Aankondiging • Apr 06
Orange Belgium S.A., Annual General Meeting, May 06, 2026 Orange Belgium S.A., Annual General Meeting, May 06, 2026, at 11:00 Romance Standard Time. Reported Earnings • Feb 08
Full year 2025 earnings released: EPS: €0.61 (vs €0.34 in FY 2024) Full year 2025 results: EPS: €0.61 (up from €0.34 in FY 2024). Revenue: €1.96b (down 1.5% from FY 2024). Net income: €41.3m (up 87% from FY 2024). Profit margin: 2.1% (up from 1.1% in FY 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jul 28
First half 2025 earnings released: EPS: €0.037 (vs €0.20 loss in 1H 2024) First half 2025 results: EPS: €0.037 (up from €0.20 loss in 1H 2024). Revenue: €962.7m (down 1.5% from 1H 2024). Net income: €2.50m (up €15.2m from 1H 2024). Profit margin: 0.3% (up from net loss in 1H 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Jun 15
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 25% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 07
Full year 2024 earnings released: EPS: €0.34 (vs €0.001 in FY 2023) Full year 2024 results: EPS: €0.34 (up from €0.001 in FY 2023). Revenue: €1.99b (up 14% from FY 2023). Net income: €22.1m (up €22.1m from FY 2023). Profit margin: 1.1% (up from 0% in FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 09
Full year 2024 earnings released: EPS: €0.33 (vs €0.001 in FY 2023) Full year 2024 results: EPS: €0.33 (up from €0.001 in FY 2023). Revenue: €1.99b (up 14% from FY 2023). Net income: €22.2m (up €22.2m from FY 2023). Profit margin: 1.1% (up from 0% in FY 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 07
Orange Belgium S.A. to Report First Half, 2025 Results on Jul 24, 2025 Orange Belgium S.A. announced that they will report first half, 2025 results on Jul 24, 2025 Board Change • Feb 03
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Bernard Ramanantsoa was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 02
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Bernard Ramanantsoa was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 16
Orange Belgium S.A. to Report Second Half, 2024 Results on Feb 07, 2025 Orange Belgium S.A. announced that they will report second half, 2024 results on Feb 07, 2025 Reported Earnings • Jul 23
First half 2024 earnings released: €0.19 loss per share (vs €0.26 loss in 1H 2023) First half 2024 results: €0.19 loss per share (improved from €0.26 loss in 1H 2023). Revenue: €977.5m (up 32% from 1H 2023). Net loss: €12.7m (loss narrowed 17% from 1H 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • May 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.003% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Feb 13
Full year 2023 earnings released Full year 2023 results: Revenue: €1.75b (up 26% from FY 2022). Net income: €0 (down €58.2m from profit in FY 2022). Profit margin: 0% (down from 4.2% in FY 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 24
First half 2023 earnings released: €0.26 loss per share (vs €0.45 profit in 1H 2022) First half 2023 results: €0.26 loss per share (down from €0.45 profit in 1H 2022). Revenue: €740.5m (up 9.3% from 1H 2022). Net loss: €15.3m (down 157% from profit in 1H 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, while revenues in the Wireless Telecom industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. New Risk • Jul 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Aankondiging • Jun 03
Orange Belgium S.A. (ENXTBR:OBEL) acquired 75% minus one share in VOO SA from Nethys S.A. Orange Belgium S.A. (ENXTBR:OBEL) signed an agreement to acquire 75% minus one share in VOO SA from Nethys S.A. on December 24, 2021. The transaction is based on an enterprise value of €1.8 billion for 100% of the capital. Orange Belgium, which currently has a very low debt leverage, will finance this transaction through an intra-Group loan from Orange group. Until approvals and closing of the transaction are obtained, the two companies will continue to operate independently. The closing of the transaction is subject to customary conditions precedent, including the approval of the European Commission expected in 2022. Orange bid for a majority stake in cable operator VOO will be decided by EU antitrust regulators by July 28, 2022. As of August 1, 2022, the EU regulator is starting the in-depth investigation over concerns that the proposed transaction may reduce competition. The transaction has been approved by the board of directors of Enodia on November 22, 2021. As of October 13, 2022,tThe European Commission (EC) has again extended by two working days, its in-depth probe into French telecoms group Orange's agreement to buy a stake in VOO. As on February 8, 2022, the government of Wallonia has given its clearance for the transaction. As of February 1, 2023, European Commission has restarted its investigation into Orange Belgium's proposed takeover of Voo SA. As of March 20, 2023, the European Commission has given its approval. The transaction is expected to close in the first quarter of 2023. The transaction is expected to be completed by the end of Q2 2023.Eric Pottier of Linklaters LLP (Belgium) acted as legal advisor to Orange Belgium S.A. Jacques-Philippe Gunther and John Wileur of Latham & Watkins advised Orange on the acquisition of VOO. Orange Belgium S.A. (ENXTBR:OBEL) completed the acquisition of 75% minus one share in VOO SA from Nethys S.A. on June 2, 2023. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: €0.97 (vs €0.66 in FY 2021) Full year 2022 results: EPS: €0.97 (up from €0.66 in FY 2021). Revenue: €1.39b (up 2.0% from FY 2021). Net income: €58.2m (up 47% from FY 2021). Profit margin: 4.2% (up from 2.9% in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Feb 11
Orange Belgium S.A. Promotes Jacquet to Chief People Officer' Orange Belgium S.A. has appointed Jelle Jacquet its new chief people officer, with immediate effect. Jacquet started her career at Hudson as a recruitment consultant. She then worked at PWC and BNP Paribas Fortis, to join Orange Belgium in 2016 as director for learning development. Board Change • Dec 02
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Wilfried Verstraete was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Nov 08
Orange Belgium S.A. to Report Fiscal Year 2022 Results on Feb 23, 2023 Orange Belgium S.A. announced that they will report fiscal year 2022 results on Feb 23, 2023 Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 35% share price gain to €21.88, the stock is trading at a trailing P/E ratio of 18.4x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 17x in the Wireless Telecom industry in Europe. Total returns to shareholders over the past three years are 29%. Is New 90 Day High Low • Nov 16
New 90-day high: €15.79 The company is up 13% from its price of €14.02 on 18 August 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €40.89 per share. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of €52.9m, up 70% from the prior year. Total revenue was €1.34b over the last 12 months, up 2.1% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 25
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 1.1% at €335.3m. Revenue is forecast to grow 2.8% over the next year, compared to a 2.0% decline forecast for the Wireless Telecom industry in the United Kingdom. Is New 90 Day High Low • Sep 26
New 90-day low: €13.66 The company is down 6.0% from its price of €14.58 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Wireless Telecom industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €53.57 per share. 
