3.5% 3.5% 528.8 528.8 528.8 528.8 549.5 549.5 549.5 549.5 3.9% 3.9% 3.9% 3.9% Margin as % of revenues 28.7% 30.2% 152 bp 27.3% 28.9% 155 bp 2.4.2. Luxembourg Operating review Operating review Operating review Operating review Luxembourg: mobile services operating figures (in ‘ 000s) Luxembourg: mobile services operating figures (in ‘ 000s) Luxembourg: mobile services operating figures (in ‘ 000s) Luxembourg: mobile services operating figures (in ‘ 000s) H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 Mobile customers Mobile customers Mobile customers Mobile customers 258 258 258 258 248 248 248 248 Financial review Financial review Financial review Financial review
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9 Orange Restricted Luxembourg: key financial figures Luxembourg: key financial figures Luxembourg: key financial figures Luxembourg: key financial figures in in in in €m €m €m €m H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 change change change change FY 2024 FY 2024 FY 2024 FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 change change change change Mobile only service revenues 20.6 20.6 0.1% 40.3 41.3 2.6% Fixed only service revenues 4.8 5.7 16.8% 9.1 10.7 17.7% IT & Integration services -0.1 0.1 0.1 0.1 -6.1% Retail service revenues 25.4 26.4 3.8% 49.5 52.2 5.4% Equipment sales 8.0 7.7 -4.0% 14.3 13.5 -5.5% Wholesale revenues 6.0 6.9 14.8% 13.3 12.7 -4.0% Other revenues 0.0 0.0 0.0 0.0 Revenues Revenues Revenues Revenues 39.4 39.4 39.4 39.4 40.9 40.9 40.9 40.9 3.9% 3.9% 3.9% 3.9% 77.1 77.1 77.1 77.1 78.4 78.4 78.4 78.4 1.7% EBITDAaL EBITDAaL EBITDAaL EBITDAaL 8.4 8.4 8.4 8.4 8.3 8.3 8.3 8.3 - - --0.5% 0.5% 0.5% 0.5% 15.5 15.5 15.5 15.5 16.6 16.6 16.6 16.6 6.7% margin as % of revenues 21.3% 20.4% -90 bp 20.1% 21.1% 98 bp
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10 Orange Restricted 3. 3. 3. 3. Financial Financial Financial Financial risks and risks and risks and risks and risk risk risk risk management management management management There were no changes to the information disclosed in the 2024 annual report. 4. 4. 4. 4. Disputes Disputes Disputes Disputes Telecom masts Telecom masts Telecom masts Telecom masts Since 1997, certain municipalities and provinces have adopted local taxes, on an annual basis, on pylons, masts or antennas erected within their boundaries. Orange Belgium con tinues to file fiscal objections against tax assess ment notices received concerning these taxes. These taxes are currently b eing contested in Civil Courts (Courts of First Ins tance - Tax Chamber and Courts of Appeal). On June 6, 2024, the Walloon government and the mob ile operators Proximus, Telenet, Orange Belgium, an d Insky signed an agreement regarding the tax on pylons in the Wal loon region for the period 2023-2026, extendable to 2027 if agreed by all parties. The operators commit to paying, as a sector, €2.5 million for 2023 and €6 million per year in 2024, 2025, and 2026 to the Walloon region. Local taxes, which municipal ities and provinces may levy during these years, ar e deductible up to certain annual ceilings. The allocation key, to determine the share of these annual amounts to be borne by each operator, is determined annually by the mobile operators based on a mutual agreement, according to the number of pylons and masts owned by each operator and the presence of each operator on sites in the W alloon territory. For 2023, the allocation key for Orange Belgium was 37.24% and for 2024 34.74%. Between January 1, 2023, and December 31, 2026, Ora nge Belgium will also invest an additional amount o f €15 million in telecommunications infrastructure in the Walloon region. There is an agreement not to establish Walloon regional taxes on telecommunications infrastructure during the period 2023- 2026. Moreover, municipalities and provinces will be discouraged from imposing taxes on telecommunications infrastructure during 2023-2026. In August 2025, an amount of €1,3 34,000.00 was paid by Orange Belgium to the Walloon Region for the years 2023 and 2024. Access to Coditel Brabant (Telenet) ’s cable network Access to Coditel Brabant (Telenet) ’s cable network Access to Coditel Brabant (Telenet) ’s cable network Access to Coditel Brabant (Telenet) ’s cable network After Orange Belgium paid the provision for the cable wholesale access set-up fees, Coditel Brabant (Telenet) failed to provide such access within the regulatory 6-month period. T his, in combination to the lack of progress on the development of an effective wholesale service, prompted Orange Belgiu m to initiate legal action against Coditel/Telenet for breach of its regulatory obligations end of December 2016. Due a combination of several elements (covid, intermediar y court decisions, expert assessment) the case was very significantly delayed. It is expected that the case will be closed H1 2026. 5. 5. 5. 5. Significant event Significant event Significant event Significant event after the end of the after the end of the after the end of the after the end of the second second second second semester semester semester semester of of of of 20 20 20 2022 2255 55 Based on crowdsourced Speedtest™ data collected by Ookla® in Q2–Q3 2025, Orange Belgium has been named the fastest 5G network in Belgium, achieving a Speed Score™ of 48.66 and reflecting real-world consumer experience. Antoine Chouc, Chief Financial Officer (CFO), will step down from his position effective 1 April 2026 to assume the role of Chief Financial and Strategy Officer at Orange Fran ce. Until that date, he will continue to fully perf orm his duties and work closely with the teams to ensure a smooth and orderly transition. 6. 6. 6. 6. Shareholder remuneration Shareholder remuneration Shareholder remuneration Shareholder remuneration 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 2025 to preserve cash for future capital requirements. 7. 7. 7. 7. Outlook Outlook Outlook Outlook The Company targets an EBITDAaL growth of circa 3.5% yoy. Total eCapex in 2026 is expected to be circa €360m. 8. 8. 8. 8. 20 20 20 2022 2266 66 Financial calendar Financial calendar Financial calendar Financial calendar
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11 Orange Restricted 6 May Annual General Meeting of Shareholders 3 July Start of quiet period 23 July Financial results H1 2026 (7:00 am CET) – P ress release 23 July Financial results H1 2026 (10:00 am CET) – Audio conference call This is a preliminary agenda and is subject to changes 9. 9. 9. 9. Conference call details Conference call details Conference call details Conference call details Date: 6 February 2026 Time: 10:00 (CET), 09:00 (UK), 04:00 (US/NY) Conference call: Orange Belgium FY 2025 results https://corporate.orange.be/en/financial-information/résultats-financiers Please aim to access the conference call ten minutes prior to the scheduled start time. 10. 10. 10. 10. Shares Shares Shares Shares Share trading volumes and closing prices are based on trades made on NYSE Euronext Brussels. H2 2024 H2 2024 H2 2024 H2 2024 H2 2025 H2 2025 H2 2025 H2 2025 Trading of shares Average closing share price (€) 14.7 18.6 Average daily volume 3 963 3 384 Average daily value traded (€ m) 0.1 0.1 Shares and market values Total number of shares (m) 67.4 67.4 Closing price (€) 14.8 19.3 Market capitalization (€ m) 1 000.4 1 301.1
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12 Orange Restricted 11. 11. 11. 11. CC CConsolidated onsolidated onsolidated onsolidated financial statements financial statements financial statements financial statements 11.1 11.1 11.1 11.1 Consolidated statement of comprehensive income Consolidated statement of comprehensive income Consolidated statement of comprehensive income Consolidated statement of comprehensive income in in in in €m €m €m €m 31.12.2024 31.12.2024 31.12.2024 31.12.2024 31.12.2025 31.12.2025 31.12.2025 31.12.2025 Retail service revenues Retail service revenues Retail service revenues Retail service revenues 11 11 600.8 600.8 600.8 600.8 11 11 577.5 577.5 577.5 577.5 Convergent service revenues 611.1 634.3 Mobile only service revenues 602.9 562.5 Fixed only service revenues 336.0 330.6 IT & Integration Service 50.9 50.1 Equipment sales 197.6 214.4 Wholesale revenues 164.4 158.7 Other revenues 30.9 12.7 Revenues Revenues Revenues Revenues 11 11 993.7 993.7 993.7 993.7 11 11 963.4 963.4 963.4 963.4 Purchase of material -234.0 -226.5 Other direct costs -414.8 -403.4 Impairment loss on trade and other receivables, inc luding contract assets -11.6 -5.6 Direct costs Direct costs Direct costs Direct costs -- --660.4 660.4 660.4 660.4 -- --635.6 635.6 635.6 635.6 Labour costs Labour costs Labour costs Labour costs -- --251. 251. 251. 251.55 55 -- --257.7 257.7 257.7 257.7 Commercial expenses -57.2 -53.5 Other IT & Network expenses -201.0 -196.4 Property expenses -24.2 -25.8 General expenses -147.9 -139.1 Other indirect income 35.7 37.8 Other indirect costs -76.0 -64.9 Depreciation of right-of-use assets -61.2 -56.6 Indirect costs Indirect costs Indirect costs Indirect costs -- --531. 531. 531. 531.88 88 -- --498.6 498.6 498.6 498.6 Restructuring, integration & acquisition costs -19.4 -18.8 Depreciation and amortization of other intangible a ssets and property, plant and equipment -411.5 -418.4 Impairment of fixed assets -0.8 1.9 Share of profits (losses) of associates 0.4 0.1 Operating Profit (EBIT) Operating Profit (EBIT) Operating Profit (EBIT) Operating Profit (EBIT) 118. 118. 118. 118.99 99 136.3 136.3 136.3 136.3 Financial result Financial result Financial result Financial result -- --114.6 114.6 114.6 114.6 -- --97.0 97.0 97.0 97.0 Financial costs -114.6 -97.0 Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) 4.3 4.3 4.3 4.3 39.4 39.4 39.4 39.4 Tax expense 12.9 1.9 Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period 17. 17. 17. 17.22 22 41.3 41.3 41.3 41.3 Profit (loss) Profit (loss) Profit (loss) Profit (loss) attributable to equity holders of the parent attributable to equity holders of the parent attributable to equity holders of the parent attributable to equity holders of the parent 22. 22. 22. 22.22 22 41.3 41.3 41.3 41.3 Non Non Non Non-- --controlling interests controlling interests controlling interests controlling interests - - --5.0 5.0 5.0 5.0 0.0 0.0 0.0 0.0 Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income Net profit (loss) for the period 17.2 41.3 Other comprehensive income (cash flow hedging net o f tax) -4.6 8.7 Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period 12.6 12.6 12.6 12.6 50.0 50.0 50.0 50.0 Comprehensive income for the period attributable to owner of parent company Comprehensive income for the period attributable to owner of parent company Comprehensive income for the period attributable to owner of parent company Comprehensive income for the period attributable to owner of parent company 16.6 16.6 16.6 16.6 50.0 50.0 50.0 50.0 Comprehensive income for the period attributable to non Comprehensive income for the period attributable to non Comprehensive income for the period attributable to non Comprehensive income for the period attributable to non-- --controlling controlling controlling controlling interest interest interest interest -- --4.0 4.0 4.0 4.0 0.0 0.0 0.0 0.0 Basic earnings / (loss) per share (in EUR) Basic earnings / (loss) per share (in EUR) Basic earnings / (loss) per share (in EUR) Basic earnings / (loss) per share (in EUR) 0.33 0.33 0.33 0.33 0.61 0.61 0.61 0.61 Weighted average number of ordinary shares (excl. t reasury shares) 67 412 205 67 412 205 Diluted Diluted Diluted Diluted earnings / (loss) per share (in EUR) earnings / (loss) per share (in EUR) earnings / (loss) per share (in EUR) earnings / (loss) per share (in EUR) -- --0.20 0.20 0.20 0.20 0.61 0.61 0.61 0.61 Diluted weighted average number of ordinary shares (excl. treasury shares) 67 412 205 67 412 205
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13 Orange Restricted 11. 11. 11. 11.22 22 Consolidated statement of financial position Consolidated statement of financial position Consolidated statement of financial position Consolidated statement of financial position in in in in €m €m €m €m 31.12.2024 31.12.2024 31.12.2024 31.12.2024 31.12.2025 31.12.2025 31.12.2025 31.12.2025 ASSETS ASSETS ASSETS ASSETS Goodwill 751.2 751.2 Other intangible assets 861.9 813.3 Property, plant and equipment 1 803.9 1 812.4 Rights-of-use assets 172.4 182.7 Interests in associates and joint ventures 7.0 7.2 Non-current financial assets 1.7 2.0 Other non-current assets 2.4 6.1 Deferred tax assets 7.5 7.4 Total non Total non Total non Total non-- --current assets current assets current assets current assets 3 3 33 608.0 608.0 608.0 608.0 33 33 582.1 582.1 582.1 582.1 Inventories 34.8 38.3 Trade receivables 220.8 245.0 Other assets related to contracts with customers 117.9 127.5 Current financial assets 2.1 2.0 Current derivatives assets 0.2 0.5 Other current assets 5.7 11.3 Operating taxes and levies receivables 0.6 0.0 Current tax assets 9.2 5.0 Prepaid expenses 18.8 11.2 Cash and cash equivalents 58.2 80.6 Total current assets Total current assets Total current assets Total current assets 468.3 468.3 468.3 468.3 521.4 521.4 521.4 521.4 Total Assets Total Assets Total Assets Total Assets 4 076.3 4 076.3 4 076.3 4 076.3 4 103.5 4 103.5 4 103.5 4 103.5 EQUITY AND LIABILITIES EQUITY AND LIABILITIES EQUITY AND LIABILITIES EQUITY AND LIABILITIES Share capital 148.1 148.1 Additional paid-in capital 136.8 136.8 Legal reserve 14.8 14.8 Retained earnings (excl. legal reserve) 659.5 708.8 Total Equity Total Equity Total Equity Total Equity 959.2 959.2 959.2 959.2 1 008.5 1 008.5 1 008.5 1 008.5 Non-current financial liabilities 1 887.0 1 690.7 Non-current lease liabilities 150.4 162.7 Non-current derivatives liabilities 16.9 11.1 Non-current fixed assets payable 138.7 131.0 Non-current employee benefits 3.2 1.9 Non-current provisions for dismantling 54.2 55.1 Other non-current liabilities 38.9 33.5 Deferred tax liabilities 55.1 51.5 Total non Total non Total non Total non-- --current liabilities current liabilities current liabilities current liabilities 2 2 22 344.4 344.4 344.4 344.4 22 22 137.6 137.6 137.6 137.6 Current fixed assets payable 59.5 67.2 Trade payables 286.1 335.7 Current financial liabilities 76.1 205.0 Current lease liabilities 29.7 29.5 Current derivatives liabilities 0.2 0.5 Current employee benefits 63.2 65.4 Current provisions for dismantling 5.6 4.1 Current restructuring provisions 5.9 7.9 Other current liabilities 11.0 8.6 Operating taxes and levies payables 151.2 146.2 Current tax payables 17.9 16.0 Liabilities related to contracts with customers 65.6 70.5 Deferred income 0.7 0.8 Total current liabilities Total current liabilities Total current liabilities Total current liabilities 772.7 772.7 772.7 772.7 957.4 957.4 957.4 957.4 Total Equity and Liabilities Total Equity and Liabilities Total Equity and Liabilities Total Equity and Liabilities 4 4 4 4 076. 076. 076. 076.33 33 4 4 4 4 103.5 103.5 103.5 103.5
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14 Orange Restricted 11.3 11.3 11.3 11.3 Consolidated cash flow Consolidated cash flow Consolidated cash flow Consolidated cash flow statement statement statement statement in in in in €m €m €m €m 31.12.2024 31.12.2024 31.12.2024 31.12.2024 31.12.2025 31.12.2025 31.12.2025 31.12.2025 Operating activities Operating activities Operating activities Operating activities Consolidated net profit Consolidated net profit Consolidated net profit Consolidated net profit 17.2 17.2 17.2 17.2 41.3 41.3 41.3 41.3 Adjustments to reconcile net profit (loss) to cash generated from operations Adjustments to reconcile net profit (loss) to cash generated from operations Adjustments to reconcile net profit (loss) to cash generated from operations Adjustments to reconcile net profit (loss) to cash generated from operations Operating taxes and levies 32.8 13.9 Depreciation, amortization of other intangible asse ts and property, plant and equipment 411.5 418.4 Depreciation of right-of-use assets 61.2 58.3 Impairment of non-current assets 0.8 -1.9 Gains (losses) on disposal -1.1 -2.3 Changes in other provisions 0.5 -5.3 Share of profits (losses) of associates and joint v entures -0.4 -0.1 Income tax expense -12.9 -1.9 Finance costs, net 114.6 97.0 Operational net foreign exchange and derivatives 0.7 -0.4 Share-based compensation 0.2 0.2 Impairment loss on trade and other receivables, inc luding contract assets 11.6 5.6 619.6 619.6 619.6 619.6 581.6 581.6 581.6 581.6 Changes in working capital requirements Changes in working capital requirements Changes in working capital requirements Changes in working capital requirements Decrease (increase) in inventories, gross 4.1 -1.5 Decrease (increase) in trade receivables, gross -15.1 -29.1 Increase (decrease) in trade payables 1.7 48.0 Change in other assets related to contracts with cu stomers -17.5 -9.7 Change in liabilities related to contracts with cus tomers -2.0 4.9 Changes in other assets and liabilities 19.8 -0.8 -- --8.9 8.9 8.9 8.9 11.8 11.8 11.8 11.8 Other net cash out Other net cash out Other net cash out Other net cash out Operating taxes and levies paid -14.8 -18.3 Interest paid and interest rates effects on derivat ives, net -106.0 -89.3 Income tax paid -4.2 -1.5 -- --125.0 125.0 125.0 125.0 -- --109.1 109.1 109.1 109.1 Net cash provided by operating activities Net cash provided by operating activities Net cash provided by operating activities Net cash provided by operating activities 502.8 502.8 502.8 502.8 525.6 525.6 525.6 525.6 Investing activities Investing activities Investing activities Investing activities Purchases of property, plant and equipment and inta ngible assets Purchases of property, plant and equipment and inta ngible assets Purchases of property, plant and equipment and inta ngible assets Purchases of property, plant and equipment and inta ngible assets Purchases of property, plant and equipment and othe r intangible assets -368.5 -376.4 Prepayments on investment grants -8.5 0.5 Increase (decrease) in fixed assets payables -27.5 -4.8 Cash paid for investments securities and acquired b usinesses, net of cash acquired 0.0 0.0 Proceeds from sales of property, plant and equipmen t and intangible assets 0.5 0.5 Decrease (increase) in securities and other financi al assets -2.1 0.2 Net cash used in investing activities Net cash used in investing activities Net cash used in investing activities Net cash used in investing activities - - --406.1 406.1 406.1 406.1 -- --380.0 380.0 380.0 380.0 Financing activities Financing activities Financing activities Financing activities Long-term debt issuances 3.4 6.0 Long-term debt redemptions and repayments -45.0 -88.1 Repayment of lease liabilities -57.0 -54.7 Increase (decrease) of bank overdrafts and short-te rm borrowings 12.5 13.6 Net cash used in financing activities Net cash used in financing activities Net cash used in financing activities Net cash used in financing activities - - --86.1 86.1 86.1 86.1 -- --123.3 123.3 123.3 123.3 Net change in cash and cash equivalents Net change in cash and cash equivalents Net change in cash and cash equivalents Net change in cash and cash equivalents 10.5 10.5 10.5 10.5 22.4 22.4 22.4 22.4 Opening balance Opening balance Opening balance Opening balance 47.7 47.7 47.7 47.7 58.2 58.2 58.2 58.2 o/w cash 47.7 58.2 Cash change in cash and cash equivalents 10.5 22.4 Closing balance Closing balance Closing balance Closing balance 58.2 58.2 58.2 58.2 80.6 80.6 80.6 80.6 o/w cash 58.2 80.6 o/w cash equivalents 0.0 0.0 Organic Cash Flow (*) Organic Cash Flow (*) Organic Cash Flow (*) Organic Cash Flow (*) 41.8 41.8 41.8 41.8 90.8 90.8 90.8 90.8 Organic Cash Flow from telecom activities (**) Organic Cash Flow from telecom activities (**) Organic Cash Flow from telecom activities (**) Organic Cash Flow from telecom activities (**) 51.9 51.9 51.9 51.9 101.5 101.5 101.5 101.5
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15 Orange Restricted * Organic cash flows correspond to net cash provide d by operating activities decreased by capex/eCapex and the repayment of lease liabilities, increased by proceeds from sale of property, plant and equipment and intangible assets and adjusted fo r the payments for acquisition of telecommunications licences. ** Organic cash flow from telecoms activities corresponds to net cash provided by operating activities, minus (i) repayments of lease liabilities and on debts related to financed assets, and (ii) purchases and sales of property, plant and equipment and intangible assets, net of the change in the fixed assets payables, (iii) excluding effect of telecommunication licenses paid and excluding effect of significant litigations paid (and received). 11.4 11.4 11.4 11.4 Consolidated statement of changes in equity Consolidated statement of changes in equity Consolidated statement of changes in equity Consolidated statement of changes in equity Share Share Share Share Additional Additional Additional Additional Legal Legal Legal Legal Retained Retained Retained Retained Total Total Total Total in in in in €m €m €m €m capital capital capital capital paid paid paid paid-- --in capital in capital in capital in capital reserve reserve reserve reserve earnings earnings earnings earnings equity equity equity equity Balance at 31 December 2024 Balance at 31 December 2024 Balance at 31 December 2024 Balance at 31 December 2024 148.1 148.1 148.1 148.1 136.8 136.8 136.8 136.8 14.8 14.8 14.8 14.8 659.5 659.5 659.5 659.5 959.3 959.3 959.3 959.3 Net profit for the period 41.8 41.8 41.8 41.8 41.8 Other comprehensive income 8.7 8.7 8.7 8.7 8.7 Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period 50.5 50.5 50.5 50.5 50.5 50.5 50.5 50.5 Other Other Other Other -1.5 - - --1.5 1.5 1.5 1.5 Employee - Share-based compensation 0.2 0.2 0.2 0.2 0.2 Balance at 31 December 2025 Balance at 31 December 2025 Balance at 31 December 2025 Balance at 31 December 2025 148.1 148.1 148.1 148.1 136.8 136.8 136.8 136.8 14.8 14.8 14.8 14.8 708.8 708.8 708.8 708.8 1,008.5 1,008.5 1,008.5 1,008.5 Share Share Share Share Additional Additional Additional Additional Legal Legal Legal Legal Retained Retained Retained Retained Total Total Total Total in in in in €m €m €m €m capital capital capital capital paid paid paid paid-- --in capital in capital in capital in capital reserve reserve reserve reserve earnings earnings earnings earnings equity equity equity equity Balance at 31 December 2023 Balance at 31 December 2023 Balance at 31 December 2023 Balance at 31 December 2023 131.7 131.7 131.7 131.7 0.0 0.0 0.0 0.0 13.2 13.2 13.2 13.2 519.6 519.6 519.6 519.6 664.5 664.5 664.5 664.5 Net profit for the period 17.2 17.2 17.2 17.2 17.2 Other comprehensive income -4.6 - - --4.6 4.6 4.6 4.6 Total Total Total Total comprehensive income for the period comprehensive income for the period comprehensive income for the period comprehensive income for the period 12.6 12.6 12.6 12.6 12.6 12.6 12.6 12.6 Other Other Other Other 1.6 -1.5 0.1 0.1 0.1 0.1 Employee - Share-based compensation 0.2 0.2 0.2 0.2 0.2 Put option exercise Nethys S.A. 16.4 136.8 128.6 281.8 281.8 281.8 281.8 Balance at 31 December 2024 Balance at 31 December 2024 Balance at 31 December 2024 Balance at 31 December 2024 148.1 148.1 148.1 148.1 136.8 136.8 136.8 136.8 14.8 14.8 14.8 14.8 659.5 659.5 659.5 659.5 959.2 959.2 959.2 959.2
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16 Orange Restricted 11.5 11.5 11.5 11.5 Segment information Segment information Segment information Segment information Orange Orange Orange Orange Interco Interco Interco Interco Belgium Belgium Belgium Belgium in in in in €m, 31 December 2025 €m, 31 December 2025 €m, 31 December 2025 €m, 31 December 2025 Belgium Belgium Belgium Belgium Luxembourg Luxembourg Luxembourg Luxembourg elimination elimination elimination elimination Group Group Group Group Retail service revenues Retail service revenues Retail service revenues Retail service revenues 11 11 525.3 525.3 525.3 525.3 52.2 52.2 52.2 52.2 0.0 0.0 0.0 0.0 1 1 11 577.5 577.5 577.5 577.5 Convergent service revenues 634.3 0.0 0.0 634.3 Mobile only service revenues 521.2 41.3 0.0 562.5 Fixed only service revenues 319.8 10.7 0.0 330.6 IT & Integration service revenues 50.0 0.1 0.0 50.1 Equipment sales 200.9 13.5 0.0 214.4 Wholesale revenues 149.9 12.7 -3.9 158.7 Other revenues 25.2 0.0 -12.4 12.7 Revenues Revenues Revenues Revenues 11 11 901.3 901.3 901.3 901.3 78.4 78.4 78.4 78.4 - - --16.4 16.4 16.4 16.4 1 1 11 963.4 963.4 963.4 963.4 Direct costs Direct costs Direct costs Direct costs -- --619.1 619.1 619.1 619.1 - - --32.8 32.8 32.8 32.8 16.3 16.3 16.3 16.3 - - --635.6 635.6 635.6 635.6 Labour costs Labour costs Labour costs Labour costs -- --248.1 248.1 248.1 248.1 - - --9.6 9.6 9.6 9.6 0.0 0.0 0.0 0.0 - - --257.7 257.7 257.7 257.7 Indirect costs, of which Indirect costs, of which Indirect costs, of which Indirect costs, of which -- --479.2 479.2 479.2 479.2 - - --19.5 19.5 19.5 19.5 0.0 0.0 0.0 0.0 - - --498.6 498.6 498.6 498.6 Operational taxes and fees -12.2 -1.7 0.0 -13.9 Depreciation of right-of-use assets -53.6 -4.7 0.0 -58.3 Restructuring, integration & acquisition costs -18.8 0.0 0.0 -18.8 Depreciation, amortization of other intangible asse ts and property, plant and equipment -406.5 -11.9 0.0 -418.4 Impairment of fixed assets 2.5 -0.6 0.0 1.9 Share of profits (losses) of associates 0.1 0.0 0.0 0.1 Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) 132.3 132.3 132.3 132.3 4.1 4.1 4.1 4.1 0.0 0.0 0.0 0.0 136.3 136.3 136.3 136.3 Net financial income (expense) -96.7 -0.3 0.0 -97.0 Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) 35.6 35.6 35.6 35.6 3.8 3.8 3.8 3.8 0.0 0.0 0.0 0.0 39.4 39.4 39.4 39.4 Tax expense 2.7 -0.7 0.0 1.9 Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period 38.2 38.2 38.2 38.2 3.1 3.1 3.1 3.1 0.0 0.0 0.0 0.0 41.3 41.3 41.3 41.3 Orange Orange Orange Orange Interco Interco Interco Interco Belgium Belgium Belgium Belgium in in in in €m, 31 December 2024 €m, 31 December 2024 €m, 31 December 2024 €m, 31 December 2024 Belgium Belgium Belgium Belgium Luxembourg Luxembourg Luxembourg Luxembourg elimination elimination elimination elimination Group Group Group Group Retail service revenues Retail service revenues Retail service revenues Retail service revenues 11 11 551.3 551.3 551.3 551.3 49.5 49.5 49.5 49.5 0.0 0.0 0.0 0.0 1 1 11 600.8 600.8 600.8 600.8 Convergent service revenues 611.1 0.0 0.0 611.1 Mobile only service revenues 562.6 40.3 0.0 602.9 Fixed only service revenues 326.8 9.1 0.0 336.0 IT & Integration Service revenues 50.8 0.1 0.0 50.9 Equipment sales 183.3 14.3 0.0 197.6 Wholesale revenues 155.1 13.3 -3.9 164.4 Other revenues 43.9 0.0 -13.1 30.9 Revenues Revenues Revenues Revenues 11 11 933.6 933.6 933.6 933.6 77.1 77.1 77.1 77.1 - - --16.9 16.9 16.9 16.9 1 1 11 993.7 993.7 993.7 993.7 Direct costs Direct costs Direct costs Direct costs -- --643.4 643.4 643.4 643.4 - - --33.9 33.9 33.9 33.9 16.9 16.9 16.9 16.9 - - --660.4 660.4 660.4 660.4 Labour costs Labour costs Labour costs Labour costs -- --242.5 242.5 242.5 242.5 - - --8.9 8.9 8.9 8.9 0.0 0.0 0.0 0.0 - - --251.4 251.4 251.4 251.4 Indirect costs, of which Indirect costs, of which Indirect costs, of which Indirect costs, of which -- --513.1 513.1 513.1 513.1 - - --18.7 18.7 18.7 18.7 0.0 0.0 0.0 0.0 - - --531.8 531.8 531.8 531.8 Operational taxes and fees -31.0 -1.8 0.0 -32.8 Depreciation of rights-of-use assets -57.5 -3.7 0.0 -61.2 Restructuring, integration & acquisition costs -19.4 0.0 0.0 -19.4 Depreciation, amortization of other intangible asse ts and property, plant and equipment -400.1 -11.4 0.0 -411.5 Impairment of fixed assets -0.8 0.0 0.0 -0.8 Share of profits (losses) of associates 0.4 0.0 0.0 0.4 Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) 114.7 114.7 114.7 114.7 4.2 4.2 4.2 4.2 0.0 0.0 0.0 0.0 118. 118. 118. 118.99 99 Net financial income (expense) -114.1 -0.4 0.0 -114.5 Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) 0.5 0.5 0.5 0.5 3.8 3.8 3.8 3.8 0.0 0.0 0.0 0.0 4.3 4.3 4.3 4.3 Tax expense 12.5 0.4 0.0 12.9 Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period 13.1 13.1 13.1 13.1 4.1 4.1 4.1 4.1 0.0 0.0 0.0 0.0 17.2 17.2 17.2 17.2
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17 Orange Restricted Orange Orange Orange Orange Interco Interco Interco Interco Belgium Belgium Belgium Belgium in in in in €m, 31 December 2025 €m, 31 December 2025 €m, 31 December 2025 €m, 31 December 2025 Belgium Belgium Belgium Belgium Luxembourg Luxembourg Luxembourg Luxembourg elimination elimination elimination elimination Group Group Group Group EBITDAaL EBITDAaL EBITDAaL EBITDAaL 549.5 549.5 549.5 549.5 16.6 16.6 16.6 16.6 0.0 0.0 0.0 0.0 566.1 566.1 566.1 566.1 Share of profits (losses) of associates 0.1 0.0 0.0 0.1 Impairment of fixed assets 2.5 -0.6 0.0 1.9 Depreciation, amortization of other intangible asse ts and property, plant and equipment -406.5 -11.9 0.0 -418.4 Restructuring, integration & acquisition costs -18.8 0.0 0.0 -18.8 Finance lease costs 5.4 0.0 0.0 5.4 Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) 132.3 132.3 132.3 132.3 4.1 4.1 4.1 4.1 0.0 0.0 0.0 0.0 136.3 136.3 136.3 136.3 Net financial income (expense) -96.7 -0.3 0.0 -97.0 Profit Profit Profit Profit (loss) before taxation (PBT) (loss) before taxation (PBT) (loss) before taxation (PBT) (loss) before taxation (PBT) 35.6 35.6 35.6 35.6 3.8 3.8 3.8 3.8 0.0 0.0 0.0 0.0 39.4 39.4 39.4 39.4 Tax expense 2.7 -0.7 0.0 1.9 Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period 38.2 38.2 38.2 38.2 3.1 3.1 3.1 3.1 0.0 0.0 0.0 0.0 41.3 41.3 41.3 41.3 Orange Orange Orange Orange Interco Interco Interco Interco Belgium Belgium Belgium Belgium in in in in €m, 31 December 2024 €m, 31 December 2024 €m, 31 December 2024 €m, 31 December 2024 Belgium Belgium Belgium Belgium Luxembourg Luxembourg Luxembourg Luxembourg elimination elimination elimination elimination Group Group Group Group EBITDAaL EBITDAaL EBITDAaL EBITDAaL 528.8 528.8 528.8 528.8 15.5 15.5 15.5 15.5 0.0 0.0 0.0 0.0 544.3 544.3 544.3 544.3 Share of profits (losses) of associates 0.4 0.0 0.0 0.4 Impairment of fixed assets -0.8 0.0 0.0 -0.8 Depreciation, amortization of other intangible asse ts and property, plant and equipment -400.1 -11.4 0.0 -411.5 Restructuring, integration & acquisition costs -19.4 0.0 0.0 -19.4 Finance lease costs 5.8 0.0 0.0 5.8 Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) 114.7 114.7 114.7 114.7 4.2 4.2 4.2 4.2 0.0 0.0 0.0 0.0 118.9 118.9 118.9 118.9 Net financial income (expense) -114.1 -0.4 0.0 -114.5 Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) Profit (loss) before taxation (PBT) 0.5 0.5 0.5 0.5 3.8 3.8 3.8 3.8 0.0 0.0 0.0 0.0 4.3 4.3 4.3 4.3 Tax expense 12.5 0.4 0.0 12.9 Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period Net profit (loss) for the period 13. 13. 13. 13.11 11 4.1 4.1 4.1 4.1 0.0 0.0 0.0 0.0 17.2 17.2 17.2 17.2
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18 Orange Restricted 12. 12. 12. 12. Statutory auditor’s procedures Statutory auditor’s procedures Statutory auditor’s procedures Statutory auditor’s procedures The audited financial statements for the year ended December 31, 2025, will be published in March 2026 in Orange Belgium S.A. annual report. The statutory auditor, Deloitte Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Nico Houthaeve has confirmed that the audit procedures, which have been substantially completed, have not revealed any ma terial misstatement in the accounting information included in the Company’s annual announcement.
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19 Orange Restricted 13. 13. 13. 13. Glossary Glossary Glossary Glossary Financial KPIs Financial KPIs Financial KPIs Financial KPIs Revenues Revenues Revenues Revenues RR RRevenues in line with the offer evenues in line with the offer evenues in line with the offer evenues in line with the offer Provide Group revenues split in convergent services , mobile only services, fixed only services, IT & i ntegration services, wholesale, equipment sales and other reve nues. RR RRetail service revenues etail service revenues etail service revenues etail service revenues Revenue aggregation of revenues from convergent ser vices, mobile only services, fixed only services, I T & integration services. CC CConvergent services onvergent services onvergent services onvergent services Revenues from B2C convergent offers (excluding equi pment sales). A convergent offer is defined as an o ffer combining at least a broadband access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a mobi le voice contract (excluding MVNOs: Mobile Virtual Net work Operator). Convergent services revenues do not include incoming and visitor roaming revenues. MM MMobile only obile only obile only obile only services services services services Revenues from mobile offers (excluding B2C converge nt offers and equipment sales) and M2M connectivity , excluding incoming and visitors roaming revenues. FF FFixed only services ixed only services ixed only services ixed only services Revenues from fixed offers (excluding B2C convergen t offers and equipment sales) including (i) fixed broadband, (ii) fixed narrowband, and (iii) data in frastructure, managed networks, and incoming phone calls to customer relations call centres. IT & integration services IT & integration services IT & integration services IT & integration services Revenues from collaborative services (consulting, i ntegration, messaging, project management), applica tion services (customer relationship management and infr astructure applications), hosting, cloud computing services, security services, videoconferencing and M2M services. It also includes equipment sales asso ciated with the supply of these services. Wholesale Wholesale Wholesale Wholesale Revenues with third-party telecom operators for (i) mobile: incoming, visitor roaming, domestic mobile interconnection (i.e. network sharing and domestic roaming agreement) and MVNO, and for (ii) fixed car riers services. EE EEquipment sales quipment sales quipment sales quipment sales Revenues from all mobile and fixed equipment sales, excluding (i) equipment sales associated with the supply of IT & Integration services, and (ii) equipment sa les to dealers and brokers. OO OOther revenues ther revenues ther revenues ther revenues Include (i) equipment sales to brokers and dealers, (ii) portal, on-line advertising revenues, (iii) c orporate transversal business line activities, and (iv) othe r miscellaneous revenues. Profit & Loss Profit & Loss Profit & Loss Profit & Loss Data on a comparable basis Data on a comparable basis Data on a comparable basis Data on a comparable basis Data based on comparable accounting principles, sco pe of consolidation and exchange rates are presente d for previous periods. The transition from data on a n historical basis to data on a comparable basis co nsists of keeping the results for the period ended and then r estating the results for the corresponding period o f the preceding year for the purpose of presenting, over comparable periods, financial data with comparable accounting principles, scope of consolidation and e xchange rate. The method used is to apply to the data of the corr esponding period of the preceding year, the account ing principles and scope of consolidation for the perio d just ended as well as the average exchange rate u sed for the income statement for the period ended. Changes in data on a comparable basis reflect organ ic business changes. Data on a comparable basis is not a financial aggregate as defined by IFRS and may no t be comparable to similarly named indicators used by other companies. EBITDAaL EBITDAaL EBITDAaL EBITDAaL (since 1 January 2019) (since 1 January 2019) (since 1 January 2019) (since 1 January 2019) EBITDA after lease is not a financial measure as de fined by IFRS. It corresponds to the net profit bef ore: taxes; net interest expense; share of profit/losses from associates; impairment of goodwill and fixed assets; effects resulting from business combinations; recla ssification of cumulative translation adjustment fr om liquidated entities; depreciation and amortization; the effects of significant litigation, specific la bour expenses; review of the investments and business portfolio, r estructuring costs. RouA RouA RouA RouA Right-of-use assets represents a lessee's right to use a leased asset over a lease term. The leased as sets in question are usually property or equipment. However , a Roua can be anything for which a lessee is gran ted the right to obtain economic benefit from using an asset owned by another entity Cash flow statement Cash flow statement Cash flow statement Cash flow statement Adjusted Adjusted Adjusted Adjusted Operating cash flow Operating cash flow Operating cash flow Operating cash flow EBITDAaL minus eCapex. Organic cash flow Organic cash flow Organic cash flow Organic cash flow Organic cash flows correspond to net cash provided by operating activities decreased by capex/eCapex a nd the repayment of lease liabilities, increased by pr oceeds from sale of property, plant and equipment a nd intangible assets and adjusted for the payments for acquisition of telecommunications licences. Organic cash flow from telecom Organic cash flow from telecom Organic cash flow from telecom Organic cash flow from telecom activities activities activities activities Orange S.A. uses organic cash flow from telecom act ivities as an operating performance measure for tel ecom activities as a whole. Organic cash flow from telec om activities corresponds to net cash provided by operating activities minus (i) lease liabilities re payments and debts related to financed assets repay ments, (ii) purchases and sales of property, plant and equipmen t and intangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunicati ons licences paid and excluding effect of significa nt litigations paid (and received). Organic cash-flow from telecom activities is not a financial aggregat e defined by IFRS and may not be comparable to simila rly titled indicators used by other companies. eCapex eCapex eCapex eCapex Economic Capex is not a financial measure as define d by IFRS. It corresponds to capital expenditures o n tangible and intangible assets excluding telecommun ication licences and excluding investments through financial leases less proceeds from the disposal of fixed and intangible assets. LL LLicences & spectrum icences & spectrum icences & spectrum icences & spectrum Cash out related to acquisitions of licences and s pectrum. CC CChange in WCR hange in WCR hange in WCR hange in WCR Change in net inventories, plus change in gross tra de receivables, plus change in trade payables, plus change in other elements of WCR. OO OOther operational items ther operational items ther operational items ther operational items Mainly offset of non-cash items included in adjuste d EBITDA, items not included in adjusted EBITDA but included in net cash provided by operating activiti es and change in fixed asset payables. Net debt Net debt Net debt Net debt Financial liabilities minus cash and cash equivale nts NN NNet debt variation et debt variation et debt variation et debt variation Variation of net debt level.
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20 Orange Restricted Operational KPIs Operational KPIs Operational KPIs Operational KPIs Convergent Convergent Convergent Convergent B2C B2C B2C B2C convergent convergent convergent convergent customer base customer base customer base customer base Number of B2C customers holding an offer combining at least a broadband access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a mobi le voice contract (excluding MVNOs). B2C convergent ARPO B2C convergent ARPO B2C convergent ARPO B2C convergent ARPO Average semesterly Revenues Per Offer (ARPO) of con vergent services are calculated by dividing (a) the revenues from convergent offers billed to t he B2C customers (excluding equipment sales) over the past six months, by (b) the weighted avera ge number of convergent offers over the same period. The weighted average number of convergent o ffers is the average of the monthly averages during the period in question. The monthly average is the arithmetic mean of the number of convergent offers at the start and end of the month . Convergent ARPO is expressed as monthly revenues per convergent offer. Mobile Mobile Mobile Mobile MM MMobile customer base (excl. MVNOs) obile customer base (excl. MVNOs) obile customer base (excl. MVNOs) obile customer base (excl. MVNOs) Number of customers with active simcard, including (i) M2M and (ii) business and internet everywhere (excluding MVNOs). Contract Contract Contract Contract Customer with whom Orange has a formal contractual agreement with the customer billed on a monthly basis for access fees and any additional vo ice or data use. Prepaid Prepaid Prepaid Prepaid Customer with whom Orange has written contract with the customer paying in advance any data or voice use by purchasing vouchers in retail outle ts for example. M2M (machine M2M (machine M2M (machine M2M (machine-- --to to to to-- --machine) machine) machine) machine) Exchange of information between machines that is es tablished between the central control system (server) and any type of equipment, through one or several communication networks. MM MMobile B2C convergent customers obile B2C convergent customers obile B2C convergent customers obile B2C convergent customers Number of mobile lines of B2C convergent customers . MM MMobile only customers obile only customers obile only customers obile only customers Number of mobile customers (see definition of this term) excluding mobile convergent customers (see definition of this term). MVNO customers MVNO customers MVNO customers MVNO customers Hosted MVNO customers on Orange networks. MM MMobile only ARPO ( obile only ARPO ( obile only ARPO ( obile only ARPO (semester semester semester semesterly) ly) ly) ly) Average semesterly Revenues Per Offer (ARPO) of mob ile only services are calculated by dividing (a) the revenues of mobile only services billed to the customers, generated over the past six months, by (b) the weighted average number of mobil e only customers (excluding M2M customers) over the same period. The weighted avera ge number of customers is the average of the monthly averages during the period in question. The monthly average is the arithmetic mean of the number of customers at the start and end of the month. Mobile only ARPO is expressed as monthly revenues per customer. Fixed Fixed Fixed Fixed NN NNumber of lines (copper + FTTH) umber of lines (copper + FTTH) umber of lines (copper + FTTH) umber of lines (copper + FTTH) Number of fixed lines operated by Orange. B2C broadband convergent customers B2C broadband convergent customers B2C broadband convergent customers B2C broadband convergent customers Number of B2C customers holding an offer combining at least a broadband access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a mobi le voice contract (excluding MVNOs). FF FFixed broadband only customers ixed broadband only customers ixed broadband only customers ixed broadband only customers Number of fixed broadband customers excluding broad band convergent customers (see definition of this term). Fi Fi Fi Fixed only broadband ARPO ( xed only broadband ARPO ( xed only broadband ARPO ( xed only broadband ARPO (semester semester semester semesterly) ly) ly) ly) Average semesterly Revenues Per Offer (ARPO) of fix ed only broadband services (xDSL, FTTH, Fixed-4G (fLTE), satellite and Wimax) are calculate d by dividing (a) the revenues from consumer fixed only broadband services over the past six mon ths, by (b) the weighted average number of accesses over the same period. The weighted average number of accesses is the average of the monthly averages during the period in question. The monthly average is the arithmetic mean of the number of accesses at the start and end of the month. ARPO is expressed as monthly revenues per access. Consolidation perimeter Consolidation perimeter Consolidation perimeter Consolidation perimeter The scope of consolidation includes the following companies: Orange Belgium S.A. (100%), the Luxembourgian company Orange Communications Luxembourg S.A. (100%), IRISnet S.C.R.L. (28.16%), Smart Servi ces Network S.A. (100%), Walcom Business Solutions S.A. (100%), A & S Partners S.A. (100%), MWingz S.R.L. (50%), Orange NetCo S.A. (100%), WBCC S.A. ( 100%) and BeTV S.A. (100%). Rounding Rounding Rounding Rounding Due to rounding, numbers presented may not add up p recisely to the totals provided and percentages may not precisely reflect the absolute figures.
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21 Orange Restricted 14. 14. 14. 14. About Orange Belgium About Orange Belgium About Orange Belgium About Orange Belgium Orange Belgium is one of the leading telecommunicat ion operators in Belgium and in Luxembourg through its subsidiary Orange Communications Luxembourg. As a convergent player, we provide mobile telecommunication services, internet and TV to private clients, as well as innovative mobile and fixed line services to businesses. Our high-perform ance mobile network supports 2G, 3G, 4G and 5G tech nology and is the subject of ongoing investments. Orange Belgium is a subsidiary of Orange Group, one of the world’s leading telecommunications operators with a presence in 27 countries. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services. Orange Belgium is listed on the Brussels Stock Exchange (OBEL). For more information, on the internet and on your m obile: corporate.orange.be , www.orange.be or follow us on X: @pressOrangeBe Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited. Press contact Sven Adams – sven.adams@orange.com +32 (0)486 36 47 22 press@orange.be Investors contact Koen Van Mol - koen.vanmol@orange.com +32 (0)495 55 14 99 ir@orange.be